Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity File Number | 001-14370 |
Entity Registrant Name | BUENAVENTURA MINING CO INC |
Entity Incorporation, State or Country Code | R5 |
Entity Address, Address Line One | LAS BEGONIAS 415 FLOOR 19 |
Entity Address, City or Town | SAN ISIDRO |
Entity Address, Postal Zip Code | LIMA 27 |
Entity Address, Country | PE |
Entity Central Index Key | 0001013131 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Interactive Data Current | Yes |
ICFR Auditor Attestation Flag | true |
Auditor Name | Tanaka, Valdivia & Asociados S. Civil de R.L. |
Auditor Firm ID | 1315 |
Auditor Location | Lima, Peru |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Daniel Domínguez |
City Area Code | 511 |
Local Phone Number | 419-2540 |
Contact Personnel Email Address | daniel.dominguez@buenaventura.pe |
Ifrs Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common shares, nominal (par) value of ten PeruvianSoles per share (“Common Shares”) |
Trading Symbol | BVN |
Security Exchange Name | NYSE |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares (“ADSs”) representing one Common Share each |
Trading Symbol | BVN |
Security Exchange Name | NYSE |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 253,918 | $ 376,999 |
Trade and other receivables | 221,899 | 240,432 |
Inventories | 88,345 | 86,264 |
Income tax credit | 28,046 | 15,456 |
Prepaid expenses | 19,333 | 20,394 |
Hedge derivative financial instruments | 8,839 | 0 |
Total current assets | 620,380 | 739,545 |
Non-current assets | ||
Trade and other receivables | 673,627 | 635,832 |
Inventories | 0 | 12,802 |
Investments in associates and joint venture | 1,520,977 | 1,422,295 |
Property, plant, equipment and development cost | 1,535,195 | 1,537,870 |
Deferred income tax asset | 106,170 | 164,351 |
Prepaid expenses | 23,033 | 23,920 |
Other non-financial assets | 23,845 | 25,196 |
Total non-current assets | 3,882,847 | 3,822,266 |
Total assets | 4,503,227 | 4,561,811 |
Current liabilities | ||
Bank loans | 0 | 50,000 |
Trade and other payables | 247,989 | 259,641 |
Provisions | 94,171 | 81,039 |
Income tax payable | 2,366 | 3,026 |
Financial obligations | 35,071 | 179,417 |
Hedge derivative financial instruments | 0 | 6,976 |
Current liabilities other than liabilities included in disposal groups classified as held for sale | 379,597 | 580,099 |
Liability directly associated with the held for sale assets | 0 | 264,838 |
Total current liabilities | 379,597 | 844,937 |
Non-current liabilities | ||
Provisions | 204,347 | 232,288 |
Trade and other payables | 3,553 | 3,037 |
Financial obligations | 703,463 | 878,558 |
Contingent consideration liability | 16,905 | 17,718 |
Deferred income tax liabilities | 32,421 | 46,742 |
Total non-current liabilities | 960,689 | 1,178,343 |
Total liabilities | 1,340,286 | 2,023,280 |
Equity, net | ||
Capital stock | 750,497 | 750,497 |
Investment shares | 791 | 791 |
Additional paid-in capital | 218,450 | 218,450 |
Legal reserve | 163,270 | 163,270 |
Other reserves | 31,897 | 269 |
Other reserves of equity | 2,184 | (4,477) |
Retained earnings | 1,841,761 | 1,239,526 |
Shareholders' equity attributable to owners of the parent | 3,008,850 | 2,368,326 |
Non-controlling interest | 154,091 | 170,205 |
Total equity | 3,162,941 | 2,538,531 |
Total liabilities and equity | 4,503,227 | 4,561,811 |
Sociedad Minera Cerro Verde S.A.A | ||
Current assets | ||
Cash and cash equivalents | 553,764 | 937,680 |
Trade accounts receivable, net | 99 | 137 |
Trade and other receivables | 7,586 | 5,793 |
Trade accounts receivable - Related parties | 694,328 | 598,873 |
Other non-financial assets | 33,014 | 36,848 |
Inventories | 650,211 | 567,211 |
Prepaid expenses | 7,760 | 10,640 |
Total current assets | 1,946,762 | 2,157,182 |
Non-current assets | ||
Inventories | 287,218 | 323,828 |
Property, plant, equipment and development cost | 5,387,377 | 5,371,534 |
Intangible assets, net | 11,463 | 13,805 |
Other non-financial assets | 351,901 | 257,698 |
Prepaid expenses | 9,142 | 517 |
Total non-current assets | 6,047,101 | 5,967,382 |
Total assets | 7,993,863 | 8,124,564 |
Current liabilities | ||
Income tax payable | 60,187 | 464,868 |
Provisions and contingent liabilities | 3,984 | 12,717 |
Trade accounts payable | 319,383 | 234,917 |
Accounts payable - Related parties | 3,174 | 3,426 |
Benefits to employees | 109,670 | 130,620 |
Other accounts payable | 60,632 | 73,235 |
Other financial liabilities | 7,028 | 332,312 |
Total current liabilities | 564,058 | 1,252,095 |
Non-current liabilities | ||
Other financial liabilities | 56,097 | 62,503 |
Trade account payable | 1,017 | 638 |
Benefits to employees | 6,512 | 6,258 |
Income tax payable | 4,595 | 17,291 |
Provisions and contingent liabilities | 219,366 | 231,451 |
Deferred income tax liabilities | 490,791 | 427,322 |
Total non-current liabilities | 778,378 | 745,463 |
Total liabilities | 1,342,436 | 1,997,558 |
Equity, net | ||
Capital stock | 990,659 | 990,659 |
Other reserves | 198,132 | 198,132 |
Other equity contributions | 10,807 | 11,739 |
Retained earnings | 5,451,829 | 4,926,476 |
Total equity | 6,651,427 | 6,127,006 |
Total liabilities and equity | $ 7,993,863 | $ 8,124,564 |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Continuing operations | |||
Sales of goods | $ 801,199,000 | $ 863,470,000 | $ 637,619,000 |
Sales of services | 22,222,000 | 21,052,000 | 20,285,000 |
Royalty income | 1,381,000 | 15,928,000 | 18,638,000 |
Total operating income | 824,802,000 | 900,450,000 | 676,542,000 |
Cost of sales | |||
Cost of sales of goods, excluding depreciation and amortization | (461,942,000) | (529,731,000) | (393,888,000) |
Unabsorbed cost due to production stoppage | (23,058,000) | (25,509,000) | (27,758,000) |
Cost of sales of services, excluding depreciation and amortization | (3,163,000) | (1,269,000) | (1,554,000) |
Depreciation and amortization | (176,781,000) | (187,211,000) | (189,620,000) |
Exploration in operating units | (80,796,000) | (56,412,000) | (28,044,000) |
Mining royalties | (17,733,000) | (12,974,000) | (11,749,000) |
Total cost of sales | (763,473,000) | (813,106,000) | (652,613,000) |
Gross profit | 61,329,000 | 87,344,000 | 23,929,000 |
Operating income (expenses) | |||
Administrative expenses | (67,728,000) | (67,585,000) | (67,185,000) |
Selling expenses | (20,222,000) | (20,827,000) | (18,533,000) |
Exploration in non-operating areas | (14,252,000) | (11,270,000) | (8,475,000) |
Provision of contingencies and others | (2,935,000) | (2,687,000) | (4,150,000) |
Impairment recovery (loss) of long-lived assets | 19,874,000 | (14,910,000) | 2,083,000 |
Write-off of stripping activity asset | 0 | (6,763,000) | (11,633,000) |
Other, net | (15,085,000) | (29,260,000) | 2,690,000 |
Total operating income (expenses) | (100,348,000) | (153,302,000) | (105,203,000) |
Operating loss | (39,019,000) | (65,958,000) | (81,274,000) |
Other income (expense), net | |||
Share in the results of associates and joint venture | 176,270,000 | 240,450,000 | 62,702,000 |
Foreign currency exchange difference | 26,871,000 | (18,686,000) | (4,116,000) |
Finance income | 14,443,000 | 5,952,000 | 2,411,000 |
Finance costs | (54,136,000) | (60,629,000) | (37,822,000) |
Profit (loss) before income tax | 124,429,000 | 101,129,000 | (58,099,000) |
Income tax | |||
Current income tax | (15,633,000) | (20,375,000) | (9,924,000) |
Deferred income tax | 15,592,000 | 44,046,000 | (15,506,000) |
Total income tax | (41,000) | 23,671,000 | (25,430,000) |
Profit (loss) from continuing operations | 124,388,000 | 124,800,000 | (83,529,000) |
Discontinued operations | |||
Profit (loss) from discontinued operations | 478,547,000 | (387,604,000) | (66,810,000) |
Profit (loss) | 602,935,000 | (262,804,000) | (150,339,000) |
Profit (loss) attributable to: | |||
Owners of the parent | 602,550,000 | (264,075,000) | (135,718,000) |
Non-controlling interest | 385,000 | 1,271,000 | (14,621,000) |
Profit (loss) | $ 602,935,000 | $ (262,804,000) | $ (150,339,000) |
Basic profit (loss) per share, stated in U.S. dollars - Attributable to owners of parent | $ 2.37 | $ (1.04) | $ (0.53) |
Diluted profit (loss) per share, stated in U.S. dollars - Attributable to owners of parent | 2.37 | (1.04) | (0.53) |
Basic profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for continuing operations | 0.49 | 0.49 | (0.27) |
Diluted profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for continuing operations | 0.49 | 0.49 | (0.27) |
Basic profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for discontinued operations | 1.88 | (1.53) | (0.26) |
Diluted profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for discontinued operations | $ 1.88 | $ (1.53) | $ (0.26) |
Sociedad Minera Cerro Verde S.A.A | |||
Continuing operations | |||
Sales of goods | $ 3,975,295,000 | $ 4,199,448,000 | $ 2,538,593,000 |
Cost of sales | |||
Cost of sales of goods, excluding depreciation and amortization | (2,367,767,000) | (2,155,088,000) | (1,809,255,000) |
Gross profit | 1,607,528,000 | 2,044,360,000 | 729,338,000 |
Operating income (expenses) | |||
Selling expenses | (157,373,000) | (109,886,000) | (97,680,000) |
Other operating expenses | (24,212,000) | (8,510,000) | (38,484,000) |
Other operating income | 279,000 | 400,000 | 6,157,000 |
Total operating income (expenses) | (181,306,000) | (117,996,000) | (130,007,000) |
Operating loss | 1,426,222,000 | 1,926,364,000 | 599,331,000 |
Other income (expense), net | |||
Foreign currency exchange difference | 980,000 | 29,493,000 | 52,464,000 |
Finance income | 17,235,000 | 2,820,000 | 2,350,000 |
Finance costs | (10,537,000) | (31,500,000) | (142,675,000) |
Profit (loss) before income tax | 1,433,900,000 | 1,927,177,000 | 511,470,000 |
Income tax | |||
Total income tax | 508,547,000 | 735,703,000 | 236,926,000 |
Discontinued operations | |||
Profit (loss) | 925,353,000 | 1,191,474,000 | 274,544,000 |
Profit (loss) attributable to: | |||
Profit (loss) | $ 925,353,000 | $ 1,191,474,000 | $ 274,544,000 |
Basic profit (loss) per share, stated in U.S. dollars - Attributable to owners of parent | $ 2.643 | $ 3.404 | $ 0.784 |
Diluted profit (loss) per share, stated in U.S. dollars - Attributable to owners of parent | $ 3.404 | $ 0.784 | $ 1.115 |
Consolidated statements of comp
Consolidated statements of comprehensive income (loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [Line Items] | |||
Profit (loss) | $ 602,935 | $ (262,804) | $ (150,339) |
Other comprehensive income (loss) to be reclassified to profit or loss, net of income tax | |||
Net change in unrealized gain (loss) on copper and zinc prices hedge, net of income tax | 10,696 | 6,678 | (11,142) |
Net change in unrealized gain (loss) on interest rate hedge, net of income tax | 454 | 1,403 | (1,857) |
Share of other comprehensive income of associates accounted for using equity method, net of income tax | (101) | (335) | 264 |
Total other comprehensive income (loss) that will be reclassified to profit or loss, net of income tax | 11,049 | 7,746 | (12,735) |
Consolidated statements of comprehensive income (loss) | 613,984 | (255,058) | (163,074) |
Comprehensive income (loss) attributable to: | |||
Owners of the parent | 609,211 | (259,026) | (143,933) |
Non-controlling interest | 4,773 | 3,968 | (19,141) |
Other comprehensive profit (loss): | 613,984 | (255,058) | (163,074) |
Sociedad Minera Cerro Verde S.A.A | |||
Statement of comprehensive income [Line Items] | |||
Profit (loss) | $ 925,353 | $ 1,191,474 | $ 274,544 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Capital stock, net of treasury shares [member] Sociedads Minera Cerro Verde S.A.A. | Capital stock, net of treasury shares [member] | Investment Share [Member] | Other capital contributions Sociedads Minera Cerro Verde S.A.A. | Additional Paid-in Capital [Member] | Legal reserve [member] | Other reserves of equity [member] | Share in ORI of associates integral de asociadas [member] | Cash flow hedge instruments [member] | Retained Earnings [Member] Sociedads Minera Cerro Verde S.A.A. | Retained Earnings [Member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Miscellaneous other reserves [member] Sociedads Minera Cerro Verde S.A.A. | Sociedads Minera Cerro Verde S.A.A. | Total |
Balance at Dec. 31, 2019 | $ 990,659 | $ 750,497 | $ 791 | $ 10,074 | $ 218,450 | $ 163,168 | $ 269 | $ (1,311) | $ 0 | $ 4,160,458 | $ 1,639,658 | $ 2,771,522 | $ 196,678 | $ 198,132 | $ 5,359,323 | $ 2,968,200 |
Balance (in shares) at Dec. 31, 2019 | 253,715,190 | |||||||||||||||
Profit (loss) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 274,544 | (135,718) | (135,718) | (14,621) | 0 | 274,544 | (150,339) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | (6,358) | (1,857) | 0 | (8,215) | (4,520) | (12,735) | |||||
Total comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | (6,358) | (1,857) | (135,718) | (143,933) | (19,141) | (163,074) | |||||
Dividends declared and paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,140) | (5,140) | |||||
Other changes in equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (155) | (155) | 0 | (155) | |||||
Stock-based compensation | 0 | 1,461 | 0 | 0 | 1,461 | |||||||||||
Expired dividends | 0 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | 26 | 0 | 26 | |||||
Balance at Dec. 31, 2020 | 990,659 | $ 750,497 | 791 | 11,535 | 218,450 | 163,194 | 269 | (7,669) | (1,857) | 4,435,002 | 1,503,785 | 2,627,460 | 172,397 | 198,132 | 5,635,328 | 2,799,857 |
Balance (in shares) at Dec. 31, 2020 | 253,715,190 | |||||||||||||||
Profit (loss) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,191,474 | (264,075) | (264,075) | 1,271 | 0 | 1,191,474 | (262,804) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 3,646 | 1,403 | 0 | 5,049 | 2,697 | 7,746 | |||||
Total comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 3,646 | 1,403 | (264,075) | (259,026) | 3,968 | (255,058) | |||||
Dividends declared and paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (700,000) | 0 | 0 | (6,160) | 0 | (700,000) | (6,160) |
Other changes in equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (184) | (184) | 0 | (184) | |||||
Stock-based compensation | 0 | 204 | 0 | 0 | 204 | |||||||||||
Expired dividends | 0 | 0 | 0 | 76 | 0 | 0 | 0 | 0 | 76 | 0 | 76 | |||||
Balance at Dec. 31, 2021 | 990,659 | $ 750,497 | 791 | 11,739 | 218,450 | 163,270 | 269 | (4,023) | (454) | 4,926,476 | 1,239,526 | 2,368,326 | 170,205 | 198,132 | 6,127,006 | 2,538,531 |
Balance (in shares) at Dec. 31, 2021 | 253,715,190 | |||||||||||||||
Profit (loss) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 925,353 | 602,550 | 602,550 | 385 | 0 | 925,353 | 602,935 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 6,207 | 454 | 0 | 6,661 | 4,388 | 11,049 | |||||
Total comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | 6,207 | 454 | 602,550 | 609,211 | 4,773 | 613,984 | |||||
Dividends declared and paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (400,000) | (18,542) | (18,542) | (2,647) | 0 | (400,000) | (21,189) |
Effect of changes in share in subsidiaries | 0 | 0 | 0 | 0 | 31,628 | 0 | 0 | 18,240 | 49,868 | (18,240) | 31,628 | |||||
Other changes in equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13) | (13) | 0 | (13) | |||||
Stock-based compensation | 0 | (932) | 0 | 0 | (932) | |||||||||||
Balance at Dec. 31, 2022 | $ 990,659 | $ 750,497 | $ 791 | $ 10,807 | $ 218,450 | $ 163,270 | $ 31,897 | $ 2,184 | $ 0 | $ 5,451,829 | $ 1,841,761 | $ 3,008,850 | $ 154,091 | $ 198,132 | $ 6,651,427 | $ 3,162,941 |
Balance (in shares) at Dec. 31, 2022 | 253,715,190 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||||
Profit for the year | $ 602,935,000 | $ (262,804,000) | $ (150,339,000) | |
Proceeds from sales of goods and services | 809,668,000 | 945,631,000 | 708,196,000 | |
Dividends received from associates | 79,140,000 | 148,411,000 | 3,649,000 | |
Recovery of taxes | 32,793,000 | 28,191,000 | 42,967,000 | |
Royalty received | 5,183,000 | 17,074,000 | 18,954,000 | |
Interest received | 2,915,000 | 207,000 | 1,658,000 | |
Dividends received from other investments | 0 | 3,350,000 | 2,500,000 | |
Proceeds from insurance claim | 0 | 2,358,000 | 4,381,000 | |
Payments to suppliers and third parties, and other net | (580,468,000) | (608,689,000) | (434,591,000) | |
Payments to and for employees | (123,903,000) | (125,773,000) | (129,353,000) | |
Income tax and royalties paid to Peruvian State | (82,637,000) | (34,157,000) | (25,708,000) | |
Short-term and low value lease payments | (41,352,000) | (35,985,000) | (19,549,000) | |
Interest paid | (41,132,000) | (14,504,000) | (21,653,000) | |
Payments of royalties to third parties | (11,053,000) | (6,970,000) | (6,180,000) | |
Payments for tax litigation | (7,488,000) | (552,639,000) | (22,386,000) | |
Adjustments to reconcile profit after income tax to net cash flows from operating activities: | ||||
Income tax expense | 9,700,000 | 9,700,000 | $ 9,700,000 | |
Net increase (decrease) in operating liabilities: | ||||
Net cash flows from (used in) operating activities | 41,666,000 | (233,495,000) | 122,885,000 | |
Cash flows of investing activities | ||||
Collection for sale of participation in Yanacocha | 300,000,000 | 0 | 0 | |
Collection for purchase of La Zanja shares | 45,000,000 | 0 | 0 | |
Proceeds from sale of property, plant and equipment | 13,116,000 | 739,000 | 24,416,000 | |
Proceeds from sale of investments | 1,577,000 | 0 | 0 | |
Proceeds from sale of investments in subsidiaries | 0 | 3,640,000 | 0 | |
Payments for acquisition of property, plant and equipment | (151,973,000) | (90,309,000) | (71,546,000) | |
Acquisition of investment in associate | (1,677,000) | 0 | (13,453,000) | |
Payments for acquisition of other assets | (290,000) | (357,000) | (1,641,000) | |
Net cash flows from (used in) investing activities | 205,753,000 | (86,287,000) | (62,224,000) | |
Cash flows of financing activities | ||||
Revolving credit facility | 0 | 50,000,000 | 18,019,000 | |
Payments of senior unsecured credit facility | (50,000,000) | (65,793,000) | (7,197,000) | |
Decrease (increase) of restricted time deposits | 29,117,000 | (29,242,000) | 0 | |
Senior notes bonds issued, net of issuance costs | 0 | 539,300,000 | 0 | |
Payments | (323,057,000) | (21,585,000) | (38,994,000) | |
Dividends paid to controlling interest | (18,542,000) | 0 | 0 | |
Lease payments | (4,638,000) | (5,205,000) | (4,080,000) | |
Other financial payments | 0 | (10,700,000) | 0 | |
Dividends paid to non-controlling interest | (2,647,000) | (6,160,000) | (5,140,000) | |
Decrease (increase) of bank accounts in trust | (733,000) | 17,000 | 2,134,000 | |
Net cash flows from (used in) financing activities | (370,500,000) | 461,332,000 | (35,258,000) | |
Increase (decrease) in cash and cash equivalents for the year, net | (123,081,000) | 141,550,000 | 25,403,000 | |
Cash and cash equivalents at beginning of year | 376,999,000 | 235,449,000 | 210,046,000 | |
Cash and cash equivalents at year-end | 253,918,000 | 376,999,000 | 235,449,000 | 210,046,000 |
Financing and investing activities not affecting cash flows: | ||||
Additions | 11,712,000 | 2,973,000 | 5,213,000 | |
Due from for sales of properties and concessions | 2,119,000 | 7,481,000 | 8,233,000 | |
Changes in estimates of mine closure plans | (21,869,000) | (3,272,000) | 31,558,000 | |
Unrealized income (loss) in investments | (101,000) | (335,000) | 264,000 | |
Transactions with no effects in cash flows: | ||||
Increase of right-of-use assets | 11,700,000 | 3,000,000 | ||
Sociedad Minera Cerro Verde S.A.A | ||||
Operating activities | ||||
Profit for the year | 925,353,000 | 1,191,474,000 | 274,544,000 | |
Adjustments to reconcile profit after income tax to net cash flows from operating activities: | ||||
Income tax expense | 528,214,000 | 750,082,000 | 235,613,000 | |
Depreciation and amortization | 504,750,000 | 484,218,000 | 484,237,000 | |
Work in progress stockpiles write-off | 7,668,000 | 0 | ||
Accretion on the provision for remediation and mine closure | 4,566,000 | 3,715,000 | 4,196,000 | |
Gain on sale of property, plant and equipment | (279,000) | (255,000) | (11,000) | |
Provision of mining royalties dispute | 0 | 15,311,000 | 44,414,000 | |
Provision (gain) on uncertain income tax positions | (19,667,000) | (14,379,000) | 1,313,000 | |
Profit sharing adjustments | (1,585,000) | (1,002,000) | 42,041,000 | |
Canceled capital projects | 18,000 | 195,000 | 6,255,000 | |
Share-based payments cost | 2,502,000 | 2,894,000 | 2,259,000 | |
Net (increase) decrease in operating assets: | ||||
Trade and other receivables | (95,416,000) | (4,477,000) | (139,577,000) | |
Other accounts receivable | (4,057,000) | 3,018,000 | 623,000 | |
Inventories and stockpiles and ore on leach pads | (54,058,000) | (23,170,000) | (60,549,000) | |
Other non-financial assets | (22,430,000) | (27,660,000) | (15,008,000) | |
Net increase (decrease) in operating liabilities: | ||||
Trade and other payables | 60,574,000 | 34,735,000 | (28,677,000) | |
Other accounts payable | (7,140,000) | (28,200,000) | 48,503,000 | |
Benefits to employees | (16,695,000) | 60,581,000 | 18,178,000 | |
Other provisions | (3,310,000) | (2,883,000) | (28,398,000) | |
Mining royalties dispute payments | 0 | (420,963,000) | (138,904,000) | |
Interest paid (not included in the financing activities) | (3,934,000) | (9,674,000) | (21,260,000) | |
Interest on lease payments | (3,912,000) | (4,371,000) | (4,875,000) | |
Income tax paid | (934,101,000) | (315,861,000) | (86,610,000) | |
Net cash flows from (used in) operating activities | 867,061,000 | 1,693,328,000 | 638,307,000 | |
Cash flows of investing activities | ||||
Proceeds from sale of property, plant and equipment | 384,000 | 423,000 | 189,000 | |
Purchases of intangibles assets | 0 | (6,951,000) | ||
Payments for acquisition of property, plant and equipment | (206,354,000) | (155,912,000) | (178,991,000) | |
Stripping activity asset | (304,198,000) | (214,192,000) | (92,890,000) | |
Net cash flows from (used in) investing activities | (510,168,000) | (376,632,000) | (271,692,000) | |
Cash flows of financing activities | ||||
Revolving credit facility | 325,000,000 | 0 | ||
Payments of revolving credit facility | (325,000,000) | 0 | ||
Payments of senior unsecured credit facility | (325,000,000) | (200,000,000) | (305,000,000) | |
Lease payments | (12,327,000) | (12,746,000) | (9,376,000) | |
Other financial payments | (3,482,000) | 0 | ||
Dividends | (400,000,000) | (700,000,000) | ||
Net cash flows from (used in) financing activities | (740,809,000) | (912,746,000) | (314,376,000) | |
Increase (decrease) in cash and cash equivalents for the year, net | (383,916,000) | 403,950,000 | 52,239,000 | |
Cash and cash equivalents at beginning of year | 937,680,000 | 533,730,000 | $ 481,491,000 | |
Cash and cash equivalents at year-end | 553,764,000 | 937,680,000 | 533,730,000 | |
Transactions with no effects in cash flows: | ||||
Changes on the provision for remediation and mine closure | $ 17,812,000 | $ 18,271,000 | $ (37,569,000) |
Identification and business act
Identification and business activity | 12 Months Ended |
Dec. 31, 2022 | |
Identification and business activity | |
Identification and business activity | 1. Identification and business activity (a) Identification - Compañía de Minas Buenaventura S.A.A. (hereafter “the Company” or “Buenaventura”) is a publicly traded corporation incorporated in Peru in 1953. The Company stock is traded on the Lima and New York Stock Exchanges through American Depositary Receipts (ADRs), which represent the Company’s shares deposited in the Bank of New York. The Company’s legal domicile is at Las Begonias Street N°415, San Isidro, Lima, Peru. The Company is the ultimate controlling party. (b) Business activity - The Company and its subsidiaries (hereinafter “the Group”) are principally engaged in the exploration, mining, concentration, smelting and marketing of polymetallic ores and metals. The Company operates directly three operating mining units in Peru ( Orcopampa, Julcani and Tambomayo), one mining unit with temporarily suspended operation (Uchucchacua), two discontinued mining units (Poracota and Shila-Paula), and one mining unit under development stage (San Gabriel). In addition, the Company has a controlling interest in (i) Sociedad Minera El Brocal S.A.A. (hereinafter “El Brocal”), which operates the Colquijirca mining unit; (ii) Minera La Zanja S.R.L. (hereinafter “La Zanja”), which operates La Zanja mining unit; (iii) El Molle Verde S.A.C. (hereinafter “Molle Verde”) which operates Trapiche, a mining unit at the development stage; and (iv) other entities dedicated to energy generation and transmission services, and other activities. All these activities are carried out in Peru. In addition, the Group has a non-significant subsidiary in Mexico related to exploration activities. The legal domicile of the subsidiaries and associates is the same as that of the Company, except for: - Contacto Corredores de Seguros S.A. whose legal domicile is located at Avenida Del Pinar 180 Offices 902 – 903 Urb. Chacarilla, Surco, Lima, Peru. - Sociedad Minera Cerro Verde S.A.A. whose legal domicile is located at Calle Jacinto Ibáñez 315, Urb. Parque Industrial, Cercado de Arequipa, Arequipa - Tinka Resources Ltd. whose legal domicile is located at #1305 - 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7 Canada. Temporary suspension of production at the Uchucchacua mining unit and Río Seco The Company’s management has estimated that the temporary suspension at the Uchucchacua mining unit will allow all the efforts of the operations team to be focused on implementing measures aimed at achieving efficiencies and reducing the cost of operations by the time it is decided to restart mining at this unit. The Company’s management evaluated and concluded that there is no impairment of the assets of the Uchucchacua mining unit as a result of the analysis of the recoverable amount based on its value in use, as the temporary stoppage has not significantly affected the value in use. During the temporary suspension of production, measures were be implemented that will aim to achieve greater operational efficiency, focused on the new strategy for the period 2021 - 2023 focused on exploration activities, re-engineering or redesign of the mine, and on the development of the Yumpag project. Additionally, during the period of temporary suspension of production, the Company is focusing on improving its relationship with local communities and will continue with the work related to environmental commitments, such as monitoring, water treatment, waste collection, progressive mine closure, among others. As a result of this suspension, the industrial activities in the subsidiary Procesadora Industrial Río Seco S.A. (which receives raw materials from the Uchucchacua mining unit) were also suspended until the restart of Uchucchacua’s operations schedule to the second half of 2023. Temporary suspension of production in phase 12 of the north pit of the subsidiary El Brocal – On March 19, 2022, a landslide occurred in phase 12 of the north pit, located in the Colquijirca mining unit. As a result of said event, El Brocal temporarily paralyzed its operations in said phase, the extraction of which refers to ore containing lead, zinc and silver. During the second quarter, El Brocal prepared the Preliminary Stabilization Plan for the southwest wall of the pit. On June 28, 2022, El Brocal has received authorization from The Supervisory Organism of Investment in Energy and Mines (Organismo Supervisor de la Inversión en Energía y Minería or “OSINERGMIN” for its acronym in Spanish) to start rehabilitation works in the landslide area. During July, August and September, work was carried out on the preliminary stabilization plan. On November 30, 2022, OSINERGMIN issued the report on the lifting of the security measure, thus completing the Preliminary Stabilization Stage and the restrictions on mining operations in the affected area were lifted. Since December 2022, El Brocal has continued with rehabilitation activities in said area in accordance with the Final Stabilization Plan approved by OSINERGMIN. During the first quarter 2023, El Brocal started the ore extraction in the landslide zone. This situation has affected the volume of ore extracted and sales of lead/zinc during the second, third and fourth quarters of 2022. The mining activities of the pit have focused mainly on the extraction of waste in the affected area and in other phases of the pit that allow access to the ore. Notwithstanding this, operations at the El Brocal underground mine continue their normal development, as well as the processing of ore through the concentrator plants, which are being supplied with lead and zinc ore from the stockpiles located outside the north pit; as well as the copper ore extracted in the underground mine. Write – off of mineral stock in the subsidiary El Brocal - As a consequence of the landslide in phase 12 of the north pit, the extraction of ore with lead, zinc and silver contents was temporarily halted during the second and third quarters of 2022. In response to this event, the Management of El Brocal decided to utilize ore contained within El Brocal’s short and long-term mineral inventory. However, according to the results of metallurgical tests carried out by the El Brocal’s Operations Area from June to November, it was concluded in said month that the mineral contained within these stockpiles has no economic value, mainly explained by the high oxidation indices detected in the metallurgical test samples. Current restrictions regarding the storage capacity of the tailings dam (final waste from the miningprocess) has also led to the priorization of El Brocal’s processing capacity for mineral that is more economically viable. In November 2022, the Management of El Brocal decided to write - off the mineral stock totaling 483,563 Dry Metric Tonne (DMT), equivalent to US$16,402,000 (97,244 DMT had been already recognized as loss of inventory value, equivalent to US$1,504,000), with a net effect for the year of US$14,898,000, recorded in the last quarter of 2022. The effect of the mineral write-off on the components of cost of sales is detailed below: 2022 US$(000) Cost of sales of goods, excluding depreciation and amortization 10,957 Depreciation and amortization 5,025 Exploration in operating units 420 Cost of sales 16,402 (c) Approval of consolidated financial statements - The consolidated financial statements as of December 31, 2022 were approved and authorized for issue by the Board of Directors on April 28, 2023 and subsequent events have been considered through that date. (d) The consolidated financial statements include the financial statements of the following companies: Country of incorporation Ownership as of December 31, and business 2022 2021 Direct Indirect Direct Indirect % % % % Mining activities: Compañía de Minas Buenaventura S.A.A. (*) Peru 100.00 — 100.00 — Compañía Minera Condesa S.A. Peru 100.00 — 100.00 — Compañía Minera Colquirrumi S.A. Peru 100.00 — 100.00 — Sociedad Minera El Brocal S.A.A (**) Peru 3.19 58.24 3.19 58.24 Inversiones Colquijirca S.A. (**) Peru 89.76 10.24 89.76 10.24 S.M.R.L. Chaupiloma Dos de Cajamarca (***) Peru 33.00 67.00 20.00 40.00 Minera La Zanja S.R.L. (****) Peru 100.00 — 53.06 — Minera Julcani S.A. de C.V. Mexico 99.80 0.20 99.80 0.20 El Molle Verde S.A.C. Peru 99.98 0.02 99.98 0.02 Apu Coropuna S.R.L. Peru 70.00 — 70.00 — Cerro Hablador S.A.C. Peru 99.00 1.00 99.00 1.00 Minera Azola S.A.C. Peru 99.00 1.00 99.00 1.00 Energy generation and transmission services: Consorcio Energético de Huancavelica S.A. Peru 100.00 — 100.00 — Empresa de Generación Huanza S.A. Peru — 100.00 — 100.00 Insurance brokerage: Contacto Corredores de Seguros S.A. Peru 99.98 0.02 99.98 0.02 Industrial activities: Procesadora Industrial Río Seco S.A. Peru 100.00 — 100.00 — (*) As of December 31, 2022 and 2021, includes three operating mining units in Peru (Orcopampa, Julcani and Tambomayo), one temporarily suspended operation (Uchucchacua), two discontinued mining units (Poracota and Shila-Paula), and one mining unit under development stage (San Gabriel). (**) As of December 31, 2022 and 2021, the participation of the Company in the voting rights of El Brocal is 61.43 %. Inversiones Colquijirca S.A. (hereafter “Colquijirca”), the Group’s subsidiary (100 % as of December 31, 2022 and 2021), has an interest in El Brocal’s capital stock, through which the Company holds an indirect participation in El Brocal of 58.24% as of December 31, 2022 and 2021. (***) Until March 30, 2022, Buevaventura held a direct and indirect holding of 60% and the remaining 40% was held by Newmont Corporation (hereinafter “Newmont”). On April 1, 2022, the subsidiary S.M.R.L. Chaupiloma Dos de Cajamarca (hereinafter “Chaupiloma”) spun-off (****) On February 7, 2022, Buenaventura entered into definitive agreements with Newmont to sell all of the shares it owned in Yanacocha. As part of this transaction Newmont transferred in favor of Buenaventura its shares representing 46.94% of the equity of La Zanja, receiving as consideration an amount calculated on the future production of said mining unit. On the other hand, Newmont paid US$45,000,000 to Buenaventura in order to cover part of the future costs of the La Zanja closure plan, which are presented in the caption “Other reserves” in the consolidated statement of changes in equity for US$31,628,000 (US$45,000,000 net of tax income). This transaction was accounted for as an owner-to-owner transaction. Additionally, the non-controlling interest gain amounting to US (e) Discontinued operations During 2022, the Group sold its investment in Minera Yanacocha S.R.L (hereinafter “Yanacocha”) classified as discontinued during 2021, under IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. On February 7, 2022, Buenaventura entered into definitive agreements with Newmont Corporation (hereinafter “Newmont”) to sell all of the shares it owned in Yanacocha for a consideration collected in full in February 2022 of US$300,000,000, as well as contingent payments linked to the production of the Sulphides Project that Yanacocha plans to develop and future increases in mineral prices, payments that can amount to up to US$100,000,000. During 2020, the Group sold its Mallay mining unit classified as discontinued during 2019 under IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. The sales price was US$10 million (US$8.5 million plus Value added tax) with a related cost of US$3.6 million net of income from the reversal of provision for mining unit closure of US$5.1 million. The Company collected US$4.0 million from this transaction and during May 2022 the remaining balance was transferred to a third party by US$6 million. This transaction generates a loss of US$2 million which are presented in “Others, net” caption, see note 28(a). As of December 31, 2022, 2021 and 2020, the mining units with discontinued operations were Poracota and Shila-Paula (during the years 2021 and 2020 in addition included the results of the operations of Yanacocha and during the year 2020 also included Mallay) are presented below: 2022 2021 2020 US$(000) US$(000) US$(000) Sales — — (1) Cost of sales — — — Gross loss — — (1) Operating income (expenses), net Gain for sale of Yanacocha investment 300,000 — — Reversal of liability classified as held for sale of Yanacocha 265,590 — — Reversal of unrealized result of Yanacocha 356 — — Administrative expenses (683) (335) (1,117) Changes in provision for closure of mining units, note 15(b) (660) (3,021) (58) Reversal (provision) of contingencies (113) (2,136) 13 Depreciation and amortization, note 11(h) (9) (14) (2,126) Discontinued operation of Yanacocha, note 10(d) — (422,394) (72,219) Changes in environmental liabilities provision — (1,014) — Income from sale of development costs, property, plant and equipment (sale of Mallay mining unit) — — 7,976 Reversal of provision for closure of mining unit (sale of Mallay mining unit), note 15(b) — — 5,093 Income from the sale of supplies from the Mallay unit, note 8(b) — — 1,220 Return of provision for loss of value of inventories for sale of the Mallay unit, note 8(b) — — 843 Cost of sale of property, plant and equipment — — (3,099) Cost of sale of supplies (sale of Mallay mining unit) — — (1,711) Provision for loss of value of inventories, note 8(b) — — (1,220) Others, net 288 (79) (240) Total operating income (expenses), net 564,769 (428,993) (66,645) Operating profit (loss) 564,769 (428,993) (66,646) Finance costs, note 15(b) (59) (25) (176) Net gain (loss) from currency exchange difference (2) — 12 Profit (loss) before income tax 564,708 (429,018) (66,810) Current income tax (44,747) — — Deferred income tax (41,414) 41,414 — (86,161) 41,414 — Profit (loss) from discontinued operations 478,547 (387,604) (66,810) No net cash flows were generated by the mining units maintained with discontinued operations during 2022, 2021 and 2020. (f) COVID-19 (Corona Virus Disease 2019) in Peru The Group’s operations are subject to risks related to outbreaks of infectious diseases. For example, the outbreak of coronavirus COVID-19. Since March 15, 2020, and by means of Supreme Decree No. 044-2020, the Peruvian State declared a State of National Emergency and mandatory social isolation for an initial period of fifteen calendar days, with subsequent extensions. During the initial phase, constitutional rights related to personal freedom and security, inviolability of the home and freedom of assembly were restricted, except for the provision and access to certain services and essential goods, such as those related to financial institutions, insurance and pensions, as well as complementary and related services. Operations at a national level have now resumed according to a phase plan issued by the Peruvian State. In March, April, May and June 2020, direct operations of the Group were limited to those that were deemed critical to ensuring the functionality of the mine pumping systems, water treatment plants, energy supply, hydroelectric substations, health services and overall minimum safety conditions, administrative supervision, security conditions, including filling and general support, among others. The production stoppage dates were as follows: Phase 1 (restart initiated on May 16, 2020) ● Tambomayo ● Uchucchacua ● El Brocal (Tajo Norte and Marcapunta) Phase 2 (restart initiated on June 16, 2020) ● Orcopampa ● Julcani ● La Zanja Considering that the start of the quarantine began in the second half of March 2020, the Group’s mining units operated below the planned volume during the year 2020, which was reflected in the variation in sales. In 2020, the Group’s unabsorbed cost due to production stoppage amounted to a total amount of US$27.8 million (net of intercompany eliminations), see note 22. Depreciation and amortization incurred during the production stoppage amounts to US$10.8 million for the year 2020, which is included in “Depreciation and amortization” caption in the consolidated statements of profit or loss. In January 2021, in response to the significant increase in the number of infections, the number of deaths and the saturation of the health system, the Peruvian Government decreed compulsory social immobilization in ten regions of the country, with the exception of some sectors such as agriculture, energy, hydrocarbons, mining, construction, etc., thus it did not affect the Company’s operations. This second confinement phase was from January 31 until September 30, 2022 according to Supreme Decree N° 118-2022. (g) Temporary suspension of the operations of mining units related to social conflicts - During December 2022, intensified tensions, protests, and social unrest erupted following a change in the country’s political leadership. Demonstrations continued into early 2023, and civil unrest continues to disrupt trade and supply chains as of the date of this report. To date, there has been a limited impact on the Group’s operations. The Group continues to monitor the situation with priority on safety and security. A prolonged disruption to logistics and supply chains could affect future operations. Temporary suspension of the operations of the Julcani mining unit – Within the current political situation, groups of people have been mobilizing in various regions of the country, in some cases committing acts of vandalism. On February 5, 2023, people from outside the area of influence of the Julcani mine broke into the mining camp and forced the unit’s officials to, among other things, stop operations. In order to ensure the safety of the workers, all personnel were demobilized and operations were suspended. Both the surrounding communities and the different unions publicly expressed their rejection of the acts of vandalism carried out at the mining unit, after which they issued a formal request to the Company to restart operations at the Julcani mining unit. On February 16, 2023, operations were restarted. Blocking of access roads to the north pit of the Colquijirca mining unit - The current limitations regarding the land and permits required to expand the operating area of the north pit of the Colquijirca mining unit of the subsidiary El Brocal and the expansion phase of the Huachuacaja tailings dam, have resulted in the schedulingof a partial reduction of the mining sequence. This plan did not result in a cessation of operations but required a temporary reduction of the workforce and services contracted by El Brocal. On the night of January 31, 2023, a group of former workers from a contractor company blocked the access roads to the north pit of Colquijirca mining unit. At the date of this report, the access roads are free. |
Sociedads Minera Cerro Verde S.A.A. | |
Identification and business activity | |
Identification and business activity | 1. Identification and business activity (a) Identification - Sociedad Minera Cerro Verde S.A.A. (the Company) was incorporated in Peru on August 20, 1993, as a result of the privatization process of certain mining units carried out by the Peruvian State in that year. The Company’s shares began being listed on the Lima Stock Exchange on November 14, 2000. Through its subsidiary Cyprus Climax Metals Company, Freeport Minerals Corporation (FMC), a wholly owned subsidiary of Freeport-McMoRan Inc. (Freeport), owns 53.56% of the voting shares of the Company, SMM Cerro Verde Netherlands B.V. (SMM Cerro Verde), a subsidiary of Sumitomo Metal Mining Company Ltd. (Sumitomo), owns 21.00%, Compañía de Minas Buenaventura S.A.A. (Buenaventura) owns 19.58%, and other stakeholders own the remaining 5.86%. The Company’s legal address is Jacinto Ibañez Street N°315 - Parque Industrial, Arequipa in the city of Arequipa and the ore deposit is located 20 miles southwest of that city (Asiento Minero Cerro Verde S/N Uchumayo – Arequipa). (b) Business activity - The Company’s activities are regulated by the Peruvian General Mining Law and comprise the extraction, production and sale of copper cathodes, copper concentrate and molybdenum concentrate. The Company is an open-pit copper and molybdenum mining complex. The Company´s operation consists of two concentrating facilities with a total design capacity of 360,000 metric tons of ore per day and SX/EW leaching facilities. However, as a result of several efficiency initiatives implemented over the past several years, the Company’s two concentrators were able to achieve a combined average milling rate exceeding 400,000 metric tons of ore per day in 2022. Leach copper production is derived from a 39,000 metric ton-per-day crushed leach facility and a 100,000-metric ton-per-day run-of-mine (ROM) leach system. This SX/EW leaching operation has a production capacity of approximately 200 million pounds of copper per year. The leaching and flotation process carried out at these plants are part of the benefit concession “Planta de Beneficio Cerro Verde.” (c) COVID-19 outbreak in Peru - On March 15, 2020, the Peruvian government issued a Supreme Decree and declaration of a National Emergency in its efforts to contain the outbreak of COVID-19. The order was initially for fifteen days but was subsequently extended for different periods through October 27, 2022 however, the declaration of health emergency (Supreme Decree No. 008-2020) will continue in force until May 25, 2023. A summary of the impacts and charges associated with Covid-19 are detailed in Note 15(b). The Company continues to update its Plan for the Surveillance, Prevention and Control of COVID-19 at work. The implementation of these prevention, early detection and response measures and actions helps to control the risk of spread and health impact caused by the COVID-19 pandemic during the development of operational activities. (d) Political situation in Perú - Beginning in December 2022, heightened tensions, protests and social unrest emerged in Perú following a change in the country's political leadership. Cerro Verde operated at reduced rates from time to time during first-quarter 2023. While demonstrations and road blockages subsided in recent weeks, the potential for civil unrest and disruption of commerce and supply chains continues. Cerro Verde resumed normal operations in March 2023. Cerro Verde continues to monitor the situation with a priority on safety and security. (e) Financial statements approval – The financial statements for the year ended December 31, 2022, have been approved and by the Company’s Manager on April 28, 2023, and the subsequence event have been considered thought those date. The financial statement for the year ended on December 31, 2021, were approved and authorized by the Company’s Manager on May 13, 2022. |
Basis for preparation, consolid
Basis for preparation, consolidation and accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Basis for preparation, consolidation and accounting policies | |
Basis for preparation, consolidation and accounting policies | 2. Basis for preparation, consolidation and accounting policies 2.1. Basis of preparation - The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, based on the records of the Company, except for the derivative financial instruments and financial assets and liabilities that have been measured at fair value and discontinued operations that have been valued at the lower of (i) their carrying amount and (ii) its fair value less cost to sell. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousands, except when otherwise indicated. The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern. The preparation of consolidated financial statements requires that management use judgments, estimates and assumptions, as detailed in note 3. These consolidated financial statements provide comparative information in respect of prior periods. 2.2. Basis of consolidation - The consolidated financial statements comprise the financial statements of the Company and its subsidiaries to the date of the consolidated statements of financial position. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has all of the following: - Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee). - Exposure, or rights, to variable returns from its involvement with the investee. - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. When the Group has less than a majority of the voting, or similar, rights of an investee, it considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement (s) with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, revenue, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction between owners or the parent (there is no gain or loss). If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. 2.3. Changes in accounting policies and disclosures - Certain standards and amendments became effective in 2022; however, they did not have a material impact on the consolidated financial statements of the Group and therefore, have not been disclosed. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 - An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. These amendments had no impact on the consolidated financial statements of the Group as there were no onerous contract during the period. Reference to the Conceptual Framework – Amendments to IFRS 3 – The amendments replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no impact on the consolidated financial statements of the Group as there were no contingent assets, liabilities and contingent liabilities within the scope of these amendments arisen during the period. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 – The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no proceeds from selling items while bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 2.4. Summary of significant accounting policies – (a) Foreign currencies - The Group´s consolidated financial statements are presented in U.S. dollars, which is also the parent company’s functional currency and the Group’s presentation currency. For each entity, the Group determines the functional currency and the items included in the financial statements of each entity are measured using that functional currency. For consolidation purposes, each entity presents its financial statements in U.S. dollars. Transactions and balances Transactions in foreign currency are initially recorded by each entity in the Group at their respective functional currency spot rates, published by the Superintendence of Banking and Insurance and Pension Fund Administrators (AFP for its acronym in Spanish). Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising from the settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of a hedge. These are recognized in other comprehensive income (OCI) until the hedged items are disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recognized in OCI. Non-monetary assets and liabilities recognized in terms of historical cost are translated using the exchange rates at the dates of the initial transactions. (b) Financial instruments - Initial recognition and subsequent measurement - A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets - Initial recognition and measurement - Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through OCI, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair value through profit or loss. For a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a period established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified in the following categories: - Financial assets at amortized cost. - Financial assets at fair value through OCI. - Financial assets at fair value through profit or loss. Financial assets at amortized cost - The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. This category generally applies to other receivables included in the “Trade and other receivables” caption. Financial assets at fair value through OCI - Financial assets are classified and measured at fair value through OCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. This category generally applies to the “Hedge derivative financial instruments” caption. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in the consolidated statements of profit or loss. This category generally applies to the trade receivables included in the “Trade and other receivables” caption. Derecognition - A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when: - The rights to receive cash flows from the asset have expired; or - The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates to what extent, it has retained the risk and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group´s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets - The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are past due according to each contract. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (ii) Financial liabilities - Initial recognition and measurement - Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, financial obligations, bank loans, financial liabilities for contingent consideration liability and Hedge derivative financial instruments. Subsequent measurement - The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss - Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the consolidated statements of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has designated financial liabilities for contingent consideration as at fair value through profit or loss. Financial liabilities at amortized cost (loans and borrowings) - After initial recognition, interest-bearing loans and borrowing are subsequently measured at amortized cost using the EIR. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR amortization is included in the “Financial costs” caption in the consolidated statements of profit or loss. This category generally applies to interest-bearing loans and borrowings. Derecognition - A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statements of profit or loss. (iii) Offsetting of financial instruments - Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statements of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. (c) Cash and cash equivalents - “Cash and cash equivalents” caption presented in the consolidated statements of financial position comprise cash at banks and on hand, and short-term highly liquid deposits with a current maturity and subject to an insignificant risk of changes in value. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s cash management. In addition, the Group has restricted cash. See note 6. (d) Inventories - Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average method. In the case of finished goods and work in progress, cost includes the cost of materials and direct labor and a portion of indirect manufacturing expenses, excluding borrowing costs. The current portion of the inventories is determined based on the expected amounts to be processed within the next twelve months. Inventories not expected to be processed within the next twelve months are classified as non-current. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to make the sale. Provision (or reversal) for losses on the net realizable value are calculated based on a specific analysis conducted annually by Management and is charged to profit or loss in the period in which it determines the need for the provision (or reversal). Any provision for obsolescence of spare parts and supplies is determined by reference to specific items of stock based on inventory turnover level. A regular review is undertaken to determine the extent of any provision for obsolescence. (e) Business combinations and goodwill - Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in the “Administrative expenses” caption. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiror. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value, with changes in fair value recognized in either profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured at fair value at the reporting date with changes in the fair value recorded in the consolidated statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests, and any previous interests held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the consolidated statements of profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, this difference is allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities, of the acquiree, are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. (f) Investments in associates and joint venture - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in associates and joint ventures are accounted for using the equity method. Under this method, the investment in an associate or joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate and joint ventures since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment individually. The consolidated statement of profit or loss reflects the Group’s share of the results of operations of the associates and joint ventures. Any change in OCI of those investees is presented, as part of the Group’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statements of changes in shareholders’ equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate or joint venture is shown on the face of the consolidated statements of profit or loss outside operating profit and represents profit or loss after tax in the associates and joint ventures. The financial statements of the associates or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After the application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in associates or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investments in the associates and joint ventures are impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognizes the loss in the consolidated statements of profit or loss. Upon loss of significant influence over the associate or joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate and joint ventures upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognized in consolidated statements of profit or loss. (g) Prepaid expenses - Non-monetary assets, which represent an entity’s right to receive goods or services, are presented as prepaid expenses. The asset is subsequently derecognized when the goods are received, and the services are provided. (h) Property, plant and equipment - Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the obligation for mine closing and, borrowing costs for qualifying assets. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. In addition, when a major inspection is performed, its cost is recognized in the carrying amount of plant and equipment as a replacement if the recognition criteria are satisfied. All other maintenance and repair costs are recognized in the consolidated statement of profit or loss as incurred. Depreciation - Unit-of-production method: In mining units with long useful lives, depreciation of assets directly related to the operation of the mine is calculated using the units-of-production method, which is based on economically recoverable reserves of the mining unit. Other assets related to these mining units are depreciated using the straight-line method with the lives detailed in the next paragraph. Straight-line method: Depreciation of assets in mining units with short useful lives or used for administrative purposes is calculated using the straight-line method of accounting. The useful lives are the following: Years Buildings, construction and other 2 to 11 Hydroelectric power station 20 to 40 Machinery and equipment 2 to 30 Transportation units 5 Furniture and fixtures 4 to 10 Other equipment 3 to 10 Computer equipment 3 to 5 The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year-end, and adjusted prospectively, if appropriate. Disposal of assets - An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal, or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or loss when the asset is derecognized. (i) Leases - The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Group as a lessee - The Group applies a single recognition and measurement approach for all leases, except for short-term leases with no renewal options and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets - The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the related assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities - At the commencement date of the lease, the Group recognizes lease liabilities measu |
Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Basis for preparation, consolidation and accounting policies | 2. Significant accounting principles and policies The significant accounting policies applied in the preparation of the financial statements are summarized below: (a) The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared based on historical cost, except for accounts receivable and/or payable related to embedded derivatives, which have been measured at fair value (see Note 2(d)). The financial statements are presented in United States dollars (US$) and include the years ended December 31, 2022, 2021 and 2020. Unless otherwise indicated, all values have been rounded to the nearest thousand. (b) The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions in order to determine the amounts of the assets and liabilities, and the disclosure of contingent assets and liabilities as of December 31, 2022 and 2021, and the amounts of reported revenues and expenses for the years ended December 31, 2022, 2021 and 2020. Information about significant judgments, estimates and assumptions made by management in the preparation of the financial statements are as follows: (b.1) Judgments - (i) Contingencies - By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential amount of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. (ii) Stripping cost - The Company incurs waste removal costs (stripping costs) during the development and production phases of its surface mining operations. Production stripping costs can be incurred both in relation to the production of inventory in that period and the creation of improved access and mining flexibility in relation to ore to be mined in the future. The waste removal cost is included as part of the costs of inventory, while the production stripping costs are capitalized as a stripping activity asset, as part of the “property, plant and equipment, net” caption, if certain criteria are met. Once the Company has identified its production stripping for its surface mining operation, it identifies the separate components of the ore body. An identifiable component is a specific volume of the ore body that is made more accessible by the stripping activity. Significant judgment is required to identify and define these components, and to determine the expected volumes (e.g., in tons) of waste to be stripped and ore to be mined in each of these components. (b.2) Estimates and assumptions - (i) Determination of mineral reserves - Mineral reserves are the part of a mineral deposit that can be economically and legally extracted from the mine concessions. The Company estimates its mineral reserves based on information compiled by individuals qualified in reference to geological data about the size, depth and form of the ore body, and requires geological judgments in order to interpret the data. The estimation of recoverable mineral reserves involves numerous uncertainties with respect to the ultimate geology of the ore body, including quantities, grades and recoveries. Estimating the quantity and grade of mineral reserves requires the Company to determine the size, shape and depth of the ore body by analyzing geological data. In addition to the geology, assumptions are required to determine the economic feasibility of mining the mineral reserves, including estimates of future commodity prices and demand, future requirements of capital and production costs, and estimated exchange rates. Revisions in mineral reserve or mineral resource estimates have an impact on the value of mining properties, its related property, plant and equipment, provisions for cost of mine closure, recognition of assets for deferred taxes and depreciation and amortization of assets. (ii) Units of production depreciation - Estimated mineral reserves are used in determining the depreciation and/or amortization of mine-specific assets. This results in a depreciation/amortization charge proportional to the depletion of the anticipated remaining life-of-mine production. The life of each item, which is assessed at least annually, is impacted by both its physical life limitations and present assessments of economically recoverable mineral reserves of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable mineral reserves. (iii) Provision for remediation and mine closure - The Company assesses its provision for remediation and mine closure quarterly. It is necessary to make estimates and assumptions in determining this provision, including cost estimates of activities that are necessary for the rehabilitation of the site, technological and regulatory changes, interest rates and inflation rates. As discussed in Note 2(k), estimated changes in the fair value of the provision for remediation and mine closure or the useful life of the related assets are recognized as an increase or decrease in the book value of the provision and related asset retirement cost (ARC) in accordance with IAS 16, “Property, Plant and Equipment.” According to the Company’s accounting policies, the provision for remediation and mine closure represents the present value of the costs that are expected to be incurred in the closure period of the operating activities of the Company. Closure budgets are reviewed regularly to take into account any significant change in the studies conducted. Nevertheless, the closure costs of mining units will depend on the market prices for the closure work required, which would reflect future economic conditions. Also, the timing of disbursements depends on the useful life of the mine, which are based on estimates of future commodity prices. If any change in the estimate results in an increase to the provision for remediation and mine closure and related ARC, the Company considers whether or not this is an indicator of impairment of the assets and applies impairment tests in accordance with IAS 36, “Impairments of Assets.” (iv) Inventories - Net realizable value (NRV) tests are performed at least annually and represent the estimated future sales price of the product based on prevailing spot metal prices, less estimated costs to complete production and bring the inventory to sale. Additionally, in calculating the NRV of the Company’s long-term stockpiles, management also considers the time value of money. Mill and leach stockpiles generally contain lower grade ores that have been extracted from the ore body and are available for copper recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling and concentrating. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities. Because it is generally impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blast hole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles. Expected copper recovery rates for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material of active stockpiles, as much as 80% of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Process rates and metal recoveries are monitored regularly, and recovery estimates are adjusted periodically as additional information becomes available and as related technology changes. (v) Asset impairment - Management has determined that the Company’s operations consist of one cash generating unit. The Company’s operations are evaluated at least annually in order to determine if there are impairment indicators. If any such indication exists, the Company makes an estimate of the recoverable amount, which is the higher of (i) the fair value less costs of disposal or (ii) the value in use. These assessments require the use of estimates and assumptions, including long-term commodity prices, discount rates, operating costs and other factors. Fair value is defined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between willing and knowledgeable parties. The fair value of assets is generally determined as the current value of future cash flows derived from the continuous use of the asset, which includes estimates, such as the cost of future expansion plans and eventual disposal, while applying assumptions that an independent market participant may take into account. The cash flows are discounted by applying a discount rate that reflects the current market, the time value of money and the risks specific to the asset. (c) Functional and reporting currency - The financial statements are presented in United States (US) dollars, which is also the Company’s functional currency. Transactions and balances in foreign currency Foreign currency transactions are those carried out in a currency other than the functional currency. Foreign currency transactions are translated into the functional currency by applying the exchange rate in force on the date the transaction takes place. Monetary assets and liabilities denominated in foreign currencies are converted using the functional currency spot rate in force at the reporting date. Gains and losses as a result of the difference in the exchange rate when currency items are liquidated or when converting currency items at exchange rates that are different from those used for their initial recognition are recognized in the statements of comprehensive income of the period. The Company uses Peruvian Sol (S/) exchange rates published by the Superintendent of Banks, Insurance and Pension Fund Administrators. The published exchange rates were S/3.808 for US$1 for buying and S/3.820 for US$1 for selling as of December 31, 2022, and S/3.975 for US$1 buying and S/3.998 for US$1 for selling as of December 31, 2021. These rates have been applied to the appropriate asset and liability accounts. (d) Financial assets – Initial recognition and measurement - At initial recognition, financial assets are classified and measured at either amortized cost, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company´s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, “Revenue from Contracts with Costumers.” The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date. Cash and cash equivalents - Cash and cash equivalents are financial assets that may be liquidated immediately, such as bank checking accounts, and other liquid investments with original maturities of three months or less. Accounts Receivables - The Company’s receivables include current and non-current trade and other accounts receivable. These receivables are stated at their transaction value, net of an allowance for expected credit loss. Trade accounts receivable are generated primarily from the Company’s concentrate and cathode sales, are denominated in US dollars, have current maturities, do not bear interest and have no specific guarantees. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified in two categories: - Financial assets at amortized cost (debt instruments). - Financial assets at fair value through profit or loss. Financial assets at amortized cost (debt instruments) - This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to collect contractual cash flows, and - The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate method and are subject to impairment. Gains and losses are recognized in the statements of comprehensive income when the asset is derecognized, modified or impaired. This category generally applies to trade and other receivables, net. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statements of financial position at fair value with net changes in fair value recognized in the statements of comprehensive income. Embedded derivatives - Copper Sales - The Company’s copper sales are provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month based on quoted London Metal Exchange (LME) monthly average prices. The Company receives market prices based on prices in the specified future month, which results in price fluctuations recorded through revenues until the date of settlement. The Company recognizes revenues and invoices customers when it transfers control, which is under CIF (cost, insurance and freight) delivery point based on then-current LME prices, which results in an embedded derivative that is required to be separated from the main contract. The Company’s embedded derivatives from sales are measured at fair value (based on LME spot copper prices) and presented as gains/losses on provisionally priced trade receivables (see Note 21). Molybdenum Sales - The Company’s molybdenum sales are also provisionally priced at the time of shipment. The Company recognizes revenues and invoices customers when it transfers control, which is under the CIF delivery point based on the arithmetic mean of the high and low Metals Week Dealer Oxide (MWDO) price. The provisional prices are finalized in a future month, according to the period of quotation, which results in price fluctuations recorded through revenues until the date of settlement, which also results in an embedded derivative that is required to be separated from the main contract (see Note 21). Derecognition - A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when: - The rights to receive cash flows from the asset have expired; or - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset or, (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent, it has retained the risk and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company´s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Impairment of financial assets - The Company recognizes an allowance for expected credit losses for all debt instruments not held at fair value through the statements of comprehensive income. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Expected credit losses are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, expected credit losses are provided for credit losses that result from default events that are possible within the next 12-months (12-month expected credit losses). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime expected credit losses). For trade receivables and contract assets, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on the financial asset’s lifetime expected credit losses at each reporting date. The Company considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (e) Financial liabilities - All financial liabilities are recognized initially at fair value and in the case of accounts payable and other financial liabilities, net of directly attributable transaction costs. The Company´s financial liabilities include loans, trade and other payables and other financial liabilities. Loans - Loans are initially recognized at their fair value, net of directly attributable transaction costs. After initial recognition, loans are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the statements of comprehensive income when the liabilities are derecognized as well as through the amortization process. Amortized cost is calculated taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. Amortization under the effective interest rate method is included as financial costs in the statements of comprehensive income. Derecognition - A financial liability is derecognized when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts are recognized in the statements of comprehensive income. (f) Inventories - Inventories are stated at the lower of cost or net realizable value. Inventory of materials and supplies, as well as saleable products and in-process inventory are determined using the weighted-average cost method. The cost of finished goods and in-process inventory (i.e., stockpiles) includes labor and benefits, supplies, energy and other costs related to the mining and processing of minerals. Net realizable value tests of saleable products and in-process inventory are performed at each reporting date and represent the estimated future sales price using forward metal prices (for the period they are expected to be processed in), less estimated costs to complete production and bring the inventory to sale. The current portion of work-in-process is determined based on the amount the Company expects to process in the next 12 months. Inventories that are not expected to be processed in the next 12 months are classified as non-current inventories. In 2022, the Company recognized a work-in-process stockpile write-off (see Note 5) (g) Property, plant and equipment - Property, plant and equipment are valued at historical cost, including costs that are directly attributed to the construction or acquisition of the asset, net of accumulated depreciation, amortization and impairment. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the obligation for mine closure, and borrowing costs for qualifying assets. Repairs and/or improvements that increase the economic life of an asset and for which it is probable that there will be future economic benefit to the Company, are recorded as assets. All other maintenance costs are charged to expense as incurred. Land is not depreciated. Depreciation of assets directly related to the useful life of the mine is calculated using the units-of-production (UOP) method based on the mine’s proven and probable copper reserves. Other assets are depreciated using the straight-line method based on the following estimated useful lives: Years Buildings and other constructions Between 5 and 35 Machinery and equipment Between 2 and 30 Transportation units Between 5 and 7 Furniture and fixtures Between 7 and 10 Other equipment Between 3 and 25 Critical spare parts and other parts which are directly identified with machinery or equipment are included in property, plant and equipment, and the economic life corresponds to the main asset with which they are identified. An asset within property, plant and equipment is retired at the time of its disposal or when no future economic benefits are expected from its use or subsequent disposition. Any gain or loss arising at the time of retirement is calculated as the difference between the proceeds from the sale and the book value of the asset and is included in the statements of comprehensive income in the period the asset is retired. The residual value and useful economic lives of the Company’s property, plant and equipment are reviewed, and adjusted if appropriate, at each year end. Impairment - At each reporting date, the Company evaluates if there is any indication that an asset could be impaired. If such an indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset is the greater of (i) its fair value less costs to sell or (ii) its value in use and is determined for the assets of the mine as a whole, since there are no assets that generate cash revenues independently. When the book value of an asset exceeds its recoverable amount, the asset is considered impaired and is reduced to its recoverable amount. When evaluating the value in use, the future estimated cash flows are discounted to their present value using an after-tax discount rate that reflects current market evaluations of the time value of money and the specific risks to the asset. Losses resulting from the impairment of assets are recognized in the statements of comprehensive income under the categories of expenses consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The revised valuation cannot exceed the book value that would have been determined, net of depreciation, if an impairment loss for the asset had not been recognized in a previous period. Such a reversal is recognized in the statements of comprehensive income. The Company did not identify any indicators of impairment for the years ended December 31, 2022 and 2021. (h) Leases - The Company assesses all arrangements, at contract inception, to determine whether they are, or contain, a lease. A contract containing a lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company is a lessee but is not a lessor in any transactions. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and low-value assets. The Company recognizes lease liabilities representing obligations to make future lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets - The Company recognizes a right-of-use asset at the commencement date of the lease (i.e., the date when the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful lives of the assets, as follows: Years Land 30 Buildings and other constructions Between 1 and 14 Machinery and equipment Between 1 and 14 The right-of-use assets are also subject to impairment. The Company did not identify any indicators of impairment as of December 31, 2022 and 2021. (ii) Lease liabilities - At the commencement date of the lease, the Company recognizes a lease liability measured at the present value of lease payments to be made over the lease term. The lease liability is re-measured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase option, termination option or extension option is reasonably certain to be exercised. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is generally not readily determinable. After the commencement date, lease liabilities are increased to reflect the accretion of interest and reduced for the lease payments made. A summary of lease liabilities aging is described in Note 20(d). (i) Intangible assets - Intangible assets are recorded at cost less accumulated amortization. After the initial recognition, the intangible assets are recorded at their cost less accumulated amortization and any accumulated loss for impairment of use, if applicable. The Company’s intangible assets primarily consist of concessions related to the operation of the port terminal, which are amortized over 20 years using the straight-line method. Amortization expense was US$2.3 million for the year ended December 31, 2022, US$ 1.5 million for the year ended December 31, 2021, and US$ 1.0 million for the year ended December 31, 2020 and is presented within the “Depreciation and amortization” in cost of sales (see Note 15). The gross book value for intangible assets was US$ 20.0 million at December 31, 2022, and 2021, and accumulated amortization was US$ 8.5 million as of December 31, 2022, and US$ 6.2 million as of December 31, 2021, respectively. (j) Exploration, development and stripping costs - Exploration costs - Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable reserves or identifying new mineral resources at development or production stage properties, are charged to the statements of comprehensive income as incurred. Development costs - Development costs are capitalized when the economic and technological feasibility of the project is confirmed, which is generally when the development or project has reached a milestone in accordance with a model established by management. Stripping cost - The stripping costs incurred in the production phase are capitalized as a component of property, plant and equipment, net (see Note 2 (b.1) and 7) if the stripping activity improves access to the ore body or enhances an existing asset. The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity. The stripping activity asset is subsequently amortized using the UOP method over the component of the ore body benefitted. (k) Provisions - General - A provision is recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that resources of the Company will be required to settle the obligation, and an estimate of the amount of the obligation can be calculated. The expense relating to any provision is presented in the statements of comprehensive income, net of any reimbursement, in the period the provision is established. If the effect of the time value of money is significant, provisions are discounted by applying a discount rate that reflects, where applicable, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a financial expense in the statements of comprehensive income. Mine closure provision - The Company records a mine closure provision when a contractually or legally enforceable obligation arises. The Company estimates the present value of its future obligation for mine closure and increases the carrying amount of the related ARC, which is included in property, plant and equipment, net in the statements of financial position. Subsequently, the mine closure provision is accreted to full value over time. The related ARC is depreciated using the UOP method over the life of the mine. The Company evaluates its mine closure provision on a quarterly basis and makes adjustments to estimates and assumptions, including scope, future costs and discount rates, as applicable. Changes in the fair value of the mine closure provision or the useful life of the related asset |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting judgments, estimates and assumptions | |
Significant judgments, estimates and assumptions | 3. Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates and assumptions are continually evaluated and are based on management´s experience and other facts, including the expectations about future events that are believed to be reasonable under the current situation. Uncertainty about these estimates and assumptions could result in outcomes that require material adjustment to the carrying amount of assets and liabilities affected in future periods. Further information on each of these areas and the impact on the consolidated financial statements and the accounting policies of the Group due to the application of significant accounting judgments, estimates and assumptions that have been used is presented below, as well as in the notes to the respective consolidated financial statements. 3.1. Judgments In the process of applying the Group’s accounting policies, Management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: (a) Contingencies and uncertain tax positions- By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. To identify uncertainties over income tax treatments, the Group makes a determination as to whether a tax treatment is probable of being accepted by the taxation authorities based on its tax compliance and transfer pricing studies. Pursuant to Peruvian Law, once there is an adverse decision to a taxpayer at the administrative level, Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT for its acconym in Spanish) is entitled to proceed to deliver notice to the taxpayer demanding payment, regardless of whether the taxpayer decides to appeal the decision at the judiciary level. However, the taxpayer’s payment of the SUNAT administrative claim does not entail a settlement of the tax dispute. Instead, this payment is required to be made for the taxpayer to continue the appeal process at the judiciary level and is subject to refund, with interest, if the taxpayer is successful in their judiciary level action. When measuring the amount to be recorded as an account receivable in light of the payments made at the administrative level, the Group applies IFRIC 23. (b) Development start date - The Group assesses the status of each exploration project of its mining units to determine when the development phase begins. One of the criteria used to evaluate the development start date is when the Group determines that the property can be economically developed. (c) Production start date - The Group assesses the stage of each mine under development to determine when a mine moves into the production phase, this begin when the mine is substantially complete and ready for its intended use. The criteria used to assess the start date are determined based on the unique nature of each mining project, such as the complexity of the project and its location. The Group considers various relevant criteria to assess when the production phase is considered to have commenced. Some of the criteria used to identify the production start date include, but are not limited to: - Level of capital expenditure incurred compared to the original construction cost estimates. - Completion of a reasonable period of testing of the mine plant and equipment. - Ability to produce minerals in saleable form (within specifications). - Ability to sustain ongoing production of minerals. When a mine development project moves into the production phase, the capitalization of certain mine development costs cease and costs are either regarded as forming part of the cost of inventory or expensed, except for costs that qualify for capitalization relating to mining asset additions or improvements. It is also at this point that depreciation or amortization commences. (d) Useful life of property, plant and equipment Depreciation is calculated under the straight-line method of accounting considering the lower of estimated useful lives of the assets or estimated reserves of the mining unit. See note 2.4(h) for useful lives. (e) Revenue recognition - The Group applies judgement for determining the timing of satisfaction of services of revenue from contracts with customers. The Group has concluded that revenue related to services such as energy generation and transmission, industrial services, and other services is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group has determined that the output method is the best method in measuring progress of the services mentioned above due to the Group has the right to invoice an amount that corresponds directly to the performance completed to date. 3.2. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may vary due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. (a) Determination of mineral reserves and resources - Recoverable proven and probable reserves and resources are the part of a mineral deposit than can be economically and legally extracted or produced at the time of the reserve and resources determination. The determination of reserves involves numerous uncertainties with respect to the ultimate geology of the ore bodies, including quantities, grades and recovery rates. Estimating the quantity and grade of reserves and resources requires the Group to determine the size, shape and depth of its ore bodies by analyzing geological data, such as sampling of drill holes, tunnels and other underground workings. In addition to the geology of the Group’s mines, assumptions are required to determine the economic feasibility of mining these reserves, including estimates of future commodity prices and demand, the mining methods the Group uses and the related cost incurred to develop and mine its reserves and resources. The process to estimate proven and probable ore reserves and resources is audited by an independent consultant each year. All estimated reserves and resources represent estimated quantities of mineral proven and probable that under current conditions can be economically and legally processed. Changes could occur on reserve and resource estimates due to, among others, revisions to the data or geological assumptions, changes in prices, production costs and results of exploration activities. Changes in estimated reserves and resources primarily affect the depreciation of development costs, property, plant and equipment related directly to mining activity, the provision for mine closure, the assessment of the deferred asset’s recoverability and the amortization period for development costs. (b) Units of production depreciation - Reserves and resources are used in determining the depreciation and amortization of mine-specific assets. This results in a depreciation or amortization charge proportional to the depletion of the anticipated remaining life of mine production. Each mine’s life is assessed annually to evaluate: (i) physical life limitations and (ii) present assessments of economically recoverable reserves of the mine property. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves. Changes are recorded prospectively. (c) Provision for closure of mining units - The Group assesses its provision for closure of mining units at each reporting date using a discounted future cash flow model. In determining the amount of the provision, it is necessary to make significant assumptions and estimates, because many factors exist that can affect the final amount of this provision. These factors include estimates of the extent and costs of closure activities, technological changes, regulatory changes, cost increases as compared to the inflation rates, and changes in discount rates and periods such costs are expected to be incurred. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at the reporting date represents management’s best estimate of the present value of the future closure costs required. (d) Inventories - Inventories are classified as current or non-current depending on the length of time that management estimates will be needed to reach the production state of concentrate extraction for each mining unit. Net realizable value tests are performed at each reporting date and represent the estimated future sales price of the product the entity expects to realize when the product is processed and sold, less estimated costs to complete production and bring the product to sale. Additionally, management considers the time value of money in calculating the net realizable value of its non-current inventories. Classified minerals, which are materials with metal content that were removed from the pit of the Colquijirca mining unit for treatment at the expansion operation plant, contain lower grade ore than the average of treated minerals and are available to continue in the process of recovery of mineral and concentrates. Because it is generally impracticable to determine the mineral contained in the classified mineral located in the deposit field near Tajo Norte of Colquijirca mining unit by physical count, reasonable estimation methods are employed. The quantity of minerals delivered to classified mineral is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper, lead and zinc grades of material delivered to classified minerals. For minerals outside leach platform inventories, finished and in-progress goods are measured by estimating the number of tons added and removed. The number of contained gold ounces is based on assay data, and the estimated recovery percentage is based on the expected processing method. Tonnages and ounces of mineral are verified by periodic surveys. For minerals inside leach platform inventories, reasonable estimation methods are employed because it is generally impracticable to determine the mineral contained in leach platforms by physical count. The quantity of material delivered to leach platforms are based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated ore grades of material delivered to leach platforms. (e) Impairment of non-financial assets - The Group assesses each asset or cash generating unit in each reporting period to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered the higher of (i) the fair value less costs of disposal and (ii) value in use. The assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, operating costs, among others. These estimates and assumptions are subject to risk and uncertainty. The fair value of mining assets is generally calculated by the present value of future cash flows arising from the continued use of the asset, which include some estimates, such as the cost of future expansion plans, using assumptions that a third party might consider. The future cash flows are discounted to their present value using a discount rate that reflects current market assessment of the value of money over time, as well as specific risks of the asset or cash-generating unit under evaluation. The Group has determined the operations of each mining unit as a separate cash generating unit. (f) Deferred income tax asset and recoverability - Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. (g) Fair value of contingent consideration - The contingent consideration arising from a business combination is measured at fair value at the date of acquisition, as part of the business combination. If the contingent consideration is eligible to be recognized as a financial liability, the fair value is subsequently re-measured at each date of the consolidated financial statements. Determining the fair value of the contingent consideration is based on a model of discounted future cash flows. The key assumptions take into account the likelihood of achieving each goal of financial performance as well as the discount rate. |
Standards and interpretations i
Standards and interpretations issued but not effective | 12 Months Ended |
Dec. 31, 2022 | |
Standards and interpretations issued but not effective | |
Standards issued but not effective | 4. Standards and interpretations issued but not effective Certain new accounting standards and interpretations have been issued that are not yet effective as of December 31, 2022, and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. Amendments to IAS 1: Classification of Liabilities as Current or Non-current - In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement. - That a right to defer must exist at the end of the reporting period. - That classification is unaffected by the likelihood that an entity will exercise its deferral right. - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Definition of Accounting Estimates - Amendments to IAS 8 - In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of “Accounting Estimates”. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, the amendments clarify how entities should use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The Group will apply changes in IAS 8 prospectively for any business combination. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 - In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently assessing the impact of the amendments to determine the impact they will have on the Group’s accounting policy disclosures. |
Transactions in soles
Transactions in soles | 12 Months Ended |
Dec. 31, 2022 | |
Transactions in soles | |
Transactions in soles | 5. Transactions in soles Transactions in soles are completed using exchange rates published by the Superintendent of Banks, Insurance and A.F.P. As of December 31, 2022, the exchange rates for U.S. dollars published by this Institution were US$0.2626 for buying and US$0.2618 for selling (US$0.2516 for buying and US$0.2501 for selling as of December 31, 2021), and have been applied by the Group for the assets and liabilities accounts, respectively. As of December 31, 2022 and 2021, the Group presents the following assets and liabilities originally denominated in soles by its equivalent in U. S. dollars: 2022 2021 US$(000) US$(000) Assets Cash and cash equivalents 8,822 8,587 Trade and other receivables 731,367 688,438 Income tax credit 28,046 15,456 768,235 712,481 Liabilities Trade and other payables (84,552) (72,051) Income tax payable (25,336) (21,384) Provisions (2,365) (3,026) (112,253) (96,461) Net asset position 655,982 616,020 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Cash and cash equivalents | 6. Cash and cash equivalents (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Cash on hand 134 155 Balances with banks (b) 43,633 215,699 Short-term deposits (c) 210,151 161,145 253,918 376,999 (b) Bank accounts earn interest at floating rates based on market rates. (c) As of December 31, 2022 and 2021, time deposits were kept in prime financial institutions, which generated interest at annual market rates and have current maturities, according to the immediate cash needs of the Group. |
Sociedad Minera Cerro Verde S.A.A. | |
Cash and cash equivalents | |
Cash and cash equivalents | 3. Cash and cash equivalents This item is made up as follows: December 31, December 31, 2022 2021 US$(000) US$(000) Cash in banks 18,839 26,109 Cash equivalents (a) 534,925 911,571 553,764 937,680 (a) Cash equivalents as of December 31, 2022 and 2021, includes a portfolio of investments in highly marketable liquid investments (mainly investments classified as “AAA” by Standard & Poor's and Moody's) which yield variable returns, and are classified as cash equivalents because they are readily convertible to known amounts of cash and management plans to use them for its short-term cash needs. Because of the short maturity of these investments (i.e., less than 90 days), the carrying amount of these investments corresponds to their fair value at the date of the financial statements. Changes in the fair value of these investments are presented in the “financial income” caption (see Note 18). |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of transactions between related parties [line items] | |
Related parties | 4. Related parties Accounts receivable from related parties and accounts payable to related parties are made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Accounts receivable from related parties Parent Company FMC (a) 555,150 551,595 Other related parties Climax Molybdenum Marketing Corporation (b) 27,069 23,247 Sumitomo (c) 21,098 11,238 Embedded derivatives Embedded derivatives (d) 91,011 12,793 Total accounts receivable from related parties 694,328 598,873 Classification by measurement Accounts receivables from related parties (subject to provisional pricing) 509,660 558,581 Accounts receivables from related parties (not subject to provisional pricing) 93,657 27,499 Embedded derivatives (d) 91,011 12,793 694,328 598,873 Accounts payable to related parties Parent Company FMC 324 269 Other related parties Freeport-McMoRan Sales Company Inc. 2,687 2,666 Minera Freeport-McMoRan South America Ltda 163 491 Total accounts payable to related parties 3,174 3,426 (a) Accounts receivable from FMC mainly correspond to sales of copper concentrate and copper cathode. The Company has a long-term agreement with FMC through which it has committed to sell between 70% and 80% of its annual copper concentrate production through December 31, 2021 and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually. (b) The Company has a long-term agreement with Climax Molybdenum Marketing Corporation (a wholly owned subsidiary of FMC) through which it has committed to sell 100% of its annual molybdenum concentrate production, at a price based on MWDO and under incoterm CIF from February 1, 2020, through January 31, 2022. A new agreement commenced on February 1, 2022, through January 31, 2023, and will continue in force until one of the parties communicates its intention to terminate. (c) The Company has a long-term agreement with Sumitomo through which it has committed to sell 21% of its annual copper concentrate production through December 31, 2021 and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually. (d) Reflects the embedded derivative adjustment associated with accounts receivable from related parties (see Note 2(d) and 21). Short-term and long-term employee benefits are recognized as expenses during the period earned. Benefits received by key management personnel represent 0.29% of total revenues for the year 2022 (0.25% for year 2021 and 0.45% for year 2020). For the years 2022, 2021 and 2020, Freeport granted stock-based compensation to certain key management personnel (see Note 12(d)). Terms and transactions with related parties - Transactions with related parties are made at normal market prices. Outstanding balances are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided or received for any accounts receivable from related parties. As of December 31, 2022, 2021 and 2020, the Company had not recorded any expected credit loss in accounts receivable from related parties because they are considered collectable. The following is a summary of the transactions with related entities that affected results (not including copper and molybdenum sales described in Note 14) for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Revenues Reimbursement of expenses 747 65 226 Supplies 2 — 768 749 65 994 Expenses Reimbursement of information technology services 22,023 16,941 15,900 Commissions 10,550 8,484 7,801 Management fee 2,540 2,352 2,159 Stock-based compensation (a) 2,502 2,894 2,259 Supplies 7 — 492 37,622 30,671 28,611 (a) As indicated in the table above, during 2022, 2021 and 2020 the expense for stock-based compensation amounted to US$2.5 million, US$2.9 million and US$2.3 million, respectively. The related payments / settlements totaled US$3.4 million, US$2.7 million and US$0.8 million respectively. This activity resulted in a net decrease of US$0.9 million in 2022, US$0.2 million in 2021 and US$1.5 million in 2020 in “Other capital contributions” in the statements of changes in shareholders’ equity. |
Trade and other receivables, ne
Trade and other receivables, net | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables, net | |
Trade and other receivables, net | 7. Trade and other receivables (a) This caption is made up as follows 2022 2021 US$(000) US$(000) Trade receivables (b) Domestic clients 127,750 135,811 Foreign clients 40,229 31,233 Related entities, note 32(b) 367 4,626 168,346 171,670 Allowance for expected credit losses (i) (22,276) (22,276) 146,070 149,394 Other receivables Tax claims (c) 631,478 601,056 Value added tax credit 52,589 35,228 Other accounts receivables to third parties 30,175 28,361 Advances to suppliers 14,392 10,921 Tax deposits (e) 8,296 12,711 Refund applications of value added tax (g) 3,330 2,488 Related entities, note 32(b) 2,842 2,298 Closed hedging financial instruments receivable, note 34(b) 2,506 — Interest receivable 2,305 2,608 Due from for sales of assets (f) 2,119 7,481 Public Works Tax Deduction 1,196 1,527 Bank accounts in trust (h) 1,092 359 Loans to personnel 629 460 Loans to third parties 365 350 Restricted time deposits (d) — 29,242 Other 248 401 753,562 735,491 Allowance for expected credit losses (i) (4,106) (8,621) 749,456 726,870 Total trade and other receivables 895,526 876,264 Classification by maturity: Current portion 221,899 240,432 Non-current portion 673,627 635,832 Total trade and other receivables 895,526 876,264 Classification by nature: Financial receivables 838,411 837,021 Non-financial receivables 57,115 39,243 Total trade and other receivables 895,526 876,264 Classification by measurement: Trade receivables (not subject to provisional pricing) 16,503 15,417 Trade receivables (subject to provisional pricing) 129,567 133,977 Other accounts receivables 749,456 726,870 Total trade and other receivables 895,526 876,264 (b) Trade accounts receivable are denominated in U.S. dollars, are neither due nor impaired (except for those included in the Group’s allowance for expected credit losses, see (i)) do not yield interest and have no specific guarantees. (c) Corresponds to forced payments of tax debts that are in litigation and that, in the opinion of management and its legal advisors, a favorable result should be obtained in the judicial and administrative processes that have been initiated, see note 31(d): Payment 2022 2021 Detail Date US$(000) US$(000) Buenaventura - Payment of tax debt for fiscal year 2007 - 2008. July 2021 414,841 398,548 Payment of tax debt for fiscal year 2010. July 2021 93,669 89,733 Payment of tax debt for fiscal year 2009. July 2021 50,787 48,654 SUNAT seizure for payment on account from January to December 2009; January and February 2010. December 2019 31,581 30,255 Forced payment of part of the tax liability debt for fiscal year 2007. November - December 2020 18,925 18,130 SUNAT seizure for payment on account on Income Tax 2007-2008. January 2021 5,035 4,823 Payment of tax debt for fiscal year 2017. December 2022 2,422 — Payment of the tax liability debt imputed by SUNAT in the IGV inspection process January-December 2014 to benefit from the gradual nature of the fine. November 2020 1,246 1,193 Inminsur’s tax liability debt (absorbed by Buenaventura), by the inspection process for the years 1996-1997 and claimed in court. May 2017 787 754 Claim payment to OSINERGMIN for the year 2015. December 2022 621 — Claim payment to OSINERGMIN for the year 2014. August 2021 612 587 Forced payment of part of the tax debt for fiscal year 2010. December 2020 474 452 621,000 593,129 El Brocal - Forced payment of part of the tax debt for fiscal year 2014. January 2021 1,278 1,225 Payment of the fine for the benefit of reducing the fine for fiscal year 2015. January 2020 262 251 Payment under protest of the tax liability for fiscal year 2011. June 2014 — 2,096 1,540 3,572 Río Seco - Forced payment of part of the VAT tax liability for 2012. July to September 2019 3,238 3,162 Forced payment of part of the tax debt for fiscal year 2020. November 2022 609 — 3,847 3,162 Huanza - Payment under protest of the tax liability for fiscal year 2014 December 2022 1,600 — La Zanja - SUNAT seizure for income tax for fiscal year 2016 October 2022 2,353 — Forced payment of part of the tax debt for fiscal year 2013 - 2015. April 2021 804 853 3,157 853 Chaupiloma - SUNAT seizure for income tax for fiscal year 2011 September 2021 334 340 631,478 601,056 (d) As of December 31, 2021, it corresponded to a restricted time deposit held by Minera La Zanja S.R.L. in favor of Ministry of Energy and Mines for US$29,242,000 to secure current mine closure plans of its mining units and exploration projects that expired on January 12, 2022. (e) Corresponds to deposits held in the Peruvian State bank and that in accordance with the tax law of Peru which only can be used to offset tax obligations that the Group has with the Tax Authorities. (f) As of December 31, 2022, the balance also includes the account receivable related to the sale of mining concessions from the subsidiary Chaupiloma to Yanacocha for US$1.9 million (note 1(e)). During 2022, collections related to the sale amounted to US$6.5 million. As of December 31, 2021, the account receivable for the sale of assets corresponded mainly to the balance for the sale of Mallay mining unit for US$7.3 million, which were transfer to a third party during May 2022 in exchange for US$6 million. This transaction generated a loss of US As of March 2021, the Company collected US$3.6 million related to the sale of the investment in Buenaventura Ingenieros S.A. for a sale amount of US$7.1 million. The remaining balance was compensated with a credit note. During the first quarter of 2020, US$21.0 million were collected related to the contract for the sale of energy transmission systems in the areas of Huancavelica, Trujillo, Cajamarca, Callalli – Ares and Lorema with Conelsur LT S.A.C. realized on September 5, 2019. (g) Corresponds mainly to current year refunds applications that are pending as of December 31, 2022. (h) Corresponds mainly to collections that are deposited into restricted bank accounts that only can be used for the payment of financial obligations held by the subsidiary Empresa de Generación Huanza S.A. (hereafter “Huanza”), according to the finance lease signed with Banco de Crédito del Perú in 2009. Below is presented the movement: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 359 376 2,510 Increase 733 — — Decrease — (17) (2,134) Final balance 1,092 359 376 (i) Below is presented the movement in the allowance for expected credit losses: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 30,897 31,845 32,022 Provision for other receivables, note 28(a) 253 409 4 Provision for trade receivables, note 25 — — 126 Provision of the year 253 409 130 Foreign exchange difference (59) (197) (307) Write off during the year (4,709) (1,160) — Final balance 26,382 30,897 31,845 Trade receivables 22,276 22,276 22,128 Other receivables 4,106 8,621 9,717 26,382 30,897 31,845 The allowance for expected credit losses of other receivables is related to accounts receivable from third parties. There is no allowance for expected credit losses of related parties’ accounts as they are expected to be fully recoverable. In the opinion of the Group’s management, the balance of the allowance for expected credit losses is sufficient to cover adequately the risks of non-payment as of the consolidated statement of financial position. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | 8. Inventories (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Finished goods 1,267 1,396 Products in process (b) 27,212 41,619 Spare parts and supplies 89,708 86,825 118,187 129,840 Provision for impairment of inventory (c) (29,842) (30,774) 88,345 99,066 Classification by use: Current portion 88,345 86,264 Non-current portion — 12,802 88,345 99,066 (b) Products in process primarily relate to mineral in process of El Brocal amounting to US$3.9 million (935,448 Dried Metric Ton amounting to US$29.1 million as of December 31, 2021). See note 1(b). (c) The provision for impairment of inventory had the following movements: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 30,774 31,117 25,402 Continuing operations: Finished and in progress goods, note 21(a) - Provision 7,243 6,877 8,920 Reversal (8,314) (12,348) (3,866) (1,071) (5,471) 5,054 Spare parts and supplies, note 28(a) - Provision 22,533 22,394 17,266 Reversal (22,394) (17,266) (15,762) 139 5,128 1,504 Discontinued operations: Spare parts and supplies, note 1(e) - Provision — — 1,220 Reversal — — (843) — — 377 Sale of discontinued mining unit, note 1(e) - — — (1,220) Final balance 29,842 30,774 31,117 In the opinion of Group’s management, the provision for impairment of inventory adequately covers the risk of obsolescence and the net realizable test as of the date of the consolidated statements of financial position. |
Sociedad Minera Cerro Verde S.A.A. | |
Inventories | |
Inventories | 5. Inventories This item is made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Current Materials and supplies 411,656 369,324 Work-in-process (WIP) (a) 200,969 170,669 Finished goods: Copper concentrate 23,012 9,734 Copper cathode 10,976 15,708 Molybdenum concentrate 3,598 1,776 650,211 567,211 Non-current WIP (a) 287,218 323,828 Total inventories 937,429 891,039 (a) WIP inventories represent mill and leach stockpiles that have been extracted from the open pit and are available for copper recovery. Based on the future mine plan production, the Company identifies the portion of inventory that is classified as current or non-current. For mill stockpiles, recovery is through milling and concentrating. For leach stockpiles, recovery is through exposure to acidic solutions that dissolve copper and deliver it in a solution to extraction processing facilities. During 2022, the Company recorded metal inventory adjustments totaling US$7.7 million associated with the write-off of certain long-term mill and leach stockpiles. No metal inventory adjustments were recorded in 2021. |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid expenses | |
Prepaid expenses | 9. Prepaid expenses (a) 2022 2021 US$(000) US$(000) Right to use facilities paid in advance (b) 23,920 24,806 Prepaid insurance 15,065 15,588 Deferred costs of works for taxes 1,929 2,934 Other prepaid expenses 1,452 986 42,366 44,314 Classification by maturity: Current portion 19,333 20,394 Non-current portion 23,033 23,920 42,366 44,314 (b) Corresponds mainly to payments made in advance to EDEGEL for an original amount of US$31,007,190 corresponding to the right to use the capacity of the hydraulic system of EDEGEL by the subsidiary Empresa de Generación Huanza S.A. This prepayment is being charged to results during the life of the underlying assets (35 years) since January 2015. |
Investments in associates and j
Investments in associates and joint venture | 12 Months Ended |
Dec. 31, 2022 | |
Investments in associates and joint venture | |
Investments in associates and joint venture | 10. Investments in associates and joint venture (a) This caption is made up as follows: Share in equity 2022 2021 2022 2021 % % US$(000) US$(000) Associates Sociedad Minera Cerro Verde S.A.A. 19.58 19.58 1,408,260 1,305,377 Compañía Minera Coimolache S.A. 40.10 40.10 98,388 101,683 Tinka Resources Ltd. 19.32 19.30 10,678 11,573 1,517,326 1,418,633 Joint venture (d) 2,486 2,497 Other minor investments 1,165 1,165 1,520,977 1,422,295 (b) The table below presents the net share in profit (loss) of investments: 2022 2021 2020 US$(000) US$(000) US$(000) Associates Sociedad Minera Cerro Verde S.A.A. 181,221 233,342 53,767 Compañía Minera Coimolache S.A. (2,493) 8,170 10,055 Tinka Resources Ltd. (2,447) (1,098) (868) 176,281 240,414 62,954 Joint venture (11) 36 (252) 176,270 240,450 62,702 Investment in Sociedad Minera Cerro Verde S.A.A. (Cerro Verde) - Cerro Verde is engaged in the extraction, production and marketing of cathodes and copper concentrate from its mining unit that is located in Uchumayo, Arequipa, Peru. Key financial data - The table below presents the key financial data from the financial statements of Cerro Verde under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 1,946,762 2,157,182 Non-current assets 6,047,101 5,967,382 Current liabilities (564,058) (1,252,095) Non-current liabilities (778,378) (745,463) Equity 6,651,427 6,127,006 Group’s interest 1,300,497 1,197,614 Goodwill 107,763 107,763 1,408,260 1,305,377 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years ended December 31: Sales of goods 3,975,295 4,199,448 2,538,593 Net profit from continued operations 925,353 1,191,474 274,544 Group’s share in results 181,221 233,342 53,767 The Group’s management determined that there was no objective evidence that its investment in Cerro Verde is impaired as of December 31, 2022 and 2021. Market capitalization: As of December 31, 2022 and 2021, total market capitalization of shares maintained by the Group in Cerro Verde was US$2,043 million and US$2,552 million, respectively (market capitalization value by each share of US$29.80 and US$37.23, respectively). Investment in Compañía Minera Coimolache S.A. (Coimolache) - Coimolache is involved in the production and the sales of gold and silver from its open-pit mining unit located in Cajamarca, Peru. Key financial data - The table below presents the key financial data from the financial statements of Coimolache under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 208,382 216,581 Non-current assets 157,203 184,635 Current liabilities (21,565) (36,521) Non-current liabilities (95,822) (106,129) Equity 248,198 258,566 Adjustments to conform to the accounting policies of the Group (2,804) (4,954) Equity, adjusted 245,394 253,612 Group’s interest 98,388 101,683 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years ended December 31: Sales of goods 159,003 215,481 203,163 Net profit (loss) from continued operations (8,368) 18,294 22,786 Adjustments to conform to the accounting policies 2,150 2,083 2,293 Net profit (loss), adjusted (6,218) 20,377 25,079 Group’s share in results (2,493) 8,170 10,055 The Group’s management determined that there was no objective evidence that its investment in Coimolache is impaired as of December 31, 2022 and 2021. Investment in Tinka Resources Ltd. (Tinka) - Tinka is a Canadian junior exploration and development mining company with its flagship property being the project of Ayawilca. Ayawilca is carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, in Cerro de Pasco, 200 kilometers northeast of Lima. Tinka is listed on the Lima and Canada Stocks Exchanges. Key financial data - The table below presents the key financial data from the financial statements of Tinka under IFRS in 2022 (financial statements as of September 30, 2022) and in 2021 and 2020 (financial statements as of November 30, 2021 and 2020, respectively): 2022 2021 US$(000) US$(000) Statements of financial position: Current assets 13,007 8,667 Non-current assets 50,454 50,461 Current liabilities (473) (211) Equity 62,988 58,917 Adjustments to conform to the accounting policies of the Group (7,719) 1,042 Equity, adjusted 55,269 59,959 Group’s interest 10,678 11,573 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years: Sales of goods — — — Net loss from continued operations (4,383) (1,109) (2,311) Adjustments to conform to the Group accounting policies (8,283) (4,583) (2,189) Net loss, adjusted (12,666) (5,692) (4,500) Group’s share in results (2,447) (1,098) (868) For the years 2022, 2021 and 2020, the Group has used the latest financial statements available from its associate Tinka, the difference between the period reported by the associate and the date of issuance of these financial statements being less than 3 months. There have been no significant transactions or events between the reporting date of the associate’s financial statements and the consolidated financial statements as of December 31, 2022, 2021 and 2020. The Group’s management determined that there was no objective evidence that its investment in Tinka is impaired as of December 31, 2022 and 2021. Market capitalization: As of December 31, 2022 and 2021, total market capitalization of shares maintained by the Group was US$11.0 million respectively (market capitalization value by each share of US$0.14 and US$0.16, respectively). (c) The Group, through its subsidiary El Brocal, has an interest of 8% in Transportadora Callao S.A., a joint venture whose objective was the construction of a fixed conveyor belt of minerals and deposits in the Port of Callao. In May 2014, Transportadora Callao started operations and currently its main activity is the operation of that terminal. The table below presents the key financial data from the joint venture under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 14,760 19,898 Non-current assets 77,435 87,634 Current liabilities (17,608) (14,403) Non-current liabilities (53,768) (72,444) Equity 20,819 20,685 Adjustments to conform to the Group accounting policies 10,256 10,528 Equity, adjusted 31,075 31,213 Group’s share in results 2,486 2,497 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years ended December 31: Revenue 27,538 22,937 18,560 Net profit (loss) from continuing operations 322 191 (2,554) Adjustments to conform to the Group accounting policies (459) 259 (596) Net profit (loss), adjusted (137) 450 (3,150) Group interests (11) 36 (252) (d) Changes in this caption are as follows: 2022 2021 US$(000) US$(000) As of January 1, 1,422,295 1,488,775 Net share in profit of associates and joint venture 176,270 240,450 Equity contributions granted and paid, note 32(a) 1,677 — Dividends declared and collected, note 32(a) (79,140) (148,411) Unrealized results on investments (101) (335) Reclassification of share of the year in losses of Yanacocha to discontinued operations, note 1(e) — (422,394) Reclassification to held for sale of the investment in Yanacocha, note 1(e) — 264,838 Equity reduction of minor investments — (580) Translation adjustments and other (24) (48) As of December 31, 1,520,977 1,422,295 |
Property, plant, equipment and
Property, plant, equipment and development costs | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant, equipment and development costs | |
Property, plant, equipment and development costs | 11. Property, plant, equipment and development costs (a) Below is presented the movement: Balance as of Balance as of Balance as of January 1, Changes in Reclassifications December 31, Changes in Reclassifications December 31, 2021 Additions Disposals Sales estimations and transfers 2021 Additions Disposals Sales estimations and transfers 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost: Lands 17,650 — — — — 53 17,703 — — — — 1,062 18,765 Mining concessions (f) 151,873 — — — — — 151,873 — — — — — 151,873 Development costs 813,232 31,749 — — — — 844,981 59,702 — — — — 904,683 Buildings, constructions and other 1,343,060 31 (11) — — 7,315 1,350,395 — (123) — — 3,510 1,353,782 Machinery and equipment 883,192 5 (393) (249) — 19,842 902,397 10 (41,053) (34) — 12,695 874,015 Transportation units 8,409 70 (152) (934) — 269 7,662 15 (277) (1,816) — 73 5,657 Furniture and fixtures 11,737 33 (98) — — 98 11,770 — (702) (4) — 7 11,071 Units in transit 3,381 — (506) — — — 2,875 12,811 — — — — 15,686 Work in progress 34,934 40,768 (1,838) — — (27,577) 46,287 65,577 (3,049) — — (17,347) 91,468 Stripping activity asset (g) 152,597 17,653 (6,763) — — — 163,487 26,669 — — — — 190,156 Right-of-use asset (e) 16,259 — — — 2,973 — 19,232 — — — 11,712 — 30,944 Mine closure costs 335,654 — — — (3,272) — 332,382 — — — (21,869) — 310,513 3,771,978 90,309 (9,761) (1,183) (299) — 3,851,044 164,784 (45,204) (1,854) (10,157) — 3,958,613 Accumulated depreciation and amortization: Mining concessions (f) 40,270 7 - - — — 40,277 6 — — — — 40,283 Development costs 340,999 20,582 - - — — 361,581 26,907 — — — — 388,488 Buildings, construction and other 698,324 66,445 (3) - — 928 765,694 58,345 (121) — — — 823,918 Machinery and equipment 686,466 56,384 (340) (170) — — 742,340 42,698 (40,355) (34) — — 744,649 Transportation units 7,083 604 (143) (894) — — 6,650 478 (153) (1,803) — — 5,172 Furniture and fixtures 9,824 601 (97) - — — 10,328 548 (651) (4) — — 10,221 Stripping activity asset 111,455 14,039 - - — 6,665 132,159 21,769 — — — — 153,928 Right-of-use asset (e) 9,081 4,813 - - — — 13,894 4,290 — — — — 18,184 Mine closure costs 191,840 14,819 - - — 7,173 213,832 18,198 — — — — 232,030 2,095,342 178,294 (583) (1,064) — 14,766 2,286,755 173,239 (41,280) (1,841) — — 2,416,873 Provision for impairment of long-lived assets: Mine closure costs 13,207 — (3,828) — (7,173) (7,173) 2,206 — — — — — 2,206 Development costs 10,153 — — — (6,665) (6,665) 3,488 — — — — — 3,488 Property, plant and other 2,915 19,874 (1,136) — (928) (928) 20,725 — (19,874) — — — 851 26,275 19,874 (4,964) — (14,766) (14,766) 26,419 — (19,874) — — — 6,545 Net cost 1,650,361 1,537,870 1,535,195 (b) Impairment of long-lived assets In accordance with its accounting policies and processes, each asset or CGU is evaluated at each reporting date and annually at year-end, to determine whether there are any indications of impairment. If any such indications of impairment exist, a formal estimate of the recoverable amount is performed. In assessing whether impairment is required, the carrying value of the asset or CGU is compared with its recoverable amount. The recoverable amount is the higher of (i) the CGU’s fair value less costs of disposal (FVLCD) and (ii) its value in use (VIU). Given the nature of the Group’s activities, information on the fair value of an asset is usually difficult to obtain unless negotiations with potential purchasers or similar transactions are taking place. Consequently, the recoverable amount for each CGU is estimated based on discounted future estimated cash flows expected to be generated from the continued use of the CGUs using market-based commodity price and exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements, and its eventual disposal, based on the latest life of mine (LOM) plans. Capital and operating expenditure associated with the Group’s climate change initiatives are, to the extent necessary, taken into account when determining the recoverable amount of each CGU. The Group Buenaventura practice responsible mining that promotes economic growth and sustainable development, creating value in the regions where it operates. The Group’s environmental management has as an objective to innovate in water management and mine closure, looking forward to supporting the sustainability of operations. The use of clean technologies to reduce fresh water consumption and waste generation, together with the application of adequate environmental protection standards and procedures in the management of operations are essential for Buenaventura. The challenges that come from higher environmental and social expectations of the environment are being addressed appropriately, encouraging research to improve the prevention and control of the environmental impacts of the Group’s activities. These cash flows were discounted using a real post-tax discount rate that reflected current market assessments of the time value of money and the risks specific to the CGU. The estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are obtained from the planning process, including the LOM plans, one-year budgets and CGU-specific studies. During 2022, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount in Orcopampa, Uchucchacua and La Zanja mining units. The Group recognized a recovery of impairment of long-lived assets for US million in Río Seco. The main factors considered in the impairment analysis were changes in estimates of proven and probable reserves, market forward prices and remaining mine useful lives. During 2021, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount of said units based on their value in use for Orcopampa, Uchucchacua, and La Zanja. As a result of the analysis of the recoverable amount as of December 31, 2021 in Río Seco, the Group recognized an impairment of assets for US$19.9 million. In addition, the La Zanja unit mining recognized a reversal of impairment of US$5.0 million, (net effect of US$14.9 million). The main factors considered in the impairment analysis were changes in estimates of reserves and resources, market forward prices and remaining mine useful lives. During 2020, the Group identified impairment indicators in its Julcani, Orcopampa, Uchucchacua, El Brocal and La Zanja. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount of said units based on their value in use. The main factors considered in the impairment analysis were changes in estimates of reserves and resources, market forward prices and remaining mine useful lives. As a result of the analysis of the recoverable amount as of December 31, 2020, Buenaventura recognized a reversal for impairment of long-lived assets for US$2.1 million derived from the evaluation of its Julcani mining unit.The main factors considered in the impairment analysis were the increase in metal price projections and the life of mine plans. The recoverable amounts of the Julcani mining unit are based on management’s estimations of the value in use. Below are the amounts of the recovery amounts as of December 2022, 2021 and 2020: 2022 2021 2020 US$ US$ US$ Uchucchacua 146,114 196,545 244,795 Río Seco 50,808 18,671 N/A Orcopampa 51,911 43,128 57,650 La Zanja 35,011 51,044 20,736 Julcani N/A N/A 40,642 El Brocal N/A N/A 761,081 Key assumptions The determination of value in use is most sensitive to the following key assumptions: - Production volumes - Commodity prices - Discount rate - Residual value Production volumes: Estimated production volumes are based on detailed life-of-mine plans and take into account development plans for the mines agreed by management as part of planning process. Production volumes are dependent on a number of variables, such as: the recoverable quantities; the production profile; the cost of the development of the infrastructure necessary to extract the reserves; the production costs; the contractual duration of mining rights; and the selling price of the commodities extracted. As each producing mining unit has specific reserve characteristics and economic circumstances, the cash flows of the mines are computed using appropriate individual economic models and key assumptions established by management. The production profiles used were consistent with the reserves and resource volumes approved as part of the Group’s process for the estimation of proven and probable reserves and resource estimates. Commodity prices: Forecast commodity prices are based on management’s estimates and are derived from forward price curves and long-term views of global supply and demand, building on experience of the industry and consistent with external sources. These prices were adjusted to arrive at appropriate consistent price assumptions for the different qualities and type of commodities, or, where appropriate, contracted prices were applied. These prices are reviewed at least annually. Estimated prices for the current and long-term periods that have been used to estimate future cash flows are as follows: As of December 31, 2022 - 2023 2024-2026 US$ US$ Gold 1,750 / Oz 1,735 / Oz Silver 21.00 / Oz 23.17 / Oz Copper 7,900 / MT 9,625 / MT Zinc 3,000 / MT 2,648 / MT Lead 1,900 / MT 2,181 / MT As of December 31, 2021 - 2022 2023-2025 US$ US$ Gold 1,700 / Oz 1,764 / Oz Silver 24.00 / Oz 27.30 / Oz Copper 8,500 / MT 8,705 / MT Zinc 2,600 / MT 2,616 / MT Lead 2,000 / MT 2,313 / MT (*) Discount rate: In calculating the value in use, as of December 31, 2022 and 2021 the following discount rates were applied to the post-tax cash flows: 2022 2021 Post-Tax Pre-Tax Post-Tax Pre-Tax % % % % Uchucchacua 8.12 12.52 6.04 9.31 Orcopampa 8.12 12.52 6.04 9.31 Río Seco 10.60 16.34 7.86 12.12 La Zanja 9.13 14.08 7.01 10.81 These discount rates are derived from the Group’s post-tax weighted average cost of capital (WACC), with appropriate adjustments made to reflect the risks specific to the CGU. The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on its interest-bearing borrowings the Group is obliged to service. The Beta factors are evaluated annually based on publicly available market data. (c) The book value of assets held under finance leases, and assets under trustworthy equity, amounted to US$250.5 million as of December 31, 2022 (US$270.8 million as of December 31, 2021) and is presented in various items of the “Property, plant, equipment and development cost” caption. During 2022 and 2021, no acquisitions of assets under lease agreements were made. Leased assets are pledged as security for the related finance lease liabilities. (d) During 2022, 2021 and 2020, no borrowing costs were capitalized. (e) Right-of-use assets The net assets for right-of-use assets maintained by the Group correspond to the following: 2022 2021 US$(000) US$(000) Buildings 10,484 2,088 Transportation units 1,380 2,501 Machinery and equipment 896 749 12,760 5,338 During 2022, the additions to the right-of-use assets were US$11.7 million and no disposals were made (additions of US$3.0 million and no disposals were made during 2021). (f) Mining concessions includes goodwill of El Brocal for an amount to US$34.0 million as of December 31, 2022 and 2021. (g) During June 2021, as a result of its reserves review, the subsidiary El Brocal wrote off the phase 6 for a total of 1,181,280 DMT at a value of US$6,763,000. The write-off corresponds to a new estimation of reserves of the open pit as a result of the topographical information. The balance as of December 31, 2021 of this phase is 5,730 DMT valued in US$118,000 which were comsumed during 2022. In December 2020, as a result of the review of the mineral reserve balances, the subsidiary El Brocal wrote off the phase 9 for a total of 1,102,117 DMT at a value of US$11,633,000. The write-off corresponds to a loss of reserves due to variation in technical and economic parameters such as: decrease in estimated prices; increased cut-off; percentage decrease in payable items; and new block model. (h) Below is the distribution of depreciation expenses of the year: 2022 2021 2020 US$(000) US$(000) US$(000) Cost of sales of goods 147,032 159,652 174,103 Unabsorbed cost due to production stoppage 14,877 4,569 10,764 Cost of sales of services 8,153 8,109 8,461 Administrative expenses 1,886 4,741 3,142 Property, plant, equipment and development costs 1,039 963 833 Exploration in non-operating areas 101 114 111 Selling expenses 93 84 — Other, net 49 48 46 Discontinued operations, note 1(e) 9 14 2,126 173,239 178,294 199,586 |
Sociedad Minera Cerro Verde S.A.A. | |
Property, plant, equipment and development costs | |
Property, plant, equipment and development costs | 7. Property, plant and equipment, net Property, plant and equipment consist of owned and leased assets (right-of-use assets), and cost and accumulated depreciation accounts as of December 31, 2022 and 2021 are shown below: December 31, Adjustments December 31, Adjustments December 31, 2020 Additions and changes in Disposals Transfers 2021 Additions and changes in Disposals Transfers 2022 estimates estimates US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost Land 24,905 — — — 5,477 30,382 — — — 2,820 33,202 Buildings and other constructions 2,589,004 — 430 (913) 7,885 2,596,406 — 1,041 (61) 11,063 2,608,449 Machinery and equipment 4,985,749 — (430) (14,967) 128,007 5,098,359 — (1,041) (54,732) 155,044 5,197,630 Transportation units 30,098 — — (1,132) 4,416 33,382 — — — 2,995 36,377 Furniture and fixtures 949 — — (377) — 572 — — — — 572 Other equipment 30,965 — — (92) 4,522 35,395 — — (58) 885 36,222 Construction in progress and in-transit units 118,430 158,599 (a) (195) — (150,307) 126,527 227,216 (19) — (169,459) 184,265 Stripping activity asset (see Note 2(i)) 945,637 214,192 — — — 1,159,829 304,198 — — — 1,464,027 Asset retirement costs (see Note 11(b)) 204,567 — (18,271) — — 186,296 — (17,812) — — 168,484 Right-of-use assets (b) 96,451 4,099 — (1,650) — 98,900 4,941 — (3,137) (3,348) 97,356 9,026,755 376,890 (18,466) (19,131) — 9,366,048 536,355 (17,831) (57,988) — 9,826,584 Accumulated depreciation Buildings and other constructions 456,213 66,846 236 (914) — 522,381 72,899 655 (14) — 595,921 Machinery and equipment 2,305,568 279,531 (236) (14,891) — 2,569,972 272,528 (655) (54,519) 141 2,787,467 Transportation units 17,698 1,969 — (1,040) — 18,627 2,160 — — — 20,787 Furniture and fixtures 904 23 — (376) — 551 21 — — — 572 Other equipment 21,240 2,942 — (92) — 24,090 3,136 — (58) — 27,168 Stripping activity asset 678,041 113,530 — — — 791,571 134,186 — — — 925,757 Asset retirement costs 31,526 5,388 — — — 36,914 4,770 — — — 41,684 Right-of-use assets (b) 19,589 12,459 — (1,640) — 30,408 12,708 — (3,124) (141) 39,851 3,530,779 482,688 — (18,953) — 3,994,514 502,408 — (57,715) — 4,439,207 Net cost 5,495,976 5,371,534 5,387,377 (a) As of December 31, 2022 additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$ 55.5 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$36.1 million), (iii) mine support equipment (US$32.6 million), (iv) belt replacement projects (US$11.1 million), (v) a direct flotation reactor technology project (US$11.0 million), (vi) the purchase of stators for ball mills (US$10.7 million), and (vii) installation of flotation recovery technology (US$8.5 million). As of December 31, 2021, additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$30.1 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$ 28.9 million), (iii) the purchase of stators for ball mills (US$ 18.7 million), (iv) the purchase of mine support equipment (US$ 17.3 million), (v) major maintenance on shovels (US$ 9.2 million), (vi) the purchase of rollers (US$ 9.0 million), (vii) belt replacement projects (US$ 7.9 million), (viii) major components of the primary crusher (US$ 4.3 million), (ix) haul trucks beds (US$ 3.2 million) and (x) projects for the optimization of the Company’s operating processes (US$ 2.5 million). As of December 31, 2022, additions to construction in progress include capitalized interest with an average rate of 4.25% primarily related to (i) capital projects for the maintenance truck shop (US$1.5 million), (ii) tailings dam projects (US$1.2 million), (iii) the purchase of stators for ball mills (US$0.1 million) and (iv) other projects (US$0.3 million). As of December 31, 2021, additions to construction in progress include capitalized interest with an average rate of 2.88% primarily related to (i) capital projects for the maintenance truck shop (US$ 1.0 million), (ii) tailings dam projects (US$ 0.4 million), (iii) the purchase of stators (US$ 0.2 million) and (iv) other projects US$ 0.3 million). December December December 31, 2020 Additions Disposals 31, 2021 Additions Disposals Transfers 31, 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost Land 9,851 789 — 10,640 216 (365) — 10,491 Buildings and other constructions 56,594 2,195 (873) 57,916 1,273 (2,668) — 56,521 Machinery and equipment 30,006 1,115 (777) 30,344 3,452 (104) (3,348) 30,344 96,451 4,099 (1,650) 98,900 4,941 (3,137) (3,348) 97,356 Accumulated depreciation Land 2,897 1,732 — 4,629 1,949 (365) — 6,213 Buildings and other constructions 10,575 7,480 (865) 17,190 7,216 (2,656) — 21,750 Machinery and equipment 6,117 3,247 (775) 8,589 3,543 (103) (141) 11,888 19,589 12,459 (1,640) 30,408 12,708 (3,124) (141) 39,851 Net cost 76,862 68,492 57,505 |
Other non-financial assets
Other non-financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other non financial assets [Line Items] | |
Other non-financial assets | 12. Other non-financial assets (a) Below is presented the movement: Balance as of Balance as of Balance as of January 1, December 31, December 31, 2021 Additions Disposals 2021 Additions 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost: Patents and industrial property (b) 14,709 292 — 15,001 215 15,216 Rights-of-use (c) 13,720 — — 13,720 — 13,720 Software licenses 10,814 65 (17) 10,862 75 10,937 39,243 357 (17) 39,583 290 39,873 Accumulated amortization: Rights-of-use (c) 8,165 718 — 8,883 705 9,588 Software licenses 4,575 929 — 5,504 936 6,440 12,740 1,647 — 14,387 1,641 16,028 Cost, net 26,503 25,196 23,845 (b) The copper plant project is a technological initiative of the Company to develop a viable technical and economic solution for the treatment of complex copper concentrates. This project comprises several stages of development from a laboratory level pilot to a demonstration stage. (c) Corresponds to the mineral servitude agreements signed with the communities surrounding the Group’s operations, through which the Group is authorized to carry out exploration, development, exploitation and general work activities. |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of other non financial assets [Line Items] | |
Other non-financial assets | December 31, 2022 December 31, 2021 US$(000) US$(000) Current Value added tax (VAT) credit 33,014 36,848 Non-current Other receivables (a) 333,338 246,151 Uncertain tax positions (b) 16,635 9,700 Other taxes to be recovered 1,928 1,847 351,901 257,698 Total other non-financial assets 384,915 294,546 |
Bank loans
Bank loans | 12 Months Ended |
Dec. 31, 2022 | |
Bank loans | |
Bank loans | 13. Bank loans The movement is presented below: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 50,000 65,793 55,000 New loans — 50,000 18,019 Payments (50,000) (65,793) (7,197) Exchange difference — — (29) Final balance — 50,000 65,793 As of December 31, 2021, corresponded a loan with an interest at market annual rates of 1.65%. This loan was fully paid on March 17, 2022. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Trade and other payables | 14. Trade and other payables (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Trade payables (b) Domestic suppliers 181,071 190,549 Related entities, note 32(b) 163 113 181,234 190,662 Other payables Remuneration and similar benefits payable 35,996 35,393 Interest payable 14,911 16,606 Taxes payable 8,910 11,880 Exploration expenses payable 4,053 — Royalties payable to the Peruvian State 1,895 2,765 Dividends payable (c) 639 567 Related entities, note 32(b) 20 14 Closed hedge instruments accounts payables — 1,234 Other liabilities 3,884 3,557 70,308 72,016 Total trade and other payables 251,542 262,678 Classification by maturity: Current portion 247,989 259,641 Non-current portion 3,553 3,037 Total trade and other payables 251,542 262,678 Classification by nature: Financial payables 240,737 248,033 Non-financial payables 10,805 14,645 Total trade and other payables 251,542 262,678 (b) Trade payables arise mainly from the acquisition of material, supplies and spare parts and services provided by third parties. These obligations have current maturities, accrue no interest and are not secured. (c) The movement of dividends payable is presented below: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 567 638 604 Dividends declared and paid, note 17(d) - Declared dividends to controlling shareholders 18,542 — — Dividends paid to controlling shareholders (18,542) — — Declared dividends to non-controlling shareholders 2,647 6,160 5,140 Dividends paid to non-controlling shareholders (2,647) (6,160) (5,140) Expired dividends , note 17(c) - — (76) (26) Other 72 5 60 Ending balance 639 567 638 |
Sociedad Minera Cerro Verde S.A.A. | |
Trade and other payables | |
Trade and other payables | 8. Trade accounts payable Trade accounts payable are primarily originated by the acquisition of materials, supplies, services and spare parts. These obligations are primarily denominated in US dollars, have current and non-current maturities, and do not accrue interest. No guarantees have been granted. As of December 31, 2022, trade accounts payable includes US$ 35.8 million related to capital projects (US$ 15.1 million as of December 31, 2021). |
Other accounts payable
Other accounts payable | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A | |
Disclosure of associates [line items] | |
Other accounts payable | 9. Other accounts payable This item is made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Current Excess of salaries limit of workers profit sharing (a) 38,027 34,870 Payroll withholdings (b) 7,200 11,449 Penalties to the Geological, Mining and Metallurgical Institute 6,547 6,246 Mining royalties (see Note 2(m)) 3,309 — Social Health Insurance of Peru contribution 2,469 2,303 Miscellaneous interest payable 1,609 476 Other 1,471 1,698 Declared dividends withholding tax (c) — 16,193 Total current 60,632 73,235 (a) Represents the excess salaries limit in workers profit sharing to be transferred to the Regional Government. This is related to adjustments of previous years income tax assessments (recognized in 2020 mainly as a result of the international arbitration proceeding initiated by the Company (see Note 13(d)). The balance as of December 31, 2022, includes interest of US$ 18.8 million (US$ 16.5 million as of December 31, 2021). (b) As of December 31, 2022, primarily represents employees withholding income tax US$ 3.7 million (US$ 7.7 million as of December 31, 2021), Pension Funds of US$ 2.5 million (US$ 2.3 million as of December 31, 2021) and others payroll withholdings of US$ 1.0 million (US$ 1.4 million as of December 31, 2021). (c) Corresponds to the dividends withholding tax as a result of the December 2021 dividend payment (see Note 12 (c)). This withholding tax was paid in January 2022. |
Other Financial Liabilities (de
Other Financial Liabilities (debt) | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Other Financial Liabilities debt [Line Items] | |
Other financial liabilities (debt) | 10. Other financial liabilities (debt) This item is made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Current debt: Lease liabilities (a) 7,028 7,617 Senior unsecured credit facility (b) — 324,695 Total current debt 7,028 332,312 Non-current debt: Lease liabilities (a) 56,097 62,503 Total other financial liabilities 63,125 394,815 (a) The lease liability consists of leased land, buildings and other constructions, and machinery and equipment which are used in mine operations. Set out below are the carrying amounts of lease liabilities and the movements during the period 2022 2021 US$(000) US$(000) Balance at beginning of the year 70,120 79,217 Additions 4,957 4,099 Accrued interest (see Note 18) 3,912 4,371 Payments (12,327) (12,746) Interest payments (3,912) (4,371) Exchange rate effect 375 (450) Total lease liabilities 63,125 70,120 For the year ended December 31, 2022, the following are the amounts recognized in profit: 2022 2021 US$(000) US$(000) Expenses related to variable lease payments, low-value and short-term leases 13,431 7,973 Depreciation charge of right-of-use assets (see Note 7(b) and 15) 12,708 12,459 Interest expense on lease liabilities (see Note 18) 3,912 4,371 30,051 24,803 The Company has certain lease contracts for machinery and equipment used in mine operations that contain variable payments based on the number of hours that machinery or equipment is used in operations. (b) In March 2014, the Company entered into a five-year, US$1.8 billion senior unsecured credit facility with several banks led by Citibank N.A. as the administrative agent. The disbursements were mainly used to finance a portion of the Company’s expansion project. In June 2017, the Company entered into an amendment to the senior unsecured credit facility, which extended the maturity and increased the outstanding amount by US$225 million. After the amendment, the balance of the total credit facility was US$1.5 billion. On May 31, 2022, the Company paid the remaining outstanding balance of US$325 million using the revolving credit facility discussed below (see Note 10(c)). For the year ended December 31, 2022, the Company recognized interest expense in the statements of comprehensive income of US$3.2 million (US$10.1 million for the year ended December 31, 2021 and US$22.4 million for the year ended December 31, 2020) associated with the senior credit facility (see Note 18). (c) On May 31, 2022, the Company entered into a new US$350 million, unsecured revolving credit facility with several banks led by the Bank of Nova Scotia. The revolving credit facility expires on May 31, 2027. In May 2022, the Company borrowed US$325 million on this revolving credit facility, which was repaid during June 2022 using operating cash flows. As of December 31, 2022, the Company recognized debt issuance costs related to the revolving credit facility of US$3.5 million, which will be amortized over the term of the revolving credit facility agreement. For the year ended December 31, 2022, the Company recognized interest expense in the statements of comprehensive income of US$1.9 million associated with the revolving credit facility (see Note 18). Interest on the revolving credit facility is calculated based on the adjusted Secured Overnight Financing Rate plus a spread and credit rate differential adjustment contemplated in the contract, and the undrawn portion is subject to a commitment fee of 0.50%. Restrictive Covenants – The revolving credit facility contains certain financial ratios that the Company must comply with on a quarterly basis, including a total net debt to earnings before interest, taxes, depreciation, and amortization ratio (which cannot exceed 3.50 to 1) and an interest coverage ratio (which cannot be less than 3.0 to 1), defined by the agreement. As of December 31, 2022 and 2021, the Company was in compliance with all of its covenants. Following is the movement of the changes derived from the financing activities for the year ended December 31, 2022 and 2021: Long term Long term January 1, to short term December 31, to short term December 31, 2021 Additions Payments transfers Others 2021 Additions Payments transfers Others 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Current: Revolving credit facility — — — — — — 325,000 (325,000) — — — Senior unsecured credit facility, see Note 10 (b) — — 325,000 — 325,000 — (325,000) — — — Lease liabilities, see Note 10 (a) 10,223 3,629 (12,746) 6,667 (156) 7,617 — (12,327) 11,537 201 7,028 Senior unsecured credit facility debt issuance costs — — — (1,025) 720 (305) — — — 305 — Non-current: Senior unsecured credit facility 525,000 — (200,000) (325,000) — — — — — — — Senior unsecured credit facility debt issuance costs (1,549) — 1,025 524 — — — — — — Lease liabilities, see Note 10 (a) 68,994 470 (6,667) (294) 62,503 4,957 — (11,537) 174 56,097 Total liabilities from financing activities 602,668 4,099 (212,746) — 794 394,815 329,957 (662,327) — 680 63,125 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Provisions | 15. Provisions (a) This caption is made up as follows: As of As of Reclassifications As of January 1, Accretion December Accretion and December 31, 2021 Changes expense Disbursements 31, 2021 Changes expense others Disbursements 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Closure of mining units and exploration projects (b) 277,689 1,779 5,623 (13,104) 271,987 (8,872) 5,129 992 (14,989) 254,247 Environmental liabilities 5,038 16,557 363 (2,002) 19,956 (228) 59 (992) (2,534) 16,261 Environmental contingencies 2,874 3,425 — (1,135) 5,164 3,459 — 246 (453) 8,416 Safety contingencies 4,536 1,323 — (227) 5,632 870 — 258 (44) 6,716 Labor contingencies 4,080 381 — (40) 4,421 489 — 233 (12) 5,131 Tax contingencies 3,110 299 — — 3,409 1,596 — — — 5,005 Obligations with communities 3,605 (1,010) — — 2,595 (637) — 147 — 2,105 Other provisions 480 (317) — — 163 377 — 97 — 637 301,412 22,437 5,986 (16,508) 313,327 (2,946) 5,188 981 (18,032) 298,518 Classification by maturity: Current portion 51,816 81,039 94,171 Non-current portion 249,596 232,288 204,347 301,412 313,327 298,518 (b) Provision for closure of mining units and exploration projects - The table below presents the movement of the provision for closure of mining units and exploration projects: 2022 2021 US$(000) US$(000) Beginning balance 271,987 277,689 Additions (reversals) in estimates and reclassifications: Continuing mining units, note 11(a) (21,869) (3,272) Continuing mining units, note 28(a) (302) — Discontinued mining units, note 1(e) 660 3,021 Exploration projects, note 28(a) 13,631 2,030 (7,880) 1,779 Accretion expense: Continuing mining units, note 29(a) 4,932 5,522 Exploration projects, note 29(a) 138 76 Discontinued mining units, note 1(e) 59 25 Disbursements (14,989) (13,104) Ending balance 254,247 271,987 Classification by maturity: Current portion 60,644 54,013 Non-current portion 193,603 217,974 254,247 271,987 The provision for closure of mining units and exploration projects represents the present value of the closure costs that are expected to be incurred between the years 2023 and 2041. The Group recognizes the provision for closure of mining units and explorations projects based on estimates of studies and activities that meet the environmental regulations in effect and that will be approved by the Ministry of Energy and Mines. The Group recognizes the provision of continued operations based on its analysis and estimates prepared by independent advisors and reviewed by the Group’s management. Provisions related to discontinued operations are based on estimates prepared by internal advisors. The provision for closure of mining units and exploration projects corresponds mostly to activities that must be carried out for restoring the mining units and areas affected by operation and production activities. The principal works to be performed correspond to earthworks, re-vegetation efforts and dismantling of the plants. Closure budgets are reviewed regularly to take into account any significant change in the studies conducted. Nevertheless, the closure costs of mining units will depend on the market prices for the closure works required, which would reflect future economic conditions. Also, the time when the disbursements will be made depends on the useful life of the mine, which will be based on future metals prices. As of December 31, 2022, the future value of the provision for closure of mining units and exploration projects was US$319.59 million, which has been discounted using annual risk-free rates from minimums of 4.77 percent and at a maximum range of 6.55 percent, in a period of 1 to 19 years, obtaining as a result an updated liability amounting to US$254.2 million (as of December 31, 2021, the provision was US$272.0 million). The Group believes that this liability is sufficient to meet the current environmental protection laws approved by the Ministry of Energy and Mines. As of December 31, 2022, the Group has constituted letters of credit in favor of the Ministry of Energy and Mines for US$171.8 million (US$155.9 million as of December 31, 2021) to secure current mine closure plans of its mining units, exploration projects and environmental liabilities to date. |
Sociedad Minera Cerro Verde S.A.A. | |
Provisions | |
Provisions | 11. Provisions This item is made up as follows: December 31, December 31, 2022 2021 US$(000) US$(000) Current: Provision for social commitments (a) 3,096 9,399 Provision for legal contingencies (b) 465 350 Provision for remediation and mine closure (c) 423 2,968 Total current 3,984 12,717 Non–current: Provision for remediation and mine closure (c) 209,237 219,942 Provision for social commitments (a) 7,303 1,226 Provision for legal contingencies (b) 2,211 2,004 Provision for uncertainty over income tax treatments (d) 615 7,878 Other long-term liabilities — 401 Total non-current 219,366 231,451 (a) The provision for social commitments is associated with repaving Alata-Congata Road (US$6.1 million as of December 31, 2022 and US$6.3 million as of December 31, 2021) and an irrigation project in La Joya (US$4.3 million as of December 30, 2022 and 2021). (b) The provision for legal contingencies is associated with OSINERGMIN (Organismo Supervisor de la Inversión en Energía y Minería) and SUNAFIL (Superintendencia Nacional de Fiscalización Laboral) fines, which have been appealed by the Company. (c) The Company’s mineral exploitation activities are subject to environmental protection standards. In order to comply with these standards, the Company has obtained the approval for the Environment Adequacy Program (PAMA) and for the Environmental Impact Studies (EIA), required for the operation of Cerro Verde’s production unit. On October 14, 2003, Law 28090 was enacted, which regulates the commitments and procedures that entities involved in mining activities must follow in order to prepare, file and implement a mine site closure plan, as well as the respective environmental guarantees that assure compliance with the plan in accordance with protection, conservation and restoration of the environment. On August 15, 2005, the regulations regarding this law were approved. During 2006, in compliance with the mentioned law, the Company completed the closure plans for its mine site and presented it to the Ministry of Energy and Mines. The closure plans for its mine site were approved by Resolution No 302-2009 MEM-AAM and its modifications were approved by Resolution No 207-2012 MEM-AAM, Resolution No 186-2014 MEM-DGAAM and its last modification, Resolution No 032-2018 MEM-DGAAM. As of December 31, 2022, pursuant to legal requirements, the Company has issued a letter of credit to the Ministry of Energy and Mines totaling US$86.5 million to secure mine closure plans. The estimate of remediation and mine closure costs is based on studies prepared by independent consultants and based on current environmental regulations. This provision corresponds mainly to the activities to be performed in order to restore the areas affected by mining activities. The main tasks to be performed include ground removal, soil recovery, and dismantling of plant and equipment. Under the closure regulations, the Company must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, the Company submited the last updated closure plan and cost estimate to the Ministry of Energy and Mines in February 2023. The table below presents the changes in the provision for remediation and mine closure: 2022 2021 US$(000) US$(000) Beginning balance 222,910 237,543 Accretion expense 4,566 3,715 Changes in estimates (see Note 7) (17,812) (18,271) Progressive mine closure payments in hydrometallurgy process — (87) Exchange rate effect (4) 10 Final balance 209,660 222,910 As of December 31, 2022, the Company’s provision for remediation and mine closure was US$209.7 million (reflecting the future value of the provision for remediation and mine closure of US$477.6 million, discounted using an annual risk-free rate of 4.06%). As of December 31, 2021, the Company’s provision for remediation and mine closure was US$222.9 million (reflecting the future value of the provision for remediation and mine closure of US$374.3 million, discounted using an annual risk-free rate of 1.93%). The Company considers this liability sufficient to meet the current environmental protection laws approved by the Ministry of Energy and Mines. As of December 31, 2022 changes in estimate (decrease of US$17.8 million) primarily related to changes in the discount rate, partially offset by higher future nominal flows coupled with change in the escalation rate. As of December 31, 2021, changes in estimates (decrease of US$18.3 million) primarily relate to changes in the discount rate. (d) As of December 31, 2022, represents interest and penalties related to income tax for the years 2018 and 2021 and related taxes. As of December 31, 2021, represents interest and penalties related to income tax for the years 2017 and 2018 and related taxes. All amounts were determined in accordance with the IFRIC 23, “Uncertainty over Income Tax Treatments.” |
Financial obligations
Financial obligations | 12 Months Ended |
Dec. 31, 2021 | |
Financial obligations | |
Financial obligations | 16. Financial obligations (a) This caption is made up as follow: 2022 2021 US$(000) US$(000) Compañía de Minas Buenaventura S.A.A. Bonds - Senior Notes at 5.50% due 2026 (b) 541,980 540,017 Financial obligations (c) - BBVA Banco Continental — 61,667 Banco de Crédito del Perú — 66,667 CorpBanca New York Branch — 61,666 Banco Internacional del Perú — 30,000 ICBC Perú Bank — 40,000 Banco de Sabadell, Miami Branch — 15,000 — 275,000 Debt issuance costs — 6,284 — 281,284 Sociedad Minera El Brocal S.A.A. (d) Banco de Crédito del Perú – Financial obligation 97,136 118,722 Debt issuance costs (160) (611) 96,976 118,111 Empresa de Generación Huanza S.A. (e) Banco de Crédito del Perú – Finance lease 86,625 113,096 Debt issuance costs — (312) 86,625 112,784 Lease liabilities (h) Finance lease 12,953 5,779 Total financial obligations 738,534 1,057,975 Classification by maturity: Current portion 35,071 179,417 Non-current portion 703,463 878,558 Total financial obligations 738,534 1,057,975 (b) In order to comply with its tax obligations, the Buenaventura’s Shareholders’ Meeting held on May 21, 2021 and its board of directors meeting held on July 12, 2021 approved the issuance of senior unsecured notes (hereinafter “the notes”) which were issued on July 23, 2021 with the following terms: - Denomination of Issue: US$550,000,000 5.500% Senior Notes due 2026. - Principal Amount: US$550,000,000. - Issue Date: July 23, 2021. - Maturity Date: July 23, 2026. - Issue Price: 99.140% of the principal amount. - Interest Rate: 5.500% per annum. - Offering Format: private placement under Rule 144A and Regulation S of the U.S. Securities Act of 1933. - Expected Listing: Buenaventura will apply to list the bonds on the Singapore Exchange Securities Trading Limited (‘SGX-ST’). The notes were offered in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (hereinafter the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes are fully and unconditionally guaranteed jointly and severally by Compañía Minera Condesa S.A., Inversiones Colquijirca S.A., Procesadora Industrial Río Seco S.A. and Consorcio Energético Huancavelica S.A. As part of the commitments of the notes, Buenaventura must be in compliance with certain obligations if it wants to enter into any of the following transactions i) incurrence in additional debt, ii) asset sales, iii) making certain investments, paying dividends, purchase Buenaventura’s equity interests or making any principal payment prior to any scheduled final maturity or schedule repayment of any indebtedness that is subordinated to the notes (known as “restricted payments”), iv) creation of liens and v) merger, consolidation or sale of assets. These covenants are known as “Limitations on incurrence of indebtedness”, “Limitation on Asset Sales”, “Limitation on Restricted Payments”, “Limitation on Liens” and “Limitation on Merger, Consolidation or Sale of Assets”, respectively. These covenants also have exceptions that let the Company operate in the ordinary course of business. (c) On June 27, 2016, Buenaventura entered into a long-term finance contract with seven Peruvian and foreign banks for a principal amount of US$275,000,000. In 2018, April 2020, April 2021, May 2021 Buenaventura signed the first, second, third and fourth amendments to the Syndicated Term Loan to modify some terms and conditions including the issue of Notes in accordance with Rule 144A and Regulation S under the Securities Act of 1933. On January 3, 2022, the Company made a US$100 million prepayment of the syndicated loan and the remaining balance of US$175 million was paid on March 2, 2022. Additionally, the related hedging derivative financial instruments was liquidated. See Note 34(c). (d) On October 29, 2019, El Brocal entered into a new financial obligation of US$161,893,850 with Banco de Crédito del Perú in order to cancel the two previous obligations: (i) Finance leaseback; and (ii) Mid-term financial obligation. The new financial obligation has the following terms and conditions: - Principal (Part A): US$113,325,695. - Principal (Part B): US$48,568,155. - Annual interest rate (Part A): 3.76%. - Annual interest rate (Part B): Three-month LIBOR plus 2.39% - Term (Part A): 5 years since October 2019 until October 2024. - Term (Part B): 7 years since October 2019 until October 2026. According to the lease contract mentioned above, El Brocal is required to maintain the following financial ratios as defined in the agreement: (i) Debt service coverage ratio: Higher than 1.3. (ii) Leverage Ratio: Less than 1.0 times. (iii) Indebtedness ratio: Less than 2.25 times. The financial obligation is collateralized by a security agreement in respect of assets; certain contractual rights, flows and account balances, a real estate mortgage; and a mortgage on certain mining concessions. The compliance with the financial ratios is monitored by El Brocal’ s Management. As of December 31, 2022 and 2021, El Brocal complies with the coverage and indebtedness ratios. (e) On December 2, 2009, Huanza entered into a finance lease contract with Banco de Crédito del Perú. On October 29, 2020, as part of the Group its strategy of preserving cash, Huanza negotiated a reduction of the fixed rate of interest and agreed to a modification of the following terms and conditions: - Principal: final installment of US$44,191,000 (original amount of US$119,000,000). - Annual interest rate: LIBOR 30 days plus 2.10%. - Term: 18 months since November 2, 2020, with final maturity in May 2022. - Guarantee: Leased equipment. - Amortization: a final installment of US$44,191,000. On June 30, 2014, Banco de Credito del Perú extended the finance lease contract mentioned above, through the addition of a new tranche. On October 29, 2020, as part of the Group’s strategy of preserving cash, Huanza negotiated a reduction of the fixed rate of interest and agreed a modification of the following terms and conditions: - Principal: final installment of US$68,905,000 (original amount of US$103,373,000) - Annual interest rate: LIBOR 30 days plus 2.10% - Term: 18 months since November 2, 2020, with final maturity in May 2022. - Guarantee: Leased equipment. - Amortization: a final installment of US$68,905,000. On April 29, 2022, Banco de Credito del Peru and Empresa de Generación Huanza signed an addendum considering a prior amortization of outstanding principal of US$9,191,364 (Tranche I) and US$13,904,800 (Tranche II). Below we detail the main additional terms and conditions: Tranche I: - Principal: US$35,000,000 - Annual interest rate: 5.05 %. - Term: 60 months since May 2, 2022 with final maturity in 2027. - Guarantee: Leased equipment. - Amortization: Through 20 fixed quarterly installments and a final installment of US$22,531,250 at the end of the payment term. Tranche II: - Principal: US$55,000,000 - Annual interest rate: 5.05 %. - Term: 60 months since May 2, 2022 with final maturity in 2027. - Guarantee: Leased equipment. - Amortization: Through 20 fixed quarterly installments and a final installment of US$35,406,250 at the end of the payment term . In addition, Huanza granted a security interest for 100% of shares. According to the lease contract mentioned above, Huanza is required to maintain the following financial ratios: - Debt service coverage ratio: Higher than 1.1. - Minimum equity of US$30,000,000. Management performed an analysis to determine if the modification of the terms and conditions in October 2020 were substantially different terms and shall be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The Group concluded that the terms are not substantially different, due to the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate were less than 10 per cent different compared to the discounted present value of the remaining cash flows of the original financial liability. On December 2, 2009, Huanza signed a “Guarantee Trust Agreement” (hereinafter “the contract”), related to the financial lease agreement described above. In said contract, Huanza and Buenaventura are the trustors, the Bank is the trustee and La Fiduciaria S.A. is the fiduciary. The objective of the contract is the constitution of a trust equity with irrevocable character, which serves entirely as a guarantee of the total payment of the guaranteed obligations, which are based on the agreements, renewals, extensions or modifications established in the financial lease documents. Under this contract, Huanza promised to grant the following: - Trust of flows with respect to all the income of the hydroelectric power station of Huanza, including the income from sales of power and energy, through which Huanza is obliged to receive all the cash flows of commercial income through a collection account, as well as carry out certain mandatory actions that guarantee the channeling of flows mentioned above. - Trust of assets of the station, the lands, the assets of Huanza necessary for the operation of the station that are not under the Financial Lease Agreement and the actions of Huanza, as well as the right of collection on future flows that would correspond to amounts received by Huanza before the eventual public auction of the rights and assets of the concession because of the expiration of the concession. - The conditional transfer, by which Huanza assigns to the Bank the rights and obligations derived from the agreements and contracts signed by Huanza for the construction of the Plant. - Letters of Guarantee, by means of which, Buenaventura is constituted as Huanza’ s solidarity guarantor, guaranteeing in favor of the Bank the fulfillment of the obligations breached by Huanza. As of December 31, 2022 and 2021, Huanza complied with these commitments, including that related to the channeling of all the cash flows received for commercial income through a collection account. (f) The long-term portion of the financial obligations held by the Group matures as follows: 2022 2021 US$(000) US$(000) Between 1 and 2 years (Year 2024) 105,986 108,606 Between 2 and 5 years (Year 2025 to 2027) 601,419 774,153 More than 5 years (since 2028) 4,238 — 711,643 882,759 Debt issuance costs (8,180) (4,201) 703,463 878,558 (g) Below is presented the movement of the debt excluding interest: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 1,057,975 531,653 571,688 Bonds - Senior Notes bonds issue — 550,000 — Debt issuance costs — (10,700) — Amortization of debt issuance costs in results, note 29(a) 1,963 717 — Financial obligations - Payments (323,057) (21,585) (38,994) Reversal of the amortized cost of the syndicated loan, note 29(a) (8,855) — — Amortization of debt issuance costs in results, note 29(a) 2,820 885 976 Effect of amortized cost, note 29(a) 515 8,837 (361) Increase (reduction) of debt restructuring costs — 225 (1,992) Lease obligations - Additions 11,712 2,972 5,213 Accretion expense, note 29(a) 99 176 180 Payments (4,638) (5,205) (4,080) Disposals — — (977) Final balance 738,534 1,057,975 531,653 (h) Lease liabilities related to the right of use asset are as follows: 2022 2021 US$(000) US$(000) Buildings (j) 8,814 2,532 Transportation units (i) 2,719 2,386 Machinery and equipment 1,420 861 12,953 5,779 Classification by maturity: Current portion 3,639 4,098 Non-current portion 9,314 1,681 12,953 5,779 Lease payments are presented in the consolidated statements of cash flows in “Lease payments” caption as part of the financing activities. Interest’s expense related to the lease liabilities for the years 2022, 2021 and 2020 is presented in the “Financial costs” caption, note 29(a). (i) Transportation units The Group has lease contracts for mining vehicles used in its operations. Leases of mining vehicles generally have lease terms between one The Group also has certain leases of assets with lease terms of 12 months or less and leases of office equipment with low value. The Group applies the short-term lease and lease of low-value assets recognition exemptions for these leases. (j) Buildings Lease liabilities related to buildings mainly correspond to a lease contract entered by Buenaventura on its administrative offices in Lima located in Las Begonias Street N°415, San Isidro, Lima, Peru, with a lease term of 10 years since the year 2013 and fixed payments. The Group has the option to lease the assets for two additional term of 5 years each. As of December 31, 2022, the Group is negotiating the renewal of the contract. The minimum future rents payable as of December 31, 2022 and 2021 are as follows: 2022 2021 US$(000) US$(000) Less than 1 year (2023) 1,313 1,470 Between 1 and 5 years (2024-2027) 3,264 757 More than 5 years (since 2028) 4,238 — 8,815 2,227 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Shareholders' equity, net | |
Equity | 17. Equity (a) Capital stock - The Group’s share capital is stated in soles and consisted of authorized, fully paid and voting common shares with a nominal amount of S/ 10.00 per share. The table below presents the composition of the capital stock as of December 31, 2022 and 2021: Number of Capital Capital shares stock stock S/(000) US$(000) Common shares 274,889,924 2,748,899 813,162 Treasury shares (21,174,734) (211,747) (62,665) 253,715,190 2,537,152 750,497 The market value of the common shares amounted to S/27.9 per share as of December 31, 2022 (S/28.05 per share as of December 31, 2021). These shares present trading frequencies of 25% and 15% in the years 2022 and 2021, respectively. (b) Investment shares - Investment shares have a nominal value of S/10.00 per share. Holders of investment shares are neither entitled to exercise voting rights nor to participate in shareholders’ meetings; however, they confer upon the holders thereof the right to participate in the dividend’s distribution. The table below presents the composition of the investment shares as of December 31, 2022 and 2021: Number of Investment Investment shares shares shares S/(000) US$(000) Investment shares 744,640 7,447 2,161 Treasury investment shares (472,963) (4,730) (1,370) 271,677 2,717 791 The market value of the investment shares amounted to S/16.00 per share as of December 31, 2022 and 2021. These shares did not have a trading frequency in 2022 and 2021. (c) Legal reserve - The Peruvian Corporations Law requires that a minimum of 10% of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until the latter is equal to 20% of the capital stock. This legal reserve can be used to offset losses or may be capitalized, with the obligation, in both cases, to replenish it. Although, the balance of the legal reserve exceeded the limit mentioned above, the Group increased its legal reserve by US$76,000 and US$26,000 in the years 2021 and 2020 respectively as a result of the expired dividends. During 2022, there were no increases in the legal reserve as a result of the expired dividends. According to the General Corporate Law, dividends expire ten years after the payment due. (d) Dividends declared and paid - During years 2021 and 2020 no distribution of dividends was made. The table below presents the dividends declared and paid in 2022: Dividends declared and Dividend Meetings Date paid per share US$(000) US$ 2022 Dividends Mandatory Annual Shareholders’ Meeting March 31 20,067 0.073 Less - Dividends of treasury shares (1,525) 18,542 According to the current Law, there are no restrictions for the remittance of dividends or repatriation of capital by foreign investors. Dividends declared by S.M.R.L. Chaupiloma Dos de Cajamarca corresponding to non-controlling interest were US$2,647,000, US$6,160,000 and US$5,140,000 for the years 2022, 2021 and 2020, respectively. By means of Mandatory Annual Shareholders’ Meeting held on March 31, 2023, a distribution of dividends was approved for US$0.073 per share, equivalent to US$20,121,323 (US$18,542,000 net of treasury shares). (e) Basic and diluted profit (loss) per share - Profit (loss) per share is calculated by dividing net profit (loss) for the period by the weighted average number of shares outstanding during the year. The calculation of profit (loss) per share attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 602,550,000 (264,075,000) (135,718,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 2.37 (1.04) (0.53) The calculation of profit (loss) per share from continuing operations attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 124,003,000 123,529,000 (68,916,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 0.49 0.49 (0.27) The calculation of profit (loss) per share from discontinuing operations attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 478,547,000 (387,604,000) (66,802,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 1.88 (1.53) (0.26) Common and investment shares outstanding at the close of the years 2022, 2021 and 2020 was 253,986,867. In accordance with the Income Tax Law, the Company is subject to a tax of 5% of the income tax is established on dividends or any other form of distribution of profits. |
Sociedad Minera Cerro Verde S.A.A. | |
Shareholders' equity, net | |
Equity | 12. Shareholders’ equity (a) Capital stock - As of December 31, 2022 and 2021, the authorized, subscribed and paid-up capital in accordance with the Company’s by-laws and its related modifications was 350,056,012 common shares. The nominal value of the shares is US$2.83 per share. The quoted price of these shares was US$29.80 per share as of December 31, 2022 (US$37.23 per share as of December 31, 2021). As of December 31, 2022, the Company’s capital stock structure is as follows: Percentage of individual interest in capital Number of shareholders Total percentage interest Up to 1.00 2,220 5.86 From 1.01 to 20.00 1 19.58 From 20.01 to 30.00 1 21.00 From 30.01 to 60.00 1 53.56 2,223 100.00 (b) Other capital reserves - Other capital reserves include the Company’s legal reserve, which is in accordance with the Peruvian Companies Act, and is created through the transfer of 10% of the earnings for the year up to a maximum of 20% of the paid-in capital (US$198.1 million as of December 31, 2022 and 2021). The legal reserve must be used to compensate for losses in the absence of non-distributed earnings or non-restricted reserves, and transfers made to compensate for losses must be replaced with future earnings. This legal reserve may also be used to increase capital stock, but the balance must be restored from future earnings. (c) Dividend distribution - Beginning January 1, 2017, dividends paid to shareholders, other than domiciled legal entities, are subject to withholding of income tax at a rate of 5.0%. At the annual mandatory shareholders meeting held on March 24, 2022, shareholders approved a US$150 million dividend payment (US$0.428503 per common share). The total amount of this dividend was applied against retained earnings. This dividend was paid on April 29, 2022, and complied with the withholding tax rules (4.1)%. At a Board Meeting held on November 16, 2022, the distribution of a dividend of US$250 million (US$0.714171 per common share) was approved. The total amount of this dividend was applied against retained earnings. This dividend was paid on December 20, 2022, and complied with the withholding tax rules (4.1)%. At the annual mandatory shareholders meeting held on March 23, 2021, shareholders approved a US$200 million dividend payment (US$0.571337 per common share). The total amount of this dividend was applied against retained earnings. This dividend was paid on April 29, 2021, and complied with the withholding tax rules (4.1%). At a Board Meeting held on December 2, 2021, the distribution of a dividend of US $500 million (US$1.428343 per common share) was approved. The total amount of this dividend was applied against retained earnings. This dividend was paid on December 29, 2021, and complied with the withholding tax rules (4.1)% (see Note 9(c)). (d) In accordance with the Senior Executive Plan (SEP), stock-based compensation in the ultimate parent (Freeport) is granted to the Company’s senior executives. Amounts presented in “Other capital reserves” in the statement of change in equity totaled US$10.8 million as of December 31, 2022, and US$11.7 million as of December 31, 2021. The fair value of stock options is determined using the Black-Scholes-Merton option pricing model. The fair value of restricted share units (RSUs) is based on Freeport’s share price on the grant date. Shares of Freeport’s common stock are issued at the vesting date of RSUs settled in shares. The fair value of performance share units (PSUs) is determined using Freeport’s stock price and a Monte-Carlo simulation model. Stock options granted under such plans generally expire 10 years Stock options provide for accelerated vesting only upon certain qualifying terminations of employment within one year following a change of control. The Company recognizes the compensation cost in the statement of comprehensive income during the award period according to the fair value of the instruments granted. The cost is recognized as an equity contribution in “Other capital contributions.” |
Subsidiaries with material non-
Subsidiaries with material non-controlling interest | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiaries with material non-controlling interest | |
Subsidiaries with material non-controlling interest | 18. Subsidiaries with material non-controlling interest (a) Financial information of the main subsidiaries that have material non-controlling interest are provided below: Country of incorporation 2021 and operation 2022 and 2020 % % Equity interest held by non-controlling interests: Sociedad Minera El Brocal S.A.A. Peru 38.57 38.57 Apu Coropuna S.R.L. Peru 30.00 30.00 S.M.R.L. Chaupiloma Dos de Cajamarca, note 1(d) Peru — 40.00 Minera La Zanja S.R.L., note 1(d) Peru — 46.94 2022 2021 2020 US$(000) US$(000) US$(000) Accumulated balances of material non-controlling interest: Sociedad Minera El Brocal S.A.A. 154,175 148,792 144,501 Apu Coropuna S.R.L. (84) 65 127 Minera La Zanja S.R.L. — 20,064 26,121 S.M.R.L. Chaupiloma Dos de Cajamarca — 1,284 1,648 154,091 170,205 172,397 Profit (loss) allocated to material non-controlling interest: Sociedad Minera El Brocal S.A.A. 239 4,322 (12,895) S.M.R.L. Chaupiloma Dos de Cajamarca 811 4,396 5,201 Minera La Zanja S.R.L. (516) (7,385) (6,905) Apu Coropuna S.R.L. (149) (62) (22) 385 1,271 (14,621) (b) The summarized financial information of these subsidiaries, before inter-company eliminations, is presented below: Statements of financial position as of December 31, 2022: Sociedad Minera El Brocal Apu Coropuna S.A.A. S.R.L. US$(000) US$(000) Current assets 197,691 471 Non-current assets 470,539 — Current liabilities (167,718) (11) Non-current liabilities (123,280) (740) Equity 377,232 (280) Attributable to: Shareholders of the Group 223,057 (196) Non-controlling interests 154,175 (84) 377,232 (280) Statements of financial position as of December 31, 2021: Sociedad S.M.R.L. Minera El Apu Chaupiloma Brocal Coropuna Minera La Dos de S.A.A. S.R.L. Zanja S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Current assets 190,658 556 84,953 4,604 Non-current assets 504,173 400 41,490 323 Current liabilities (158,745) — (25,381) (1,718) Non-current liabilities (168,774) (740) (61,150) — Equity 367,312 216 39,912 3,209 Attributable to: Shareholders of the Group 218,520 151 19,848 1,925 Non-controlling interests 148,792 65 20,064 1,284 367,312 216 39,912 3,209 Statements of profit or loss for the years 2022, 2021 and 2020: Sociedad S.M.R.L. Minera El Apu Minera Chaupiloma Brocal Coropuna La Zanja Dos de S.A.A. S.R.L. S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Year 2022 - Revenues 400,994 — 19,364 1,381 Profit (loss) for the year 362 (496) (11,646) 4,376 Attributable to non-controlling interests 239 (149) (516) (811) Year 2021 - Revenues 410,390 — 39,380 15,928 Profit (loss) for the year 10,562 (206) (10,218) 10,989 Attributable to non-controlling interests 4,322 (62) (7,385) 4,396 Year 2020 - Revenues 255,275 — 33,033 18,638 Profit (loss) for the year (31,541) (44) (14,712) 13,004 Attributable to non-controlling interests (12,895) (22) (6,905) 5,201 Statements of cash flow for the years 2022, 2021 and 2020: Sociedad S.M.R.L. Minera El Apu Minera Chaupiloma Brocal Coropuna La Zanja Dos de S.A.A. S.R.L. S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Year 2022 - Operating activities 77,223 (85) — — Investing activities (62,579) — — — Financing activities (23,778) — — — (9,134) (85) — — Year 2021 - Operating activities 104,858 (1,227) (50,647) 10,838 Investing activities (37,618) — (998) — Financing activities (57,176) — — (11,900) 10,064 (1,227) (51,645) (1,062) Year 2020 - Operating activities 53,304 (74) (5,751) 13,738 Investing activities (24,699) — (825) — Financing activities (1,954) — — (12,850) 26,651 (74) (6,576) 888 |
Tax situation
Tax situation | 12 Months Ended |
Dec. 31, 2022 | |
Tax situation | |
Tax situation | 19. Tax situation (a) Current tax regime - The Company and its Peruvian subsidiaries are subject to the Peruvian tax regime. By means of Law N° 1261 enacted on December 10, 2016, the Peruvian government introduced certain amendments to the Income Tax Law, effective January 1, 2017. The most relevant are listed below: - A corporate income tax rate of 29.5% is set. - A tax of 5% of the income tax is established to the dividends or any other form of distribution of profits. The rate applicable to dividends will be considered taking into account the year in which the results or profits that form part of the distribution has been obtained. The rate will be considered according to the following: 4.1% with respect to the results obtained until December 31, 2014; 6.8% with respect to the results obtained during the years 2015 and 2016; and 5% with respect to the results obtained from January 1, 2017. - It has been established that the distribution of dividends to be made corresponds to the oldest retained earnings. In July 2018, Law No. 30823 was published. Under this Law, the Congress delegated to the Executive Power the power to legislate on various issues, including tax and financial matters. In this sense, the main tax regulations issued are the following: (i) The Tax Code was modified in order to provide greater guarantees to taxpayers in the application of the general anti-avoidance rule (Rule XVI of the Preliminary Title of the Tax Code); as well as to provide the Tax Administration with tools for its effective implementation. (ii) Rules were established for the accrual of income and expenses for tax purposes as of January 1, 2019. Until 2018, there was no regulatory definition of this concept, so in many cases the accounting standards were used for its interpretation. (iii) Through Legislative Decree No. 1424 published on September 13, 2018, modifications were introduced in the Income Tax Law on the limit on the deduction for interest expenses. Since 2021, net interest expenses will not be deductible in the part that exceeds 30% of the tax EBITDA of the previous fiscal year. It has been established that the amount of interest expenses that exceeds the amount of interest income, computable to determine net income, is considered net interest. Likewise, tax EBITDA is considered to be net income after compensation for losses plus net interest, depreciation and amortization. The net interest that cannot be deducted due to the application of this limit may be added to that corresponding to the four immediately following fiscal years. On December 30, 2021, the regulations were published through Supreme Decree No. 402-2021 establishing, among other points, that, in cases in which the taxpayer does not obtain net income in the taxable year or having obtained it, the amount of the losses of previous years compensable with that were equal to or greater, the tax EBITDA will be equal to the sum of the net interest, depreciation and amortization deducted in said year. Through Legislative Decree No. 1488, published on May 10, 2020, a special depreciation regime was established, exceptionally and temporarily, for taxpayers of the General Income Tax Regime, the main aspects of which are the following: - As of fiscal year 2021, buildings and constructions acquired in fiscal years 2020 to 2022, will be depreciated applying an annual percentage of 20% until their total depreciation, provided that the following conditions are met: (i) Are totally affected by the production of third category taxable income. (ii) Construction would have started as of January 1, 2020. For these purposes, the beginning of construction is understood to be the moment when the building license or other document established by the Regulation is obtained and in the case of processing plants and other construction of processing concessions, when the construction authorization is obtained. (iii) Until December 31, 2022, the construction has a work progress of at least 80%. In the case of constructions that have not been completed until December 31, 2022, it is presumed that the work in progress to that date is less than 80%, unless the taxpayer proves otherwise. It is understood that the construction has been completed when the approval of the work or other document established by the Regulation has been obtained from the municipality and in the case of processing plants when the administrative act that approves the verification inspection of the construction of works has been obtained. - As of fiscal year 2021, assets acquired in fiscal years 2020 to 2021, affected by the production of taxable income, will be depreciated by applying the following annual percentages until they are fully depreciated: - Data processing equipment: 50% - Machinery and equipment: 20% - Land transport vehicle (except railways) with EURO IV, Tier II and EPA 2007 technology, used by authorized companies: 33.3% - Hybrid or electric land transport vehicle (except railways): 50%. On December 27, 2021, Law 31380 was published in which Congress delegates to the Executive Branch the power to legislate for a period of 90 days on tax, financial and economic reactivation matters for a period of 90 calendar days. (i) Changes were made to the Tax Code in order to optimize the procedures that reduce litigation, demanding clarity in the petitions for challenging appeals, establishing new assumptions for the issuance of mandatory jurisprudence and avoiding the coexistence of procedures on the same matter with respect to the same taxpayer, among others. (ii) It is provided that the default interest corresponding to advances and payments on account not paid on time is applicable even when, after the maturity or determination of the main obligation, the base of the payment on account or the applicable coefficient has been modified or the system used for its determination, as a result of a tax declaration. On March 31, 2020, Superintendence Resolution 066-2020/SUNAT was published, establishing new default interest rates in force as of April 1, 2020. Thus, the default interest rate in national currency went from 1.2% to 1% and in the case of foreign currency it went from 0.6% to 0.5%. Likewise, the interest rates for the return of undue or excessive payments in national currency went from 0.50% to 0.42%, while in foreign currency it went from 0.30% to 0.25%. In the case of the interest for return for withholding and/or perceptions not applied to the Value Added Tax (Impuesto General a las Ventas or IGV), it went from 1.2% to 1%. Subsequently, on March 31, 2021, Superintendence Resolution 044-2021/SUNAT was published, establishing that the default interest rate in national currency goes from 1.0% to 0.9% per month, effective as of April 1, 2021. The other rates have not changed. (b) Years open to tax review - During the four years following the year of filing the tax return, the tax authorities have the power to review and, as applicable, correct the income tax computed by the Group. The Income Tax and Value Added Tax (VAT) returns for the following years are open to review by the Tax Authorities: Years open to review by the Entity Tax Authorities Compañía de Minas Buenaventura S.A.A. 2018-2022 Compañía Minera Condesa S.A. 2017-2019,2021,2022 Compañía Minera Colquirrumi S.A. 2017-2022 Consorcio Energético de Huancavelica S.A. 2017-2022 Contacto Corredores de Seguros S.A. 2016-2022 El Molle Verde S.A.C. 2017-2022 Empresa de Generación Huanza S.A. 2017-2022 Inversiones Colquijirca S.A. 2017-2022 Minera La Zanja S.R.L. 2019-2022 Sociedad Minera El Brocal S.A.A. 2017-2022 S.M.R.L. Chaupiloma Dos de Cajamarca 2017-2022 Procesadora Industrial Río Seco S. A. 2017-2019,2021,2022 Apu Coropuna S.R.L. 2017-2022 Cerro Hablador S. A. C. 2017-2022 Minera Azola S. R. L. 2017-2022 As of the date of issuance of these consolidated financial statements, Buenaventura is being audited by the Tax Administration for income tax for the taxable year of 2018, for the year 2017 of the subsidiary Consorcio Energético de Huancavelica S.A., and Huanza for the year 2020. In adittion, Tax Administration is initiating the Buenaventura audit for the taxable year of 2019 and subsidiaries El Brocal for the taxable year of 2017, and La Zanja and Río Seco for the taxable year of 2021. Due to the possible interpretations that the Tax Authorities may give to legislation in effect, it is not possible to determine whether any of the tax audits will result in increased liabilities for the Group. For that reason, any tax or surcharge that could arise from future tax audits would be applied to the income of the period in which it is determined. The open tax process of the Group and its associates are described in note 31(d). (c) Tax-loss carryforwards - As of December 2022 and 2021, the tax-loss carryforward determined by the Group amounts to approximately S/3,281,909,000 and S/3,124,358,000, respectively (equivalent to US$859,781,000 and US$781,480,000 respectively). As permitted by the Income Tax Law, the Group has chosen a system that permits to offset these losses against future net taxable income subject to an annual cap equivalent to 50% of net taxable income. The Group recognized a deferred income tax asset related to the tax-loss carryforward of those entities where it is probable that a carryforward can be used to offset future taxable profits. See note 31. (d) Transfer pricing - For purposes of determining its income tax, the transfer prices for transactions with related companies and companies domiciled in territories with little or no taxation must be supported with documentation and information on the valuation methods used and the criteria considered for their determination. The tax administration can request this information based on analysis of the Group’s operations. The Group’s management and its legal advisers believe that, as a result of the application of these standards, no material contingencies will arise for the Group as of December 31, 2022 and 2021. |
Sociedad Minera Cerro Verde S.A.A. | |
Tax situation | |
Tax situation | 13. Tax situation (a) On February 13, 1998, the Company signed an Agreement of Guarantees and Measures to Promote Investments with the Government of Peru, under the Peruvian General Mining Law (the 1998 Stability Agreement). Upon approval of the 1998 Stability Agreement, the Company was subject to the tax, administrative and exchange regulations in force on May 6, 1996, for a period of 15 years, beginning January 1, 1999, and ending December 31, 2013. On July 17, 2012, the Company signed a new Agreement of Guarantees and Measures to Promote Investments with the Government of Peru, under the Peruvian General Mining Law. Upon approval of this stability agreement, the Company became subject to the tax, administrative and exchange regulations in force on July 17, 2012, for a period of 15 years, beginning January 1, 2014, and ending December 31, 2028. (b) Under its current 15-year tax stability agreement, the Peruvian income tax rate applicable to the Company is 32%. As of December 31, 2022, the Company has recorded income tax benefits, which it expects to use to offset future income tax provisions or receive as a refund from SUNAT, totaling US$16.6 million (US$9.7 million as of December 31, 2021) (see Note 6 (b)). For the year ended December 31, 2022, the Company recognized current income tax expense of US$445.1 million (including US$44.2 million for special mining tax, US$44.1 million of mining royalties and US$6.4 million for the SRF), and a deferred income tax expense of US$63.4 million, resulting in a total income tax expense of US$508.5 million that has been included in the statements of comprehensive income. For the year ended December 31, 2021, the Company recognized current income tax expense of US$704.5 million (including US$74.6 million of mining royalties, US$70.3 million for special mining tax, and US$8.8 million for the SRF), and a deferred income tax expense of US$31.2 million, resulting in a total income tax expense of US$735.7 million that has been included in the statements of comprehensive income. For the year ended December 31, 2020, the Company recognized current income tax expense of US$210.6 million (including US$17.3 million for special mining, US$14.9 million of mining royalties, and US$2.6 million for the SRF), and a deferred income tax expense of US$26.3 million, resulting in a total income tax expense of US$236.9 million that has been included in the statements of comprehensive income. (c) SUNAT has the right to examine, and if necessary, amend the Company’s income tax return for the last four years. The Company’s income tax for the years 2017 through 2021 are open to examination by the tax authorities. To date, SUNAT has concluded its review of the Company’s income tax through the year 2016 and the Company is in the claim and/or appeal process for the years 2003 through 2015. Due to the many possible interpretations of current legislation, it is not possible to determine whether or not future reviews (including reviews of years pending examination) will result in additional tax liabilities for the Company. If management determines it is more likely than not that additional taxes are payable, these amounts, including any related interest and penalties, will be charged to expense in that period. In management’s and its legal advisors’ opinions, any possible tax settlement is not expected to be material to the financial statements. (d) Royalties and special mining taxes – On June 23, 2004, Law 28528 was approved, which requires the holder of a mineral concession to pay a royalty in return for the exploitation of metallic and non-metallic minerals. The royalty is calculated using rates ranging from 1% to 3% of the value of concentrate or its equivalent according to the international price of the commodity published by the Ministry of Energy and Mines. Prior to January 1, 2014, the Company determined that these royalties were not applicable because it operated under the 1998 Stability Agreement with the Peruvian government. However, beginning January 1, 2014, the Company began paying royalties calculated on operating income with rates between 1% to 12% and a new special mining tax for its entire production base under its current 15-year tax stability agreement, which became effective January 1, 2014. The amount paid for the mining royalty is the greater of a progressive rate of the quarterly operating income or 1% of quarterly sales. SUNAT assessed mining royalties on materials processed by the Company´s concentrator, which commenced operations in late 2006. These assessments cover the period December 2006 to December 2013. The Company contested each of these assessments because it considers that its 1998 Stability Agreement exempts from royalties all minerals extracted from its mining concession, irrespective of the method used for processing such minerals. No assessments can be issued for years after 2013, as the Company began paying royalties on all of its production in January 2014 under its new 15-year stability agreement. Since 2017, the Company has recognized the related expense for the royalty and special mining tax assessments for the period December 2006 through the year 2013. Since 2014, the Company has made total payments of S/2.9 billion (US$791.9 million based on the date of payment exchange rate) for the disputed assessments for the period from December 2006 through December 2013 under installment payment programs granted through scheduled monthly installments, which were paid in advance in August 2021. In February 2020, Freeport filed, on its own behalf and on behalf of the Company, international arbitration proceedings against the Government of Peru under the United States-Peru Trade Promotion Agreement. The hearing on the merits is scheduled to take place in May 2023. In April 2020, Sumitomo filed another international arbitration proceeding against the Government of Peru under the Netherlands-Peru Bilateral Investment Treaty. The hearing on the merits was take place in February 2023. (e) Other assessments received from SUNAT - The Company has also received assessments from SUNAT for additional taxes (other than the mining royalty and special mining tax explained in Note 13(d) above), including penalties and interest. The Company has filed objections to the assessments because it believes it has properly determined and paid its taxes. A summary of these assessments follows: Fiscal Year Taxes Penalty and Interest Total US$(000) US$(000) US$(000) 2003 – 2005 8,684 39,366 48,050 2006 10,840 51,955 62,795 2007 11,579 22,102 33,681 2008 16,906 16,923 33,829 2009 56,000 51,604 107,604 2010 53,566 125,047 178,613 2011 40,802 66,506 107,308 2012 869 6,917 7,786 2013 48,402 65,849 114,251 2014 5,434 724 6,158 2015 2,986 23,205 26,191 2016 60,041 3,268 63,309 2017 4,815 2,920 7,735 320,924 476,386 797,310 As of December 31, 2022, the Company has paid US$741.3 million on these disputed tax assessments. A reserve has been applied against these payments totaling US$408.0 million, resulting in a net receivable of which US$333.3 million (US$246.2 million as of December 31, 2021) which the Company believes is collectible and is included in “Other non-financial assets, non-current” (see Note 6(a)) in the statements of financial position for these disputed tax assessments. (f) The Company recognizes the effect of temporary differences between the accounting basis for financial reporting purposes and the tax basis. A summary of these differences follows: December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Deferred Income tax Assets Cost of net asset for the construction of the tailing dam 163,975 139,635 125,621 Royalty accrual 178 219 83,570 Provision for remediation and mine closure 25,348 22,620 19,937 Unpaid vacations 10,031 10,078 7,015 Provision for mining taxes 5,200 11,604 6,124 Development costs 37 47 59 Leases 1,867 709 931 Other provisions 10,537 10,381 10,826 217,173 195,293 254,083 Liabilites Property, plant and equipment depreciation 557,626 529,124 545,636 Stripping activity asset 80,569 59,673 43,187 Embedded derivatives for price adjustment of copper concentrate and cathode 34,904 3,865 37,862 Valuation of inventories 28,386 24,960 18,479 Debt issuance costs 763 28 412 702,248 617,650 645,576 Deferred liabilities 485,075 422,357 391,493 Supplementary retirement fund Deferred liability 5,716 4,965 4,581 Total deferred income tax liability 490,791 427,322 396,074 Reconciliation of the income tax rate - For the years ended December 31, 2022, 2021 and 2020, the recorded income tax expense differs from the result of applying the legal rate to the Company’s profit before income tax, as detailed below: 2022 2021 2020 US$(000) US$(000) US$(000) Profit before income tax 1,433,900 1,927,177 511,470 Income tax rate 32 % 32 % 32 % Expected income tax expense 458,848 616,697 163,670 Special mining tax and mining royalties (31,188) (46,366) (10,305) Gain for uncertainty about treatments of income taxes (19,667) (14,379) 1,313 Non - deductible expenses 13,608 14,609 16,925 Income tax true – ups (11,831) 6,345 5,292 Moratorium interest (741) 1,019 24,652 Income tax rate change effect on deferred taxes for the change in Peruvian tax law once the current Stability Contract expires 1,117 840 (2,750) Other 3,055 2,830 3,035 Current and deferred income tax 413,201 581,595 201,832 Mining taxes 88,224 144,895 32,203 Supplementary retirement fund 7,122 9,213 2,891 508,547 735,703 236,926 Effective income tax 35.47 % 38.18 % 46.32 % Income tax - The income tax expense for the years ended December 31, 2022, 2021 and 2020, is shown below: 2022 2021 2020 US$(000) US$(000) US$(000) Income tax Current 350,483 550,731 175,870 Deferred 62,718 30,864 25,962 413,201 581,595 201,832 Mining taxes Current mining royalty and special mining tax 88,224 144,895 32,203 Supplementary retirement fund Current 6,371 8,828 2,568 Deferred 751 385 323 7,122 9,213 2,891 Income tax expense reported in the statements of comprehensive income 508,547 735,703 236,926 |
Sales
Sales | 12 Months Ended |
Dec. 31, 2022 | |
Sale of goods [Line Items] | |
Sales | 20. Sales (a) The Group’s sales are mostly from sales of gold and precious metals in the form of concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. Set out below is the disaggregation of the Group’s revenue from contracts with customers: 2022 2021 2020 US$(000) US$(000) US$(000) Revenues by geographic region: Metal and concentrates sales - Peru 533,765 702,962 389,854 America - other than Peru 178,724 145,988 163,500 Asia 36,796 23,637 42,210 Europe 33,412 51,803 39,110 782,697 924,390 634,674 Services - Peru 22,095 20,936 20,173 America - other than Peru 127 96 92 Europe — 20 20 22,222 21,052 20,285 Royalties - Peru 1,381 15,928 18,638 806,300 961,370 673,597 Revenues by type of good or services: Sales by metal - Copper 367,278 340,522 181,311 Gold 299,747 262,676 229,590 Silver 157,923 316,930 230,498 Zinc 107,486 143,580 120,546 Lead 32,951 51,907 48,426 Manganese sulfate 361 4,976 4,051 Antimony 28 — — 965,774 1,120,591 814,422 Commercial deductions, note 2.4(q) (183,077) (196,201) (179,748) Sales of goods, note 20(b) 782,697 924,390 634,674 Sales of services, note 20(b) 22,222 21,052 20,285 Royalties income, note 20(b) 1,381 15,928 18,638 Total revenue from contracts with customers 806,300 961,370 673,597 Revenues by type of recognition: Goods transferred at a point in time 782,697 924,390 634,674 Services transferred over time 22,222 21,052 20,285 Royalties at a point of time 1,381 15,928 18,638 806,300 961,370 673,597 (b) Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the consolidated statement of profit or loss: 2022 2021 2020 US$(000) US$(000) US$(000) Contracts with customers for sale of goods (a) 782,697 924,390 634,674 Hedge operations, note 34(a) 12,774 (51,952) (6,464) Adjustments to prior period liquidations (920) (5,137) 4,255 Fair value of accounts receivables 6,648 (3,831) 5,154 Sale of goods 801,199 863,470 637,619 Sale of services, note 20(a) 22,222 21,052 20,285 Royalty income, note 20(a) 1,381 15,928 18,638 824,802 900,450 676,542 (c) Performance obligations - The performance obligation of the sale of goods is satisfied upon delivery of the goods and payment is generally due within 5 to 90 days from delivery. Performance obligation of services is satisfied over-time and payment is generally due upon completion and acceptance of service. (d) Concentration of sales - In 2022, the 4 customers with sales of more than 10% of total sales represented 32, 23, 22 and 10 from the total sales of Group. In 2021, the four customers with sales of more than 10% of total sales represented 37%, 19%, 17% and 15% from the total sales of the Group (four customers with sales of more than 10% of total sales represented 26%, 23%, 16% and 15% during 2020). As of December 31, 2022, The Group’s sales of gold and concentrates are delivered to investment banks and national and international well-known companies. Some of these customers have long-term sales contracts with the Group that guarantee supplying them the production from the Group’s mines. |
Sociedad Minera Cerro Verde S.A.A. | |
Sale of goods [Line Items] | |
Sales | 14. Revenues (a) This item is made up as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 Pounds (000) US$(000) Pounds (000) US$(000) Pounds (000) US$(000) Copper in concentrate 866,703 3,120,448 794,205 3,421,871 743,274 2,088,167 Copper cathode 101,368 404,115 91,802 394,256 83,870 241,808 Other (primarily silver and molybdenum concentrate) 450,732 383,321 208,618 Total revenues 3,975,295 4,199,448 2,538,593 Revenues with related parties totaled US$3.8 billion for the year ended December 31, 2022 (US$4.0 billion for the year ended December 31, 2021 and US$ 2.4 billion for the year ended December 31, 2020). As described in Note 2(d), the Company’s copper sales are provisionally priced at shipment. Adjustments to the provisional prices are recognized as gains and losses in sales of goods through the month of settlement. Adjustments to provisional priced copper and molybdenum sales resulted in an increase in revenues totaling US$ 78.2 million for the year ended December 31, 2022, decreases of US$ 88.6 million for the year ended December 31, 2021 and increases of US$ 64.7 million for the year ended December 31, 2020. (b) The following table shows sales by geographic region based on the final destination port: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Asia 3,229,797 3,223,191 2,096,084 North America 386,768 429,330 120,865 Europe 192,859 314,425 207,954 South America (primarily Peru) 165,871 232,502 106,489 Central America — — 7,201 Total sales 3,975,295 4,199,448 2,538,593 (c) Concentration of sales - For the year ended December 31, 2022 and 2021, 95% of the Company’s sales were to related entities (FMC, Sumitomo Metal Mining Company and Climax Molybdenum). For the year ended December 31, 2020, 94% of the Company’s sales were to these related entities. |
Cost of sales of goods and serv
Cost of sales of goods and services, without considering depreciation and amortization | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cost of sales [Line Items] | |
Cost of sales, without considering depreciation and amortization | 21. Cost of sales of goods and services, without considering depreciation and amortization (a) The cost of sales of goods is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance of finished goods and products in process, net of depreciation and amortization 30,031 31,797 31,938 Cost of production Services provided by third parties 185,028 224,979 143,652 Consumption of materials and supplies 94,929 107,908 70,942 Direct labor 67,704 75,099 62,885 Short-term and low-value leases 29,329 31,309 16,289 Electricity and water 21,510 17,657 36,504 Maintenance and repair 21,099 25,681 22,235 Insurance 16,118 16,091 12,036 Transport 13,528 17,449 12,234 Other 6,404 17,263 11,916 Provision (reversal) for impairment of finished goods and product in progress, note 8(c) (1,071) (5,471) 5,054 Total cost of production 454,578 527,965 393,747 Final balance of finished goods and products in process (33,624) (30,031) (31,797) Write – off of products in process 10,957 — — Final balance of finished goods and products in process, net of depreciation and amortization (22,667) (30,031) (31,797) Cost of sales of goods, without considering depreciation and amortization 461,942 529,731 393,888 (b) The cost of services is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 1,681 594 189 Electricity and water 1,204 556 668 Insurances 134 46 81 Maintenance and repair 46 31 55 Consumption of materials and supplies 31 11 20 Transport 14 9 87 Short-term and low-value lease 3 — 6 Direct labor — — 371 Other minor cost of services 50 22 77 3,163 1,269 1,554 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of cost of sales [Line Items] | |
Cost of sales, without considering depreciation and amortization | 15. Cost of sales This item is made up as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Materials and supplies 915,323 698,246 581,658 Depreciation and amortization (see note 7 and 2(i)) 492,042 471,759 451,001 Labor (a) 343,575 425,524 288,104 Third-party services 246,247 220,920 164,590 Energy 243,549 194,982 200,794 Cost related to COVID-19 pandemic (b) 43,672 89,050 95,702 Variable lease payments, low-value and short-term leases 13,369 5,806 7,399 Depreciation for right-of-use assets (see Note 7 and 10(a)) 12,708 12,459 11,320 OEFA and OSINERGMIN contributions (c) 9,308 10,334 5,889 WIP stockpile write-offs (see Note 5) 7,668 — — Management fees 2,540 2,352 2,000 Change in work in process inventory (1,358) (16,609) (49,575) Change in finished goods inventory (10,368) (6,129) 10,391 Other costs 49,492 46,394 39,982 2,367,767 2,155,088 1,809,255 (a) For the year ended December 31, 2022, labor includes an expense of US$118.2 million related to 2022 profit sharing (US$156.2 million for the year ended December 31, 2021 and US$28.9 million for the year ended December 31, 2020), and a credit of US$3.1 million (US$2.6 for the year ended December 31, 2021 and an expense of US$8.3 million for the year ended December 31, 2020), as a result of the recognition of lower contingent liabilities of prior years still open to review by the tax authority. Additionally, the year ended December 31, 2021, includes an expense of US$ (b) For the year ended December 31, 2022, the Company recognized expenses associated with the COVID-19 pandemic of US$43.7 million, mainly for medical tests. For the year ended December 31, 2021, the Company recognized expenses of US$89.1 million, mainly for labor costs associated with quartered-personnel at the mine site, including housing costs and medical tests. For the year ended December 31, 2020, the Company recognized expenses of US$95.7 million, mainly representing incremental costs related to the state of care and maintenance of the facilities as part of Peru’s declaration of a National Emergency as a result of the COVID-19 outbreak, which restricted the Company’s operations (US$51.1 million), general COVID-19 expenses, mainly representing labor expense associated with quartered-personnel at the mine site including housing costs and medical tests (US$30.9 million) and cost savings initiatives that include severance costs associated with employee retirement programs and canceled capital projects (US$13.7 million). (c) The Company is subject to OSINERGMIN and OEFA (Organismo de Evaluación y Fiscalización Ambiental) royalties. The calculation for the OSINERGMIN royalty is 0.14% of invoiced sales for the year 2022, 2021 and 2020, and the calculation for the OEFA royalty is 0.10% of invoiced sales for the year 2022, 2021 and 2020. In compliance with corporate policies, the Company recognizes administrative costs as an inventory cost (approximately US$44.5 million for the year ended December 31, 2022, US$45.3 million for the year ended December 31, 2021 and US$35.6 million for the year ended December 31, 2020). The effect of this policy is immaterial to the financial statements as a whole. |
Unabsorbed cost due to producti
Unabsorbed cost due to production stoppage | 12 Months Ended |
Dec. 31, 2022 | |
Unabsorbed cost due to production stoppage | |
Unabsorbed cost due to production stoppage | 22. Unabsorbed cost due to production stoppage This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 7,608 19,214 8,373 Direct labor 6,505 3,418 11,075 Electricity and water 2,510 22 250 Mining easement 1,285 160 107 Short-term and low-value lease 1,180 668 1,394 Consumption of materials and supplies 1,155 781 2,817 Insurances 867 456 1,736 Maintenance and repair 330 275 498 Transport 301 87 291 Rights 214 — 100 Other 1,103 428 1,117 23,058 25,509 27,758 During the year 2022 and 2021, the unabsorbed production costs of the mining units correspond to the stoppage of production of the Uchucchacua mining unit and Río Seco, see note 1(b). During 2020, the unabsorbed production costs of the mining units correspond to the stoppage of the Group’s production as a result of the State of National Emergency and mandatory social isolation related to the COVID-19 pandemic, see note 1(f). |
Exploration in operating units
Exploration in operating units | 12 Months Ended |
Dec. 31, 2022 | |
Exploration in operating units | |
Exploration in operating units | 23. Exploration in operating units This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance of finished goods and products in process, net of depreciation and amortization 2,036 1,296 444 Cost of exploration in operating units Services provided by third parties 51,912 45,437 20,406 Purchase of land 10,066 — 2,162 Direct labor 7,097 3,891 3,361 Short-term and low-value lease 5,016 2,641 766 Consumption of materials and supplies 4,502 3,839 1,426 Transport 470 108 12 Maintenance and repair 211 165 9 Electricity and water 72 834 471 Other 402 237 283 Total exploration in operating units 79,748 57,152 28,896 Final balance of finished goods and products in process (1,408) (2,036) (1,296) Write – off of products in process 420 — — Final balance of finished goods and products in process, net of depreciation and amortization (988) (2,036) (1,296) 80,796 56,412 28,044 As of December 31, 2022, 2021 and 2020, disbursements of exploration in operating amount to US$80.8 million, US$56.4 million and US$28.0 million, respectively, which are presented in the “Payments to suppliers and third parties, and other net” caption of the consolidated statements of cash flows. |
Mining royalties
Mining royalties | 12 Months Ended |
Dec. 31, 2022 | |
Mining royalties | |
Mining royalties | 24. Mining royalties This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Sindicato minero de Orcopampa S.A., note 31(b) 11,053 6,970 6,180 Royalties paid to the Peruvian State 6,680 6,004 5,569 17,733 12,974 11,749 |
Administrative expenses
Administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
Administrative expenses | |
Administrative expenses | 25. Administrative expenses This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Personnel expenses 32,697 32,209 34,500 Professional fees 10,920 12,393 10,517 Sundry charges 9,070 8,968 7,766 Board of Directors’ compensation 3,873 1,992 2,178 Depreciation and amortization 2,460 3,680 3,700 Short-term and low-value lease 1,554 294 611 Software licenses 1,420 1,723 1,731 Subscriptions and quotes 1,366 1,426 1,405 Insurance 1,302 1,748 1,272 Communications 825 854 973 Maintenance and repairs 546 546 579 Transport 525 278 255 Canons and tributes 447 369 318 Donations 251 607 708 Consumption of materials and supplies 242 398 393 Travel and mobility 230 100 153 Allowance for expected credit losses, note 7(i) — — 126 67,728 67,585 67,185 |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Selling Expenses [Line Items] | |
Selling Expenses | 26. Selling expenses This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Transportation services 13,778 14,138 12,242 Canons and tributes 2,496 2,820 2,118 Shipping services and expenses 2,272 2,252 2,519 Personnel expenses 604 595 520 Laboratory analysis and tests 401 379 352 Other 671 643 782 20,222 20,827 18,533 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of Selling Expenses [Line Items] | |
Selling Expenses | 16. Selling expenses This item is made up of as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Copper concentrate freight 145,597 100,475 89,241 Commissions 5,350 5,009 4,935 Cathode freight 3,831 1,960 2,019 Other 2,595 2,442 1,485 157,373 109,886 97,680 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Other operational expenses [Line Items] | |
Other operating expenses | 17. Other operating expenses This item is made up as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Royalty non-income tax (a) 9,238 — 10,780 Optimization and prefeasibility/feasibility studies (b) 8,905 5,929 8,429 Exploration expenses 4,973 170 217 Tax contingencies 1,078 1,903 704 Other expenses 18 508 1,208 Excess of salary limit in workers profit sharing (c) — — 17,146 24,212 8,510 38,484 (a) Represents current year mining royalties calculated based on revenues according to applicable tax rules (see Note 13(d)). (b) Primarily represents charges related to projects for the optimization of the Company’s operating processes. (c) Corresponds to the excess of salary limit in workers profit sharing to be transferred to the Regional Government and the National Fund for Employment’s Promotion and Training (FONDOEMPLEO), and it’s related to adjustments of previous years income tax assessments (recognized in 2020 primarily as a result of the international arbitration proceeding initiated by the Company. |
Financial expenses and income
Financial expenses and income | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Financial Expenses [Line Items] | |
Financial expenses and income | 18. Financial expenses and income Financial Expenses This item is made up as follows expenses: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Interest for leases (see Note 10(a)) 3,912 4,371 4,875 Interest on senior unsecured credit facility (see Note 10(b)) 3,196 10,127 22,351 Interest on advance payments of customers (a) 2,377 708 751 Interest on revolving credit facility (see Note 10(c)) 1,880 — — Interest on excess of salary limit in workers profit sharing (See Note 9(a)) 1,527 1,638 16,591 Amortization debt issuance costs 675 955 1,673 Extinguishment of debt - debt issuance costs 34 289 902 Other financial expenses 20 75 140 Capitalized Interest associated to capital projects (3,084) (1,997) (2,544) Interest on disputed mining royalties (b) — 15,334 43,838 Tax contingencies (c) — — 54,098 10,537 31,500 142,675 (a) Corresponds to the interest associated with the advance payments received from Sumitomo. (b) Represented charges of interest related to (i) the installment payment programs for disputed mining royalties for the period January 2009 through September 2011 and for the years 2012 and 2013 and SMT for the period October 2011 through December 2013 (US$14.6 million for the year ended December 31, 2021n and US$38.2 million for the year ended December 31, 2020), and (ii) other taxes related to disputed mining royalty (US$0.7 million for the year ended December 31, 2021, and US$5.6 million for the year ended December 31, 2020). (c) For the year ended December 31, 2020, primarily represents interest related to (i) the income tax assessment for the year 2013 of US$31.4 million, (ii) uncertain income tax treatments (IFRIC 23) associated primarily to tailing dam income tax of US$13.1 million, (iii) SUNAT assessments for prior years related to income and non-income tax contingencies in which the Company expected to obtain an unfavorable result of US$8.7 million. Financial Income This item is made up of the following income For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Gain in the fair value of market liquid investment (see Note 3(a)) 11,215 803 1,816 Interest income on tax obligations (a) 4,921 1,107 — Other Interest income 1,099 910 534 17,235 2,820 2,350 (a) Mainly represent the net impact over interest on tax associated with the updated estimation associated with IFRIC 23, “Uncertainty over Income Tax Treatments” for years 2022 and 2021. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Earnings per share [Line Items] | |
Earnings per share | 19. Earnings per share Basic and diluted earnings per share are calculated by dividing earnings by the weighted-average number of outstanding shares during the period. Basic and diluted earnings per common share have been determined as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 Profit for the period (US$) 925,353,000 1,191,474,000 274,544,000 Weighted average number of share outstanding (Note 12(a)) 350,056,012 350,056,012 350,056,012 Basic and diluted earnings per share (US$) 2.643 3.404 0.784 |
Exploration in non-operating ar
Exploration in non-operating areas | 12 Months Ended |
Dec. 31, 2022 | |
Exploration in non-operating areas | |
Exploration in non-operating areas | 27. Exploration in non-operating areas This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 6,324 4,742 3,326 Personnel expenses 2,898 2,748 1,705 Land 1,190 967 420 Short-term and low-value lease 917 612 327 Laboratory analysis and tests 862 508 225 Professional fees 557 439 1,538 Consumption of materials and supplies 467 251 201 Transport 173 191 89 Other 864 812 644 14,252 11,270 8,475 During 2022, disbursements for exploration in non-operating areas amount to US$14.2 million (US$11.3 million and US$8.5 million in 2021 and 2020, respectively), which are presented in the “Payments to suppliers and third parties, and other net” caption of the consolidated statements of cash flows. Below is presented the detail of the main projects of exploration in non-operating areas: 2022 2021 2020 US$(000) US$(000) US$(000) Emperatriz 5,243 5,742 4,600 Marcapunta 4,008 1,383 86 Ccelloccasa 1,748 405 193 Projects - Management 1,464 1,441 957 General explorations 02 1,361 969 976 San Gabriel 282 1,010 — Don Jorge 131 135 109 ADGEMINCO explorations — 119 1,311 Other 15 66 243 14,252 11,270 8,475 |
Other, net
Other, net | 12 Months Ended |
Dec. 31, 2022 | |
Other, net | |
Other, net | 28. Other, net (a) This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Other income Sale of supplies and merchandise to third parties 44,392 33,014 19,581 Reversal for impairment of spare parts and supplies, note 8(c) 22,394 17,266 15,762 Income from transfer of ownership of mining rights, note 1(d) 8,455 — — Income from previous years 3,218 2,505 475 Sale of services to third parties 2,277 10,473 5,626 Additional income from sale of investments 1,577 — — Insurance recovery 881 357 3 Sale of assets to third parties 791 685 1,356 Changes in provision for mine closure, note 15(b) 302 — — Changes in provision for environmental liabilities (c) 228 — — Income from dividends in other investments 205 3,350 — Sale of supplies to related parties, note 32(a) 179 169 890 Insurance claim recovery (b) — 2,358 4,381 Revenue from commercial claims — — 3,800 Sale of investment in subsidiary — — 250 Other 976 507 2,012 85,875 70,684 54,136 Other expenses Cost of sale of supplies and merchandise to third parties (45,520) (35,831) (26,463) Provision for impairment of spare parts and supplies, note 8(c) (22,533) (22,394) (17,266) Changes in provisions for exploration projects, note 15(b) (13,631) (2,030) (642) Cost of sale of services to third parties (6,591) (10,440) (3,311) Withdrawals and disposals of property, machinery and equipment, note 11(a) (3,924) (1,909) (586) Penalty of account receivable for tax claim, note 31(d) (2,322) — — Net loss on transfer of contractual trasnfer, note 1(e) (2,000) — — Fines and interest related to contingencies (1,612) — — Expenses from previous years (1,296) (1,520) (1,402) Administrative expenses (569) (977) (245) Personnel expenses (379) (5,645) — Allowance for expected credit losses, note 7(i) (253) (409) (4) Net cost of property, machinery and equipment to third parties, note 11(a) (13) (119) (192) Changes in environmental liabilities provision (c) — (15,533) (124) Disposal cost of sale of supplies and merchandise to related parties — (72) (1,211) Other (317) (3,065) — (100,960) (99,944) (51,446) (15,085) (29,260) 2,690 (b) During 2022, there were no collections related to indemnity for the insurance claim. For the year 2021, collections correspond to the income of the subsidiary El Brocal related to the indemnity for the insurance claim of US$2,358,000 as a result of the insurance compensation for the damage suffered by the act of vandalism, which occurred in December 2020. On September 3, 2021, the amount was fully collected. For the year 2020, collections correspond to the indemnity for the insurance claim of US $4,381,000 as a result of the insurance compensation for the damage suffered by the fire in the electric motor of the 16x22 Dominium Mill located on the first plant that occurred in August 2019, which were collected as of December 31, 2020. (c) As of December 31, 2021, the subsidiary El Brocal updated its closure plan for environmental liabilities of Santa Bárbara and Delta Ulpamayo. For the preparation of the Santa Bárbara closure plan, the collaboration of a specialized external company was assigned. The total budget of both environmental liabilities is US$13,095,000, which has been discounted using a rate in a range of 4.772% to 5.755% over a period of 7 years, resulting in an updated liability amounting to US$11,460,000 (US$12,658,000 as of December 31, 2021). |
Finance costs and finance incom
Finance costs and finance income | 12 Months Ended |
Dec. 31, 2022 | |
Finance costs and finance income | |
Finance costs and finance income | 29. Finance costs and finance income (a) This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Finance revenues: Interest on time deposits 3,521 338 1,074 Interests on third party loans 449 203 355 Interest on loans to related parties, note 32(a) 94 89 114 Interest from financial instruments 74 114 — Interest on tax claims — 75 352 Other finance revenues 565 303 155 4,703 1,122 2,050 Reversal of the amortized cost of the syndicated loan, note 16(g) 8,855 — — Unrealized change of the fair value related to contingent consideration liability (b) 813 4,382 — Accrual of other account receivable 72 448 — Financial obligations amortized costs, note 16(g) — — 361 Total finance revenues 14,443 5,952 2,411 2022 2021 2020 US$(000) US$(000) US$(000) Finance costs: Interest related to senior notes, note 16 31,771 13,343 — Interest on borrowings and loans, note 16 10,865 17,166 23,178 Settlement of hedging financial instruments, note 34(c) 818 1,547 146 Tax on financial transactions 189 193 107 Interest on loans 26 43 55 Commissions for bond letters issued to SUNAT — 12,124 — Interest on commercial obligations — — 626 Other finance costs — — 37 43,669 44,416 24,149 Accretion expense for mine closure and exploration projects, note 15(b) 5,070 5,598 6,672 Accrual of debt issuance costs, note 16(g) 2,820 885 976 Accrual of costs for bond issuance, note 16(g) 1,963 717 — Amortized cost of financial obligations, note 16(g) 515 8,837 — Accretion expense for leases related to rights in use, note 16(g) 99 176 180 Unrealized change of the fair value related to contingent consideration liability (b) — — 5,690 Other finance costs — — 155 54,136 60,629 37,822 (b) Contingent consideration - On August 18, 2014, Buenaventura acquired from Minera Gold Fields Peru S.A. (Gold Fields) 51% of the voting shares of Canteras del Hallazgo S.A.C., which represent the whole interest of Gold Fields in the equity of such entity. Through the merger with Canteras del Hallazgo S.A.C, the Group is the owner of the Chucapaca project, which is located in the Ichuña district, in the General Sanchez Cerro province, in the Moquegua department, Peru. According to previously performed studies, there is evidence of the existence of gold, silver, copper and antimony in the area, specifically in the Canahuire deposit. The purchase and sale agreement considered a contingent consideration of US$23,026,000, which corresponds to the present value of the future royalty payments equivalent to 1.5% over the future sales of the minerals arising from the mining properties acquired. The fair value of the future royalty payments was determined using the income approach. Significant increase (decrease) in the future sales of mineral would result in higher (lower) fair value of the contingent consideration liability, while significant increase (decrease) in the discount rate would result in lower (higher) fair value of the liability. Changes in the fair value of this contingent consideration have been recognized through profit or loss in the consolidated statement of profit or loss. As of December 31, 2022 and 2021, it is highly probable that the Group reaches the projected future sales. The fair value of the contingent consideration determined as of December 31, 2022 and 2021 reflects this assumption and changes in metal prices. (b) A reconciliation of fair value measurement of the contingent consideration liability is provided below: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 17,718 22,100 16,410 Variation of the fair value in profit and loss (813) (4,382) 5,690 Ending balance 16,905 17,718 22,100 Significant unobservable valuation inputs are provided below: 2022 2021 Annual average of future sales of mineral (US$000) 208,912 193,972 Useful life of mining properties 14 14 Pre-tax discount rate (%) 13.2 9.7 The Group has the preferential right of acquisition of the royalty in case Gold Fields decides to sell it. |
Deferred income tax
Deferred income tax | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income tax | |
Deferred income tax | 30. Deferred income tax (a) The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows: Credit (debit) to Credit (debit) to consolidated consolidated Credit (debit) to Credit (debit) to Credit (debit) to statements of Credit (debit) to Credit (debit) to statements consolidated As of consolidated discontinued other As of consolidated discontinued of changes statements of other As of January 1, statement of profit operations (note comprehensive December 31, statement of profit operations (note in equity comprehensive December 31, 2021 or loss 1(e)) income 2021 or loss 1(e)) (note 1(d)) income 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Deferred asset for income tax Tax - loss carryforwards 158,513 28,368 — — 186,881 16,450 — (13,372) — 189,959 Difference in depreciation and amortization rates 63,903 (11,406) — — 52,497 (9,705) — — — 42,792 Provision for closure of mining units, net 14,200 16,151 — — 30,351 (1,660) — — — 28,691 Provision for impairment of value of inventory 7,299 1,709 — — 9,008 (254) — — — 8,754 Contingent consideration liability 6,512 (1,285) — — 5,227 (228) — — — 4,999 Provision for bonuses to employees and officers 5,078 618 5,696 (2,724) — — — 2,972 Impairment loss of long-lived assets provision 1,930 — — — 1,930 — — — — 1,930 Contractors claims provisions 1,678 3,558 — — 5,236 (4,100) — — — 1,136 Provision for sale of investment in associate — — 50,444 — 50,444 — (50,444) — — — Other 2,619 6,946 — — 9,565 2,133 — — — 11,698 261,732 44,659 50,444 — 356,835 (88) (50,444) (13,372) — 292,931 Derivative financial instruments 5,440 — — (3,382) 2,058 — — — (2,058) — 267,172 44,659 50,444 (3,382) 358,893 (88) (50,444) (13,372) (2,058) 292,931 Deferred assets for mining royalties and special mining tax — — — — — 51 — — — 51 Total deferred asset 267,172 44,659 50,444 (3,382) 358,893 (37) (50,444) (13,372) (2,058) 292,982 Deferred liability for income tax Effect of translation into U.S. dollars (78,129) (895) (9,030) — (88,054) 20,153 9,030 — — (58,871) Differences in amortization rates for development costs (64,836) 558 — — (64,278) (1,682) — — — (65,960) Difference in depreciation and amortization rates (47,035) (2,078) — — (49,113) (10,509) — — — (59,622) Fair value of mining concessions (14,898) — — — (14,898) — — — — (14,898) Other (26,369) 1,707 — — (24,662) 7,575 — — — (17,087) (231,267) (708) (9,030) — (241,005) 15,537 9,030 — — (216,438) Derivative financial instruments — — — — — — — — (2,608) (2,608) (231,267) (708) (9,030) — (241,005) 15,537 9,030 — (2,608) (219,046) Deferred liability for mining royalties and special mining tax (374) 95 — — (279) 92 — — — (187) Total deferred liability (231,641) (613) (9,030) — (241,284) 15,629 9,030 — (2,608) (219,233) Deferred income tax asset, net 35,531 44,046 41,414 (3,382) 117,609 15,592 (41,414) (13,372) (4,666) 73,749 (b) The deferred tax asset is presented in the consolidated statement of financial position: 2022 2021 US$(000) US$(000) Deferred income tax asset, net 106,170 164,351 Deferred income tax liability, net (32,421) (46,742) 73,749 117,609 (c) The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Income tax expense Current (12,091) (13,128) (8,446) Deferred 15,449 43,951 (15,270) 3,358 30,823 (23,716) Mining Royalties and Special Mining Tax Current (3,542) (7,247) (1,478) Deferred 143 95 (236) (3,399) (7,152) (1,714) Total income tax (41) 23,671 (25,430) (d) Below is a reconciliation of tax benefit (expense) and the accounting profit (loss) before income tax multiplied by the statutory tax rate for the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Profit (loss) before income tax 124,429 101,129 (58,099) Profit (loss) from discontinued operations before income tax 564,708 (429,018) (66,810) Profit (loss) before income tax 689,137 (327,889) (124,909) Theoretical income tax benefit (expense) (203,295) 96,727 36,848 Permanent items and others: Investment in associate available for sale 83,192 (83,192) (21,305) Share in the results of associates and joint venture 52,000 70,933 18,497 Effect of translation into U.S. dollars 20,153 (895) (31,853) Foreign exchange difference of permanent items (14,051) (9,001) (10,524) Non-deductible expenses (13,144) 2,048 (14,310) Non-deductible work-in-process write - off (4,839) — — Income tax from previous years (1,982) — — Mining royalties and special mining tax (837) (3,253) 1,273 Non-deductible deferred tax for striping cost — (1,130) (2,342) Income tax income (expense) (82,803) 72,237 (23,716) Mining Royalties and Special Mining Tax (3,399) (7,152) (1,714) Total income tax (86,202) 65,085 (25,430) Income tax from continuing operations (41) 23,671 (25,430) Income tax from discontinued operations (86,161) 41,414 — (86,202) 65,085 (25,430) (e) Related to the investment in associates, the Group has not recognized a deferred income tax asset of US$35.7 million as of December 31, 2022, originated by the difference between the financial and taxable basis of these investments (US$64.8 million as of December 31, 2021). Management believes that the timing differences will be reversed in the future without taxable effects. There is no legal or contractual obligation that would require the Company’s management to sell its investment in its associates (which event would result in a taxable capital gain based on current tax law). |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 31. Commitments and contingencies Commitments (a) Environmental - The Group’s exploration and exploitation activities are subject to environmental protection standards. Law No. 28090 regulates the obligations and procedures that must be met by the holders of mining activities for the preparation, filing and implementation of Mine Closure Plans, as well as the establishment of the corresponding environmental guarantees to secure fulfilment of the investments, subject to the principles of protection, preservation and recovery of the environment. Law No. 28271 regulates environmental liabilities in mining activities. This Law has the objective of ruling the identification of mining activity’s environmental liabilities and financing the remediation of the affected areas. According to this law, environmental liabilities refer to the impact caused to the environment by abandoned or inactive mining operations. The Groups considers that the recorded liability is sufficient to comply with the environmental regulations of Peru. (b) Leased concessions - The Group pays 10% on the valued production of mineral obtained from the concessions leased by Sindicato Minero Orcopampa S.A. This concession is in force until the year 2043. See note 24. Contingencies (c) Legal procedures - Buenaventura - The Group is a party to legal procedures that have arisen in the normal course of business. Nevertheless, in the opinion of Buenaventura’s Management, none of these procedures, individually or as a whole, could result in material contingencies for the Group’s consolidated financial statements. The possible environmental, labor, safety, and communities’ contingencies amount to US$3.8 million and US$4.1 million as of December 31, 2022 and 2021, respectively. The possible tax contingencies amount to US$28.8 million and US$29.3 million as of December 31, 2022 and 2021, respectively, see note 31(d). (d) Open tax procedures – Buenaventura – During 2012 and 2014, the Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT) reviewed the Company’s income tax for 2007 and 2008. As a result, SUNAT does not recognize certain tax deductions totaling S/1,056,310,000 (equivalent to US$276,440,000) for the year 2007 and S/1,530,985,000 (equivalent to US$400,781,000) for the year 2008. The main unrecognized deduction is the payment made for the removal of the price component of its commercial contracts for gold sales. In the opinion of management and its legal counsel, the objections are unfounded so Buenaventura expects to receive a favorable result in the initiated claim process. In November 2018, the Tax Court resolved the initial appeal proceedings and did not recognize the deductions related to settlement of the contracts of physical deliveries and the related contractual obligation and considers that the payments correspond to an advance financial settlement of Contracts of Derivative Financial Instruments and that the Company would not have accredited the purpose of hedge and the risks covered. The Company’s management with the support of its legal advisers initiated various administrative and judicial actions to present their arguments and defend their rights related to the originally claimed deductions. On November 10, 2020, the Tax Court confirmed the reliquidation of the tax debt determined by SUNAT corresponding to 2007 and 2008. With this ruling, on November 13, 2020, SUNAT notified the Company of the start of the compulsory collection of such taxes for S/1,567,297,000 (equivalent to US$410,287,000), composed of S/192,049,000 (equivalent to US$50,275,000) of income tax and S/1,375,248,000 (equivalent to US$360,013,000) of interest and penalties. The Company made payments under protest during the months of November and December 2020 for S/72,065,000 (equivalent to US$18,925,000), which are recorded in the caption “Trade and other accounts receivable, net”, note 7(c). Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated. The Company requested to SUNAT for an installment payment program that deferred payment for six months and thereafter satisfies the amount via 66 equal monthly payments, amounting to S/1,505,948,000 (equivalent to US$394,227,000), for which has been delivered, as a guarantee, letters of guarantee for the total amount plus 5% according to the tax requests for a total of S/1,580,126,000 (equivalent to US$413,646,000). The application was approved by SUNAT on January 5, 2021 and payments were schedule to begin in July 2021 considering a monthly interest rate according to the tax regulations of 0.8% per month until March 31, 2021 and 0.72% per month from April 1 onwards. On July 30, 2021, the Company paid the full amount of the tax liability related to the 2007 and 2008 tax processes that were subject to deferment and installment. The total amount paid of S/1,584,227,000 (equivalent to US$416,026,000), which includes the updating of interest as of July 30, 2021 for S/78,279,000 (equivalent to US$20,492,000). As a result of this payment, SUNAT’s resolutions of deferment and installment of the tax amount have been rendered null and void and the letters of credit that were delivered as collateral for said liability have been returned to the Issuing Banks. The amount of S/1,579,716,000 (equivalent to US$414,841,000), net of tha part accepted by the Company, the account receivable has been recognized in the heading “Trade and other accounts receivable, net”, see note 7(c). Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated. On December 19, 2018, the Company with the support of its legal advisors filed contentious administrative lawsuits before the Judiciary regarding the controversy of taxable years 2007 and 2008. On December 30, 2020, the Company was notified that the claim corresponding to fiscal year 2007 was declared unfounded by the Nineteenth Administrative Litigation Court with a Subspecialty in Tax and Customs Issues. On January 11, 2021, the Company with the support of its legal advisors filed an appeal against said judgment, which was submitted to the Superior Court. On May 3, 2021, the Seventh Superior Chamber declared the First Instance Judgment null and void due to an evident lack of motivation and procedural consistency. On July 15, 2021, the new oral report was made before the Court of First Instance. On January 7, 2022, the new Judgment of the Court of First Instance was issued, again declaring the Company’s lawsuit as unfounded. According to the sponsoring lawyers, said ruling fails to comply with the mandate of the Seventh Chamber, again incurring grounds for annulment. On January 18, 2022, the appeal of the new sentence was filed. On November 7, 2022, the Seventh Chamber declared the Company’s claim unfounded. On December 21, 2022, the Company and its sponsoring attorneys filed an appeal requesting the annulment of the ruling of the Seventh Chamber and ordering the issuance of a new ruling without violating the right to due motivation of judicial decisions and the principles of reasoned appreciation and joint assessment of the evidence. As of the date of issuance of this report, the appeal for cassation is pending and it has been submitted to the Supreme Court. The lawsuit referring to fiscal year 2008 is pending resolution in the Twenty-Second Administrative Litigation Court. During 2015, SUNAT reviewed the Company’s income tax for 2009 and 2010. As a result, they did not recognize Buenaventura declared tax deductions of S/76,023,000 (equivalent to US$19,901,000) and the compensation of tax losses of S/561,758,000 (equivalent to US$147,057,000). The main unrecognized deductions originally claimed by Buenaventura are: the non-deductibility of bonuses paid to contractors, a provision of doubtful accounts not accepted as an expense and income unduly deducted. The Company’s Management and its legal advisors consider that the objections made by SUNAT are unfounded, and therefore the claim and appeal processes have been initiated. In December 2018, the Tax Court resolved the appeal files confirming reparations of S/66,623,000 (equivalent to US$17,441,000) related to the provision for collection of doubtful receivables as an expense and unfounded income unduly deducted and the compensation of tax losses from previous years. The Company’s management, with the support of its legal advisors, has initiated administrative and judicial actions to present its arguments and make its rights prevail. In December 2019, SUNAT initiated actions of forced collection of interest and fines for the reliquidation that it has made of prepayments from January to December 2009 and January to February 2010. These are based on the 2007 and 2008 annual tax fiscal years, which were recalculated by SUNAT with the objections mentioned in the first and second paragraphs and which are questioned in the judicial process. On December 20, 2019, SUNAT executed the forced collection of S/120,262,000 (equivalent to US$31,581,000). In the opinion of the legal advisors of the Company, favorable results are expected to be obtained in the judicial process that has been initiated, therefore an account receivable have been recognized in the heading “Trade and other accounts receivable, net”, see note 7(c). On December 4, 2020, the Tax Court confirmed the reliquidation of the tax debt determined by SUNAT for the year 2010. With this ruling, on December 11, 2020, SUNAT notified the Company of the initiation of the compulsory collection of the taxes for fiscal year 2010 totaling S/340,074,000 (equivalent to US$89,025,000). The Company made payments under dispute in December 2020 for S/1,800,000 (equivalent to US$474,000) which are recorded in the caption “Trade and other receivables, net”, see note 7(c). Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated. On January 5, 2021, the Company requested to SUNAT for an installment payment program that deferred payment for six months and thereafter satisfies the amount via 66 equal monthly payments, amounting to S/339,928,000 (equivalent to US$88,926,000), for which letters of guarantee for the total amount plus 5% according to the tax requests for a total of S/357,944,000 (equivalent to US$93,703,000). The application was approved by SUNAT on January 14, 2021 and payments began to be made in July 2021. On July 30, 2021, the Company paid the full amount of the tax liability referring to fiscal year 2010, which was subject to deferral and installment. The total amount paid of S/356,691,000 (equivalent to US$93,669,000) which includes the updating of interest as of July 30, 2021 for S/16,762,000 (equivalent to US$4,388,000) recorded in the caption “Trade and other receivables, net”, see note 7(c). As a result of this payment, SUNAT’s resolutions of deferment and installment of the tax debt have been rendered null and void and the letters of credit that were delivered as collateral for said disputed tax assessment have been returned to the issuing banks. On December 14, 2020, the Tax Court confirmed the reliquidation of the tax liability determined by SUNAT for fiscal year 2009. With this ruling, on December 17, 2020, SUNAT notified the Company of the initiation of the compulsory collection of the disputed amounts for fiscal year 2009 for S/202,614,000 (equivalent to US$53,207,000). The Company made payments under protest in January 2021 for S/19,171,000 (equivalent to US$5,035,000) which are recorded in the caption “Trade and other receivables, net”, note 7(c).Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated with regards to this matter. On January 14, 2021, the Company requested to SUNAT for an installment payment program that deferred payment for six months and thereafter satisfies the amount via 66 equal monthly payments, amounting to S/184,922,000 (equivalent to US$48,409,000) for which has been delivered, as collateral, letters of credit for the total amount plus 5% according to the tax requests for a total of S/194,398,000 (equivalent to US$50,890,000). The application has been approved by SUNAT on January 27, 2021 and payments began to be made from July 2021. On July 30, 2021, the Company paid the full amount of the disputed tax debt referring to fiscal year 2009, which was subject to deferral and installment. The total amount paid of S/193,398,000 (equivalent to US$50,787,000) which includes the updating of interest as of July 30, 2021 for S/8,477,000 (equivalent to US$2,226,000) recorded in the caption “Trade and other receivables, net”, see note 7(c). As a result of this payment, SUNAT’s resolutions of deferment and installment of the tax assessment have been rendered null and void and the letters of credit that were delivered as collateral for said amount have been returned to the Issuing Banks. On March 5, 2019, the Company and its sponsoring attorneys have filed contentious-administrative lawsuits before the Judiciary regarding the Tax Court decisions on taxable years 2009 and 2010. The lawsuit referring to the 2009 taxable year is pending resolution in the Twenty-Second Administrative Litigation Court. On November 1, 2020, the Company was notified that the lawsuit corresponding to fiscal year 2010 filed before the Nineteenth Administrative Litigation Court with a Subspecialty in Tax and Customs Issues has been declared founded in relation to the unsupported income unduly deducted from taxable income. On November 9, 2020, the Company and its sponsoring attorneys filed a partial appeal against said judgment, which has been submitted to the Superior Court. On January 7, 2021, the Company was notified with the second instance judgment, issued by the Sixth Superior Chamber declaring the first instance judgment null ordering the Court to issue a new judgment. On January 21, 2021, the Company with the support of its legal advisors have presented the Appeal for Cassation that must be raised to the Supreme Court. The Sixth Chamber has reserved the processing of the cassation appeal and has referred the file to the Nineteenth Court to issue a new ruling on the grounds that a part of the second instance judgment declared the first instance judgment null. On the other hand, on March 4, 2019, the Tax Administration filed a contentious-administrative lawsuit against the end of the Tax Court Resolutions for the years 2009 and 2010 that raised the objections for bonuses paid to contractors; being that, with respect to the year 2010, the claim was declared well founded in first instance and subsequently said ruling was confirmed in second instance. In purported compliance with the second instance judgment, on October 5, 2021, the Tax Court modified the ruling contained in its initial Resolution and ruled against the Company’s position for the bonuses paid to contractors in fiscal year 2010 for S/4,526,000 (equivalent to US$1,185,000 ). On January 19, 2022, the Company filed a contentious-administrative lawsuit against the new Resolution of the Tax Court, which is pending resolution. Likewise, the Company and its sponsoring lawyers filed an opposition brief that was declared admissible. On September 29, 2022, the Tax Court has correctly complied with the judicial mandate, annulling the objection for bonuses in the defendant end, the same one that has been objected by the Tax Administration. As of the date of issuance of this report, the file is pending resolution in the Twentieth Administrative Court. The judicial process associated with the 2009 financial year related to contractor bonuses for S/4,695,000 (equivalent to US$1,229,000) is pending in the first instance. During the year 2018, SUNAT audited the income tax declaration for 2014. As a result of this audit, SUNAT does not recognize certain of the Company’s deductions declared totaling S/94,898,000 (equivalent to US$24,842,000). The main disagreements are related to the non-deductibility of bonus paid to contractors, which also affects the compensation of tax losses that can be withheld and the use of balances in favor that are not recognized by SUNAT. On November 12, 2020, the Tax Court (last administrative instance) resolved the appeal, declaring founded, in part, the payment of bonuses to contractors and confirming the non-recognition of compensation for tax losses. The Company’s management with the support of its legal advisors are initiating administrative and judicial actions to present their arguments and make their rights prevail. As of December 31, 2022, the total possible contingencies related to these audits amount to S/41,358,000 (equivalent to US$10,827,000) and S/39,590,000 (equivalent to US$10,364,000) as of December 31, 2021. On February 15, 2021, the Company and its sponsoring lawyers have filed a contentious-administrative lawsuit before the Judicial Branch regarding the ruling of the Tax Court. The lawsuit referring to the taxable year 2014 is pending resolution in the Nineteenth Contentious-Administrative Court. During the year 2019, SUNAT reviewed the income tax of the year 2013. As a result, SUNAT did not recognize certain of Buenaventura’s declared tax deductions. The main assertions made by the SUNAT include the non-deductibility of bonuses paid to contractors, the compensation of tax losses that can be withheld and the use of balances in favor that are not recognized by SUNAT. On March 15, 2021, the Tax Court (last administrative instance) has resolved the appeal, declaring, in part, the payment of bonuses to contractors and confirming the lack of compensation for tax losses and use of balance in favor for a total of S/139,235,000 (equivalent to US$36,449,000). The Company’s Management with the support of its legal advisors have initiated administrative actions questioning the re-assessment of the tax debt and the recognition of balances in favor of the previous year. On December 16, 2022, the Tax Court has partially agreed with the Company and we are awaiting the new re-settlement of the tax debt by SUNAT. As of December 31, 2022 the total possible contingencies related to these audits amount to S/57,909,000 (equivalent to US$15,160,000) and S/55,465,000 (equivalent to US$14,520,000) as of December 31, 2021. On June 11, 2021, the Company and its sponsoring lawyers have filed a contentious-administrative lawsuit before the Judicial Branch regarding the ruling of the Tax Court. On May 9, 2022, the Twentieth Administrative Court declared the Company’s claim unfounded. On May 16, 2022, with the support of the sponsoring attorneys, the Company has filed the appeal. On October 4, 2022, the Seventh Superior Chamber notified the sentence confirming the first instance ruling. On October 18, 2022, the Company and its sponsoring lawyers filed an appeal and are waiting for the Fifth Transitory Chamber of Constitutional and Social Law of the Supreme Court to set a date for qualifying the appeal. During the year 2022, the Tax Administration audited the income tax return for the year 2017. As a result of said audit, SUNAT does not recognize certain deductions by the Company totaling S/39,720,000 (equivalent to US$10,398,000) mainly for the non-recognition of investment in development costs and the non-recognition of the compensation of carry-over tax losses from previous years for S/127,929,000 (equivalent to US$33,489,000). In the opinion of Management and its legal advisors, these objections are not supported, so a favorable result is probable in the claim process that has been initiated. Likewise, during the years 2021 and 2022, the Tax Administration has reviewed the declaration of transfer prices and the operations between related parties carried out in the tax year 2017. As a result of said examination, SUNAT does not recognize the Company declared deductions for services performed by related parties totaling S/3,341,000 (equivalent to US$875,000). As a consequence of the aforementioned examination processes, the Tax Administration has charged a tax debt of S/17,493,000 (equivalent to US$4,579,000). Between December 23 and 28, 2022, the Company has paid the tax debt in order to avail itself of the benefit of the fine reduction, disbursing S/9,266,000 (equivalent to US$2,426,000). The amount referred to the unaccepted repairs of S/9,224,000 (equivalent to US$2,400,000) has been recorded under the heading “Trade accounts receivable and other accounts receivable”, see note 7(c) in the Company’s financial statements. During the year 2019, SUNAT reviewed the income tax of the year 2014. As a result, SUNAT did not recognize Buenaventura’s declared tax deductions related to the deductibility of bonuses paid to contractors for S/2,067,000 (equivalent to US$541,000). Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated. On November 17, 2020, SUNAT has resolved the claim appeal, confirming the objections made in the inspection process. The Company has paid the tax amount of S/4,744,000 (equivalent to US$1,246,000) to reduce the amount of the fines that would otherwise be payable and has recorded in the caption “Trade and other accounts receivable, net”, see note 7(c), based on the opinion of its legal advisors who are of the opinion that there are sound arguments to obtain a favorable result in the appeal process that has been initiated before the Tax Court. On July 23, 2021, the Tax Court (last administrative instance) has resolved the appeal declaring founded, in part, the claim for the repair of the tax credit for the bonuses paid to contractors and its impact on the carryover of the balance in favor of the exporter. Based on the opinion of the Company’s legal advisers, management expects to obtain a favorable result in the judicial process initiated. On December 10, 2021, SUNAT filed a lawsuit against the Resolution of the Tax Court in which it revoked the repair for bonds. The Company and its sponsoring lawyers believe that there are elements to obtain a favorable result in the judicial process. Subsidiaries – Sociedad Minera El Brocal S.A.A. – On May 30, 2014, SUNAT issued tax and fines assessments related to the 2011 income tax of El Brocal. They do not recognize the deduction of the loss in derivative financial instruments, the expense in mining royalties and the expenses of feeding of third parties within the terms of law. El Brocal filed an appeal that is pending resolution to date. It should be noted that on June 18, 2014, El Brocal decided to pay under protest the income tax assessment of S/8,067,533 (equivalent to US$2,188,000) so it can have access to reduced fine. This payment has been recorded as part of account receivables in the caption “Trade and other accounts receivable, net”, see note 7(c). On January 8, 2015, SUNAT notified El Brocal of a tax assessment for the 2012 income tax year related to deductions claimed by the subsidiary and rejected by SUNAT. As a result of the rejection of these deductions, SUNAT notified a tax assessment for income tax payments from January to December 2012, which amounts to S/4,030,000 (equivalent to US$2,108,000). El Brocal has filed an appeal to the Tax Court, which is pending resolution. On June 14, 2017, SUNAT notified El Brocal of its determinations and fine resolutions as a result of the inspection procedure initiated for the 2013 income tax year where the balances in favor and the taxable tax loss are repaired. These resolutions were claimed without favorable results. On January 24, 2018, El Brocal filed the appeal before the Tax Court. On May 13, 2019, the Tax Court notified El Brocal through Resolution No. 3062-3-2019 that its appeal of the taxable years 2011, 2012 and 2013 had been resolved to prohibit the deduction of the expense for food and confirmed the observations related to the deductibility of losses on derivative financial instruments and the expense associated with the payment of mining royalties of the 2011, 2012 and 2013 fiscal years. As a result of the aforementioned resolution, the Tax Administration has notified the compliance resolutions re-assessing the income tax and the effects on payments on account for the years 2012 and 2013. El Brocal has filed an appeal before the Tax Court after which SUNAT will proceed to the reliquidation of the tax debt. On August 9, 2019, El Brocal filed an administrative contentious lawsuit against the decision of the Tax Court since El Brocal had provided reliable documentation regarding the basis for the deductibility associated with the loss on derivative financial instruments and payment of mining royalties. El Brocal’s lawsuit was declared unfounded in the first and second instance and on April 21, 2022, the appeal was filed. Through the Qualification Order dated June 27, 2022, the Supreme Court has declared the appeal filed inadmissible. In 2022, El Brocal has recorded the amount of the tax debt paid in 2014 in the amount of S/8,333,000 (equivalent to US$2,188,000) and has been recorded as part of account receivables in the caption “Trade and other accounts receivable, net”, see note 7(c). It includes an amount S/4,044,000 (equivalent to US$1,062,000) correspond to income tax and are presented under the heading “Current income tax”, see note 30(b). Also the amount of S/4,289,000 (equivalent to US$1,126,000) correspond to the fine plus default interest and are presented under the heading “Other, net “, see note 28(a). In addition, contingencies for the effects of prepayments of income tax for fiscal years 2012 and 2013 for S/4,922,000 (equivalent to US$1,289,000) have been recorded in results for the period. Said amount corresponds to fines plus default interest and is presented in the caption “Other, net”, see note 28(a). On September 21, 2022, the Company and its sponsoring lawyers have filed an amparo claim against the Qualification Order to have it declared null and things are restored to the previous state and the appeal for cassation is ordered to be processed. In the opinion of the sponsoring lawyers, El Brocal has defense arguments to obtain a favorable result. During 2019, SUNAT reviewed the tax return for El Brocal’s fiscal year 2015. As a result of this review, SUNAT communicated on December 31, 2019 its determination and resolutions where it questioned the depreciation rate of two tailings and the deduction of the development costs of the Smelter Project for a total S/13,930,000 (equivalent to US$3,647,000) determining a debt of S /3,412,000 (equivalent to US$893,000). Management of El Brocal and its legal advisors considered that the findings rendered by the SUNAT are not supported by the technical merits of the positions taken by the SUNAT and have started the claim process. On January 27, 2020, El Brocal made a payment of the resolution in order to benefit from the fine reduction. The amount disbursed is S/1,456,000 (equivalent to US$382,000). On December 18, 2020, SUNAT rejected El Brocal’s claim, leaving without effect the observation referring to the deduction of the development costs of the Tajo Smelter Project and has confirmed the deduction for the depreciation of the tailings dams for S/6,108,000 (equivalent to US$1,575,000). As a result, SUNAT has returned part of the fine of S/459,000 (equivalent to US$121,000) for which, as of December 31, 2021, a receivable is recognized of S/997,000 (equivalent to US$262,000), note 7(c). Management of El Brocal and its legal advisors consider that the remaining objection has no basis, and therefore on January 12, 2021 they have started the appeal process before the Tax Court. During 2020, SUNAT reviewed the income tax return for the year 2014. As a result of this review, SUNAT notified El Brocal on December 30, 2020 of its determination Resolutions and the Fine where it questions the depreciation rate of two tailings dams, the deduction of the development costs of the Tajo Smelter Project and certain operating expenses for a total of S/16,582,000 (equivalent to US$4,341,000) determining an amount to be paid of S/10,902,000 (equivalent to US$2,854,000). El Brocal’s management and its legal advisors consider that the findings have no technical merit and have initiated the claim process. On January 7, 2021, El Brocal paid the tax assessment under protest in order to benefit from a reduction of the fine. The amount disbursed of S/7,871,000 (equivalent to US$2,067,000) has been recorded in the caption “Trade and other accounts receivable, net”, see note 7(c). On May 21, 2021, SUNAT rejected El Brocal’s claim, leaving without effect the observation referring to the deduction of the development costs of the Tajo Smelter Project and has confirmed the deduction for the depreciation of the tailings for S/6,018,000 (equivalent to to US$1,575,000) and operating expenses for S/5,384,000 (equivalent to US$1,410,000). As a consequence of said ruling, SUNAT has returned part of the fine for S/3,003,000 (equivalent to US$789,000), therefore, as of December 31, 2021, an account receivable has been registered, net of S/4,868,000 (equivalent to US$ 1,278,000), note 7(c). Management of El Brocal and its legal advisors consider that the SUNAT’s remaining findings are unfounded and the appeal process has begun before the Tax Court on June 11, 2021. During the years 2021 and 2022, the Tax Administration reviewed the income tax return for the year 2016. As a consequence of said review, SUNAT has notified on August 31, 2022 the Determination and Fine Resolutions where it questions the depreciation rate of two tailing dams and the deduction of the development costs of the Tajo Smelter Project for a total of S/20,380,000 (equivalent to US$5,335,000) determining a decrease in the tax loss of El Brocal. The Management of El Brocal and its legal advisors consider that the objections are unfounded, which is why they have started the claim process. Minera La Zanja S.R.L. - During the years 2016, 2017 and 2018, SUNAT audited the income tax return for the years 2013 and 2015; as a result, SUNAT does not recognize deductions for payments of profit sharing of workers, payments for police protection, balance of profit sharing and the exchange difference associated with the provision for mine closures. On November 20, 2020, the Tax Court confirmed SUNAT’sposition associated with the profit sharing and the exchange difference for the provision for mine closure. As a result, on March 18, 2021, SUNAT has revised the imputed amount to be paid for the years 2013 and 2015 for S/3,438,000 (equivalent to US$900,000) that La Zanja has proceeded to pay. The possible contingencies for the two deductions not recognized by SUNAT and the Tax Court amount to S/3,060,000 (equivalent to US$804,000). As mentioned in the previous paragraph, La Zanja has had to pay the corresponding debt under protest and it is recorded under the “Trade accounts receivable and other accounts receivable” caption, see note 7(c). In the opinion of management of La Zanja and its legal advisors, the interpretation of the Tax Court on profit sharing and the exchange difference of the mine closure provision is unsupported, and on March 9, 2021, La Zanja initiated a contentious-administrative lawsuit that is pending resolution in the Twenty-First Court of Administrative Litigation with Tax Subspecialty of Lima. During the year 2021, as a result of the review of the Affidavit of the year 2017, La Zanja has recognized tax contingencies related to the balance in favor of the income tax of the taxable year 2017 for the amount of S/1,124,000 (equivalent to US$294,000), since in the opinion of Management and its tax advisors this contingency is probable. In the course of 2022, as a result of the review of the 2016 Affidavit, the Tax Administration has reliquidated and determined a lower tax paid in 2016 for S/4,288,000 (equivalent to US$1,123,000), as a result of the decrease in the balance in favor of fiscal year 2015 due to the repair of the exchange difference from the closure of mines in said fiscal year and which, updated with fines and interest, imputed a debt of S/11,215,000 (equivalent to US$2,936,000). The Management of La Zanja and its legal advisors consider that the objection has no basis, and therefore they have started the claim process. On October 25, 2022, La Zanja has paid the imputed tax debt in order to benefit from the fine reduction. The disbursed amount of S/8,959,000 (equivalent to US$2,353,000) was recorded as a long-term account receivable in |
Transactions with related compa
Transactions with related companies and joint venture | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with related companies and joint venture | |
Transactions with related companies and joint venture | 32. Transactions with related companies and joint venture (a) The Group has carried out the following transactions with its related companies and joint venture in the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Associates - Revenues from: Energy 3,415 3,255 3,173 Royalties 1,381 15,928 18,638 Supplies, note 28(a) 179 169 890 Mineral — — 211 Purchase of: Supplies 57 53 55 Services rendered to: Administrative and Management services 816 802 672 Operation and maintenance services related to energy transmission 310 262 280 Services of energy transmission 183 153 320 Constructions services — 8 72 Contributions granted and paid from: Tinka Resources Ltd. 1,676 — — Dividends received and collected from: Sociedad Minera Cerro Verde S.A.A. 78,338 137,091 — Compañía Minera Coimolache S.A. 802 11,320 3,649 79,140 148,411 3,649 Joint Venture - Interest income: Transportadora Callao S.A., note 29(a) 94 89 114 Non-controlling shareholders - Dividends paid to: Newmont Peru Limited - Sucursal del Perú 2,647 6,160 5,140 (b) As a result of the transactions indicated in the paragraph (a), the Group had the following accounts receivable and payable from/to associates: 2022 2021 US$(000) US$(000) Trade and other receivables, note 7(a) Minera Yanacocha S.R.L. 312 4,314 Compañía Minera Coimolache S.A. 55 312 367 4,626 Other receivables, note 7(a) Transportadora Callao S.A. 1,612 1,855 Compañía Minera Coimolache S.A. 1,025 443 Ferrocarril Central Andino S.A. 150 — Banco Pichincha 55 — 2,842 2,298 3,209 6,924 Trade and other payables, note 14(a) Compañía Minera Coimolache S.A. 163 113 Other payables, note 14(a) Other minor 20 14 183 127 As of December 31, 2022 and 2021, there is no allowance for expected credit losses related to related parties accounts. (c) S.M.R.L. Chaupiloma Dos de Cajamarca - Until February 7, 2022, Minera Yanacocha S.R.L. (hereinafter “Yanacocha”) paid the Group a 3% royalty based on quarterly production sold at current market prices, after deducting refinery and transportation costs in accordance with mining lease, amended and effective on January 1, 1994. As of that date, the subsidiary transferred all its mining concessions to Yanacocha, see note 1(d), receiving as consideration an amount similar to a percentage of Yanacocha’s sold production, as well as the production of future concessions. (d) Key officers - As of December 31, 2022 and 2021, loans to employees, directors and key personnel amounts to US$1,000 and US$3,000, respectively, which are payable monthly and earn interest at market rates. There are no loans to the Group’s directors and key personnel guaranteed with Buenaventura or any of its subsidiaries’ shares. The Group’s key executives’ compensation (including the related income taxes assumed by the Group) for the years ended 2022 and 2021 are presented below: 2022 2021 US$(000) US$(000) Accounts payable: Bonus to officers 14,861 11,650 Directors’ remuneration 3,455 1,639 Salaries 933 847 Total 19,249 14,136 Payments: Salaries 10,230 10,278 Directors’ remuneration 2,956 1,841 Total 13,186 12,119 Expenses: Salaries 11,163 11,125 Directors’ remuneration 3,455 3,499 Total 14,618 14,624 (e) The account receivable from Consorcio Transportadora Callao corresponds to the disbursements made between 2011 and 2013 by the subsidiary El Brocal in order to participate in the joint venture (see note 10(c)). This account receivable generates interest at an annual fixed rate of 5.82% and it is estimated that it will be collected from the year 2023. |
Disclosure of information on se
Disclosure of information on segments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information on segments | |
Disclosure of information on segments | 33. Disclosure of information on segments Management has determined its operating segments based on reports that the Group’s Chief Operating Decision Maker (CODM) uses for making decisions. The Group is organized into business units based on its products and services, activities and geographic locations. The broad categories of the Group’s business units are the following: - Production and sale of minerals (mining units in operation). - Exploration and development projects. - Energy generation and transmission services. - Insurance brokerage. - Rental of mining concessions. - Holding of investment in shares. - Industrial activities. The accounting policies used by the Group in reporting segments internally are the same as those contained in the notes of the consolidated financial statements. The CODM monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Group’s consolidated financial statements. In addition, the Group’s financing and income taxes are managed at the corporate level and are not allocated to the operating segments, except for those entities,which are managed independently. Corporate information mainly includes the following: In the segment information of profit or loss - - Administrative expenses, other income (expenses), exchange gain (loss), finance costs and income and income tax that cannot be directly allocated to the operational mining units owned by the Parent company (Orcopampa, Julcani and Tambomayo) and one temporarily suspended operation (Uchucchacua). - Exploration activities in non-operating areas, carried out directly by the Parent company and not by the consolidated separate legal entities. - Participation in subsidiaries and associate companies of the Company, which are accounted for using the equity method. In the segment information of assets and liabilities - - Investments in Sociedad Minera Cerro Verde S.A.A. Tinka Resources Ltd. and Compañía Minera Coimolache S.A., associate companies that are directly owned by the Parent company and are accounted for using the equity method; see note 10 to the consolidated financial statements. - Assets and liabilities of the operational mining units owned directly by the Parent company since this is the way the CODM analyzes the business. Assets and liabilities of other operating segments are allocated based on the assets and liabilities of the legal entities included in those segments. Adjustments and eliminations mainly include the following: In the segment information of consolidated statements of profit or loss – - The elimination of any profit or loss of investments accounted for under the equity method and not consolidated by the Group corresponding to the associate companies: Sociedad Minera Cerro Verde S.A.A. Tinka Resources Ltd. and Compañía Minera Coimolache S.A. - The elimination of intercompany sales and cost of sales. - The elimination of any equity pickup profit or loss of the subsidiaries of the Parent company. In the segment information of assets and liabilities – - The elimination of the assets and liabilities of the investments accounted for under the equity method and not consolidated, corresponding to the associate companies: Sociedad Minera Cerro Verde S.A.A., Tinka Resources Ltd. and Compañía Minera Coimolache S.A. - The elimination of any equity pickup investments of the subsidiaries of the Parent company. - The elimination of intercompany receivables and payables. Refer to note 20(a) to the consolidated financial statements for disclosures related to revenues from external customers for each product and service, and revenues from external customers attributed to Peru and foreign countries. Revenue information is based on the locations of customers. Refer to note 20(d) to the consolidated financial statements for information about major customers (representing more than 10% of the Group’s revenues). All non-current assets are located in Peru. Equity accounted investees Exploration and Industrial Compañía Uchucchacua development Energy Rental of Holding of activities Sociedad Minera Tinka Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja mining generation and Insurance mining investment (Temporary Minera Cerro Coimolache Resources operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) projects transmission brokerage concessions in shares suspension) Corporate Verde S.A.A S.A. Ltd. segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2022 Results: Continuing operations Operating income Sales of goods 5,281 134,268 54,573 151,789 400,994 52,260 — — — — — 53,073 — 3,975,295 159,003 — 4,986,536 (4,185,337) 801,199 Sales of services — — — — — — — 52,433 17,207 — 421 — — — — — 70,061 (47,839) 22,222 Royalty income — — — — — — — — — 1,381 — — — — — — 1,381 — 1,381 Total operating income 5,281 134,268 54,573 151,789 400,994 52,260 — 52,433 17,207 1,381 421 53,073 — 3,975,295 159,003 — 5,057,978 (4,233,176) 824,802 Operating costs Cost of sales of goods, excluding depreciation and amortization — (58,108) (30,215) (76,214) (267,997) (49,903) — — — — — (52,122) — (2,367,767) (114,513) — (3,016,839) 2,554,897 (461,942) Unabsorbed cost due to production stoppage (24,916) — — — — — — — — — — (1,973) — — — — (26,889) 3,831 (23,058) Cost of sales of services, excluding depreciation and amortization — — — — — — — (24,861) — — — — — — — — (24,861) 21,698 (3,163) Depreciation and amortization (9,000) (7,757) (6,444) (59,125) (72,171) (7,459) — (9,040) — — — (6,396) — — (42,950) — (220,342) 43,561 (176,781) Exploration in operating units (32,592) (11,594) (6,747) (9,980) (16,671) (3,212) — — — — — — — — (8,967) — (89,763) 8,967 (80,796) Mining royalties (46) (12,220) (472) (1,322) (3,168) (506) — — — — — — — — (1,500) — (19,234) 1,501 (17,733) Total operating costs (66,554) (89,679) (43,878) (146,641) (360,007) (61,080) — (33,901) — — — (60,491) — (2,367,767) (167,930) — (3,397,928) 2,634,455 (763,473) Gross profit (loss) (61,273) 44,589 10,695 5,148 40,987 (8,820) — 18,532 17,207 1,381 421 (7,418) — 1,607,528 (8,927) — 1,660,050 (1,598,721) 61,329 Operating expenses, net Administrative expenses (651) (12,406) (5,028) (14,076) (8,744) (3,061) (1,528) (2,948) (12,694) (218) (617) (442) (5,966) — (4,139) (4,383) (76,901) 9,173 (67,728) Selling expenses (3,634) (560) (389) (5,126) (9,649) (179) — (770) — — — (177) — (157,373) (1,018) — (178,875) 158,653 (20,222) Exploration in non-operating areas (15) — — — (4,008) (5,243) (282) — — — — — (4,737) — — — (14,285) 33 (14,252) Reversal (provision) of contingencies and others (44) 544 (1,776) (228) (1,706) (353) 108 (440) — (98) — — 442 — 74 — (3,477) 542 (2,935) Impairment recovery (loss) of long-lived assets — — — — — — — — — — — 19,874 — — — — 19,874 — 19,874 Other, net 2,453 124 (793) (815) (7,777) (7,374) (931) (196) — 8,162 (2,472) 321 (6,090) (23,933) 317 — (39,004) 23,919 (15,085) Total operating expenses, net (1,891) (12,298) (7,986) (20,245) (31,884) (16,210) (2,633) (4,354) (12,694) 7,846 (3,089) 19,576 (16,351) (181,306) (4,766) (4,383) (292,668) 192,320 (100,348) Operating income (loss) (63,164) 32,291 2,709 (15,097) 9,103 (25,030) (2,633) 14,178 4,513 9,227 (2,668) 12,158 (16,351) 1,426,222 (13,693) (4,383) 1,367,382 (1,406,401) (39,019) Share in the results of associates and joint venture — — — — (10) — — 7,008 — — 4,756 — 164,823 — — — 176,577 (307) 176,270 Net gain (loss) from currency exchange difference (290) 99 100 (11) 526 336 604 (207) (45) 1 (693) 1,218 25,235 980 (51) — 27,802 (931) 26,871 Finance income 12 2 4 4 879 614 11 394 — 5 308 54 12,226 17,235 1,961 — 33,709 (19,266) 14,443 Finance costs (496) (546) (382) (302) (6,470) (1,318) (297) (5,337) (48) (2) (29) (25) (38,900) (10,537) (2,158) — (66,847) 12,711 (54,136) Profit (loss) before income tax (63,938) 31,846 2,431 (15,406) 4,028 (25,398) (2,315) 16,036 4,420 9,231 1,674 13,405 147,033 1,433,900 (13,941) (4,383) 1,538,623 (1,414,194) 124,429 Current income tax (19) (465) (175) (527) (6,125) (187) — (3,238) (1,197) (2,714) 1,289 — (731) (445,078) (2,951) — (462,118) 446,485 (15,633) Deferred income tax — — — — 2,459 (15,945) — 805 11 — (107) 3,208 25,128 (63,469) 8,524 — (39,386) 54,978 15,592 Total income tax (19) (465) (175) (527) (3,666) (16,132) — (2,433) (1,186) (2,714) 1,182 3,208 24,397 (508,547) 5,573 — (501,504) 501,463 (41) Profit (loss) from continuing operations (63,957) 31,381 2,256 (15,933) 362 (41,530) (2,315) 13,603 3,234 6,517 2,856 16,613 171,430 925,353 (8,368) (4,383) 1,037,119 (912,731) 124,388 Discontinued operations gain 478,547 Profit for the year 602,935 Total assets 127,479 62,083 34,131 197,550 668,230 79,038 496,198 377,679 14,436 3,306 231,820 74,266 3,047,322 7,993,863 365,585 63,461 13,836,447 (9,333,220) 4,503,227 Total liabilities 55,792 52,429 31,388 29,654 290,998 80,655 21,844 131,540 6,107 139 226 7,981 655,598 1,342,436 117,388 473 2,824,648 (1,484,362) 1,340,286 Other segment information Investments in associates and joint venture — — — — 2,486 — — 121,650 — — 213,682 — 2,099,568 — — — 2,437,386 (916,409) 1,520,977 Acquisition of long-lived assets 32,000 3,584 1,559 3,175 62,593 1,719 46,459 1,487 25 — 3 265 500 — — — 153,369 (1,396) 151,973 Changes in estimates of mine closures plans (3,107) 5,112 3,585 (856) (11,322) (8,705) (6,576) — — — — — — — — — (21,869) — (21,869) Equity accounted investees Exploration and Energy Industrial Compañía Uchucchacua development generation Rental of Holding of activities Sociedad Minera Tinka Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja mining and Insurance mining investment (Temporary Minera Cerro Coimolache Resources operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) projects transmission brokerage concessions in shares suspension) Corporate Verde S.A.A S.A. Ltd. segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2021 Results: Continuing operations Operating income Sales of goods 79,375 89,567 56,065 181,021 410,390 39,380 — — — — — 47,024 — 4,199,448 215,481 — 5,317,751 (4,454,281) 863,470 Sales of services — — — — — — — 53,083 15,651 — 551 13,876 — — — — 83,161 (62,109) 21,052 Royalty income — — — — — — — — — 15,928 — — — — — — 15,928 — 15,928 Total operating income 79,375 89,567 56,065 181,021 410,390 39,380 — 53,083 15,651 15,928 551 60,900 — 4,199,448 215,481 — 5,416,840 (4,516,390) 900,450 Operating costs Cost of sales of goods, excluding depreciation and amortization (95,359) (56,183) (31,319) (82,531) (248,021) (46,531) — — — — — (46,811) — (2,272,989) (106,088) — (2,985,832) 2,456,101 (529,731) Unabsorbed cost due to production stoppage (25,326) — — — — — — — — — — (1,050) — — — — (26,376) 867 (25,509) Cost of sales of services, excluding depreciation and amortization — — — — — — — (20,781) — — — (3,940) — — — — (24,721) 23,452 (1,269) Depreciation and amortization (14,083) (8,409) (6,849) (63,638) (68,830) (5,449) — (8,995) — — — (11,569) — — (43,698) — (231,520) 44,309 (187,211) Exploration in operating units (11,090) (11,466) (6,107) (10,076) (17,099) (574) — — — — — — — — (6,191) — (62,603) 6,191 (56,412) Mining royalties (998) (7,636) (599) (1,712) (1,626) (403) — — — — — — — — (529) — (13,503) 529 (12,974) Total operating costs (146,856) (83,694) (44,874) (157,957) (335,576) (52,957) — (29,776) — — — (63,370) — (2,272,989) (156,506) — (3,344,555) 2,531,449 (813,106) Gross profit (loss) (67,481) 5,873 11,191 23,064 74,814 (13,577) — 23,307 15,651 15,928 551 (2,470) — 1,926,459 58,975 — 2,072,285 (1,984,941) 87,344 Operating expenses, net Administrative expenses (6,758) (7,649) (4,737) (15,382) (7,229) (2,932) (1,447) (2,942) (11,796) (242) (1,687) (1,102) (4,534) — (3,718) (5,692) (77,847) 10,262 (67,585) Selling expenses (3,738) (401) (480) (5,485) (9,946) (124) — (740) — — — (559) — — (1,114) — (22,587) 1,760 (20,827) Exploration in non-operating areas (65) — — — (1,383) (5,742) (1,011) — — — — — (3,100) — — — (11,301) 31 (11,270) Write –off of stripping activity asset — — — — (6,763) — — — — — — — — — — — (6,763) — (6,763) Reversal (provision) of contingencies and others (1,291) 70 320 25 (356) (1,029) 132 111 — 15 — 9 (436) — — — (2,430) (257) (2,687) Impairment recovery (loss) of long-lived assets — — — — — 4,964 — — — — — (19,874) — — — — (14,910) — (14,910) Other, net (7,865) (501) (844) (4,797) (12,571) (44) (371) 134 — 34 (44) (82) (80) — 156 — (26,875) (2,385) (29,260) Total operating expenses, net (19,717) (8,481) (5,741) (25,639) (38,248) (4,907) (2,697) (3,437) (11,796) (193) (1,731) (21,608) (8,150) — (4,676) (5,692) (162,713) 9,411 (153,302) Operating income (loss) (87,198) (2,608) 5,450 (2,575) 36,566 (18,484) (2,697) 19,870 3,855 15,735 (1,180) (24,078) (8,150) 1,926,459 54,299 (5,692) 1,909,572 (1,975,530) (65,958) Share in the results of associates and joint venture — — — — 36 — — 20,525 (15) — (411,974) — 236,593 — — — (154,835) 395,285 240,450 Finance income — — — — 388 196 — 124 — — — 12 5,659 — 247 — 6,626 (674) 5,952 Finance costs (431) (493) (484) (270) (7,126) (1,361) (238) (4,731) (52) (2) (1) (98) (45,719) (28,775) (2,613) — (92,394) 31,765 (60,629) Net gain (loss) from currency exchange difference (2,010) (129) (612) (641) (2,346) (296) (1,210) (377) 397 (83) (7) (1,824) (9,542) 29,493 (1,819) — 8,994 (27,680) (18,686) Profit (loss) before income tax (89,639) (3,230) 4,354 (3,486) 27,518 (19,945) (4,145) 35,411 4,185 15,650 (413,162) (25,988) 178,841 1,927,177 50,114 (5,692) 1,677,963 (1,576,834) 101,129 Current income tax (57) (65) (41) (132) (12,220) — — (1,132) (1,673) (4,661) (121) (291) — (704,455) (27,702) — (752,550) 732,175 (20,375) Deferred income tax — — — — (4,736) 4,212 — 6,824 70 — — (1,401) 38,987 (31,248) (4,118) — 8,590 35,456 44,046 Total income tax (57) (65) (41) (132) (16,956) 4,212 — 5,692 (1,603) (4,661) (121) (1,692) 38,987 (735,703) (31,820) (743,960) 767,631 23,671 Profit (loss) from continuing operations (89,696) (3,295) 4,313 (3,618) 10,562 (15,733) (4,145) 41,103 2,582 10,989 (413,283) (27,680) 217,828 1,191,474 18,294 (5,692) 934,003 (809,203) 124,800 Discontinued operations loss (387,604) Loss for the year (262,804) Total assets 111,885 47,734 30,449 264,521 694,831 121,681 442,335 385,626 19,152 4,927 261,803 63,551 3,016,730 8,124,564 414,986 59,128 14,063,903 (9,502,092) 4,561,811 Total liabilities 62,279 48,659 32,912 36,551 327,519 81,770 21,764 153,090 6,343 1,717 275,814 13,920 1,243,575 1,997,558 150,751 211 4,454,433 (2,431,153) 2,023,280 Other segment information Investments in associates and joint venture — — — — 2,497 — — 99,352 — — 207,233 — 1,971,506 — — — 2,280,588 (858,293) 1,422,295 Acquisition of long-lived assets 16,109 2,983 2,362 3,935 37,649 999 22,513 754 139 — — 1,744 1,122 — — — 90,309 — 90,309 Changes in estimates of mine closures plans (517) (390) (108) (308) (1,410) 175 (679) — — — — — (35) — — — (3,272) — (3,272) Equity accounted investees Exploration and Industrial Compañía Uchucchacua development Energy Rental of Holding of activities Sociedad Minera Tinka Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja mining generation and Insurance mining investment (Temporary Minera Cerro Coimolache Resources operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) projects transmission brokerage concessions in shares suspension) Corporate Verde S.A.A S.A. Ltd. segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2020 Results: Continuing operations Operating income Sales of goods 90,420 77,825 32,034 142,833 255,275 33,033 — — — — — 36,541 — 2,538,593 203,163 — 3,409,717 (2,772,098) 637,619 Sales of services — — — — — — — 48,254 14,753 — 607 15,335 — — — — 78,949 (58,664) 20,285 Royalty income — — — — — — — — — 18,638 — — — — — — 18,638 — 18,638 Total operating income 90,420 77,825 32,034 142,833 255,275 33,033 — 48,254 14,753 18,638 607 51,876 — 2,538,593 203,163 — 3,507,304 (2,830,762) 676,542 Operating costs Cost of sales of goods, excluding depreciation and amortization (100,097) (37,139) (16,679) (64,107) (170,148) (31,978) — — — — — (38,607) — (1,939,262) (91,089) — (2,546,139) 2,152,251 (393,888) Unabsorbed cost due to production stoppage (9,630) (3,849) (5,167) (822) (10,216) (203) — — — — — (597) — — — — (30,484) 2,726 (27,758) Cost of sales of services, excluding depreciation and amortization — — — — — — — (17,868) — — — (5,075) — — — — (22,943) 21,389 (1,554) Depreciation and amortization (16,752) (8,102) (6,412) (72,714) (59,433) (6,595) — (9,347) — — — (10,876) — — (52,732) — (190,231) 611 (189,620) Exploration in operating units (6,731) (5,198) (3,167) (7,157) (5,790) (1) — — — — — — — — (3,586) — (28,044) — (28,044) Mining royalties (1,068) (6,943) (278) (1,228) (1,902) (330) — — — — — — — — (715) — (11,749) — (11,749) Total operating costs (134,278) (61,231) (31,703) (146,028) (247,489) (39,107) — (27,215) — — — (55,155) — (1,939,262) (148,122) — (2,829,590) 2,176,977 (652,613) Gross profit (loss) (43,858) 16,594 331 (3,195) 7,786 (6,074) — 21,039 14,753 18,638 607 (3,279) — 599,331 55,041 — 677,714 (653,785) 23,929 Operating expenses, net Administrative expenses (9,140) (7,948) (3,288) (14,548) (7,536) (2,434) (1,649) (2,863) (10,939) (112) (398) (1,498) (5,965) — (4,043) (2,311) (74,672) 7,487 (67,185) Selling expenses (3,806) (436) (438) (3,862) (9,070) (104) — (784) — — — (687) — — (1,290) — (20,477) 1,944 (18,533) Write –off of stripping activity asset — — — — (11,633) — — — — — — — — — — — (11,633) — (11,633) Exploration in non-operating areas (27) — — — (86) (4,769) — — — — — — (3,623) — — — (8,505) 30 (8,475) Reversal (provision) of contingencies and others 28 (322) (195) 10 (1,145) 173 33 501 — — — 9 (3,242) — — — (4,150) — (4,150) Impairment recovery (loss) of long-lived assets — — 2,083 — — — — — — — — — — — — — 2,083 — 2,083 Other, net 2,776 (1,922) (212) (1,376) 4,547 (712) (593) 796 — 63 (10) 989 1,186 — 188 — 5,720 (3,030) 2,690 Total operating expenses, net (10,169) (10,628) (2,050) (19,776) (24,923) (7,846) (2,209) (2,350) (10,939) (49) (408) (1,187) (11,644) — (5,145) (2,311) (111,634) 6,431 (105,203) Operating income (loss) (54,027) 5,966 (1,719) (22,971) (17,137) (13,920) (2,209) 18,689 3,814 18,589 199 (4,466) (11,644) 599,331 49,896 (2,311) 566,080 (647,354) (81,274) Share in the results of associates and joint venture — — — — (253) — — 4,331 — — (67,018) — 43,358 — — — (19,582) 82,284 62,702 Finance income — — — — 257 780 1 1,622 27 9 — 38 1,405 2,350 411 — 6,900 (4,489) 2,411 Finance costs (268) (913) (636) (390) (9,175) (1,484) (387) (4,690) (55) (2) (1) (175) (21,322) (142,675) (2,532) — (184,705) 146,883 (37,822) Net gain (loss) from currency exchange difference (72) 126 78 130 (404) (306) (808) (402) 65 (49) 91 (984) (1,576) 52,464 (1,267) — 47,086 (51,202) (4,116) Profit (loss) before income tax (54,367) 5,179 (2,277) (23,231) (26,712) (14,930) (3,403) 19,550 3,851 18,547 (66,729) (5,587) 10,221 511,470 46,508 (2,311) 415,779 (473,878) (58,099) Current income tax (60) (55) (16) (93) (1,483) (17) — (780) (1,475) (5,543) (177) (171) — (236,926) (24,801) — (271,597) 261,673 (9,924) Deferred income tax — — — — (3,346) 235 — (9,388) 172 — — (347) (2,888) — 1,079 — (14,483) (1,023) (15,506) Total income tax (60) (55) (16) (93) (4,829) 218 — (10,168) (1,303) (5,543) (177) (518) (2,888) (236,926) (23,722) — (286,080) 260,650 (25,430) Profit (loss) from continuing operations (54,427) 5,124 (2,293) (23,324) (31,541) (14,712) (3,403) 9,382 2,548 13,004 (66,906) (6,105) 7,333 274,544 22,786 (2,311) 129,699 (213,228) (83,529) Discontinued operations loss (66,810) Loss for the year (150,339) Total assets 145,287 47,855 45,999 329,384 720,150 134,562 425,731 357,830 15,932 6,813 362,419 90,337 2,343,010 7,767,459 418,966 64,539 13,276,273 (9,296,656) 3,979,617 Total liabilities 62,024 46,787 34,431 38,923 366,705 78,916 22,695 166,396 5,569 2,694 340 13,025 410,197 2,132,131 150,463 876 3,532,172 (2,352,412) 1,179,760 Other segment information Investments in associates and joint venture — — — — 2,374 — — 94,117 — — 159,529 — 2,040,598 — — — 2,296,618 (807,843) 1,488,775 Acquisition of long-lived assets 10,443 1,064 1,059 3,531 23,955 825 24,648 371 106 — — 4,611 933 — — — 71,546 — 71,546 Changes in estimates of mine closures plans 11,745 5,042 771 1,186 2,437 9,569 808 — — — — — — — — — 31,558 — 31,558 Reconciliation of segment profit (loss) The reconciliation of segment profit (loss) to the consolidated profit (loss) from continuing operations follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment profit (loss) 1,037,119 934,003 129,699 Elimination of profit of equity accounted investees, not consolidated (owned by third parties) (912,602) (1,204,076) (295,019) Elimination of intercompany sales (98,879) (101,460) (89,006) Elimination of cost of sales and operating expenses intercompany 98,879 101,460 89,593 Elimination of share in the results of subsidiaries and associates (307) 395,285 82,284 Other 178 (412) (1,080) Consolidated profit (loss) from continuing operations 124,388 124,800 (83,529) Reconciliation of segment assets The reconciliation of segment assets to the consolidated assets follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment assets 13,836,447 14,063,903 13,276,273 Elimination of assets of equity accounted investees, not consolidated (owned by third parties) (8,422,909) (8,598,678) (8,250,964) Elimination of the subsidiaries and associates of the Parent company (920,601) (914,940) (1,005,368) Elimination of intercompany receivables (16,921) (15,188) (57,810) Other 27,211 26,714 17,486 Consolidated assets 4,503,227 4,561,811 3,979,617 Reconciliation of segment liabilities The reconciliation of segment liabilities to the consolidated liabilities follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment liabilities 2,824,648 4,454,433 3,532,172 Elimination of liabilities of equity accounted investees, not consolidated (1,460,297) (2,148,520) (2,283,470) Elimination of intercompany payables (24,140) (282,530) (68,961) Other 75 (103) 19 Consolidated liabilities 1,340,286 2,023,280 1,179,760 Disaggregated revenue information Set out below is the disaggregation of the Group’s revenue from contracts with customers: Industrial Uchuchacua Energy Rental of Holding of activities Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja generation and Insurance mining investment (Temporary operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) transmission brokerage concessions in shares suspension) segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2022 Revenues by type of customers: Sales by customers - External 5,052 134,158 50,652 152,537 385,731 1,220 — — — — 53,347 782,697 — 782,697 Inter-segment — — — — — 50,338 — — — — — 50,338 (50,338) — 5,052 134,158 50,652 152,537 385,731 51,558 — — — — 53,347 833,035 (50,338) 782,697 Services - External — — — — — — 5,015 17,207 — — — 22,222 — 22,222 Inter-segment — — — — — — 47,418 — — 421 — 47,839 (47,839) — — — — — — — 52,433 17,207 — 421 — 70,061 (47,839) 22,222 Royalties - External — — — — — — — — 1,381 — — 1,381 — 1,381 5,052 134,158 50,652 152,537 385,731 51,558 52,433 17,207 1,381 421 53,347 904,477 (98,177) 806,300 Revenues by geographic region: Metal and concentrates sales - Peru 2,733 20,475 46,124 140,593 322,372 51,558 — — — — 248 548,103 (50,338) 533,765 America - other than Peru — 113,683 — 11,942 — — — — — — 53,099 178,724 — 178,724 Europe 2,319 — 25 2 31,066 — — — — — — 33,412 — 33,412 Asia — — 4,503 — 32,293 — — — — — — 36,796 — 36,796 5,052 134,158 50,652 152,537 385,731 51,558 — — — — 53,347 833,035 (50,338) 782,697 Services - Peru — — — — — — 52,433 17,080 — 421 — 69,934 (62,109) 20,936 America - other than Peru — — — — — — — 127 — — — 127 — 127 Europe — — — — — — — — — — — — — — — — — — — — 52,433 17,207 — 421 — 70,061 (47,839) 22,222 Royalties - Peru — — — — — — — — 1,381 — — 1,381 — 1,381 5,052 134,158 50,652 152,537 385,731 51,558 52,433 17,207 1,381 421 53,347 904,477 (98,177) 806,300 Revenues by type of good or services: Sales by metal - Silver 8,363 755 51,232 32,269 62,951 2,218 — — — — 2,245 160,033 (2,110) 157,923 Gold — 134,200 28 84,003 29,326 51,908 — — — — 50,888 350,353 (50,606) 299,747 Copper — — 516 — 366,762 — — — — — — 367,278 — 367,278 Zinc 400 — — 40,087 66,999 — — — — — — 107,486 — 107,486 Lead (55) — 856 19,616 12,534 — — — — — — 32,951 — 32,951 Manganese sulfate — — — — — — — — — — 361 361 — 361 Antimony — — 28 — — — — — — — — 28 — 28 8,708 134,955 52,660 175,975 |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Embedded derivatives [Line Items] | |
Derivative financial instruments | 34. Derivative financial instruments (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Copper and Zinc prices hedge (b) 8,839 (6,332) Interest rate hedge (c) — (644) 8,839 (6,976) (b) Copper and Zinc price hedges - The volatility of copper prices during 2022 and 2021 has caused management to enter into forward contracts. These 2022 and 2021 contracts are intended to reduce the volatility of the cash flows attributable to the fluctuations in copper and zinc prices in accordance with existing copper concentrate sales commitments, which are related to 50% of the annual production of copper and 25% of the production of two years of zinc, according to the risk strategy approved by the Board of Directors. During 2022, 2021 and 2020, the effect of hedge derivative financial instruments in profit or loss was a gain of US$12,774,000, loss of US$51,952,000, and loss of US$6,464,000, respectively (and it is show in the “Sales of goods” caption, note 20(b)). The balance receivable of US$2.5 million as of December 31, 2022 is shown in the “Trade and other receivables” caption, note 4(a), while, as of December 31, 2021, it represented a balance payable of US$1.2 million shown in the “Trade and other payables” caption. The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2022: Quotations Quotation period Concentrate Metric tons Fixed Futures Fair value US$/DMT(*) US$/DMT(*) US$(000) January 2023 Copper 2,000 10,185 8,344 4,332 February 2023 Copper 1,500 10,109 8,350 1,867 March 2023 Copper 1,500 10,153 8,353 2,640 5,000 8,839 (*) DMT= Dry metric tonne. The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2021: Quotations Quotation period Concentrate Metric tons Fixed Futures Fair value US$/DMT(*) US$ DMT(*) US$(000) January 2022 Copper 3,250 9,405 9,748 (1,112) January 2022 Zinc 500 3,450 9,748 (65) February 2022 Copper 2,000 9,444 9,740 (591) March 2022 Copper 2,000 9,525 9,732 (413) April 2022 Copper 2,700 9,103 9,719 (1,661) May 2022 Copper 3,050 9,175 9,701 (1,601) June 2022 Copper 1,000 9,425 9,686 (260) July 2022 Copper 3,000 9,442 9,676 (701) October 2022 Copper 1,500 9,762 9,631 196 December 2022 Copper 1,000 9,475 9,600 (124) 20,000 (6,332) (*) DMT= Dry metric tonne. Changes in “Hedge derivative financial instruments” is included in “unrealized gain (loss) on hedge derivative financial instruments of copper and zinc prices hedge” in the consolidated statements of other comprehensive income. For the year 2022, 2021 and 2020, the Group recorded an unrealized gain of US (c) Interest rate hedge - In order to mitigate the exposure to the risk of changes in the interest rate related to its financial obligations, on April 2, 2020, the Company’s management decided to enter into forward contracts in relation to three-month LIBOR with BBVA Banco Continental, Banco de Credito del Peru, Banco Internacional del Peru and Itaú, which are designated as cash flow hedges. As of December 31, 2022, the Company did not have hedginge derivative instruments. The following is the composition of the operations to be settled that are part of the liability for hedging derivative instrument as of December 31, 2021: LIBOR three months Maturity Amount Fixed Forwards Fair value US$(000) US$(000) October 2022 81,666 2.632 % 2.06% - 2.14 % (191) October 2022 74,167 2.632 % 2.06% - 2.14 % (174) October 2022 74,167 0.732 % 0.16% - 0.24 % (174) July 2022 45,000 2.632 % 2.06% - 2.14 % (105) 275,000 (644) For the years 2022, 2021 and 2020, the effect on results was a gain of US$818,000, a loss of US$1,547,000 and a loss of US$146,000, respectively and is presented in the caption of “Financial costs” see note 29(a). Changes in “Hedge derivative financial instruments” is included in “Unrealized gain (loss) on hedge derivative financial instruments of interest rate hedge, net of income tax” in consolidated statements of other comprehensive income. For the years 2022, 2021 and 2020, the Company recorded an unrealized gain of US |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Embedded derivatives [Line Items] | |
Derivative financial instruments | 21. Embedded derivatives As discussed in Note 2(d), the Company’s sales create exposure to changes in the market prices of copper and molybdenum which are considered embedded derivatives. As of December 31, 2022 and 2021, information about the Company’s embedded derivatives is as follows: As of December 31, 2022 Pounds Provisional payable Maturity pricing Forward pricing Fair value (000) US$/Pound US$/Pound US$(000) Copper Concentrate 320,095 January 2023 to May 2023 Between 3.448 and 3.807 Between 3.798 and 3.799 63,335 Copper Cathode 4,187 January 2023 Between 3.808 and 3.817 3.798 (61) Molybdenum 2,425 January 2023 to February 2023 Between 16.677 y 16.935 28.267 27,737 91,011 (a) As of December 31, 2021 Pounds payable Maturity Provisional pricing Forward pricing Fair value (000) US$/Pound US$/Pound US$(000) Copper Concentrate 284,566 January 2022 to May 2022 Between 4.174 and 4.584 Between 4.400 and 4.421 13,335 Copper Cathode 3,087 January 2022 4.318 4.421 318 Molybdenum 4,035 January 2022 to February 2022 Between 16.659 and 16.773 16.456 (860) 12,793 (a) (a) Embedded derivative adjustments are recorded on the statement of financial position in “Trade account receivable – related parties”. |
Financial - risk management obj
Financial - risk management objectives and policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial risk management objectives and policies [Line Items] | |
Financial - risk management objectives and policies | 35. Financial - risk management objectives and policies The Group’s principal financial liabilities, other than derivatives, are comprised of trade accounts and other payables, and financial obligations. The main purpose of these financial instruments is to finance the Group’s operations. The Group’s principal financial assets include cash and cash equivalents and trade and other receivables that derive directly from its operations. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s management oversees the management of these risks. A committee that advises on financial risks supports it. This committee provides assurance to management that the Group’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. All derivative activities for risk management purposes are carried out by internal specialists that have the appropriate skills, experience and supervision. There were no changes in the objectives, policies or processes during the years ended December 31, 2022, 2021 and 2020. The Board of Directors reviews and approves policies for managing each of these risks, which are described below: (a) Market risk - Market risk is the risk that the fair value of the future cash flows from financial instruments will fluctuate because of changes in market prices. Market risks that apply to the Group comprise four types of risk: exchange rate risk, commodity risk, interest rate risk and other pricing, such as the riskof movements in the stock price. Financial instruments affected by market risks include time deposits, financial obligations, embedded derivatives and derivative financial instruments. The sensitivity analyses in this section relate to the positions as of December 31, 2022 and 2021 and have been prepared considering that the proportion of financial instruments in foreign currency are constant. (a.1) Exchange rate risk The exchange rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange relates primarily to the Group´s operating activities in soles. The Group mitigates the effect of exposure to exchange-rate risk by carrying out almost all of its transactions in its functional currency. Excluding loans in soles, management maintains smaller amounts in soles in order to cover its needs in this currency (primarily payment of taxes). A table showing the effect on results of a reasonable change in foreign-currency exchange rates is presented below, with all other variables kept constant: Exchange-rate Effect on profit (loss) increase/decrease before income tax US$(000) 2022 Exchange rate 10 % 58,032 Exchange rate (10) % (58,032) 2021 Exchange rate 10 % 56,122 Exchange rate (10) % (56,122) 2020 Exchange rate 10 % 7,591 Exchange rate (10) % (7,083) (a.2) Commodity price risk The Group is affected by the price volatility of the commodities it mines. The price of mineral sold by the Group has fluctuated historically and is affected by numerous factors beyond its control. The Group manages its commodity price risk primarily using sales commitments in customer contracts and hedge contracts for the metals sold by the subsidiary El Brocal. The Company’s subsidiary El Brocal entered into derivative contracts that qualified as cash flow hedges, with the intention of mitigating the risk resulting from the decrease in the prices of its minerals. These derivative contracts are recorded as assets or liabilities in the consolidated statements of financial position, see note 14, and are stated at fair value. To the extent that these hedges were effective in offsetting future cash flows from the sale of the related production, changes in fair value are deferred in an equity account under “Other comprehensive income (loss)”. The amounts included temporarily in other comprehensive income (loss) are reclassified to the “Sales of goods” caption when the related minerals are sold. See note 34(a) and note 20(b). (a.3) Interest rate risk - Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates to the Groups’ long-term financial obligations with floating interest rates. A table showing the effect in profit or loss of the variations of interest rates: Effect on profit Increase/decrease of (loss) before LIBOR income tax (percentage rates) US$(000) 2022 Interest rate 10 % (1,315) Interest rate (10) % 1,315 2021 Interest rate 10 % (1,414) Interest rate (10) % 1,414 2020 Interest rate 10 % (81) Interest rate (10) % 81 (b) Credit risk - Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivable) and from its financing activities, including deposits with banks and other financial instruments. The Group invests its excess cash in leading financial institutions, sets conservative credit policies and constantly evaluates the market conditions in which it operates. Trade accounts receivable are denominated in U.S. dollars. The Group’s sales are made to domestic and foreign customers. See concentration of spot sales in note 20(b). An impairment analysis is performed on an individual basis. Credit risk is limited to the carrying amount of the financial assets to the date of consolidated statements of financial position, which is composed of cash and cash equivalents, trade and other receivables and derivative financial instruments. Set out below is the information about the credit risk exposure on the Group’s trade and other receivables: Days past due Current < 30 days 30 – 90 days > 90 days Total US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022 - Trade receivables 146,070 — — 22,276 168,346 Other receivables 749,456 — — 4,106 753,562 895,526 — — 26,382 921,908 Expected credit loss rate 0 % 0 % 0 % 100 % — Expected credit loss — — — (26,382) (26,382) As of December 31, 2021 - Trade receivables 149,394 — — 22,276 171,670 Other receivables 726,870 — — 8,621 735,491 876,264 — — 30,897 907,161 Expected credit loss rate 0 % 0 % 0 % 100 % — Expected credit loss — — — (30,897) (30,897) (c) Liquidity risk - Prudent management of liquidity risk implies maintaining sufficient cash and cash equivalents and the possibility of committing or having financing committed through an adequate number of credit sources. The Group believes that it maintains suitable levels of cash and cash equivalents and has sufficient credit capacity to get access to lines of credit from leading financial entities. The Group continually monitors its liquidity risk based on cash flow projections. An analysis of the Group’s financial liabilities classified according to their aging is presented below, based on undiscounted contractual payments: More than 5 Less than Between 1 Between 2 years Total 1 year and 2 years and 5 years ( 2028 and (2023) (2024) (2025 to 2027) thereafter) US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022- Bank loans – capital — — — — — Bank loans – interest — — — — — Trade and other payables 240,737 — — — 240,737 Financial obligation – capital 31,034 104,159 598,568 — 733,761 Financial obligation – interest 39,256 45,770 64,279 — 149,305 Lease – capital 3,638 2,282 2,794 4,238 12,952 Lease – interest 42 18 242 1,136 1,438 Hedge derivative financial instruments — — — — — Contingent consideration liability — — 11,937 31,934 43,871 314,707 152,229 677,820 37,308 1,182,064 As of December 31, 2021 - Bank loans – capital 50,000 — — — 50,000 Bank loans – interest 820 — — — 820 Trade and other payables 248,033 — — — 248,033 Financial obligation – capital 175,620 106,784 774,102 — 1,056,506 Financial obligation – interest 43,313 40,803 99,634 — 183,750 Lease – capital 3,906 1,822 51 — 5,779 Lease – interest 74 95 — — 169 Hedge derivative financial instruments 6,976 — — — 6,976 Contingent consideration liability — — 7,032 33,702 40,734 528,742 149,504 880,819 33,702 1,592,767 (d) Capital management - For purposes of the Group’s capital management, capital is based on all equity accounts. The objective of capital management is to maximize shareholder value. The Group manages its capital structure and makes adjustments to meet changing economic market conditions. The Group’s policy is to fund all projects of short and long term with their own operating resources. To maintain or adjust the capital structure, the Group may change the policy of paying dividends to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years 2022 and 2021. |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of financial risk management objectives and policies [Line Items] | |
Financial - risk management objectives and policies | 20. Financial risk management The Company’s activities are exposed to different financial risks. The main risks that could adversely affect the Company’s financial assets and liabilities or future cash flows are: (i) market risk, (ii) credit risk, (iii) interest rate risk, (iv) liquidity risk, and (v) capital risk. The Company’s financial risk management program focuses on mitigating potential adverse effects on its financial performance. Management knows the conditions prevailing in the market and based on its knowledge and experience, manages the risks that are summarized below. The Company’s Board of Directors reviews and approves the policies to manage each of these risks: (a) Market risk - Commodity price risk - The international price of copper has a significant impact on the Company’s operating results. The price of copper has fluctuated historically and is affected by numerous factors beyond the Company’s control. The Company does not hedge its exposure to price fluctuation. As described in Note 2(d), the Company has price risk through its provisionally priced sales contracts, which provide final pricing in a specified future month (generally between three and six months after the shipment’s arrival date) based primarily on quoted LME monthly average prices. The Company records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on the provisionally priced contract that is adjusted to fair value through revenues each period, using the period-end forward prices, until the date of final pricing. To the extent that final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing (see Note 21). The table below summarizes the estimated impact on the Company’s profit before income tax for the years 2022, 2021 and 2020, based on a 10% increase or decrease in future copper price while all other variables are held constant. The 10% increase is based on copper prices ranging from US$/pound 4.178 to US$/pound 4.179 as of December 31, 2022 (US$/pound 4.765 to US$/pound 4.879, as of December 31, 2021 and US$/pound 3.524 to US$/pound 3.876, as of December 31, 2020), and the 10% decrease is based on copper prices ranging from US$/pound 3.418 to US$/pound 3.419 as of December 31, 2022 (US$/pound 3.899 to US$/pound 3.992, as of December 31, 2021 and US$/pound 2.884 to US$/pound 3.172, as of December 31, 2020). Effect on profit before income tax US$(000) December 31, 2022 10% increase in future copper prices 123,181 10% decrease in future copper prices (123,181) December 31, 2021 10% increase in future copper prices 140,420 10% decrease in future copper prices (140,420) December 31, 2020 10% increase in future copper prices 112,080 10% decrease in future copper prices (112,080) Exchange rate risk - As described in Note 2(c), the Company’s financial statements are presented in US dollars, which is the functional and presentation currency of the Company. The Company’s exchange-rate risk arises mainly from balances related to tax payments, A table showing the effect on results of a reasonable change in foreign-currency exchange rates is presented below, with all other variables kept constant: Exchange-rate Effect on profit (loss) increase/decrease before income tax US$(000) 2022 Exchange rate 5 % (23,801) Exchange rate (5) % 23,801 2021 Exchange rate 5 % (7,782) Exchange rate (5) % 7,782 2020 Exchange rate 5 % 20,656 Exchange rate (5) % (20,656) (b) Credit Risk - The Company’s exposure to credit risk arises from a customer’s inability to pay amounts in full when they are due and the failure of third parties in cash and cash equivalent transactions. The risk is limited to balances deposited in banks and financial institutions and for trade accounts receivable at the date of the statements of financial position (the Company sells copper concentrate and cathode and molybdenum concentrate to companies widely recognized in the worldwide mining sector and collections are made within 30 days after the fulfilment of the contractual terms). To manage this risk, the Company has established a treasury policy, which only allows the deposit of surplus funds in highly rated institutions, by establishing conservative credit policies and through a constant evaluation of market conditions. Consequently, the Company does not expect to incur losses on accounts involving potential credit risk. (c) Interest rate risk - Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As of December 31, 2022, the Company’s exposure to the risk of changes in market interest rates has no significant impact considering that the Company had no outstanding bank debt balances (see Note 10). (d) Liquidity risk - Liquidity risk arises from situations in which cash might not be available to pay obligations at their maturity date and at a reasonable cost. The Company maintains adequate liquidity by properly managing the maturities of assets and liabilities in such a way that allows the Company to maintain a structural liquidity position (cash available) enabling it to meet liquidity requirements. Additionally, the Company has the ability to obtain funds from financial institutions and shareholders to meet its contractual obligations. The following tables show the expected aging of maturity of the Company’s obligations, excluding taxes, accruals and benefits to employees, as of December 31, 2022 and 2021: On demand Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022 Trade accounts payable (see Note 8) — 316,460 2,923 1,017 — 320,400 Accounts payable - related parties (see Note 4) — 1,740 1,434 — — 3,174 Lease liabilities (see Note 10) — 1,036 5,992 45,033 11,064 63,125 Other accounts payable (see Note 9) — 15,293 45,339 — — 60,632 Total — 334,529 55,688 46,050 11,064 447,331 As of December 31, 2021 Trade accounts payable (see Note 8) — 234,640 277 638 — 235,555 Accounts payable - related parties (see Note 4) — 3,426 — — — 3,426 Senior unsecured credit facility (see Note 10) — — 324,695 — — 324,695 Lease liabilities (see Note 10) — 1,257 6,360 41,085 21,418 70,120 Other accounts payable (see Note 9) — 66,818 6,417 — — 73,235 Total — 306,141 337,749 41,723 21,418 707,031 (e) Capital risk - The objective is to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders, benefits for stakeholders and maintain an optimal structure that would reduce the cost of capital. The Company manages its capital structure, and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company controls dividend payments to shareholders, the return of capital to shareholders and the issuance of new shares. No changes were made to the objectives, policies or processes during the year ended December 31, 2022. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2022 | |
Hierarchy and fair value of financial instruments [Line Items] | |
Fair value measurement | 36. Fair value measurement Fair value disclosure of assets and liabilities according to its hierarchy - The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities: Fair value measurement using: Quoted prices in active Observable Unobservable Carrying markets inputs inputs value (Level 1) (Level 2) (Level 3) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022- Assets and liabilities measured at fair value: Fair value of account receivable (subject to provisional pricing) 129,567 — 129,567 — Contingent consideration liability 16,905 — 16,905 — Hedge instruments asset 8,839 — 8,839 — Fair value of liabilities at amortized cost: Bank loans — — — — Financial obligations 672,110 — 672,110 — As of December 31, 2021 - Assets and liabilities measured at fair value: Fair value of account receivable (subject to provisional pricing) 133,977 — 133,977 — Contingent consideration liability 17,718 — — 17,718 Hedge instruments liability 6,976 — 6,976 — Fair value of liabilities at amortized cost: Bank loans 50,000 — 50,000 — Financial obligations 1,059,236 — 1,059,236 — Financial instruments whose fair value is similar to their book value – For financial assets and liabilities such as cash and cash equivalents, trade and other receivables, trade and other payables that are liquid or have short-term maturities (less than three months), it is estimated that their book value is similar to their fair value. The Group’s derivative financial instruments are recorded at their fair value. The fair value of accounts receivable is determined using valuation techniques with information directly observable in the market (future metal quotations). Financial instruments at fixed and variable rates - The fair value of financial assets and liabilities at fixed and variable rates at amortized cost is determined by comparing the market interest rates at the time of their initial recognition to the current market rates with regard to similar financial instruments. The estimated fair value of deposits that accrue interest is determined by means of cash flows discounted using the prevailing market interest rates in the currency with similar maturities and credit risks. Based on the foregoing, there are no important existing differences between the book value and the fair value of the assets and financial liabilities as of December 31, 2022 and 2021. There were no transfers between Level 1and Level 2 during 2022 and 2021. Fair value measurements using significant unobservable inputs (level 3) – The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Fair value as of December 31, Unobservable Relationship of unobservable Description 2022 inputs Range of inputs inputs to fair value Contingent consideration liability 16,905 Rate before tax 11.72 % A change in the discount rate by 10% (rate 11.72%) higher/lower, the fair value would increase/decrease in Expected revenues annual average (US$000) 208,912 If expected sales change by 10% higher/lower, the fair value would increase/decrease in |
Sociedad Minera Cerro Verde S.A.A. | |
Hierarchy and fair value of financial instruments [Line Items] | |
Fair value measurement | 22. Hierarchy and fair value of financial instruments Hierarchy: As of December 31, 2022 and 2021, the only financial assets carried at fair value are embedded derivatives, included in trade accounts receivable and related parties, which are generated by the sale of copper and molybdenum and measured at fair value based on commodity prices. The net value of this embedded derivative as of December 31, 2022, was an asset of US$91.0 million (asset of US$12.8 million as of December 31, 2021). Embedded derivatives are categorized within Level 2 of the fair value hierarchy. The fair value of embedded derivatives is determined using information directly observable in the market (forward prices of metals). Financial instruments whose fair value is similar to their book value - For financial assets and liabilities which are liquid or have short-term maturities (less than three months), such as cash and cash equivalent, accounts receivable, other accounts receivable, accounts payable, other accounts payable, and other current liabilities, it is estimated that their book value is similar to their fair value. Financial instruments at fixed and variable rates - Financial assets and liabilities with fixed or variable rates are recorded at amortized cost and fair value is determined by comparing the market interest rates at the time of their initial recognition to the current market rates for similar financial instruments. Based on the foregoing, there are no significant differences between the book value and the fair value of financial instruments (assets and liabilities) as of December 31, 2022 and 2021. |
Reconciliation between net inco
Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | |
Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP | 24. Reconciliation between net income and shareholders’ equity determined under IFRS and U.S. GAAP The following is a summary of the main adjustments to net income for the years ended December 31, 2022, 2021 and 2020 and to shareholders’ equity as of December 31, 2022, 2022 and 2020 that would be required if U.S. GAAP had been applied instead of IFRS in the financial statements: 2022 2021 2020 US$(000) US$(000) US$(000) Net profit under IFRS 925,353 1,191,474 274,544 Items increasing (decreasing) reported net profit: Stripping activity asset, net of amortization, note 23 (a) (170,012) (100,662) 31,419 Inventories valuation, note 23 (b) (1,077) (23,831) (906) Remediation and mine closure, note 23 (e) (485) (148) 23 Deferred workers' profit sharing, note 23 (c) (1,244) 27,749 (24,255) Lease activity 767 1,189 1,597 Deferred income tax, note 23 (d) 62,941 38,164 (2,411) Mine equipment main components, note 23(f) (11,089) (13,596) (13,516) Water truck conversion (h) (7,769) — — Other (1,911) (357) (223) Net income under U.S. GAAP 795,474 1,119,982 266,272 2022 2021 2020 US$(000) US$(000) US$(000) Shareholders’ equity under IFRS 6,651,427 6,127,006 5,635,328 Items increasing (decreasing) reported shareholder’s equity: Stripping activity asset, net of amortization, note 23(a) (538,270) (368,258) (267,596) Inventories valuation, note 23(b) (242,615) (241,538) (217,707) Remediation and mine closure, note 23(e) (6,113) (5,627) (5,480) Deferred workers’ profit sharing note 23(c) (60,910) (59,666) (87,415) Lease activity 5,624 4,857 3,668 Deferred income tax, note 23(d) 294,280 231,339 193,176 Mine equipment main components, note 23(f) (38,201) (27,112) (13,516) Water truck conversion (h) (7,769) — — Stock-based compensation, note 23 (g) (10,807) (11,740) (11,535) Other (1,853) 58 415 Shareholders’ equity under U.S. GAAP 6,044,793 5,649,319 5,229,338 |
New U.S. GAAP Accounting Pronou
New U.S. GAAP Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
New U.S. GAAP Accounting Pronouncements [Line Items] | |
New USGAAP Accounting Pronouncements | 25. New U.S. GAAP Accounting Pronouncements Accounting Standards Update- ASU 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method The amendments in this Update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Accounting Standards Update- ASU 2022-02— Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures For entities that have adopted the amendments in Update 2016-13, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Accounting Standards Update- ASU 2022-03— Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Subsequent Event [Line Items] | |
Events after the reporting period | 37. Events after the reporting period No significant events were identified, in addition to those mentioned in note 1(g) and 17(d), that have occurred between the reporting period and the issuance date of the financial statements that must be disclosed. In accordance with International Financial Reporting Standards - IFRS, the accompanying financial statements were prepared based on the conditions existing as of December 31, 2022 and considering those events that occurred after that date that provided evidence of conditions that existed at the end of the reporting period up to their issuance date. |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of Subsequent Event [Line Items] | |
Events after the reporting period | 26. Subsequent events Since December 31, 2022, and through the date these financial statements were issued, no material events have occurred that may affect the amounts reported within these financial statements. |
Summary of significant differen
Summary of significant differences between accounting principles followed by the Company and U.S. Generally Accepted Accounting Principles | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of Summary of significant differences between accounting principles followed by the Company and U.S. Generally Accepted Accounting Principles [Line Items] | |
Summary of significant differences between accounting principles followed by the Company and U.S. Generally Accepted Accounting Principles | 23. Summary of significant differences between accounting principles followed by the Company and U.S. generally accepted accounting principles (U.S. GAAP) The Company’s financial statements have been prepared in accordance with International Financial Reporting Standards which differs in certain respects from U.S. GAAP. The effects of these differences are reflected in note 24 and are principally related to the items discussed in the following paragraphs: (a) Stripping Cost Under IFRS, the production stripping costs can be incurred both in relation to the production of inventory in that period and the creation of improved access and mining flexibility in relation to ore to be mined in the future. The waste removal cost is included as part of the cost of inventory, while the production stripping costs are capitalized as a stripping activity asset, if certain criteria are met, and amortized based on proved and probable reserves of each ore body (component) identified in the open pit. See note 2b. Under U.S. GAAP, the costs of clearing removal (production stripping costs) incurred during the production stage are recorded as part of the production cost of inventories; accordingly, such costs are recorded on the income statement at an earlier time than under IFRS. (b) Inventories Under IFRS, the inventory costs include the amortization of production-stripping costs. Also, inventories are valued using the weighted average method and includes the stripping activity asset and worker’s profit sharing. Under U.S. GAAP, the inventory cost excludes the amortization of production-stripping cost and the inventories are determined using the Last-In-First-Out (LIFO) method, the worker’s profit sharing is excluded from the inventory costing. (c) Deferred workers’ profit sharing Under IFRS, the workers’ profit sharing is calculated based on the Company’s taxable income and is recorded as an employee benefit (cost of production or administrative expense, depending on the function of the workers). Under US GAAP, the workers’ profit sharing is treated in a similar way as income tax since both are calculated based on the Company’s taxable income. Therefore, the Company calculates a deferred workers’ profit sharing resulting from the taxable and deductible temporary differences. (d) Deferred income tax – The differences between US GAAP and IFRS are re-measurements that lead to different temporary differences. (e) Remediation and mine closure – Under IFRS, the liability is measured in accordance with IAS 37 and IFRIC 1. Upward and downward revisions in the amount of undiscounted estimated cash flows are discounted using the current market-based discount rate (this includes changes in the time value of money and the risks specific to the liability). Under IFRS, the Company updates the discount rate used to discount its liability at the closing date, this change in the discount rate has an impact (increase/decrease) on the book value of the asset retirement cost (ARC) and the remediation liability. Under U.S. GAAP, upward revisions in the amount of undiscounted estimated cash flows are discounted using the current credit-adjusted risk-free rate. Downward revisions in the amount of undiscounted estimated cash flows are discounted using the credit-adjusted risk-free rate that existed when the original liability was recognized. Under U.S. GAAP, there is no requirement to update the discount rate. (f) Mine equipment main components - Under IFRS, in accordance with IAS 16, the main components associated with mine equipment (primarily engines) are capitalized and depreciated based on the estimated useful lives. Under U.S. GAAP, the Company’s policy is that those components are charged directly to the statement of comprehensive income at the time are utilized. (g) Stock-based compensation - Under IFRS, this balance is presented as an equity item “Other equity contributions”, as disclosed in note 12(d). Under US GAAP this balance is presented as part of the liability (Accounts payable – Related parties) (h) Water truck conversion Under IFRS, in accordance with IAS 16, the conversion of truck into water truck are capitalized. Under U.S. GAAP, the Company’s policy is that those conversion costs are treated as operating expense and charged directly to the statement of comprehensive income at the time are performed |
Basis for preparation, consol_2
Basis for preparation, consolidation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Basis for preparation, consolidation and accounting policies | |
Basis of presentation | The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, based on the records of the Company, except for the derivative financial instruments and financial assets and liabilities that have been measured at fair value and discontinued operations that have been valued at the lower of (i) their carrying amount and (ii) its fair value less cost to sell. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousands, except when otherwise indicated. The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern. The preparation of consolidated financial statements requires that management use judgments, estimates and assumptions, as detailed in note 3. These consolidated financial statements provide comparative information in respect of prior periods. |
Basis of consolidation | The consolidated financial statements comprise the financial statements of the Company and its subsidiaries to the date of the consolidated statements of financial position. Subsidiaries are entities controlled by the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has all of the following: - Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee). - Exposure, or rights, to variable returns from its involvement with the investee. - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. When the Group has less than a majority of the voting, or similar, rights of an investee, it considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement (s) with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, revenue and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, revenue, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction between owners or the parent (there is no gain or loss). If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. |
Changes in accounting policies and disclosures | Certain standards and amendments became effective in 2022; however, they did not have a material impact on the consolidated financial statements of the Group and therefore, have not been disclosed. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Onerous Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 - An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. These amendments had no impact on the consolidated financial statements of the Group as there were no onerous contract during the period. Reference to the Conceptual Framework – Amendments to IFRS 3 – The amendments replace a reference to a previous version of the IASB’s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date. These amendments had no impact on the consolidated financial statements of the Group as there were no contingent assets, liabilities and contingent liabilities within the scope of these amendments arisen during the period. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 – The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no proceeds from selling items while bringing an asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Foreign currencies | (a) Foreign currencies - The Group´s consolidated financial statements are presented in U.S. dollars, which is also the parent company’s functional currency and the Group’s presentation currency. For each entity, the Group determines the functional currency and the items included in the financial statements of each entity are measured using that functional currency. For consolidation purposes, each entity presents its financial statements in U.S. dollars. Transactions and balances Transactions in foreign currency are initially recorded by each entity in the Group at their respective functional currency spot rates, published by the Superintendence of Banking and Insurance and Pension Fund Administrators (AFP for its acronym in Spanish). Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising from the settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of a hedge. These are recognized in other comprehensive income (OCI) until the hedged items are disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recognized in OCI. Non-monetary assets and liabilities recognized in terms of historical cost are translated using the exchange rates at the dates of the initial transactions. |
Financial instruments - Initial recognition and subsequent measurement | (b) Financial instruments - Initial recognition and subsequent measurement - A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets - Initial recognition and measurement - Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through OCI, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair value through profit or loss. For a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (SPPI)” on the principal amount outstanding. This assessment is performed at an instrument level. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a period established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified in the following categories: - Financial assets at amortized cost. - Financial assets at fair value through OCI. - Financial assets at fair value through profit or loss. Financial assets at amortized cost - The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. This category generally applies to other receivables included in the “Trade and other receivables” caption. Financial assets at fair value through OCI - Financial assets are classified and measured at fair value through OCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. This category generally applies to the “Hedge derivative financial instruments” caption. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in the consolidated statements of profit or loss. This category generally applies to the trade receivables included in the “Trade and other receivables” caption. Derecognition - A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when: - The rights to receive cash flows from the asset have expired; or - The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates to what extent, it has retained the risk and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group´s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Impairment of financial assets - The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are past due according to each contract. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (ii) Financial liabilities - Initial recognition and measurement - Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, financial obligations, bank loans, financial liabilities for contingent consideration liability and Hedge derivative financial instruments. Subsequent measurement - The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss - Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the consolidated statements of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has designated financial liabilities for contingent consideration as at fair value through profit or loss. Financial liabilities at amortized cost (loans and borrowings) - After initial recognition, interest-bearing loans and borrowing are subsequently measured at amortized cost using the EIR. Gains and losses are recognized in the profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR amortization is included in the “Financial costs” caption in the consolidated statements of profit or loss. This category generally applies to interest-bearing loans and borrowings. Derecognition - A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statements of profit or loss. (iii) Offsetting of financial instruments - Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statements of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
Cash and cash equivalents | (c) Cash and cash equivalents - “Cash and cash equivalents” caption presented in the consolidated statements of financial position comprise cash at banks and on hand, and short-term highly liquid deposits with a current maturity and subject to an insignificant risk of changes in value. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s cash management. In addition, the Group has restricted cash. See note 6. |
Inventories | (d) Inventories - Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average method. In the case of finished goods and work in progress, cost includes the cost of materials and direct labor and a portion of indirect manufacturing expenses, excluding borrowing costs. The current portion of the inventories is determined based on the expected amounts to be processed within the next twelve months. Inventories not expected to be processed within the next twelve months are classified as non-current. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to make the sale. Provision (or reversal) for losses on the net realizable value are calculated based on a specific analysis conducted annually by Management and is charged to profit or loss in the period in which it determines the need for the provision (or reversal). Any provision for obsolescence of spare parts and supplies is determined by reference to specific items of stock based on inventory turnover level. A regular review is undertaken to determine the extent of any provision for obsolescence. |
Business combinations and goodwill | (e) Business combinations and goodwill - Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in the “Administrative expenses” caption. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiror. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value, with changes in fair value recognized in either profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured at fair value at the reporting date with changes in the fair value recorded in the consolidated statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests, and any previous interests held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the consolidated statements of profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, this difference is allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities, of the acquiree, are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Investments in associates and joint ventures | (f) Investments in associates and joint venture - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in associates and joint ventures are accounted for using the equity method. Under this method, the investment in an associate or joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate and joint ventures since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment individually. The consolidated statement of profit or loss reflects the Group’s share of the results of operations of the associates and joint ventures. Any change in OCI of those investees is presented, as part of the Group’s other comprehensive income. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statements of changes in shareholders’ equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate or joint venture is shown on the face of the consolidated statements of profit or loss outside operating profit and represents profit or loss after tax in the associates and joint ventures. The financial statements of the associates or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After the application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in associates or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investments in the associates and joint ventures are impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognizes the loss in the consolidated statements of profit or loss. Upon loss of significant influence over the associate or joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate and joint ventures upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognized in consolidated statements of profit or loss. |
Prepaid expenses | (g) Prepaid expenses - Non-monetary assets, which represent an entity’s right to receive goods or services, are presented as prepaid expenses. The asset is subsequently derecognized when the goods are received, and the services are provided. |
Property, plant and equipment | (h) Property, plant and equipment - Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the obligation for mine closing and, borrowing costs for qualifying assets. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. In addition, when a major inspection is performed, its cost is recognized in the carrying amount of plant and equipment as a replacement if the recognition criteria are satisfied. All other maintenance and repair costs are recognized in the consolidated statement of profit or loss as incurred. Depreciation - Unit-of-production method: In mining units with long useful lives, depreciation of assets directly related to the operation of the mine is calculated using the units-of-production method, which is based on economically recoverable reserves of the mining unit. Other assets related to these mining units are depreciated using the straight-line method with the lives detailed in the next paragraph. Straight-line method: Depreciation of assets in mining units with short useful lives or used for administrative purposes is calculated using the straight-line method of accounting. The useful lives are the following: Years Buildings, construction and other 2 to 11 Hydroelectric power station 20 to 40 Machinery and equipment 2 to 30 Transportation units 5 Furniture and fixtures 4 to 10 Other equipment 3 to 10 Computer equipment 3 to 5 The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year-end, and adjusted prospectively, if appropriate. Disposal of assets - An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal, or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or loss when the asset is derecognized. |
Leases | (i) Leases - The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Group as a lessee - The Group applies a single recognition and measurement approach for all leases, except for short-term leases with no renewal options and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets - The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the related assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities - At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. The Group does not have variable lease payments that depend on an index or a rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group’s lease liabilities are included in the “Financial obligation” caption on the consolidated statements of financial position. iii) Short-term leases and leases of low-value assets - The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment without renewal option. It also applies the lease of low-value assets recognition exemption to leases of office equipment, which are considered low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term. Group as a lessor - Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in “Other, net” in the consolidated statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. |
Mining concessions | (j) Mining concessions - Mining concessions represent ownership of the right of exploration and exploitation to the Group on mining properties that contains ore reserves acquired. Mining concessions are irrevocable, provided the holder of a mining concession complies with the obligations set forth in the General Mining Law. Such concessions have an indefinite term, subject to payment of an annual concession fee per hectare granted and achievement of minimum annual production for each hectare. Mining concessions are stated at cost and are amortized using a units of production method, based on proven and probable reserves. If the Group leaves these concessions, the costs associated are written off in the consolidated statements of profit or loss. Cost includes the fair value attributable to mineral reserves and the portion of mineral resources considered probable of economic extraction at the time of a business combination. At year-end, the Group evaluates if there is any indicator of impairment. If any indicator exists, the Group estimates the mining concession’s recoverable amount. Mining concessions are presented in the caption of “Property, plant, equipment and development costs” in the consolidated statements of financial position. |
Exploration and mine development costs | (k) Exploration and mine development costs - Exploration costs – Exploration costs are expensed as incurred. These costs primarily include materials and fuels used, surveying costs, drilling costs and payments made to contractors. Exploration and evaluation activity includes: - Researching and analyzing historical exploration data. - Gathering exploration data through geophysical studies. - Exploratory drilling and sampling. - Determining and examining the volume and grade of the resource. - Surveying transportation and infrastructure requirements. - Conducting market and finance studies. Development costs – When the Group’s Management approves the feasibility of the conceptual study of a project, the costs incurred to develop such property, including additional costs to delineate the ore body and remove impurities it contains, are capitalized as development costs and included in the “Property, plant, equipment and development cost” caption in the consolidated statements of financial position. These costs are amortized when production begins, on the units-of-production basis over the proven and probable reserves. The development costs include: - Metallurgical and engineering studies. - Drilling and other costs necessary to delineate ore body. - Removal of the initial clearing related to an ore body. Development costs necessary to maintain production are expensed as incurred. |
Stripping (waste removal) costs | (l) Stripping (waste removal) costs - As part of its mining operations, the Group incurs waste removal costs (stripping costs) during the development and production phases of its mining operations. Stripping costs incurred in the development phase of a mine, before the production phase commences (development stripping), are capitalized as part of the cost of constructing the mine and subsequently amortized over its useful life using the units of production method. The capitalization of development stripping costs ceases when the mine starts production. Stripping costs incurred during the production phase (production stripping costs) are generally considered to create two benefits, being either the production of inventory or improved access to the ore to be mined in the future. Where the benefits are realized in the form of inventory produced in the period, the production stripping costs are accounted for as part of the cost of producing those inventories. Where the benefits are realized in the form of improved access to ore to be mined in the future, the costs are recognized as a non-current asset, referred to as a stripping activity asset, if the following criteria are met: - Future economic benefits are probable. - The component of the ore body for which access will be improved can be accurately identified. - The costs associated with the improved access can be reliably measured. To identify components of mineral deposit, the Group works closely with the operating personnel to analyze the mine plans. Mostly, an ore body can have several components. The mine plans, and therefore, the identification of components, will vary among mines for several reasons. The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity. The production stripping cost is presented within “Property, plant, equipment and development cost” caption in the consolidated statements of financial position. The production stripping cost is subsequently depreciated using the units of production method over the expected useful life of the portion of the ore body that has been made more accessible by the activity. This production stripping cost is stated at cost, less accumulated depreciation and accumulated impairment losses, if any. |
Impairment of non-financial assets | (m) Impairment of non-financial assets - The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of (i) an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and (ii) its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows limited to the life of the mine. Impairment losses of continuing operations, including impairment of inventories, are recognized in the consolidated statements of profit or loss in expense categories consistent with the function of the impaired asset. For non-financial assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses may no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset or CGU’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statements of profit or loss. |
Provisions | (n) Provisions - General - Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Provision for closure of mining units - The Group records a provision for closure of mining units when a legally enforceable obligation arises, which is independent of the full depletion of the mine reserves. The Group recognizes a provision for closure of mining units once the obligation has been properly measured. The liability is initially recognized at the present value of the estimated costs and is capitalized as part of the carrying amount of the related mining assets (property, plant and equipment). The discounted liability is increased for the change in present value based on discounted rates that reflects current market assessments and the risks specify to the liability. In addition, the capitalized cost is depreciated and/or amortized based on the useful life of the asset. Any gain or loss resulting from the settlement of the obligation is recorded in the current results. Changes in the estimated timing of closure or changes to the estimated future costs are dealt with prospectively by recognizing an adjustment to the provision for closure and a corresponding adjustment to the related mining asset. Any reduction in the provision for closure and, therefore, any deduction from the mining asset to which it relates, may not exceed the carrying amount of the mining asset. If it does, any excess over the carrying amount is recognized immediately to the consolidated statements of profit or loss. If the change in estimate results in an increase in the provision for closure and, therefore, an addition to the carrying value of the mining asset, the Group considers whether this is an indication of impairment of the asset as a whole, and if so, the Group performs an impairment test. For closed mines, changes to estimated costs are immediately recognized in the consolidated statements of profit or loss. |
Treasury shares | (o) Treasury shares - The Group’s own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized as additional capital in equity. The voting rights related to treasury shares are cancelled for the Group and no dividends on such shares are allocated. |
Revenue recognition | (p) Revenue recognition - Revenue from contracts with customers is recognized when control of goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods and services. The Group has concluded that it is the principal in its revenue contracts because it typically controls the goods before transferring them to the customer. The disclosures of significant accounting judgments, estimates and assumptions relating to revenue from contracts with customers are provided in note 3. Sales of goods (concentrates and metals) - The Group recognizes revenue from sale of concentrates and metals at the point in time when control of the asset is transferred to the customer. Transfer of control is determined in accordance with the terms of each of the contracts entered with the Group’s customers; however, under such contracts, transfer of control generally occurs upon shipment or delivery of the goods, including transportation. The recognized revenue corresponds to an amount that reflects the consideration the Group expects to receive in exchange for those products. Revenue from sale of concentrates and metals is recorded net of “Commercial deductions”. Commercial deductions correspond to adjustments in price for treatment and refining charges and can include certain penalties that, in accordance with the applicable contract, are deducted from the international fine metal spot price, and that are incurred after the time of sale of the applicable concentrate. The Group deems these deductions to be part of the transaction price. The normal credit term is 5 to 90 days after delivery. The Group considers whether there are other promises in the contract that are separate performance obligations, to which a portion of the transaction price needs to be allocated. The Group considers that the only performance obligation is the delivery of the goods. In determining the transaction price for the sale of concentrates and metals, the Group considers the effect of variable consideration and the existence of significant financing components. Variable consideration - If the consideration in the contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant reversal of revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Group´s sales of concentrates and metals allow for price adjustments based on the market price at the end of the relevant quotation period (QP) stipulated in the contract. These are referred as to provisional pricing arrangements and are such that the selling price for metal in concentrate is based on prevailing spot prices on a specified future date after shipment to the customer. Adjustments to the sales price occur based on movements in quoted market prices up to the end of the QP. The period between provisional invoicing and the end of the QP can generally range between one and four months. The Group’s sales of concentrates and metals are also subject to slight variations in yield that can occur while such goods are in transit to their destination due to variations in humidity, weight and ore grades. Such variations are recognized directly as part of “Sales of goods” caption within the statements of profit or loss once the Group reaches an agreement with the applicable customer in respect of final amounts sold. Sales of concentrates and metals at provisional prices include a gain (loss) to be received at the end of QP; this is considered variable consideration. Changes in the price during the quotation period are recognized in the “Sales of goods” caption of the statements of profit or loss as “Fair value of accounts receivables”. See note 20(b). For provisional pricing arrangements, any future change that occurs over the QP are embedded within the provisional price trade receivables and are, therefore, within the scope of IFRS 9 and not within the scope of IFRS 15. Given the exposure to movement in the commodity price, these provisionally priced trade receivables generally fail the cashflow characteristics test within IFRS 9 and are required to be measured at fair value through profit or loss from initial recognition and until the date of settlement. The subsequent changes in fair value are recognized in the consolidated statements of profit or loss for each period and presented separately from revenue from contracts with customer as part of “fair value of trade receivables”. See note 20(b). Changes in fair value over, and until the end of, the QP, are estimated by reference to forward market prices for gold and copper as well as taking into account other relevant fair value considerations set out in IFRS 13, including interest rate and credit risk adjustments. Sales of services – Services are recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group uses the output method for measuring progress of the services as the Group has the right to invoice an amount that corresponds directly to the performance completed to date. Significant financing component - The Group receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good to the customer and when the customer pays for that good will be one year or less. Contract Balances - Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. As of December 31, 2022 and 2021, the Group has no contractual assets. Trade receivables - A receivable represents the Group´s right to an amount of consideration that is unconditional. Contract liabilities - A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If customer pays consideration before the Group transfers the goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs its obligations under the contract. As of December 31, 2022 and 2021, the Group has no contractual liabilities. Cost to obtain a contract - The Group pays sales commissions as part of the sales of services in the insurance brokerage segment. The Group has elected to apply the optional practical expedient for cost to obtain a contract which allows the Group to immediately expense sales commissions because the amortization period of the assets that the Group otherwise would have used is one year or less. Interest income - For all financial instruments measured at amortized cost, interest income is recorded using the EIR. EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the consolidated statements of profit or loss. Royalty income - The royalty income is recognized when the later of the following events occurs: the subsequent sales occur, or the performance obligation is satisfied (or partially satisfied). Dividends - Dividends from investments is recognized when the Group’s right to receive the payment is established, which is generally when the investments’ shareholders approve the dividend. Rental income - Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease term and is included in the “Other, net” caption in the consolidated statement of profit or loss due to its operating nature. |
Benefits to employees | (q) Benefits to employees - Salaries and wages, bonuses and vacations are calculated in accordance with IAS 19 “Employee Benefits” and are calculated in accordance with current Peruvian legislation on an accrual basis. Workers’ profit sharing - Workers’ profit sharing is calculated in accordance with the Peruvian law (Legislative Decree No. 892), and the applicable rate is 8% over the taxable net base for current year. According to Peruvian law, the limit in the workers’ profit sharing that an employee can receive is equivalent to 18 months of wages, and any excess above such limit has to be transferred to the Regional Government and “National Fund for Employment’s Promotion and Training” (FONDOEMPLEO for its acronym in Spanish). |
Borrowing costs | (r) Borrowing costs - Costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the related asset. The Group defines a qualifying asset as one which value is greater than US$5 million and requires a period greater than 12 months to get it ready for its intended use. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds. |
Taxes | (s) Taxes - Current income tax - Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authority. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting period. Current income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statements of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax - Deferred income tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred income tax liabilities are recognized for all taxable temporary differences, except for taxable temporary differences associated with investments in associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax items are recognized in correlation to the underlying transaction either in profit and loss, OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right to compensate current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain tax positions - The Group determines whether to consider each uncertain tax position separately or together with one or more other uncertain tax positions and uses the approach that better predicts the resolution of the uncertainty. In Peru, there are only two possibilities to measure uncertain Peruvian tax positions: 100% probability of recovery in the event that the Group has a favorable decision on the matter to be evaluated, or 0% probability of recovery, in the event that the Group does not prevail in the procedures before the tax authority. The Group determines, based on its tax compliance and transfer pricing studies whether or not it is probable that its tax positions (including those for the subsidiaries) would be accepted by the tax authorities. Peruvian mining royalties and special mining tax - In accordance with Law No.28258, as amended by Law No. 29788, mining royalties are either payable as the higher of (i) a specified percentage of tax operating profit or (ii) 1% of revenues. If the mining royalty is calculated as a percentage of tax operating profit, marginal rates ranging from 1% to 12% that increase progressively for companies with higher operating margins will apply. Mining royalties and the special mining tax are accounted for in accordance with IAS 12 - Income Taxes, because they have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the amount payable is based on taxable income-rather than physical quantities produced or as a percentage of revenue-after adjustment for temporary differences. Legal rules and rates used to calculate the amounts payable are those in effect on the date of the consolidated statements of financial position. Both Mining Royalties and Special Mining Tax generate deferred tax assets and liabilities, which are measured using the average rates expected to apply to tax profit in the quarter in which the Group expects the temporary differences will reverse. Sales tax - Expenses and assets are recognized net of the amount of sales tax, except: (i) When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable; (ii) When receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the consolidated statements of financial position. |
Fair value measurement | (t) Fair value measurement The Group measures its financial instruments at fair value at the date of the consolidated statements of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. - Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. - Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest-level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group’s management determines the policies and procedures for both recurring fair value measurement and non-recurring measurement. At each reporting date, the Group’s management analyzes the movements in the values of assets and liabilities, which are required to be re-measured or re-assessed as per the Group’s accounting policies. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Derivative financial instruments and hedge accounting | (u) Derivative financial instruments and hedge accounting - Initial recognition and subsequent measurement - The Group uses derivative instruments to hedge its commodity price risk (forward commodity contracts ) and interest rate risk. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. At the inception of the hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: - There is an economic relationship between the hedged item and the hedging instrument. - The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship. - The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The Group’s hedges are classified as cash flow hedges. The effective portion of gain or loss on the hedging instrument is initially recognized in the consolidated statements of changes in equity, under the “Other comprehensive income (loss)” caption, while the ineffective portion is recognized immediately in the consolidated statements of profit or loss in the “Finance costs” caption. |
Discontinued operations | (v) Discontinued operations - Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of profit or loss. Additional disclosures are provided in note 1(e). All other notes to the consolidated financial statements include amounts for continuing operations, unless otherwise mentioned. |
Other non-financial assets | (w) Other non-financial assets - The “Other non-financial assets” caption includes patents and industrial property, right-of-use assets related to rights of way, and software licenses. Patents and industrial property and right-of-use assets are amortized over their economic useful lives. Software licenses are amortized using the straight-line method over useful lives of 1 to 10 years. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite life are amortized over their useful economic useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of profit or loss in the expense category that is consistent with the function of the intangible assets. Internally generated intangibles, excluding capitalized development costs, are not capitalized. Instead, the related expenditure is recognized in the consolidated statement of profit or loss in the period in which the expenditure is incurred. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. |
Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Basis of presentation | (a) The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared based on historical cost, except for accounts receivable and/or payable related to embedded derivatives, which have been measured at fair value (see Note 2(d)). The financial statements are presented in United States dollars (US$) and include the years ended December 31, 2022, 2021 and 2020. Unless otherwise indicated, all values have been rounded to the nearest thousand. |
Changes in accounting policies and disclosures | (r) Changes in accounting policies and disclosures – Several amendments and interpretations were first applied in 2022, but they have had no current or expected future impact on the Company’s financial statements and therefore have not been discussed here. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. |
Use of judgments, estimates and assumptions | (b) The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions in order to determine the amounts of the assets and liabilities, and the disclosure of contingent assets and liabilities as of December 31, 2022 and 2021, and the amounts of reported revenues and expenses for the years ended December 31, 2022, 2021 and 2020. Information about significant judgments, estimates and assumptions made by management in the preparation of the financial statements are as follows: (b.1) Judgments - (i) Contingencies - By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential amount of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. (ii) Stripping cost - The Company incurs waste removal costs (stripping costs) during the development and production phases of its surface mining operations. Production stripping costs can be incurred both in relation to the production of inventory in that period and the creation of improved access and mining flexibility in relation to ore to be mined in the future. The waste removal cost is included as part of the costs of inventory, while the production stripping costs are capitalized as a stripping activity asset, as part of the “property, plant and equipment, net” caption, if certain criteria are met. Once the Company has identified its production stripping for its surface mining operation, it identifies the separate components of the ore body. An identifiable component is a specific volume of the ore body that is made more accessible by the stripping activity. Significant judgment is required to identify and define these components, and to determine the expected volumes (e.g., in tons) of waste to be stripped and ore to be mined in each of these components. (b.2) Estimates and assumptions - (i) Determination of mineral reserves - Mineral reserves are the part of a mineral deposit that can be economically and legally extracted from the mine concessions. The Company estimates its mineral reserves based on information compiled by individuals qualified in reference to geological data about the size, depth and form of the ore body, and requires geological judgments in order to interpret the data. The estimation of recoverable mineral reserves involves numerous uncertainties with respect to the ultimate geology of the ore body, including quantities, grades and recoveries. Estimating the quantity and grade of mineral reserves requires the Company to determine the size, shape and depth of the ore body by analyzing geological data. In addition to the geology, assumptions are required to determine the economic feasibility of mining the mineral reserves, including estimates of future commodity prices and demand, future requirements of capital and production costs, and estimated exchange rates. Revisions in mineral reserve or mineral resource estimates have an impact on the value of mining properties, its related property, plant and equipment, provisions for cost of mine closure, recognition of assets for deferred taxes and depreciation and amortization of assets. (ii) Units of production depreciation - Estimated mineral reserves are used in determining the depreciation and/or amortization of mine-specific assets. This results in a depreciation/amortization charge proportional to the depletion of the anticipated remaining life-of-mine production. The life of each item, which is assessed at least annually, is impacted by both its physical life limitations and present assessments of economically recoverable mineral reserves of the mine property at which the asset is located. These calculations require the use of estimates and assumptions, including the amount of recoverable mineral reserves. (iii) Provision for remediation and mine closure - The Company assesses its provision for remediation and mine closure quarterly. It is necessary to make estimates and assumptions in determining this provision, including cost estimates of activities that are necessary for the rehabilitation of the site, technological and regulatory changes, interest rates and inflation rates. As discussed in Note 2(k), estimated changes in the fair value of the provision for remediation and mine closure or the useful life of the related assets are recognized as an increase or decrease in the book value of the provision and related asset retirement cost (ARC) in accordance with IAS 16, “Property, Plant and Equipment.” According to the Company’s accounting policies, the provision for remediation and mine closure represents the present value of the costs that are expected to be incurred in the closure period of the operating activities of the Company. Closure budgets are reviewed regularly to take into account any significant change in the studies conducted. Nevertheless, the closure costs of mining units will depend on the market prices for the closure work required, which would reflect future economic conditions. Also, the timing of disbursements depends on the useful life of the mine, which are based on estimates of future commodity prices. If any change in the estimate results in an increase to the provision for remediation and mine closure and related ARC, the Company considers whether or not this is an indicator of impairment of the assets and applies impairment tests in accordance with IAS 36, “Impairments of Assets.” (iv) Inventories - Net realizable value (NRV) tests are performed at least annually and represent the estimated future sales price of the product based on prevailing spot metal prices, less estimated costs to complete production and bring the inventory to sale. Additionally, in calculating the NRV of the Company’s long-term stockpiles, management also considers the time value of money. Mill and leach stockpiles generally contain lower grade ores that have been extracted from the ore body and are available for copper recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling and concentrating. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities. Because it is generally impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blast hole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles. Expected copper recovery rates for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material of active stockpiles, as much as 80% of the total copper recovery may occur during the first year, and the remaining copper may be recovered over many years. Process rates and metal recoveries are monitored regularly, and recovery estimates are adjusted periodically as additional information becomes available and as related technology changes. (v) Asset impairment - Management has determined that the Company’s operations consist of one cash generating unit. The Company’s operations are evaluated at least annually in order to determine if there are impairment indicators. If any such indication exists, the Company makes an estimate of the recoverable amount, which is the higher of (i) the fair value less costs of disposal or (ii) the value in use. These assessments require the use of estimates and assumptions, including long-term commodity prices, discount rates, operating costs and other factors. Fair value is defined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between willing and knowledgeable parties. The fair value of assets is generally determined as the current value of future cash flows derived from the continuous use of the asset, which includes estimates, such as the cost of future expansion plans and eventual disposal, while applying assumptions that an independent market participant may take into account. The cash flows are discounted by applying a discount rate that reflects the current market, the time value of money and the risks specific to the asset. |
Functional and reporting currency | (c) Functional and reporting currency - The financial statements are presented in United States (US) dollars, which is also the Company’s functional currency. Transactions and balances in foreign currency Foreign currency transactions are those carried out in a currency other than the functional currency. Foreign currency transactions are translated into the functional currency by applying the exchange rate in force on the date the transaction takes place. Monetary assets and liabilities denominated in foreign currencies are converted using the functional currency spot rate in force at the reporting date. Gains and losses as a result of the difference in the exchange rate when currency items are liquidated or when converting currency items at exchange rates that are different from those used for their initial recognition are recognized in the statements of comprehensive income of the period. The Company uses Peruvian Sol (S/) exchange rates published by the Superintendent of Banks, Insurance and Pension Fund Administrators. The published exchange rates were S/3.808 for US$1 for buying and S/3.820 for US$1 for selling as of December 31, 2022, and S/3.975 for US$1 buying and S/3.998 for US$1 for selling as of December 31, 2021. These rates have been applied to the appropriate asset and liability accounts. |
Financial assets | (d) Financial assets – Initial recognition and measurement - At initial recognition, financial assets are classified and measured at either amortized cost, or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company´s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, “Revenue from Contracts with Costumers.” The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date. Cash and cash equivalents - Cash and cash equivalents are financial assets that may be liquidated immediately, such as bank checking accounts, and other liquid investments with original maturities of three months or less. Accounts Receivables - The Company’s receivables include current and non-current trade and other accounts receivable. These receivables are stated at their transaction value, net of an allowance for expected credit loss. Trade accounts receivable are generated primarily from the Company’s concentrate and cathode sales, are denominated in US dollars, have current maturities, do not bear interest and have no specific guarantees. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified in two categories: - Financial assets at amortized cost (debt instruments). - Financial assets at fair value through profit or loss. Financial assets at amortized cost (debt instruments) - This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to collect contractual cash flows, and - The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest rate method and are subject to impairment. Gains and losses are recognized in the statements of comprehensive income when the asset is derecognized, modified or impaired. This category generally applies to trade and other receivables, net. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statements of financial position at fair value with net changes in fair value recognized in the statements of comprehensive income. Embedded derivatives - Copper Sales - The Company’s copper sales are provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month based on quoted London Metal Exchange (LME) monthly average prices. The Company receives market prices based on prices in the specified future month, which results in price fluctuations recorded through revenues until the date of settlement. The Company recognizes revenues and invoices customers when it transfers control, which is under CIF (cost, insurance and freight) delivery point based on then-current LME prices, which results in an embedded derivative that is required to be separated from the main contract. The Company’s embedded derivatives from sales are measured at fair value (based on LME spot copper prices) and presented as gains/losses on provisionally priced trade receivables (see Note 21). Molybdenum Sales - The Company’s molybdenum sales are also provisionally priced at the time of shipment. The Company recognizes revenues and invoices customers when it transfers control, which is under the CIF delivery point based on the arithmetic mean of the high and low Metals Week Dealer Oxide (MWDO) price. The provisional prices are finalized in a future month, according to the period of quotation, which results in price fluctuations recorded through revenues until the date of settlement, which also results in an embedded derivative that is required to be separated from the main contract (see Note 21). Derecognition - A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when: - The rights to receive cash flows from the asset have expired; or - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset or, (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent, it has retained the risk and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Company´s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Impairment of financial assets - The Company recognizes an allowance for expected credit losses for all debt instruments not held at fair value through the statements of comprehensive income. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Expected credit losses are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, expected credit losses are provided for credit losses that result from default events that are possible within the next 12-months (12-month expected credit losses). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime expected credit losses). For trade receivables and contract assets, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on the financial asset’s lifetime expected credit losses at each reporting date. The Company considers a financial asset in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. |
Inventories | (f) Inventories - Inventories are stated at the lower of cost or net realizable value. Inventory of materials and supplies, as well as saleable products and in-process inventory are determined using the weighted-average cost method. The cost of finished goods and in-process inventory (i.e., stockpiles) includes labor and benefits, supplies, energy and other costs related to the mining and processing of minerals. Net realizable value tests of saleable products and in-process inventory are performed at each reporting date and represent the estimated future sales price using forward metal prices (for the period they are expected to be processed in), less estimated costs to complete production and bring the inventory to sale. The current portion of work-in-process is determined based on the amount the Company expects to process in the next 12 months. Inventories that are not expected to be processed in the next 12 months are classified as non-current inventories. In 2022, the Company recognized a work-in-process stockpile write-off (see Note 5) |
Property, plant and equipment | (g) Property, plant and equipment - Property, plant and equipment are valued at historical cost, including costs that are directly attributed to the construction or acquisition of the asset, net of accumulated depreciation, amortization and impairment. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the obligation for mine closure, and borrowing costs for qualifying assets. Repairs and/or improvements that increase the economic life of an asset and for which it is probable that there will be future economic benefit to the Company, are recorded as assets. All other maintenance costs are charged to expense as incurred. Land is not depreciated. Depreciation of assets directly related to the useful life of the mine is calculated using the units-of-production (UOP) method based on the mine’s proven and probable copper reserves. Other assets are depreciated using the straight-line method based on the following estimated useful lives: Years Buildings and other constructions Between 5 and 35 Machinery and equipment Between 2 and 30 Transportation units Between 5 and 7 Furniture and fixtures Between 7 and 10 Other equipment Between 3 and 25 Critical spare parts and other parts which are directly identified with machinery or equipment are included in property, plant and equipment, and the economic life corresponds to the main asset with which they are identified. An asset within property, plant and equipment is retired at the time of its disposal or when no future economic benefits are expected from its use or subsequent disposition. Any gain or loss arising at the time of retirement is calculated as the difference between the proceeds from the sale and the book value of the asset and is included in the statements of comprehensive income in the period the asset is retired. The residual value and useful economic lives of the Company’s property, plant and equipment are reviewed, and adjusted if appropriate, at each year end. Impairment - At each reporting date, the Company evaluates if there is any indication that an asset could be impaired. If such an indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset is the greater of (i) its fair value less costs to sell or (ii) its value in use and is determined for the assets of the mine as a whole, since there are no assets that generate cash revenues independently. When the book value of an asset exceeds its recoverable amount, the asset is considered impaired and is reduced to its recoverable amount. When evaluating the value in use, the future estimated cash flows are discounted to their present value using an after-tax discount rate that reflects current market evaluations of the time value of money and the specific risks to the asset. Losses resulting from the impairment of assets are recognized in the statements of comprehensive income under the categories of expenses consistent with the function of the impaired asset. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The revised valuation cannot exceed the book value that would have been determined, net of depreciation, if an impairment loss for the asset had not been recognized in a previous period. Such a reversal is recognized in the statements of comprehensive income. The Company did not identify any indicators of impairment for the years ended December 31, 2022 and 2021. |
Leases | (h) Leases - The Company assesses all arrangements, at contract inception, to determine whether they are, or contain, a lease. A contract containing a lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company is a lessee but is not a lessor in any transactions. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and low-value assets. The Company recognizes lease liabilities representing obligations to make future lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets - The Company recognizes a right-of-use asset at the commencement date of the lease (i.e., the date when the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful lives of the assets, as follows: Years Land 30 Buildings and other constructions Between 1 and 14 Machinery and equipment Between 1 and 14 The right-of-use assets are also subject to impairment. The Company did not identify any indicators of impairment as of December 31, 2022 and 2021. (ii) Lease liabilities - At the commencement date of the lease, the Company recognizes a lease liability measured at the present value of lease payments to be made over the lease term. The lease liability is re-measured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase option, termination option or extension option is reasonably certain to be exercised. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is generally not readily determinable. After the commencement date, lease liabilities are increased to reflect the accretion of interest and reduced for the lease payments made. A summary of lease liabilities aging is described in Note 20(d). |
Exploration and mine development costs | (j) Exploration, development and stripping costs - Exploration costs - Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable reserves or identifying new mineral resources at development or production stage properties, are charged to the statements of comprehensive income as incurred. Development costs - Development costs are capitalized when the economic and technological feasibility of the project is confirmed, which is generally when the development or project has reached a milestone in accordance with a model established by management. Stripping cost - The stripping costs incurred in the production phase are capitalized as a component of property, plant and equipment, net (see Note 2 (b.1) and 7) if the stripping activity improves access to the ore body or enhances an existing asset. The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity. The stripping activity asset is subsequently amortized using the UOP method over the component of the ore body benefitted. |
Provisions | (k) Provisions - General - A provision is recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that resources of the Company will be required to settle the obligation, and an estimate of the amount of the obligation can be calculated. The expense relating to any provision is presented in the statements of comprehensive income, net of any reimbursement, in the period the provision is established. If the effect of the time value of money is significant, provisions are discounted by applying a discount rate that reflects, where applicable, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a financial expense in the statements of comprehensive income. Mine closure provision - The Company records a mine closure provision when a contractually or legally enforceable obligation arises. The Company estimates the present value of its future obligation for mine closure and increases the carrying amount of the related ARC, which is included in property, plant and equipment, net in the statements of financial position. Subsequently, the mine closure provision is accreted to full value over time. The related ARC is depreciated using the UOP method over the life of the mine. The Company evaluates its mine closure provision on a quarterly basis and makes adjustments to estimates and assumptions, including scope, future costs and discount rates, as applicable. Changes in the fair value of the mine closure provision or the useful life of the related asset are recognized as an increase or decrease in the book value of the provision and the related ARC. Any decrease in the mine closure provision and related ARC cannot exceed the current book value of the asset; amounts over the current book value are recorded in the statements of comprehensive income. |
Revenue recognition | (l) Revenue recognition - The Company primarily sells copper concentrate and copper cathode in accordance with sales contracts entered into with its customers. Revenues from contracts with customers comprise the fair value of the sale of goods, net of related general sales taxes. Revenue from contracts with customers is recognized when control of goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company has concluded that it acts as the principal in its revenue contracts because it normally controls the goods before transferring them to its customers. The transfer of control is determined in accordance with the terms of each of the contracts entered into with the Company’s customers; generally, under such contracts, the transfer of control occurs at the time of shipment or delivery of the goods, including transportation. The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. The Company consider that the only performance obligation is the delivery of the goods. In determining the transaction price for the sale of copper concentrates and copper cathode, the Company considers the effect of variable consideration and the existence of significant financing components. Revenues from the sale of copper concentrates and cathodes are recorded net of commercial deductions. Commercial deductions include price adjustments for treatment and refining charges and may include certain penalties that, according to the applicable contract, are deducted from the international spot price, and that are incurred after the time of sale of the applicable concentrate. The Company considers these deductions as part of the transaction price. The normal credit term is within 30 days after the fulfillment of the terms of the contract. Variable consideration - If the consideration in the contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The Company’s sales of copper concentrates and cathodes allow for price adjustments based on the market price at the end of the trading period stipulated in the contract. These are called provisional pricing agreements in which the selling price of the copper is settled in a contractually specified future month based on quoted monthly average copper settlement prices. Sales price adjustments occur based on movements in quoted market prices until the end of the trading period. The period between provisional billing and the end of the listing period generally ranges from one to six months. In addition, the Company’s sales of copper concentrates and cathodes are also subject to slight variations in their amount that may occur while the goods are in transit to their destination as a result of variations in moisture, weight and mineral grades. These variations are recognized directly as part of “Revenues” once the Company reaches an agreement with the corresponding customer regarding the final amounts sold. Sales of copper concentrates and cathodes at provisional prices include a gain (loss) to be received at the end of the trading period; this is considered a variable consideration. Changes in price during the listing period are recognized within “Revenues.” For provisional pricing arrangements, any future changes to the QP (Quotation Period) are embedded within provisionally priced trade receivables and therefore are within the scope of IFRS 9, “Financial Instruments” and not within the scope of IFRS 15. Given the exposure to the price of raw materials, trade receivables with a provisional price will not pass the test of cash flow characteristics within IFRS 9 and will be required to be measured at fair value with changes in the statement of comprehensive income from the initial recognition and until the settlement date. Subsequent changes in fair value are recognized in the statement of comprehensive income for each period. Changes in fair value during and until the end of the trading period are estimated by reference to the updated forward market prices for copper, as well as taking into account other relevant fair value considerations established in IFRS 13, “Fair Value Measurement,” including adjustments for interest rate and credit risk. Revenue is recognized at the amount the entity expects to be entitled. The estimated price that is expected to be received at the end of the quotation period is generally the shipping or delivery month price, according to the terms of the contracts and using the most recently determined estimate of metal in concentrate (based on initial assay results) and the estimated forward price. The requirements in IFRS 15 on constraint estimates of variable consideration are also applied to determine the amount of variable consideration that can be included in the transaction price. Significant financing components - The Company receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good to the customer and when customer pays for that good will be one year or less. Contract balances - Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company transfers goods or services to a customer before the customer pays for those goods or services or before payment is due, a contract asset is recognized for the earned consideration that is conditional. The Company does not have any contract assets as performance and a right to consideration occurs within a short period of time and all rights to consideration are unconditional. Trade receivables A receivable represents the Company’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). See Note 2(d) for accounting policies for financial assets. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays before the Company transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Company performs under the contract. |
Benefits to employees | (n) Benefits to employees - Salaries and wages, bonuses, severance and vacation benefits are calculated in accordance with IAS 19, “Employee Benefits” and current Peruvian legislation. Worker’s profit sharing - The Company recognizes worker’s profit sharing in accordance with IAS 19. Worker’s profit sharing is calculated in accordance with Peruvian laws (Legislative Decree No. 892), and the Company’s worker’s profit sharing rate is 8% over the net taxable base of the current year. According to Peruvian law, the limit in the worker’s profit sharing that an employee can receive is equivalent to 18 months of wages, and any excess above such limit is transferred to the Regional Government and the National Fund for Employment’s Promotion and Training (FONDOEMPLEO). The Company’s worker’s profit share is recognized as a liability in the statements of financial position and as an operating expense in the statements of comprehensive income. The long-term portion of "Provision for employee benefits" in the statement of financial position include bonuses to be paid in 2024 in accordance with the Union Agreement, additionally includes the estimate of profit sharing determined in accordance with the IFRIC 23, “Uncertainty over Income Tax Treatments”. |
Borrowing costs | (o) Borrowing cost - Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as finance costs as part of the asset. A qualifying asset is one whose value is greater than US$ 1 million and requires at least 12 months to be ready for its intended use. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds. |
Taxes | (m) Income taxes, deferred taxes and other taxes - Income taxes - Income tax assets and liabilities are measured at the amounts expected to be paid to or recovered from the tax authorities. The amount of current tax payable or receivable is the best estimate of the tax amount to be paid or received that reflects uncertainty related to income taxes, if any. The tax rates and tax laws that are applied to compute the amounts are those that are enacted or substantially enacted at the end of the reporting period. The Company calculates the provision for income tax in accordance with the Peruvian tax legislation in force. For the years ended December 31, 2022, 2021 and 2020, the Company was subject to an income tax rate of 32% (see Note 13(b)). Uncertainty about the treatment of income taxes – The Company determines whether it considers each uncertain tax treatment separately or in conjunction with one or more other uncertain tax treatments based on the approach that best predicts the resolution of the uncertainty. The Company makes judgments and estimates when there is uncertainty regarding the income tax treatments (see Notes 6 and 11). The Company has uncertain tax positions, particularly those related to depreciation of fixed asset, tailing dams, sales commissions with non-related companies and small fixed asset acquisitions. The Company determined, based on its tax compliance and transfer pricing study, that its tax treatments are likely to be accepted by the tax authorities (see Notes 6(b) and 11(d)). Deferred Taxes - Deferred taxes are presented using the liability method for differences between the tax basis of assets and liabilities and their book value for financial reporting purposes. Deferred tax liabilities are recognized for all taxable differences. Deferred tax assets are recorded for all deductible differences when there is a probability that there could be taxable earnings against which the deductible difference could be applied. The book value of deferred tax assets is reviewed at the end of each period and reduced to an amount that is more likely than not to be realized against taxable earnings. Deferred tax assets that are not recognized are reassessed each period and are recognized when it is more likely than not that those future taxable earnings will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at tax rates that are expected to be applicable during the year when the assets are realized or the liabilities are liquidated, based on the tax rates (and tax laws) that have been enacted or substantively enacted at the end of the period, and reflects uncertainty related to income taxes, if any. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset tax assets against tax liabilities and the deferred tax is related to the same entity and the same tax authority. Mining Taxes - On September 29, 2011, Law 29788 (which amended Law 28528) was enacted creating a new mining tax and royalty regime in Peru. Under the new regime, companies are subject to the payment of royalties and a special mining tax. Under the terms of its current 15-year stability agreement (see Note 13(a)), which became effective January 1, 2014, the Company is subject to mining royalties and a special mining tax for all of its mining production (see Note 13(d)). The amount to be paid for mining royalties will be the greater of (1) a progressive rate of from 1% to 12% of quarterly operating income depending upon the Company’s level of operating margins or (2) 1% of quarterly sales. Mining royalties calculated on sales are presented in “Other operating expenses .” Mining royalties and special mining tax are accounted for in accordance with IAS 12, “Income Tax” because they have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the amount payable is based on taxable income-rather than physical quantities produced or as a percentage of revenue after adjustment for temporary differences. Legal rules and rates used to calculate the amounts payable are those in effect on the date of the statement of financial position. Therefore, obligations arising from mining royalties and special mining tax are recognized as income tax under the scope of IAS 12, “Income Tax.” Both, mining royalties and special mining tax generate deferred tax assets and liabilities, which must be measured using the average rates expected to apply to operating income in the quarter in which the company expects to reverse temporary differences. Supplementary Retirement Fund - On July 9, 2011, Law 29741 was enacted and established a Mining, Metallurgical and Steel Supplementary Retirement Fund (SRF), which is a social security retirement fund for mining, metals and steel industry workers. Under the terms of its current 15-year stability agreement, the Company is subject to SRF, which is calculated as 0.5% of taxable income. |
Fair value measurement | (p) Fair value measurement - The Company measures embedded derivatives at fair value as of each date presented in the statements of financial position. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities. - Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. - Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. |
Financial liabilities | (e) Financial liabilities - All financial liabilities are recognized initially at fair value and in the case of accounts payable and other financial liabilities, net of directly attributable transaction costs. The Company´s financial liabilities include loans, trade and other payables and other financial liabilities. Loans - Loans are initially recognized at their fair value, net of directly attributable transaction costs. After initial recognition, loans are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the statements of comprehensive income when the liabilities are derecognized as well as through the amortization process. Amortized cost is calculated taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. Amortization under the effective interest rate method is included as financial costs in the statements of comprehensive income. Derecognition - A financial liability is derecognized when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts are recognized in the statements of comprehensive income. |
Intangible assets including computer software | (i) Intangible assets - Intangible assets are recorded at cost less accumulated amortization. After the initial recognition, the intangible assets are recorded at their cost less accumulated amortization and any accumulated loss for impairment of use, if applicable. The Company’s intangible assets primarily consist of concessions related to the operation of the port terminal, which are amortized over 20 years using the straight-line method. Amortization expense was US$2.3 million for the year ended December 31, 2022, US$ 1.5 million for the year ended December 31, 2021, and US$ 1.0 million for the year ended December 31, 2020 and is presented within the “Depreciation and amortization” in cost of sales (see Note 15). The gross book value for intangible assets was US$ 20.0 million at December 31, 2022, and 2021, and accumulated amortization was US$ 8.5 million as of December 31, 2022, and US$ 6.2 million as of December 31, 2021, respectively. |
Earnings per share | (q) Basic and diluted earnings per share - Basic and diluted earnings per share have been calculated based on the weighted average number of common shares outstanding during the period. When the number of shares is modified because of capitalization of retained earnings, the net income per basic and diluted shares is adjusted retroactively for all of the periods reported. For the years ended December 31, 2022, 2021 and 2020, the Company does not have any financial instruments with dilutive effects; as a result, the basic and diluted shares are the same in all periods presented. |
Standards issued but not effective | (s) Standards issued but not effective - Below is a summary of the improvements and / or modifications to IFRS that are not yet effective, but would be applicable to the Company: - Amendments to IAS 1: Classification of Liabilities as Current or Non-current - In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period in order to classify liabilities as non-current. - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is currently assessing the potential impact the amendments will have on current practice. - Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8, “Accounting Policies, changes in Accounting Estimates and Errors,” in which it introduces a definition of “accounting estimates.” The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments are not expected to have a material impact on the Company. - Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. “Making Materiality Judgements,” in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of ‘material’ to accounting policy information, an effective date for these amendments is not necessary. The Company is currently assessing the impact of the amendments to determine the impact they will have on the Company’s accounting policy disclosures. - Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 |
Identification and business a_2
Identification and business activity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Identification and business activity | |
Disclosure of Detailed Information on Effect of Mineral Stock Write-off on Cost of Sales [Table Text Block] | 2022 US$(000) Cost of sales of goods, excluding depreciation and amortization 10,957 Depreciation and amortization 5,025 Exploration in operating units 420 Cost of sales 16,402 |
Schedule of significant investments in subsidiaries | Country of incorporation Ownership as of December 31, and business 2022 2021 Direct Indirect Direct Indirect % % % % Mining activities: Compañía de Minas Buenaventura S.A.A. (*) Peru 100.00 — 100.00 — Compañía Minera Condesa S.A. Peru 100.00 — 100.00 — Compañía Minera Colquirrumi S.A. Peru 100.00 — 100.00 — Sociedad Minera El Brocal S.A.A (**) Peru 3.19 58.24 3.19 58.24 Inversiones Colquijirca S.A. (**) Peru 89.76 10.24 89.76 10.24 S.M.R.L. Chaupiloma Dos de Cajamarca (***) Peru 33.00 67.00 20.00 40.00 Minera La Zanja S.R.L. (****) Peru 100.00 — 53.06 — Minera Julcani S.A. de C.V. Mexico 99.80 0.20 99.80 0.20 El Molle Verde S.A.C. Peru 99.98 0.02 99.98 0.02 Apu Coropuna S.R.L. Peru 70.00 — 70.00 — Cerro Hablador S.A.C. Peru 99.00 1.00 99.00 1.00 Minera Azola S.A.C. Peru 99.00 1.00 99.00 1.00 Energy generation and transmission services: Consorcio Energético de Huancavelica S.A. Peru 100.00 — 100.00 — Empresa de Generación Huanza S.A. Peru — 100.00 — 100.00 Insurance brokerage: Contacto Corredores de Seguros S.A. Peru 99.98 0.02 99.98 0.02 Industrial activities: Procesadora Industrial Río Seco S.A. Peru 100.00 — 100.00 — (*) As of December 31, 2022 and 2021, includes three operating mining units in Peru (Orcopampa, Julcani and Tambomayo), one temporarily suspended operation (Uchucchacua), two discontinued mining units (Poracota and Shila-Paula), and one mining unit under development stage (San Gabriel). (**) As of December 31, 2022 and 2021, the participation of the Company in the voting rights of El Brocal is 61.43 %. Inversiones Colquijirca S.A. (hereafter “Colquijirca”), the Group’s subsidiary (100 % as of December 31, 2022 and 2021), has an interest in El Brocal’s capital stock, through which the Company holds an indirect participation in El Brocal of 58.24% as of December 31, 2022 and 2021. (***) Until March 30, 2022, Buevaventura held a direct and indirect holding of 60% and the remaining 40% was held by Newmont Corporation (hereinafter “Newmont”). On April 1, 2022, the subsidiary S.M.R.L. Chaupiloma Dos de Cajamarca (hereinafter “Chaupiloma”) spun-off (****) On February 7, 2022, Buenaventura entered into definitive agreements with Newmont to sell all of the shares it owned in Yanacocha. As part of this transaction Newmont transferred in favor of Buenaventura its shares representing 46.94% of the equity of La Zanja, receiving as consideration an amount calculated on the future production of said mining unit. On the other hand, Newmont paid US$45,000,000 to Buenaventura in order to cover part of the future costs of the La Zanja closure plan, which are presented in the caption “Other reserves” in the consolidated statement of changes in equity for US$31,628,000 (US$45,000,000 net of tax income). This transaction was accounted for as an owner-to-owner transaction. Additionally, the non-controlling interest gain amounting to US |
Schedule of net cash flows used by the mining units with discontinued operations | No net cash flows were generated by the mining units maintained with discontinued operations during 2022, 2021 and 2020. |
Schedule of results of the discontinued operations mining units | 2022 2021 2020 US$(000) US$(000) US$(000) Sales — — (1) Cost of sales — — — Gross loss — — (1) Operating income (expenses), net Gain for sale of Yanacocha investment 300,000 — — Reversal of liability classified as held for sale of Yanacocha 265,590 — — Reversal of unrealized result of Yanacocha 356 — — Administrative expenses (683) (335) (1,117) Changes in provision for closure of mining units, note 15(b) (660) (3,021) (58) Reversal (provision) of contingencies (113) (2,136) 13 Depreciation and amortization, note 11(h) (9) (14) (2,126) Discontinued operation of Yanacocha, note 10(d) — (422,394) (72,219) Changes in environmental liabilities provision — (1,014) — Income from sale of development costs, property, plant and equipment (sale of Mallay mining unit) — — 7,976 Reversal of provision for closure of mining unit (sale of Mallay mining unit), note 15(b) — — 5,093 Income from the sale of supplies from the Mallay unit, note 8(b) — — 1,220 Return of provision for loss of value of inventories for sale of the Mallay unit, note 8(b) — — 843 Cost of sale of property, plant and equipment — — (3,099) Cost of sale of supplies (sale of Mallay mining unit) — — (1,711) Provision for loss of value of inventories, note 8(b) — — (1,220) Others, net 288 (79) (240) Total operating income (expenses), net 564,769 (428,993) (66,645) Operating profit (loss) 564,769 (428,993) (66,646) Finance costs, note 15(b) (59) (25) (176) Net gain (loss) from currency exchange difference (2) — 12 Profit (loss) before income tax 564,708 (429,018) (66,810) Current income tax (44,747) — — Deferred income tax (41,414) 41,414 — (86,161) 41,414 — Profit (loss) from discontinued operations 478,547 (387,604) (66,810) |
Summary of unabsorbed cost due to production stoppage | 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 7,608 19,214 8,373 Direct labor 6,505 3,418 11,075 Electricity and water 2,510 22 250 Mining easement 1,285 160 107 Short-term and low-value lease 1,180 668 1,394 Consumption of materials and supplies 1,155 781 2,817 Insurances 867 456 1,736 Maintenance and repair 330 275 498 Transport 301 87 291 Rights 214 — 100 Other 1,103 428 1,117 23,058 25,509 27,758 |
Basis for preparation, consol_3
Basis for preparation, consolidation and accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basis for preparation, consolidation and accounting policies | |
Schedule of useful lives of assets | Depreciation of assets in mining units with short useful lives or used for administrative purposes is calculated using the straight-line method of accounting. The useful lives are the following: Years Buildings, construction and other 2 to 11 Hydroelectric power station 20 to 40 Machinery and equipment 2 to 30 Transportation units 5 Furniture and fixtures 4 to 10 Other equipment 3 to 10 Computer equipment 3 to 5 |
Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Schedule of useful lives of assets | Years Buildings and other constructions Between 5 and 35 Machinery and equipment Between 2 and 30 Transportation units Between 5 and 7 Furniture and fixtures Between 7 and 10 Other equipment Between 3 and 25 |
Schedule of estimated useful lives of right of use assets | Years Land 30 Buildings and other constructions Between 1 and 14 Machinery and equipment Between 1 and 14 |
Transactions in soles (Tables)
Transactions in soles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transactions in soles | |
Schedule of assets and liabilities originally denominated | As of December 31, 2022 and 2021, the Group presents the following assets and liabilities originally denominated in soles by its equivalent in U. S. dollars: 2022 2021 US$(000) US$(000) Assets Cash and cash equivalents 8,822 8,587 Trade and other receivables 731,367 688,438 Income tax credit 28,046 15,456 768,235 712,481 Liabilities Trade and other payables (84,552) (72,051) Income tax payable (25,336) (21,384) Provisions (2,365) (3,026) (112,253) (96,461) Net asset position 655,982 616,020 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Cash on hand 134 155 Balances with banks (b) 43,633 215,699 Short-term deposits (c) 210,151 161,145 253,918 376,999 (b) Bank accounts earn interest at floating rates based on market rates. (c) As of December 31, 2022 and 2021, time deposits were kept in prime financial institutions, which generated interest at annual market rates and have current maturities, according to the immediate cash needs of the Group. |
Sociedad Minera Cerro Verde S.A.A. | |
Cash and cash equivalents | |
Schedule of detailed information about cash and cash equivalents | This item is made up as follows: December 31, December 31, 2022 2021 US$(000) US$(000) Cash in banks 18,839 26,109 Cash equivalents (a) 534,925 911,571 553,764 937,680 (a) Cash equivalents as of December 31, 2022 and 2021, includes a portfolio of investments in highly marketable liquid investments (mainly investments classified as “AAA” by Standard & Poor's and Moody's) which yield variable returns, and are classified as cash equivalents because they are readily convertible to known amounts of cash and management plans to use them for its short-term cash needs. Because of the short maturity of these investments (i.e., less than 90 days), the carrying amount of these investments corresponds to their fair value at the date of the financial statements. Changes in the fair value of these investments are presented in the “financial income” caption (see Note 18). |
Related parties (Tables)
Related parties (Tables) - Sociedad Minera Cerro Verde S.A.A. | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Related Parties [Line Items] | |
Schedule of accounts receivable from related parties and accounts payable to related parties | Accounts receivable from related parties and accounts payable to related parties are made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Accounts receivable from related parties Parent Company FMC (a) 555,150 551,595 Other related parties Climax Molybdenum Marketing Corporation (b) 27,069 23,247 Sumitomo (c) 21,098 11,238 Embedded derivatives Embedded derivatives (d) 91,011 12,793 Total accounts receivable from related parties 694,328 598,873 Classification by measurement Accounts receivables from related parties (subject to provisional pricing) 509,660 558,581 Accounts receivables from related parties (not subject to provisional pricing) 93,657 27,499 Embedded derivatives (d) 91,011 12,793 694,328 598,873 Accounts payable to related parties Parent Company FMC 324 269 Other related parties Freeport-McMoRan Sales Company Inc. 2,687 2,666 Minera Freeport-McMoRan South America Ltda 163 491 Total accounts payable to related parties 3,174 3,426 (a) Accounts receivable from FMC mainly correspond to sales of copper concentrate and copper cathode. The Company has a long-term agreement with FMC through which it has committed to sell between 70% and 80% of its annual copper concentrate production through December 31, 2021 and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually. (b) The Company has a long-term agreement with Climax Molybdenum Marketing Corporation (a wholly owned subsidiary of FMC) through which it has committed to sell 100% of its annual molybdenum concentrate production, at a price based on MWDO and under incoterm CIF from February 1, 2020, through January 31, 2022. A new agreement commenced on February 1, 2022, through January 31, 2023, and will continue in force until one of the parties communicates its intention to terminate. (c) The Company has a long-term agreement with Sumitomo through which it has committed to sell 21% of its annual copper concentrate production through December 31, 2021 and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually. (d) Reflects the embedded derivative adjustment associated with accounts receivable from related parties (see Note 2(d) and 21). |
Summary of the transactions with related entities that affected results (not including copper and molybdenum sales) | The following is a summary of the transactions with related entities that affected results (not including copper and molybdenum sales described in Note 14) for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Revenues Reimbursement of expenses 747 65 226 Supplies 2 — 768 749 65 994 Expenses Reimbursement of information technology services 22,023 16,941 15,900 Commissions 10,550 8,484 7,801 Management fee 2,540 2,352 2,159 Stock-based compensation (a) 2,502 2,894 2,259 Supplies 7 — 492 37,622 30,671 28,611 (a) As indicated in the table above, during 2022, 2021 and 2020 the expense for stock-based compensation amounted to US$2.5 million, US$2.9 million and US$2.3 million, respectively. The related payments / settlements totaled US$3.4 million, US$2.7 million and US$0.8 million respectively. This activity resulted in a net decrease of US$0.9 million in 2022, US$0.2 million in 2021 and US$1.5 million in 2020 in “Other capital contributions” in the statements of changes in shareholders’ equity. |
Trade and other receivables, _2
Trade and other receivables, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables, net | |
Schedule of trade and other receivables, net | 2022 2021 US$(000) US$(000) Trade receivables (b) Domestic clients 127,750 135,811 Foreign clients 40,229 31,233 Related entities, note 32(b) 367 4,626 168,346 171,670 Allowance for expected credit losses (i) (22,276) (22,276) 146,070 149,394 Other receivables Tax claims (c) 631,478 601,056 Value added tax credit 52,589 35,228 Other accounts receivables to third parties 30,175 28,361 Advances to suppliers 14,392 10,921 Tax deposits (e) 8,296 12,711 Refund applications of value added tax (g) 3,330 2,488 Related entities, note 32(b) 2,842 2,298 Closed hedging financial instruments receivable, note 34(b) 2,506 — Interest receivable 2,305 2,608 Due from for sales of assets (f) 2,119 7,481 Public Works Tax Deduction 1,196 1,527 Bank accounts in trust (h) 1,092 359 Loans to personnel 629 460 Loans to third parties 365 350 Restricted time deposits (d) — 29,242 Other 248 401 753,562 735,491 Allowance for expected credit losses (i) (4,106) (8,621) 749,456 726,870 Total trade and other receivables 895,526 876,264 Classification by maturity: Current portion 221,899 240,432 Non-current portion 673,627 635,832 Total trade and other receivables 895,526 876,264 Classification by nature: Financial receivables 838,411 837,021 Non-financial receivables 57,115 39,243 Total trade and other receivables 895,526 876,264 Classification by measurement: Trade receivables (not subject to provisional pricing) 16,503 15,417 Trade receivables (subject to provisional pricing) 129,567 133,977 Other accounts receivables 749,456 726,870 Total trade and other receivables 895,526 876,264 (b) Trade accounts receivable are denominated in U.S. dollars, are neither due nor impaired (except for those included in the Group’s allowance for expected credit losses, see (i)) do not yield interest and have no specific guarantees. (c) Corresponds to forced payments of tax debts that are in litigation and that, in the opinion of management and its legal advisors, a favorable result should be obtained in the judicial and administrative processes that have been initiated, see note 31(d): Payment 2022 2021 Detail Date US$(000) US$(000) Buenaventura - Payment of tax debt for fiscal year 2007 - 2008. July 2021 414,841 398,548 Payment of tax debt for fiscal year 2010. July 2021 93,669 89,733 Payment of tax debt for fiscal year 2009. July 2021 50,787 48,654 SUNAT seizure for payment on account from January to December 2009; January and February 2010. December 2019 31,581 30,255 Forced payment of part of the tax liability debt for fiscal year 2007. November - December 2020 18,925 18,130 SUNAT seizure for payment on account on Income Tax 2007-2008. January 2021 5,035 4,823 Payment of tax debt for fiscal year 2017. December 2022 2,422 — Payment of the tax liability debt imputed by SUNAT in the IGV inspection process January-December 2014 to benefit from the gradual nature of the fine. November 2020 1,246 1,193 Inminsur’s tax liability debt (absorbed by Buenaventura), by the inspection process for the years 1996-1997 and claimed in court. May 2017 787 754 Claim payment to OSINERGMIN for the year 2015. December 2022 621 — Claim payment to OSINERGMIN for the year 2014. August 2021 612 587 Forced payment of part of the tax debt for fiscal year 2010. December 2020 474 452 621,000 593,129 El Brocal - Forced payment of part of the tax debt for fiscal year 2014. January 2021 1,278 1,225 Payment of the fine for the benefit of reducing the fine for fiscal year 2015. January 2020 262 251 Payment under protest of the tax liability for fiscal year 2011. June 2014 — 2,096 1,540 3,572 Río Seco - Forced payment of part of the VAT tax liability for 2012. July to September 2019 3,238 3,162 Forced payment of part of the tax debt for fiscal year 2020. November 2022 609 — 3,847 3,162 Huanza - Payment under protest of the tax liability for fiscal year 2014 December 2022 1,600 — La Zanja - SUNAT seizure for income tax for fiscal year 2016 October 2022 2,353 — Forced payment of part of the tax debt for fiscal year 2013 - 2015. April 2021 804 853 3,157 853 Chaupiloma - SUNAT seizure for income tax for fiscal year 2011 September 2021 334 340 631,478 601,056 (d) As of December 31, 2021, it corresponded to a restricted time deposit held by Minera La Zanja S.R.L. in favor of Ministry of Energy and Mines for US$29,242,000 to secure current mine closure plans of its mining units and exploration projects that expired on January 12, 2022. (e) Corresponds to deposits held in the Peruvian State bank and that in accordance with the tax law of Peru which only can be used to offset tax obligations that the Group has with the Tax Authorities. (f) As of December 31, 2022, the balance also includes the account receivable related to the sale of mining concessions from the subsidiary Chaupiloma to Yanacocha for US$1.9 million (note 1(e)). During 2022, collections related to the sale amounted to US$6.5 million. As of December 31, 2021, the account receivable for the sale of assets corresponded mainly to the balance for the sale of Mallay mining unit for US$7.3 million, which were transfer to a third party during May 2022 in exchange for US$6 million. This transaction generated a loss of US As of March 2021, the Company collected US$3.6 million related to the sale of the investment in Buenaventura Ingenieros S.A. for a sale amount of US$7.1 million. The remaining balance was compensated with a credit note. During the first quarter of 2020, US$21.0 million were collected related to the contract for the sale of energy transmission systems in the areas of Huancavelica, Trujillo, Cajamarca, Callalli – Ares and Lorema with Conelsur LT S.A.C. realized on September 5, 2019. (g) Corresponds mainly to current year refunds applications that are pending as of December 31, 2022. (h) Corresponds mainly to collections that are deposited into restricted bank accounts that only can be used for the payment of financial obligations held by the subsidiary Empresa de Generación Huanza S.A. (hereafter “Huanza”), according to the finance lease signed with Banco de Crédito del Perú in 2009. Below is presented the movement: |
Schedule of allowance for doubtful accounts | 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 30,897 31,845 32,022 Provision for other receivables, note 28(a) 253 409 4 Provision for trade receivables, note 25 — — 126 Provision of the year 253 409 130 Foreign exchange difference (59) (197) (307) Write off during the year (4,709) (1,160) — Final balance 26,382 30,897 31,845 Trade receivables 22,276 22,276 22,128 Other receivables 4,106 8,621 9,717 26,382 30,897 31,845 |
Schedule of restricted bank accounts for payments of financial obligation explanatory | 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 359 376 2,510 Increase 733 — — Decrease — (17) (2,134) Final balance 1,092 359 376 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Schedule of detailed information of inventories | 2022 2021 US$(000) US$(000) Finished goods 1,267 1,396 Products in process (b) 27,212 41,619 Spare parts and supplies 89,708 86,825 118,187 129,840 Provision for impairment of inventory (c) (29,842) (30,774) 88,345 99,066 Classification by use: Current portion 88,345 86,264 Non-current portion — 12,802 88,345 99,066 (b) Products in process primarily relate to mineral in process of El Brocal amounting to US$3.9 million (935,448 Dried Metric Ton amounting to US$29.1 million as of December 31, 2021). See note 1(b). (c) The provision for impairment of inventory had the following movements: |
Schedule of changes in provisions for impairment of inventory | 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 30,774 31,117 25,402 Continuing operations: Finished and in progress goods, note 21(a) - Provision 7,243 6,877 8,920 Reversal (8,314) (12,348) (3,866) (1,071) (5,471) 5,054 Spare parts and supplies, note 28(a) - Provision 22,533 22,394 17,266 Reversal (22,394) (17,266) (15,762) 139 5,128 1,504 Discontinued operations: Spare parts and supplies, note 1(e) - Provision — — 1,220 Reversal — — (843) — — 377 Sale of discontinued mining unit, note 1(e) - — — (1,220) Final balance 29,842 30,774 31,117 |
Sociedad Minera Cerro Verde S.A.A. | |
Inventories | |
Schedule of detailed information of inventories | This item is made up as follows: December 31, 2022 December 31, 2021 US$(000) US$(000) Current Materials and supplies 411,656 369,324 Work-in-process (WIP) (a) 200,969 170,669 Finished goods: Copper concentrate 23,012 9,734 Copper cathode 10,976 15,708 Molybdenum concentrate 3,598 1,776 650,211 567,211 Non-current WIP (a) 287,218 323,828 Total inventories 937,429 891,039 (a) WIP inventories represent mill and leach stockpiles that have been extracted from the open pit and are available for copper recovery. Based on the future mine plan production, the Company identifies the portion of inventory that is classified as current or non-current. For mill stockpiles, recovery is through milling and concentrating. For leach stockpiles, recovery is through exposure to acidic solutions that dissolve copper and deliver it in a solution to extraction processing facilities. During 2022, the Company recorded metal inventory adjustments totaling US$7.7 million associated with the write-off of certain long-term mill and leach stockpiles. No metal inventory adjustments were recorded in 2021. |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid expenses | |
Schedule of prepaid expenses | (a) 2022 2021 US$(000) US$(000) Right to use facilities paid in advance (b) 23,920 24,806 Prepaid insurance 15,065 15,588 Deferred costs of works for taxes 1,929 2,934 Other prepaid expenses 1,452 986 42,366 44,314 Classification by maturity: Current portion 19,333 20,394 Non-current portion 23,033 23,920 42,366 44,314 (b) Corresponds mainly to payments made in advance to EDEGEL for an original amount of US$31,007,190 corresponding to the right to use the capacity of the hydraulic system of EDEGEL by the subsidiary Empresa de Generación Huanza S.A. This prepayment is being charged to results during the life of the underlying assets (35 years) since January 2015. |
Investments in associates and_2
Investments in associates and joint venture (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in associates and joint ventures | |
Schedule of interests in associates and joint ventures | (a) This caption is made up as follows: Share in equity 2022 2021 2022 2021 % % US$(000) US$(000) Associates Sociedad Minera Cerro Verde S.A.A. 19.58 19.58 1,408,260 1,305,377 Compañía Minera Coimolache S.A. 40.10 40.10 98,388 101,683 Tinka Resources Ltd. 19.32 19.30 10,678 11,573 1,517,326 1,418,633 Joint venture (d) 2,486 2,497 Other minor investments 1,165 1,165 1,520,977 1,422,295 |
Schedule of net share in profit (loss) of investments | (b) The table below presents the net share in profit (loss) of investments: 2022 2021 2020 US$(000) US$(000) US$(000) Associates Sociedad Minera Cerro Verde S.A.A. 181,221 233,342 53,767 Compañía Minera Coimolache S.A. (2,493) 8,170 10,055 Tinka Resources Ltd. (2,447) (1,098) (868) 176,281 240,414 62,954 Joint venture (11) 36 (252) 176,270 240,450 62,702 |
Schedule of financial position of associate under equity method | The table below presents the key financial data from the joint venture under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 14,760 19,898 Non-current assets 77,435 87,634 Current liabilities (17,608) (14,403) Non-current liabilities (53,768) (72,444) Equity 20,819 20,685 Adjustments to conform to the Group accounting policies 10,256 10,528 Equity, adjusted 31,075 31,213 Group’s share in results 2,486 2,497 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years ended December 31: Revenue 27,538 22,937 18,560 Net profit (loss) from continuing operations 322 191 (2,554) Adjustments to conform to the Group accounting policies (459) 259 (596) Net profit (loss), adjusted (137) 450 (3,150) Group interests (11) 36 (252) |
Summary of changes in investments in associates and joint venture | 2022 2021 US$(000) US$(000) As of January 1, 1,422,295 1,488,775 Net share in profit of associates and joint venture 176,270 240,450 Equity contributions granted and paid, note 32(a) 1,677 — Dividends declared and collected, note 32(a) (79,140) (148,411) Unrealized results on investments (101) (335) Reclassification of share of the year in losses of Yanacocha to discontinued operations, note 1(e) — (422,394) Reclassification to held for sale of the investment in Yanacocha, note 1(e) — 264,838 Equity reduction of minor investments — (580) Translation adjustments and other (24) (48) As of December 31, 1,520,977 1,422,295 |
Sociedads Minera Cerro Verde S.A.A. | |
Investments in associates and joint ventures | |
Schedule of net share in profit (loss) of investments | 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 1,946,762 2,157,182 Non-current assets 6,047,101 5,967,382 Current liabilities (564,058) (1,252,095) Non-current liabilities (778,378) (745,463) Equity 6,651,427 6,127,006 Group’s interest 1,300,497 1,197,614 Goodwill 107,763 107,763 1,408,260 1,305,377 |
Schedule of financial position of associate under equity method | The table below presents the key financial data from the financial statements of Cerro Verde under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 1,946,762 2,157,182 Non-current assets 6,047,101 5,967,382 Current liabilities (564,058) (1,252,095) Non-current liabilities (778,378) (745,463) Equity 6,651,427 6,127,006 Group’s interest 1,300,497 1,197,614 Goodwill 107,763 107,763 1,408,260 1,305,377 |
Compania Minera Coimolache S.A. | |
Investments in associates and joint ventures | |
Schedule of net share in profit (loss) of investments | 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years ended December 31: Sales of goods 159,003 215,481 203,163 Net profit (loss) from continued operations (8,368) 18,294 22,786 Adjustments to conform to the accounting policies 2,150 2,083 2,293 Net profit (loss), adjusted (6,218) 20,377 25,079 Group’s share in results (2,493) 8,170 10,055 |
Schedule of financial position of associate under equity method | The table below presents the key financial data from the financial statements of Coimolache under IFRS: 2022 2021 US$(000) US$(000) Statements of financial position as of December 31: Current assets 208,382 216,581 Non-current assets 157,203 184,635 Current liabilities (21,565) (36,521) Non-current liabilities (95,822) (106,129) Equity 248,198 258,566 Adjustments to conform to the accounting policies of the Group (2,804) (4,954) Equity, adjusted 245,394 253,612 Group’s interest 98,388 101,683 |
Tinka resources Ltd | |
Investments in associates and joint ventures | |
Schedule of financial position of associate under equity method | The table below presents the key financial data from the financial statements of Tinka under IFRS in 2022 (financial statements as of September 30, 2022) and in 2021 and 2020 (financial statements as of November 30, 2021 and 2020, respectively): 2022 2021 US$(000) US$(000) Statements of financial position: Current assets 13,007 8,667 Non-current assets 50,454 50,461 Current liabilities (473) (211) Equity 62,988 58,917 Adjustments to conform to the accounting policies of the Group (7,719) 1,042 Equity, adjusted 55,269 59,959 Group’s interest 10,678 11,573 |
Schedule of statements of profit or loss | 2022 2021 2020 US$(000) US$(000) US$(000) Statements of profit or loss for the years: Sales of goods — — — Net loss from continued operations (4,383) (1,109) (2,311) Adjustments to conform to the Group accounting policies (8,283) (4,583) (2,189) Net loss, adjusted (12,666) (5,692) (4,500) Group’s share in results (2,447) (1,098) (868) |
Property, plant, equipment an_2
Property, plant, equipment and development costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant, equipment and development costs | |
Schedule of property, plant and equipment, net | Balance as of Balance as of Balance as of January 1, Changes in Reclassifications December 31, Changes in Reclassifications December 31, 2021 Additions Disposals Sales estimations and transfers 2021 Additions Disposals Sales estimations and transfers 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost: Lands 17,650 — — — — 53 17,703 — — — — 1,062 18,765 Mining concessions (f) 151,873 — — — — — 151,873 — — — — — 151,873 Development costs 813,232 31,749 — — — — 844,981 59,702 — — — — 904,683 Buildings, constructions and other 1,343,060 31 (11) — — 7,315 1,350,395 — (123) — — 3,510 1,353,782 Machinery and equipment 883,192 5 (393) (249) — 19,842 902,397 10 (41,053) (34) — 12,695 874,015 Transportation units 8,409 70 (152) (934) — 269 7,662 15 (277) (1,816) — 73 5,657 Furniture and fixtures 11,737 33 (98) — — 98 11,770 — (702) (4) — 7 11,071 Units in transit 3,381 — (506) — — — 2,875 12,811 — — — — 15,686 Work in progress 34,934 40,768 (1,838) — — (27,577) 46,287 65,577 (3,049) — — (17,347) 91,468 Stripping activity asset (g) 152,597 17,653 (6,763) — — — 163,487 26,669 — — — — 190,156 Right-of-use asset (e) 16,259 — — — 2,973 — 19,232 — — — 11,712 — 30,944 Mine closure costs 335,654 — — — (3,272) — 332,382 — — — (21,869) — 310,513 3,771,978 90,309 (9,761) (1,183) (299) — 3,851,044 164,784 (45,204) (1,854) (10,157) — 3,958,613 Accumulated depreciation and amortization: Mining concessions (f) 40,270 7 - - — — 40,277 6 — — — — 40,283 Development costs 340,999 20,582 - - — — 361,581 26,907 — — — — 388,488 Buildings, construction and other 698,324 66,445 (3) - — 928 765,694 58,345 (121) — — — 823,918 Machinery and equipment 686,466 56,384 (340) (170) — — 742,340 42,698 (40,355) (34) — — 744,649 Transportation units 7,083 604 (143) (894) — — 6,650 478 (153) (1,803) — — 5,172 Furniture and fixtures 9,824 601 (97) - — — 10,328 548 (651) (4) — — 10,221 Stripping activity asset 111,455 14,039 - - — 6,665 132,159 21,769 — — — — 153,928 Right-of-use asset (e) 9,081 4,813 - - — — 13,894 4,290 — — — — 18,184 Mine closure costs 191,840 14,819 - - — 7,173 213,832 18,198 — — — — 232,030 2,095,342 178,294 (583) (1,064) — 14,766 2,286,755 173,239 (41,280) (1,841) — — 2,416,873 Provision for impairment of long-lived assets: Mine closure costs 13,207 — (3,828) — (7,173) (7,173) 2,206 — — — — — 2,206 Development costs 10,153 — — — (6,665) (6,665) 3,488 — — — — — 3,488 Property, plant and other 2,915 19,874 (1,136) — (928) (928) 20,725 — (19,874) — — — 851 26,275 19,874 (4,964) — (14,766) (14,766) 26,419 — (19,874) — — — 6,545 Net cost 1,650,361 1,537,870 1,535,195 |
Schedule of estimates prices for the current and long-term periods | Estimated prices for the current and long-term periods that have been used to estimate future cash flows are as follows: As of December 31, 2022 - 2023 2024-2026 US$ US$ Gold 1,750 / Oz 1,735 / Oz Silver 21.00 / Oz 23.17 / Oz Copper 7,900 / MT 9,625 / MT Zinc 3,000 / MT 2,648 / MT Lead 1,900 / MT 2,181 / MT As of December 31, 2021 - 2022 2023-2025 US$ US$ Gold 1,700 / Oz 1,764 / Oz Silver 24.00 / Oz 27.30 / Oz Copper 8,500 / MT 8,705 / MT Zinc 2,600 / MT 2,616 / MT Lead 2,000 / MT 2,313 / MT |
Schedule of net assets for right in use | 2022 2021 US$(000) US$(000) Buildings 10,484 2,088 Transportation units 1,380 2,501 Machinery and equipment 896 749 12,760 5,338 |
Summary of recovery amounts of long lived assets | 2022 2021 2020 US$ US$ US$ Uchucchacua 146,114 196,545 244,795 Río Seco 50,808 18,671 N/A Orcopampa 51,911 43,128 57,650 La Zanja 35,011 51,044 20,736 Julcani N/A N/A 40,642 El Brocal N/A N/A 761,081 |
Schedule of discount rate | In calculating the value in use, as of December 31, 2022 and 2021 the following discount rates were applied to the post-tax cash flows: 2022 2021 Post-Tax Pre-Tax Post-Tax Pre-Tax % % % % Uchucchacua 8.12 12.52 6.04 9.31 Orcopampa 8.12 12.52 6.04 9.31 Río Seco 10.60 16.34 7.86 12.12 La Zanja 9.13 14.08 7.01 10.81 |
Schedule of distribution of depreciation expenses | 2022 2021 2020 US$(000) US$(000) US$(000) Cost of sales of goods 147,032 159,652 174,103 Unabsorbed cost due to production stoppage 14,877 4,569 10,764 Cost of sales of services 8,153 8,109 8,461 Administrative expenses 1,886 4,741 3,142 Property, plant, equipment and development costs 1,039 963 833 Exploration in non-operating areas 101 114 111 Selling expenses 93 84 — Other, net 49 48 46 Discontinued operations, note 1(e) 9 14 2,126 173,239 178,294 199,586 |
Sociedads Minera Cerro Verde S.A.A. | |
Property, plant, equipment and development costs | |
Schedule of property, plant and equipment, net | Property, plant and equipment consist of owned and leased assets (right-of-use assets), and cost and accumulated depreciation accounts as of December 31, 2022 and 2021 are shown below: December 31, Adjustments December 31, Adjustments December 31, 2020 Additions and changes in Disposals Transfers 2021 Additions and changes in Disposals Transfers 2022 estimates estimates US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost Land 24,905 — — — 5,477 30,382 — — — 2,820 33,202 Buildings and other constructions 2,589,004 — 430 (913) 7,885 2,596,406 — 1,041 (61) 11,063 2,608,449 Machinery and equipment 4,985,749 — (430) (14,967) 128,007 5,098,359 — (1,041) (54,732) 155,044 5,197,630 Transportation units 30,098 — — (1,132) 4,416 33,382 — — — 2,995 36,377 Furniture and fixtures 949 — — (377) — 572 — — — — 572 Other equipment 30,965 — — (92) 4,522 35,395 — — (58) 885 36,222 Construction in progress and in-transit units 118,430 158,599 (a) (195) — (150,307) 126,527 227,216 (19) — (169,459) 184,265 Stripping activity asset (see Note 2(i)) 945,637 214,192 — — — 1,159,829 304,198 — — — 1,464,027 Asset retirement costs (see Note 11(b)) 204,567 — (18,271) — — 186,296 — (17,812) — — 168,484 Right-of-use assets (b) 96,451 4,099 — (1,650) — 98,900 4,941 — (3,137) (3,348) 97,356 9,026,755 376,890 (18,466) (19,131) — 9,366,048 536,355 (17,831) (57,988) — 9,826,584 Accumulated depreciation Buildings and other constructions 456,213 66,846 236 (914) — 522,381 72,899 655 (14) — 595,921 Machinery and equipment 2,305,568 279,531 (236) (14,891) — 2,569,972 272,528 (655) (54,519) 141 2,787,467 Transportation units 17,698 1,969 — (1,040) — 18,627 2,160 — — — 20,787 Furniture and fixtures 904 23 — (376) — 551 21 — — — 572 Other equipment 21,240 2,942 — (92) — 24,090 3,136 — (58) — 27,168 Stripping activity asset 678,041 113,530 — — — 791,571 134,186 — — — 925,757 Asset retirement costs 31,526 5,388 — — — 36,914 4,770 — — — 41,684 Right-of-use assets (b) 19,589 12,459 — (1,640) — 30,408 12,708 — (3,124) (141) 39,851 3,530,779 482,688 — (18,953) — 3,994,514 502,408 — (57,715) — 4,439,207 Net cost 5,495,976 5,371,534 5,387,377 (a) As of December 31, 2022 additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$ 55.5 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$36.1 million), (iii) mine support equipment (US$32.6 million), (iv) belt replacement projects (US$11.1 million), (v) a direct flotation reactor technology project (US$11.0 million), (vi) the purchase of stators for ball mills (US$10.7 million), and (vii) installation of flotation recovery technology (US$8.5 million). As of December 31, 2021, additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$30.1 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$ 28.9 million), (iii) the purchase of stators for ball mills (US$ 18.7 million), (iv) the purchase of mine support equipment (US$ 17.3 million), (v) major maintenance on shovels (US$ 9.2 million), (vi) the purchase of rollers (US$ 9.0 million), (vii) belt replacement projects (US$ 7.9 million), (viii) major components of the primary crusher (US$ 4.3 million), (ix) haul trucks beds (US$ 3.2 million) and (x) projects for the optimization of the Company’s operating processes (US$ 2.5 million). |
Schedule of net assets for right in use | As of December 31, 2022, additions to construction in progress include capitalized interest with an average rate of 4.25% primarily related to (i) capital projects for the maintenance truck shop (US$1.5 million), (ii) tailings dam projects (US$1.2 million), (iii) the purchase of stators for ball mills (US$0.1 million) and (iv) other projects (US$0.3 million). As of December 31, 2021, additions to construction in progress include capitalized interest with an average rate of 2.88% primarily related to (i) capital projects for the maintenance truck shop (US$ 1.0 million), (ii) tailings dam projects (US$ 0.4 million), (iii) the purchase of stators (US$ 0.2 million) and (iv) other projects US$ 0.3 million). December December December 31, 2020 Additions Disposals 31, 2021 Additions Disposals Transfers 31, 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost Land 9,851 789 — 10,640 216 (365) — 10,491 Buildings and other constructions 56,594 2,195 (873) 57,916 1,273 (2,668) — 56,521 Machinery and equipment 30,006 1,115 (777) 30,344 3,452 (104) (3,348) 30,344 96,451 4,099 (1,650) 98,900 4,941 (3,137) (3,348) 97,356 Accumulated depreciation Land 2,897 1,732 — 4,629 1,949 (365) — 6,213 Buildings and other constructions 10,575 7,480 (865) 17,190 7,216 (2,656) — 21,750 Machinery and equipment 6,117 3,247 (775) 8,589 3,543 (103) (141) 11,888 19,589 12,459 (1,640) 30,408 12,708 (3,124) (141) 39,851 Net cost 76,862 68,492 57,505 |
Other non-financial assets (Tab
Other non-financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other non financial assets [Line Items] | |
Schedule of other non-financial assets | (a) Below is presented the movement: Balance as of Balance as of Balance as of January 1, December 31, December 31, 2021 Additions Disposals 2021 Additions 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Cost: Patents and industrial property (b) 14,709 292 — 15,001 215 15,216 Rights-of-use (c) 13,720 — — 13,720 — 13,720 Software licenses 10,814 65 (17) 10,862 75 10,937 39,243 357 (17) 39,583 290 39,873 Accumulated amortization: Rights-of-use (c) 8,165 718 — 8,883 705 9,588 Software licenses 4,575 929 — 5,504 936 6,440 12,740 1,647 — 14,387 1,641 16,028 Cost, net 26,503 25,196 23,845 (b) The copper plant project is a technological initiative of the Company to develop a viable technical and economic solution for the treatment of complex copper concentrates. This project comprises several stages of development from a laboratory level pilot to a demonstration stage. (c) Corresponds to the mineral servitude agreements signed with the communities surrounding the Group’s operations, through which the Group is authorized to carry out exploration, development, exploitation and general work activities. |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of other non financial assets [Line Items] | |
Schedule of other non-financial assets | December 31, 2022 December 31, 2021 US$(000) US$(000) Current Materials and supplies 411,656 369,324 Work-in-process (WIP) (a) 200,969 170,669 Finished goods: Copper concentrate 23,012 9,734 Copper cathode 10,976 15,708 Molybdenum concentrate 3,598 1,776 650,211 567,211 Non-current WIP (a) 287,218 323,828 Total inventories 937,429 891,039 (a) WIP inventories represent mill and leach stockpiles that have been extracted from the open pit and are available for copper recovery. Based on the future mine plan production, the Company identifies the portion of inventory that is classified as current or non-current. For mill stockpiles, recovery is through milling and concentrating. For leach stockpiles, recovery is through exposure to acidic solutions that dissolve copper and deliver it in a solution to extraction processing facilities. During 2022, the Company recorded metal inventory adjustments totaling US$7.7 million associated with the write-off of certain long-term mill and leach stockpiles. No metal inventory adjustments were recorded in 2021. |
Bank loans (Tables)
Bank loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Bank loans | |
Schedule of bank loans | The movement is presented below: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 50,000 65,793 55,000 New loans — 50,000 18,019 Payments (50,000) (65,793) (7,197) Exchange difference — — (29) Final balance — 50,000 65,793 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Schedule of trade and other payables | (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Trade payables (b) Domestic suppliers 181,071 190,549 Related entities, note 32(b) 163 113 181,234 190,662 Other payables Remuneration and similar benefits payable 35,996 35,393 Interest payable 14,911 16,606 Taxes payable 8,910 11,880 Exploration expenses payable 4,053 — Royalties payable to the Peruvian State 1,895 2,765 Dividends payable (c) 639 567 Related entities, note 32(b) 20 14 Closed hedge instruments accounts payables — 1,234 Other liabilities 3,884 3,557 70,308 72,016 Total trade and other payables 251,542 262,678 Classification by maturity: Current portion 247,989 259,641 Non-current portion 3,553 3,037 Total trade and other payables 251,542 262,678 Classification by nature: Financial payables 240,737 248,033 Non-financial payables 10,805 14,645 Total trade and other payables 251,542 262,678 (b) Trade payables arise mainly from the acquisition of material, supplies and spare parts and services provided by third parties. These obligations have current maturities, accrue no interest and are not secured. |
Schedule of dividends payable | (c) The movement of dividends payable is presented below: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 567 638 604 Dividends declared and paid, note 17(d) - Declared dividends to controlling shareholders 18,542 — — Dividends paid to controlling shareholders (18,542) — — Declared dividends to non-controlling shareholders 2,647 6,160 5,140 Dividends paid to non-controlling shareholders (2,647) (6,160) (5,140) Expired dividends , note 17(c) - — (76) (26) Other 72 5 60 Ending balance 639 567 638 |
Other accounts payable (Tables)
Other accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other accounts payable | |
Disclosure of Information About Other Accounts Payable [Text Block] | December 31, 2022 December 31, 2021 US$(000) US$(000) Current Excess of salaries limit of workers profit sharing (a) 38,027 34,870 Payroll withholdings (b) 7,200 11,449 Penalties to the Geological, Mining and Metallurgical Institute 6,547 6,246 Mining royalties (see Note 2(m)) 3,309 — Social Health Insurance of Peru contribution 2,469 2,303 Miscellaneous interest payable 1,609 476 Other 1,471 1,698 Declared dividends withholding tax (c) — 16,193 Total current 60,632 73,235 (a) Represents the excess salaries limit in workers profit sharing to be transferred to the Regional Government. This is related to adjustments of previous years income tax assessments (recognized in 2020 mainly as a result of the international arbitration proceeding initiated by the Company (see Note 13(d)). The balance as of December 31, 2022, includes interest of US$ 18.8 million (US$ 16.5 million as of December 31, 2021). (b) As of December 31, 2022, primarily represents employees withholding income tax US$ 3.7 million (US$ 7.7 million as of December 31, 2021), Pension Funds of US$ 2.5 million (US$ 2.3 million as of December 31, 2021) and others payroll withholdings of US$ 1.0 million (US$ 1.4 million as of December 31, 2021). (c) Corresponds to the dividends withholding tax as a result of the December 2021 dividend payment (see Note 12 (c)). This withholding tax was paid in January 2022. |
Other Financial Liabilities (_2
Other Financial Liabilities (debt) (Tables) - Sociedad Minera El Brocal S.A.A | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Financial Liabilities debt [Line Items] | |
Schedule of other financial liabilities | December 31, 2022 December 31, 2021 US$(000) US$(000) Current debt: Lease liabilities (a) 7,028 7,617 Senior unsecured credit facility (b) — 324,695 Total current debt 7,028 332,312 Non-current debt: Lease liabilities (a) 56,097 62,503 Total other financial liabilities 63,125 394,815 |
Schedule of lease liabilities and the movements | 2022 2021 US$(000) US$(000) Balance at beginning of the year 70,120 79,217 Additions 4,957 4,099 Accrued interest (see Note 18) 3,912 4,371 Payments (12,327) (12,746) Interest payments (3,912) (4,371) Exchange rate effect 375 (450) Total lease liabilities 63,125 70,120 For the year ended December 31, 2022, the following are the amounts recognized in profit: 2022 2021 US$(000) US$(000) Expenses related to variable lease payments, low-value and short-term leases 13,431 7,973 Depreciation charge of right-of-use assets (see Note 7(b) and 15) 12,708 12,459 Interest expense on lease liabilities (see Note 18) 3,912 4,371 30,051 24,803 |
Schedule of movement of the changes derived from the financing activities | Long term Long term January 1, to short term December 31, to short term December 31, 2021 Additions Payments transfers Others 2021 Additions Payments transfers Others 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Current: Revolving credit facility — — — — — — 325,000 (325,000) — — — Senior unsecured credit facility, see Note 10 (b) — — 325,000 — 325,000 — (325,000) — — — Lease liabilities, see Note 10 (a) 10,223 3,629 (12,746) 6,667 (156) 7,617 — (12,327) 11,537 201 7,028 Senior unsecured credit facility debt issuance costs — — — (1,025) 720 (305) — — — 305 — Non-current: Senior unsecured credit facility 525,000 — (200,000) (325,000) — — — — — — — Senior unsecured credit facility debt issuance costs (1,549) — 1,025 524 — — — — — — Lease liabilities, see Note 10 (a) 68,994 470 (6,667) (294) 62,503 4,957 — (11,537) 174 56,097 Total liabilities from financing activities 602,668 4,099 (212,746) — 794 394,815 329,957 (662,327) — 680 63,125 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Schedule of detailed information about provisions | (a) This caption is made up as follows: As of As of Reclassifications As of January 1, Accretion December Accretion and December 31, 2021 Changes expense Disbursements 31, 2021 Changes expense others Disbursements 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Closure of mining units and exploration projects (b) 277,689 1,779 5,623 (13,104) 271,987 (8,872) 5,129 992 (14,989) 254,247 Environmental liabilities 5,038 16,557 363 (2,002) 19,956 (228) 59 (992) (2,534) 16,261 Environmental contingencies 2,874 3,425 — (1,135) 5,164 3,459 — 246 (453) 8,416 Safety contingencies 4,536 1,323 — (227) 5,632 870 — 258 (44) 6,716 Labor contingencies 4,080 381 — (40) 4,421 489 — 233 (12) 5,131 Tax contingencies 3,110 299 — — 3,409 1,596 — — — 5,005 Obligations with communities 3,605 (1,010) — — 2,595 (637) — 147 — 2,105 Other provisions 480 (317) — — 163 377 — 97 — 637 301,412 22,437 5,986 (16,508) 313,327 (2,946) 5,188 981 (18,032) 298,518 Classification by maturity: Current portion 51,816 81,039 94,171 Non-current portion 249,596 232,288 204,347 301,412 313,327 298,518 |
Closure of mining units and exploration projects [Member] | |
Provisions | |
Schedule of detailed information about provisions | (b) Provision for closure of mining units and exploration projects - The table below presents the movement of the provision for closure of mining units and exploration projects: 2022 2021 US$(000) US$(000) Beginning balance 271,987 277,689 Additions (reversals) in estimates and reclassifications: Continuing mining units, note 11(a) (21,869) (3,272) Continuing mining units, note 28(a) (302) — Discontinued mining units, note 1(e) 660 3,021 Exploration projects, note 28(a) 13,631 2,030 (7,880) 1,779 Accretion expense: Continuing mining units, note 29(a) 4,932 5,522 Exploration projects, note 29(a) 138 76 Discontinued mining units, note 1(e) 59 25 Disbursements (14,989) (13,104) Ending balance 254,247 271,987 Classification by maturity: Current portion 60,644 54,013 Non-current portion 193,603 217,974 254,247 271,987 |
Sociedad Minera Cerro Verde S.A.A. | |
Provisions | |
Schedule of detailed information about provisions | December 31, December 31, 2022 2021 US$(000) US$(000) Current: Provision for social commitments (a) 3,096 9,399 Provision for legal contingencies (b) 465 350 Provision for remediation and mine closure (c) 423 2,968 Total current 3,984 12,717 Non–current: Provision for remediation and mine closure (c) 209,237 219,942 Provision for social commitments (a) 7,303 1,226 Provision for legal contingencies (b) 2,211 2,004 Provision for uncertainty over income tax treatments (d) 615 7,878 Other long-term liabilities — 401 Total non-current 219,366 231,451 (a) The provision for social commitments is associated with repaving Alata-Congata Road (US$6.1 million as of December 31, 2022 and US$6.3 million as of December 31, 2021) and an irrigation project in La Joya (US$4.3 million as of December 30, 2022 and 2021). (b) The provision for legal contingencies is associated with OSINERGMIN (Organismo Supervisor de la Inversión en Energía y Minería) and SUNAFIL (Superintendencia Nacional de Fiscalización Laboral) fines, which have been appealed by the Company. (c) The Company’s mineral exploitation activities are subject to environmental protection standards. In order to comply with these standards, the Company has obtained the approval for the Environment Adequacy Program (PAMA) and for the Environmental Impact Studies (EIA), required for the operation of Cerro Verde’s production unit. On October 14, 2003, Law 28090 was enacted, which regulates the commitments and procedures that entities involved in mining activities must follow in order to prepare, file and implement a mine site closure plan, as well as the respective environmental guarantees that assure compliance with the plan in accordance with protection, conservation and restoration of the environment. On August 15, 2005, the regulations regarding this law were approved. During 2006, in compliance with the mentioned law, the Company completed the closure plans for its mine site and presented it to the Ministry of Energy and Mines. The closure plans for its mine site were approved by Resolution No 302-2009 MEM-AAM and its modifications were approved by Resolution No 207-2012 MEM-AAM, Resolution No 186-2014 MEM-DGAAM and its last modification, Resolution No 032-2018 MEM-DGAAM. As of December 31, 2022, pursuant to legal requirements, the Company has issued a letter of credit to the Ministry of Energy and Mines totaling US$86.5 million to secure mine closure plans. The estimate of remediation and mine closure costs is based on studies prepared by independent consultants and based on current environmental regulations. This provision corresponds mainly to the activities to be performed in order to restore the areas affected by mining activities. The main tasks to be performed include ground removal, soil recovery, and dismantling of plant and equipment. Under the closure regulations, the Company must submit a closure plan that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, the Company submited the last updated closure plan and cost estimate to the Ministry of Energy and Mines in February 2023. |
Schedule of detailed information about provision for closure of mining units and exploration projects | The table below presents the changes in the provision for remediation and mine closure: 2022 2021 US$(000) US$(000) Beginning balance 222,910 237,543 Accretion expense 4,566 3,715 Changes in estimates (see Note 7) (17,812) (18,271) Progressive mine closure payments in hydrometallurgy process — (87) Exchange rate effect (4) 10 Final balance 209,660 222,910 |
Financial obligations (Tables)
Financial obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Financial obligations [Line Items] | |
Disclosure Of Detailed Information About Financial Obligation Explanatory [Text Block] | (a) This caption is made up as follow: 2022 2021 US$(000) US$(000) Compañía de Minas Buenaventura S.A.A. Bonds - Senior Notes at 5.50% due 2026 (b) 541,980 540,017 Financial obligations (c) - BBVA Banco Continental — 61,667 Banco de Crédito del Perú — 66,667 CorpBanca New York Branch — 61,666 Banco Internacional del Perú — 30,000 ICBC Perú Bank — 40,000 Banco de Sabadell, Miami Branch — 15,000 — 275,000 Debt issuance costs — 6,284 — 281,284 Sociedad Minera El Brocal S.A.A. (d) Banco de Crédito del Perú – Financial obligation 97,136 118,722 Debt issuance costs (160) (611) 96,976 118,111 Empresa de Generación Huanza S.A. (e) Banco de Crédito del Perú – Finance lease 86,625 113,096 Debt issuance costs — (312) 86,625 112,784 Lease liabilities (h) Finance lease 12,953 5,779 Total financial obligations 738,534 1,057,975 Classification by maturity: Current portion 35,071 179,417 Non-current portion 703,463 878,558 Total financial obligations 738,534 1,057,975 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | (g) Below is presented the movement of the debt excluding interest: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 1,057,975 531,653 571,688 Bonds - Senior Notes bonds issue — 550,000 — Debt issuance costs — (10,700) — Amortization of debt issuance costs in results, note 29(a) 1,963 717 — Financial obligations - Payments (323,057) (21,585) (38,994) Reversal of the amortized cost of the syndicated loan, note 29(a) (8,855) — — Amortization of debt issuance costs in results, note 29(a) 2,820 885 976 Effect of amortized cost, note 29(a) 515 8,837 (361) Increase (reduction) of debt restructuring costs — 225 (1,992) Lease obligations - Additions 11,712 2,972 5,213 Accretion expense, note 29(a) 99 176 180 Payments (4,638) (5,205) (4,080) Disposals — — (977) Final balance 738,534 1,057,975 531,653 |
Schedule of lease liabilities | 2022 2021 US$(000) US$(000) Buildings (j) 8,814 2,532 Transportation units (i) 2,719 2,386 Machinery and equipment 1,420 861 12,953 5,779 Classification by maturity: Current portion 3,639 4,098 Non-current portion 9,314 1,681 12,953 5,779 |
Schedule of Future minimum rentals payable | 2022 2021 US$(000) US$(000) Less than 1 year (2023) 1,313 1,470 Between 1 and 5 years (2024-2027) 3,264 757 More than 5 years (since 2028) 4,238 — 8,815 2,227 |
Summary of minimum future rents payable | (f) The long-term portion of the financial obligations held by the Group matures as follows: 2022 2021 US$(000) US$(000) Between 1 and 2 years (Year 2024) 105,986 108,606 Between 2 and 5 years (Year 2025 to 2027) 601,419 774,153 More than 5 years (since 2028) 4,238 — 711,643 882,759 Debt issuance costs (8,180) (4,201) 703,463 878,558 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of Financial obligations [Line Items] | |
Summary of minimum future rents payable | The following tables show the expected aging of maturity of the Company’s obligations, excluding taxes, accruals and benefits to employees, as of December 31, 2022 and 2021: On demand Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022 Trade accounts payable (see Note 8) — 316,460 2,923 1,017 — 320,400 Accounts payable - related parties (see Note 4) — 1,740 1,434 — — 3,174 Lease liabilities (see Note 10) — 1,036 5,992 45,033 11,064 63,125 Other accounts payable (see Note 9) — 15,293 45,339 — — 60,632 Total — 334,529 55,688 46,050 11,064 447,331 As of December 31, 2021 Trade accounts payable (see Note 8) — 234,640 277 638 — 235,555 Accounts payable - related parties (see Note 4) — 3,426 — — — 3,426 Senior unsecured credit facility (see Note 10) — — 324,695 — — 324,695 Lease liabilities (see Note 10) — 1,257 6,360 41,085 21,418 70,120 Other accounts payable (see Note 9) — 66,818 6,417 — — 73,235 Total — 306,141 337,749 41,723 21,418 707,031 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Shareholders' equity, net [Line Items] | |
Schedule of dividends declared and paid | During years 2021 and 2020 no distribution of dividends was made. The table below presents the dividends declared and paid in 2022: Dividends declared and Dividend Meetings Date paid per share US$(000) US$ 2022 Dividends Mandatory Annual Shareholders’ Meeting March 31 20,067 0.073 Less - Dividends of treasury shares (1,525) 18,542 |
Schedule Of Earning Per Share | Profit (loss) per share is calculated by dividing net profit (loss) for the period by the weighted average number of shares outstanding during the year. The calculation of profit (loss) per share attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 602,550,000 (264,075,000) (135,718,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 2.37 (1.04) (0.53) The calculation of profit (loss) per share from continuing operations attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 124,003,000 123,529,000 (68,916,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 0.49 0.49 (0.27) The calculation of profit (loss) per share from discontinuing operations attributable to the equity holders of the parent is presented below: 2022 2021 2020 Profit (loss) for the year (numerator) - US$ 478,547,000 (387,604,000) (66,802,000) Total common and investment shares (denominator) 253,986,867 253,986,867 253,986,867 Profit (loss) per basic share and diluted - US$ 1.88 (1.53) (0.26) Common and investment shares outstanding at the close of the years 2022, 2021 and 2020 was 253,986,867. |
Sociedad Minera El Brocal S.A.A | |
Disclosure of Shareholders' equity, net [Line Items] | |
Schedule of capital stock structure | As of December 31, 2022, the Company’s capital stock structure is as follows: Percentage of individual interest in capital Number of shareholders Total percentage interest Up to 1.00 2,220 5.86 From 1.01 to 20.00 1 19.58 From 20.01 to 30.00 1 21.00 From 30.01 to 60.00 1 53.56 2,223 100.00 |
Capital stock [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Schedule of classes of share capital | The Group’s share capital is stated in soles and consisted of authorized, fully paid and voting common shares with a nominal amount of S/ 10.00 per share. The table below presents the composition of the capital stock as of December 31, 2022 and 2021: Number of Capital Capital shares stock stock S/(000) US$(000) Common shares 274,889,924 2,748,899 813,162 Treasury shares (21,174,734) (211,747) (62,665) 253,715,190 2,537,152 750,497 |
Investment shares [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Schedule of classes of share capital | Number of Investment Investment shares shares shares S/(000) US$(000) Investment shares 744,640 7,447 2,161 Treasury investment shares (472,963) (4,730) (1,370) 271,677 2,717 791 |
Subsidiaries with material no_2
Subsidiaries with material non-controlling interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiaries with material non-controlling interest | |
Schedule of non-controlling interests | Country of incorporation 2021 and operation 2022 and 2020 % % Equity interest held by non-controlling interests: Sociedad Minera El Brocal S.A.A. Peru 38.57 38.57 Apu Coropuna S.R.L. Peru 30.00 30.00 S.M.R.L. Chaupiloma Dos de Cajamarca, note 1(d) Peru — 40.00 Minera La Zanja S.R.L., note 1(d) Peru — 46.94 2022 2021 2020 US$(000) US$(000) US$(000) Accumulated balances of material non-controlling interest: Sociedad Minera El Brocal S.A.A. 154,175 148,792 144,501 Apu Coropuna S.R.L. (84) 65 127 Minera La Zanja S.R.L. — 20,064 26,121 S.M.R.L. Chaupiloma Dos de Cajamarca — 1,284 1,648 154,091 170,205 172,397 Profit (loss) allocated to material non-controlling interest: Sociedad Minera El Brocal S.A.A. 239 4,322 (12,895) S.M.R.L. Chaupiloma Dos de Cajamarca 811 4,396 5,201 Minera La Zanja S.R.L. (516) (7,385) (6,905) Apu Coropuna S.R.L. (149) (62) (22) 385 1,271 (14,621) |
Schedule of financial position of subsidiaries | Statements of financial position as of December 31, 2022: Sociedad Minera El Brocal Apu Coropuna S.A.A. S.R.L. US$(000) US$(000) Current assets 197,691 471 Non-current assets 470,539 — Current liabilities (167,718) (11) Non-current liabilities (123,280) (740) Equity 377,232 (280) Attributable to: Shareholders of the Group 223,057 (196) Non-controlling interests 154,175 (84) 377,232 (280) Statements of financial position as of December 31, 2021: Sociedad S.M.R.L. Minera El Apu Chaupiloma Brocal Coropuna Minera La Dos de S.A.A. S.R.L. Zanja S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Current assets 190,658 556 84,953 4,604 Non-current assets 504,173 400 41,490 323 Current liabilities (158,745) — (25,381) (1,718) Non-current liabilities (168,774) (740) (61,150) — Equity 367,312 216 39,912 3,209 Attributable to: Shareholders of the Group 218,520 151 19,848 1,925 Non-controlling interests 148,792 65 20,064 1,284 367,312 216 39,912 3,209 |
Schedule of statement of profit or loss of subsidiaries | Statements of profit or loss for the years 2022, 2021 and 2020: Sociedad S.M.R.L. Minera El Apu Minera Chaupiloma Brocal Coropuna La Zanja Dos de S.A.A. S.R.L. S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Year 2022 - Revenues 400,994 — 19,364 1,381 Profit (loss) for the year 362 (496) (11,646) 4,376 Attributable to non-controlling interests 239 (149) (516) (811) Year 2021 - Revenues 410,390 — 39,380 15,928 Profit (loss) for the year 10,562 (206) (10,218) 10,989 Attributable to non-controlling interests 4,322 (62) (7,385) 4,396 Year 2020 - Revenues 255,275 — 33,033 18,638 Profit (loss) for the year (31,541) (44) (14,712) 13,004 Attributable to non-controlling interests (12,895) (22) (6,905) 5,201 |
Schedule of cash flow statement | Statements of cash flow for the years 2022, 2021 and 2020: Sociedad S.M.R.L. Minera El Apu Minera Chaupiloma Brocal Coropuna La Zanja Dos de S.A.A. S.R.L. S.R.L. Cajamarca US$(000) US$(000) US$(000) US$(000) Year 2022 - Operating activities 77,223 (85) — — Investing activities (62,579) — — — Financing activities (23,778) — — — (9,134) (85) — — Year 2021 - Operating activities 104,858 (1,227) (50,647) 10,838 Investing activities (37,618) — (998) — Financing activities (57,176) — — (11,900) 10,064 (1,227) (51,645) (1,062) Year 2020 - Operating activities 53,304 (74) (5,751) 13,738 Investing activities (24,699) — (825) — Financing activities (1,954) — — (12,850) 26,651 (74) (6,576) 888 |
Tax situation (Tables)
Tax situation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tax situation | |
Schedule of income tax years for review by tax authorities | Years open to review by the Entity Tax Authorities Compañía de Minas Buenaventura S.A.A. 2018-2022 Compañía Minera Condesa S.A. 2017-2019,2021,2022 Compañía Minera Colquirrumi S.A. 2017-2022 Consorcio Energético de Huancavelica S.A. 2017-2022 Contacto Corredores de Seguros S.A. 2016-2022 El Molle Verde S.A.C. 2017-2022 Empresa de Generación Huanza S.A. 2017-2022 Inversiones Colquijirca S.A. 2017-2022 Minera La Zanja S.R.L. 2019-2022 Sociedad Minera El Brocal S.A.A. 2017-2022 S.M.R.L. Chaupiloma Dos de Cajamarca 2017-2022 Procesadora Industrial Río Seco S. A. 2017-2019,2021,2022 Apu Coropuna S.R.L. 2017-2022 Cerro Hablador S. A. C. 2017-2022 Minera Azola S. R. L. 2017-2022 |
Schedule of other assessments | Penalty and Year Taxes interest Total US$(000) US$(000) US$(000) 2003 - 2005 8,684 39,366 48,050 2006 10,840 51,955 62,795 2007 11,579 22,102 33,681 2008 16,906 16,923 33,829 2009 56,000 51,604 107,604 2010 53,566 125,047 178,613 2011 40,802 66,506 107,308 2012 869 6,917 7,786 2013 48,402 65,849 114,251 2014 5,434 724 6,158 2015 2,986 23,205 26,191 2016 60,041 3,268 63,309 2017 4,815 2,920 7,735 320,924 476,386 797,310 |
Sociedad Minera Cerro Verde S.A.A | |
Tax situation | |
Schedule of types of temporary differences, unused tax losses and unused tax credits. | December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Deferred Income tax Assets Cost of net asset for the construction of the tailing dam 163,975 139,635 125,621 Royalty accrual 178 219 83,570 Provision for remediation and mine closure 25,348 22,620 19,937 Unpaid vacations 10,031 10,078 7,015 Provision for mining taxes 5,200 11,604 6,124 Development costs 37 47 59 Leases 1,867 709 931 Other provisions 10,537 10,381 10,826 217,173 195,293 254,083 Liabilites Property, plant and equipment depreciation 557,626 529,124 545,636 Stripping activity asset 80,569 59,673 43,187 Embedded derivatives for price adjustment of copper concentrate and cathode 34,904 3,865 37,862 Valuation of inventories 28,386 24,960 18,479 Debt issuance costs 763 28 412 702,248 617,650 645,576 Deferred liabilities 485,075 422,357 391,493 Supplementary retirement fund Deferred liability 5,716 4,965 4,581 Total deferred income tax liability 490,791 427,322 396,074 |
Sociedad Minera El Brocal S.A.A | |
Tax situation | |
Schedule of income tax provision | 2022 2021 2020 US$(000) US$(000) US$(000) Income tax Current 350,483 550,731 175,870 Deferred 62,718 30,864 25,962 413,201 581,595 201,832 Mining taxes Current mining royalty and special mining tax 88,224 144,895 32,203 Supplementary retirement fund Current 6,371 8,828 2,568 Deferred 751 385 323 7,122 9,213 2,891 Income tax expense reported in the statements of comprehensive income 508,547 735,703 236,926 |
Schedule of other assessments | Fiscal Year Taxes Penalty and Interest Total US$(000) US$(000) US$(000) 2003 – 2005 8,684 39,366 48,050 2006 10,840 51,955 62,795 2007 11,579 22,102 33,681 2008 16,906 16,923 33,829 2009 56,000 51,604 107,604 2010 53,566 125,047 178,613 2011 40,802 66,506 107,308 2012 869 6,917 7,786 2013 48,402 65,849 114,251 2014 5,434 724 6,158 2015 2,986 23,205 26,191 2016 60,041 3,268 63,309 2017 4,815 2,920 7,735 320,924 476,386 797,310 |
Schedule of reconciliation of income tax rate. | 2022 2021 2020 US$(000) US$(000) US$(000) Profit before income tax 1,433,900 1,927,177 511,470 Income tax rate 32 % 32 % 32 % Expected income tax expense 458,848 616,697 163,670 Special mining tax and mining royalties (31,188) (46,366) (10,305) Gain for uncertainty about treatments of income taxes (19,667) (14,379) 1,313 Non - deductible expenses 13,608 14,609 16,925 Income tax true – ups (11,831) 6,345 5,292 Moratorium interest (741) 1,019 24,652 Income tax rate change effect on deferred taxes for the change in Peruvian tax law once the current Stability Contract expires 1,117 840 (2,750) Other 3,055 2,830 3,035 Current and deferred income tax 413,201 581,595 201,832 Mining taxes 88,224 144,895 32,203 Supplementary retirement fund 7,122 9,213 2,891 508,547 735,703 236,926 Effective income tax 35.47 % 38.18 % 46.32 % |
Sales (Tables)
Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [line items] | |
Schedule of net sales to customers by geographical areas | (a) The Group’s sales are mostly from sales of gold and precious metals in the form of concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. Set out below is the disaggregation of the Group’s revenue from contracts with customers: 2022 2021 2020 US$(000) US$(000) US$(000) Revenues by geographic region: Metal and concentrates sales - Peru 533,765 702,962 389,854 America - other than Peru 178,724 145,988 163,500 Asia 36,796 23,637 42,210 Europe 33,412 51,803 39,110 782,697 924,390 634,674 Services - Peru 22,095 20,936 20,173 America - other than Peru 127 96 92 Europe — 20 20 22,222 21,052 20,285 Royalties - Peru 1,381 15,928 18,638 806,300 961,370 673,597 Revenues by type of good or services: Sales by metal - Copper 367,278 340,522 181,311 Gold 299,747 262,676 229,590 Silver 157,923 316,930 230,498 Zinc 107,486 143,580 120,546 Lead 32,951 51,907 48,426 Manganese sulfate 361 4,976 4,051 Antimony 28 — — 965,774 1,120,591 814,422 Commercial deductions, note 2.4(q) (183,077) (196,201) (179,748) Sales of goods, note 20(b) 782,697 924,390 634,674 Sales of services, note 20(b) 22,222 21,052 20,285 Royalties income, note 20(b) 1,381 15,928 18,638 Total revenue from contracts with customers 806,300 961,370 673,597 Revenues by type of recognition: Goods transferred at a point in time 782,697 924,390 634,674 Services transferred over time 22,222 21,052 20,285 Royalties at a point of time 1,381 15,928 18,638 806,300 961,370 673,597 (b) Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the consolidated statement of profit or loss: 2022 2021 2020 US$(000) US$(000) US$(000) Contracts with customers for sale of goods (a) 782,697 924,390 634,674 Hedge operations, note 34(a) 12,774 (51,952) (6,464) Adjustments to prior period liquidations (920) (5,137) 4,255 Fair value of accounts receivables 6,648 (3,831) 5,154 Sale of goods 801,199 863,470 637,619 Sale of services, note 20(a) 22,222 21,052 20,285 Royalty income, note 20(a) 1,381 15,928 18,638 824,802 900,450 676,542 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of associates [line items] | |
Schedule of revenue by type of products | For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 Pounds (000) US$(000) Pounds (000) US$(000) Pounds (000) US$(000) Copper in concentrate 866,703 3,120,448 794,205 3,421,871 743,274 2,088,167 Copper cathode 101,368 404,115 91,802 394,256 83,870 241,808 Other (primarily silver and molybdenum concentrate) 450,732 383,321 208,618 Total revenues 3,975,295 4,199,448 2,538,593 |
Schedule of net sales by geographic region | For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Asia 3,229,797 3,223,191 2,096,084 North America 386,768 429,330 120,865 Europe 192,859 314,425 207,954 South America (primarily Peru) 165,871 232,502 106,489 Central America — — 7,201 Total sales 3,975,295 4,199,448 2,538,593 |
Cost of sales of goods and se_2
Cost of sales of goods and services, without considering depreciation and amortization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of continuing involvement in derecognised financial assets [line items] | |
Schedule of detailed information of cost of sale of goods and services | (a) The cost of sales of goods is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance of finished goods and products in process, net of depreciation and amortization 30,031 31,797 31,938 Cost of production Services provided by third parties 185,028 224,979 143,652 Consumption of materials and supplies 94,929 107,908 70,942 Direct labor 67,704 75,099 62,885 Short-term and low-value leases 29,329 31,309 16,289 Electricity and water 21,510 17,657 36,504 Maintenance and repair 21,099 25,681 22,235 Insurance 16,118 16,091 12,036 Transport 13,528 17,449 12,234 Other 6,404 17,263 11,916 Provision (reversal) for impairment of finished goods and product in progress, note 8(c) (1,071) (5,471) 5,054 Total cost of production 454,578 527,965 393,747 Final balance of finished goods and products in process (33,624) (30,031) (31,797) Write – off of products in process 10,957 — — Final balance of finished goods and products in process, net of depreciation and amortization (22,667) (30,031) (31,797) Cost of sales of goods, without considering depreciation and amortization 461,942 529,731 393,888 (b) The cost of services is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 1,681 594 189 Electricity and water 1,204 556 668 Insurances 134 46 81 Maintenance and repair 46 31 55 Consumption of materials and supplies 31 11 20 Transport 14 9 87 Short-term and low-value lease 3 — 6 Direct labor — — 371 Other minor cost of services 50 22 77 3,163 1,269 1,554 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of continuing involvement in derecognised financial assets [line items] | |
Schedule of detailed information about cost of sales | This item is made up as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Materials and supplies 915,323 698,246 581,658 Depreciation and amortization (see note 7 and 2(i)) 492,042 471,759 451,001 Labor (a) 343,575 425,524 288,104 Third-party services 246,247 220,920 164,590 Energy 243,549 194,982 200,794 Cost related to COVID-19 pandemic (b) 43,672 89,050 95,702 Variable lease payments, low-value and short-term leases 13,369 5,806 7,399 Depreciation for right-of-use assets (see Note 7 and 10(a)) 12,708 12,459 11,320 OEFA and OSINERGMIN contributions (c) 9,308 10,334 5,889 WIP stockpile write-offs (see Note 5) 7,668 — — Management fees 2,540 2,352 2,000 Change in work in process inventory (1,358) (16,609) (49,575) Change in finished goods inventory (10,368) (6,129) 10,391 Other costs 49,492 46,394 39,982 2,367,767 2,155,088 1,809,255 |
Unabsorbed cost due to produc_2
Unabsorbed cost due to production stoppage (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Unabsorbed cost due to production stoppage | |
Summary of unabsorbed cost due to production stoppage | 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 7,608 19,214 8,373 Direct labor 6,505 3,418 11,075 Electricity and water 2,510 22 250 Mining easement 1,285 160 107 Short-term and low-value lease 1,180 668 1,394 Consumption of materials and supplies 1,155 781 2,817 Insurances 867 456 1,736 Maintenance and repair 330 275 498 Transport 301 87 291 Rights 214 — 100 Other 1,103 428 1,117 23,058 25,509 27,758 |
Exploration in operating units
Exploration in operating units (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration in operating units | |
Schedule of detailed information about exploration and evaluation assets | This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance of finished goods and products in process, net of depreciation and amortization 2,036 1,296 444 Cost of exploration in operating units Services provided by third parties 51,912 45,437 20,406 Purchase of land 10,066 — 2,162 Direct labor 7,097 3,891 3,361 Short-term and low-value lease 5,016 2,641 766 Consumption of materials and supplies 4,502 3,839 1,426 Transport 470 108 12 Maintenance and repair 211 165 9 Electricity and water 72 834 471 Other 402 237 283 Total exploration in operating units 79,748 57,152 28,896 Final balance of finished goods and products in process (1,408) (2,036) (1,296) Write – off of products in process 420 — — Final balance of finished goods and products in process, net of depreciation and amortization (988) (2,036) (1,296) 80,796 56,412 28,044 |
Mining royalties (Tables)
Mining royalties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Mining royalties | |
Schedule of detailed information about mining royalties | This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Sindicato minero de Orcopampa S.A., note 31(b) 11,053 6,970 6,180 Royalties paid to the Peruvian State 6,680 6,004 5,569 17,733 12,974 11,749 |
Administrative expenses (Tables
Administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Administrative expenses | |
Schedule of detailed information of Administrative expenses | This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Personnel expenses 32,697 32,209 34,500 Professional fees 10,920 12,393 10,517 Sundry charges 9,070 8,968 7,766 Board of Directors’ compensation 3,873 1,992 2,178 Depreciation and amortization 2,460 3,680 3,700 Short-term and low-value lease 1,554 294 611 Software licenses 1,420 1,723 1,731 Subscriptions and quotes 1,366 1,426 1,405 Insurance 1,302 1,748 1,272 Communications 825 854 973 Maintenance and repairs 546 546 579 Transport 525 278 255 Canons and tributes 447 369 318 Donations 251 607 708 Consumption of materials and supplies 242 398 393 Travel and mobility 230 100 153 Allowance for expected credit losses, note 7(i) — — 126 67,728 67,585 67,185 |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Selling Expenses [Line Items] | |
Schedule of selling expenses | 2022 2021 2020 US$(000) US$(000) US$(000) Transportation services 13,778 14,138 12,242 Canons and tributes 2,496 2,820 2,118 Shipping services and expenses 2,272 2,252 2,519 Personnel expenses 604 595 520 Laboratory analysis and tests 401 379 352 Other 671 643 782 20,222 20,827 18,533 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of Selling Expenses [Line Items] | |
Schedule of selling expenses | This item is made up of as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Copper concentrate freight 145,597 100,475 89,241 Commissions 5,350 5,009 4,935 Cathode freight 3,831 1,960 2,019 Other 2,595 2,442 1,485 157,373 109,886 97,680 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Other operational expenses [Line Items] | |
Schedule of other operating expenses | This item is made up as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Royalty non-income tax (a) 9,238 — 10,780 Optimization and prefeasibility/feasibility studies (b) 8,905 5,929 8,429 Exploration expenses 4,973 170 217 Tax contingencies 1,078 1,903 704 Other expenses 18 508 1,208 Excess of salary limit in workers profit sharing (c) — — 17,146 24,212 8,510 38,484 (a) Represents current year mining royalties calculated based on revenues according to applicable tax rules (see Note 13(d)). (b) Primarily represents charges related to projects for the optimization of the Company’s operating processes. (c) Corresponds to the excess of salary limit in workers profit sharing to be transferred to the Regional Government and the National Fund for Employment’s Promotion and Training (FONDOEMPLEO), and it’s related to adjustments of previous years income tax assessments (recognized in 2020 primarily as a result of the international arbitration proceeding initiated by the Company. |
Financial expenses and income (
Financial expenses and income (Tables) - Sociedad Minera Cerro Verde S.A.A. | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Expenses [Line Items] | |
Schedule of finance expenses | This item is made up as follows expenses: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Interest for leases (see Note 10(a)) 3,912 4,371 4,875 Interest on senior unsecured credit facility (see Note 10(b)) 3,196 10,127 22,351 Interest on advance payments of customers (a) 2,377 708 751 Interest on revolving credit facility (see Note 10(c)) 1,880 — — Interest on excess of salary limit in workers profit sharing (See Note 9(a)) 1,527 1,638 16,591 Amortization debt issuance costs 675 955 1,673 Extinguishment of debt - debt issuance costs 34 289 902 Other financial expenses 20 75 140 Capitalized Interest associated to capital projects (3,084) (1,997) (2,544) Interest on disputed mining royalties (b) — 15,334 43,838 Tax contingencies (c) — — 54,098 10,537 31,500 142,675 (a) Corresponds to the interest associated with the advance payments received from Sumitomo. (b) Represented charges of interest related to (i) the installment payment programs for disputed mining royalties for the period January 2009 through September 2011 and for the years 2012 and 2013 and SMT for the period October 2011 through December 2013 (US$14.6 million for the year ended December 31, 2021n and US$38.2 million for the year ended December 31, 2020), and (ii) other taxes related to disputed mining royalty (US$0.7 million for the year ended December 31, 2021, and US$5.6 million for the year ended December 31, 2020). (c) For the year ended December 31, 2020, primarily represents interest related to (i) the income tax assessment for the year 2013 of US$31.4 million, (ii) uncertain income tax treatments (IFRIC 23) associated primarily to tailing dam income tax of US$13.1 million, (iii) SUNAT assessments for prior years related to income and non-income tax contingencies in which the Company expected to obtain an unfavorable result of US$8.7 million. |
Schedule of financial income | This item is made up of the following income For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 US$(000) US$(000) US$(000) Gain in the fair value of market liquid investment (see Note 3(a)) 11,215 803 1,816 Interest income on tax obligations (a) 4,921 1,107 — Other Interest income 1,099 910 534 17,235 2,820 2,350 (a) Mainly represent the net impact over interest on tax associated with the updated estimation associated with IFRIC 23, “Uncertainty over Income Tax Treatments” for years 2022 and 2021. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Earnings per share [Line Items] | |
Schedule of basic and diluted earnings per common share | Basic and diluted earnings per share are calculated by dividing earnings by the weighted-average number of outstanding shares during the period. Basic and diluted earnings per common share have been determined as follows: For the year ended For the year ended For the year ended December 31, 2022 December 31, 2021 December 31, 2020 Profit for the period (US$) 925,353,000 1,191,474,000 274,544,000 Weighted average number of share outstanding (Note 12(a)) 350,056,012 350,056,012 350,056,012 Basic and diluted earnings per share (US$) 2.643 3.404 0.784 |
Exploration in non-operating _2
Exploration in non-operating areas (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration in non-operating areas | |
Schedule of detailed information about exploration in non-operating areas | This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Services provided by third parties 6,324 4,742 3,326 Personnel expenses 2,898 2,748 1,705 Land 1,190 967 420 Short-term and low-value lease 917 612 327 Laboratory analysis and tests 862 508 225 Professional fees 557 439 1,538 Consumption of materials and supplies 467 251 201 Transport 173 191 89 Other 864 812 644 14,252 11,270 8,475 |
Schedule of main projects of exploration in non-operating areas | 2022 2021 2020 US$(000) US$(000) US$(000) Emperatriz 5,243 5,742 4,600 Marcapunta 4,008 1,383 86 Ccelloccasa 1,748 405 193 Projects - Management 1,464 1,441 957 General explorations 02 1,361 969 976 San Gabriel 282 1,010 — Don Jorge 131 135 109 ADGEMINCO explorations — 119 1,311 Other 15 66 243 14,252 11,270 8,475 |
Other, net (Tables)
Other, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other, net | |
Schedule of details about components of other income expense | (a) This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Other income Sale of supplies and merchandise to third parties 44,392 33,014 19,581 Reversal for impairment of spare parts and supplies, note 8(c) 22,394 17,266 15,762 Income from transfer of ownership of mining rights, note 1(d) 8,455 — — Income from previous years 3,218 2,505 475 Sale of services to third parties 2,277 10,473 5,626 Additional income from sale of investments 1,577 — — Insurance recovery 881 357 3 Sale of assets to third parties 791 685 1,356 Changes in provision for mine closure, note 15(b) 302 — — Changes in provision for environmental liabilities (c) 228 — — Income from dividends in other investments 205 3,350 — Sale of supplies to related parties, note 32(a) 179 169 890 Insurance claim recovery (b) — 2,358 4,381 Revenue from commercial claims — — 3,800 Sale of investment in subsidiary — — 250 Other 976 507 2,012 85,875 70,684 54,136 Other expenses Cost of sale of supplies and merchandise to third parties (45,520) (35,831) (26,463) Provision for impairment of spare parts and supplies, note 8(c) (22,533) (22,394) (17,266) Changes in provisions for exploration projects, note 15(b) (13,631) (2,030) (642) Cost of sale of services to third parties (6,591) (10,440) (3,311) Withdrawals and disposals of property, machinery and equipment, note 11(a) (3,924) (1,909) (586) Penalty of account receivable for tax claim, note 31(d) (2,322) — — Net loss on transfer of contractual trasnfer, note 1(e) (2,000) — — Fines and interest related to contingencies (1,612) — — Expenses from previous years (1,296) (1,520) (1,402) Administrative expenses (569) (977) (245) Personnel expenses (379) (5,645) — Allowance for expected credit losses, note 7(i) (253) (409) (4) Net cost of property, machinery and equipment to third parties, note 11(a) (13) (119) (192) Changes in environmental liabilities provision (c) — (15,533) (124) Disposal cost of sale of supplies and merchandise to related parties — (72) (1,211) Other (317) (3,065) — (100,960) (99,944) (51,446) (15,085) (29,260) 2,690 (b) During 2022, there were no collections related to indemnity for the insurance claim. For the year 2021, collections correspond to the income of the subsidiary El Brocal related to the indemnity for the insurance claim of US$2,358,000 as a result of the insurance compensation for the damage suffered by the act of vandalism, which occurred in December 2020. On September 3, 2021, the amount was fully collected. For the year 2020, collections correspond to the indemnity for the insurance claim of US $4,381,000 as a result of the insurance compensation for the damage suffered by the fire in the electric motor of the 16x22 Dominium Mill located on the first plant that occurred in August 2019, which were collected as of December 31, 2020. (c) As of December 31, 2021, the subsidiary El Brocal updated its closure plan for environmental liabilities of Santa Bárbara and Delta Ulpamayo. For the preparation of the Santa Bárbara closure plan, the collaboration of a specialized external company was assigned. The total budget of both environmental liabilities is US$13,095,000, which has been discounted using a rate in a range of 4.772% to 5.755% over a period of 7 years, resulting in an updated liability amounting to US$11,460,000 (US$12,658,000 as of December 31, 2021). |
Finance costs and finance inc_2
Finance costs and finance income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance costs and finance income | |
Disclosure Of Detailed Information About Finance Cost And Finance Revenues [Text Block] | (a) This caption is made up as follows: 2022 2021 2020 US$(000) US$(000) US$(000) Finance revenues: Interest on time deposits 3,521 338 1,074 Interests on third party loans 449 203 355 Interest on loans to related parties, note 32(a) 94 89 114 Interest from financial instruments 74 114 — Interest on tax claims — 75 352 Other finance revenues 565 303 155 4,703 1,122 2,050 Reversal of the amortized cost of the syndicated loan, note 16(g) 8,855 — — Unrealized change of the fair value related to contingent consideration liability (b) 813 4,382 — Accrual of other account receivable 72 448 — Financial obligations amortized costs, note 16(g) — — 361 Total finance revenues 14,443 5,952 2,411 2022 2021 2020 US$(000) US$(000) US$(000) Finance costs: Interest related to senior notes, note 16 31,771 13,343 — Interest on borrowings and loans, note 16 10,865 17,166 23,178 Settlement of hedging financial instruments, note 34(c) 818 1,547 146 Tax on financial transactions 189 193 107 Interest on loans 26 43 55 Commissions for bond letters issued to SUNAT — 12,124 — Interest on commercial obligations — — 626 Other finance costs — — 37 43,669 44,416 24,149 Accretion expense for mine closure and exploration projects, note 15(b) 5,070 5,598 6,672 Accrual of debt issuance costs, note 16(g) 2,820 885 976 Accrual of costs for bond issuance, note 16(g) 1,963 717 — Amortized cost of financial obligations, note 16(g) 515 8,837 — Accretion expense for leases related to rights in use, note 16(g) 99 176 180 Unrealized change of the fair value related to contingent consideration liability (b) — — 5,690 Other finance costs — — 155 54,136 60,629 37,822 |
Schedule of contingent liabilities in business combination | 2022 2021 2020 US$(000) US$(000) US$(000) Beginning balance 17,718 22,100 16,410 Variation of the fair value in profit and loss (813) (4,382) 5,690 Ending balance 16,905 17,718 22,100 |
Schedule of significant unobservable valuation input | Significant unobservable valuation inputs are provided below: 2022 2021 Annual average of future sales of mineral (US$000) 208,912 193,972 Useful life of mining properties 14 14 Pre-tax discount rate (%) 13.2 9.7 |
Deferred income tax (Tables)
Deferred income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income tax | |
Schedule of temporary difference, unused tax losses and unused tax credits | (a) The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows: Credit (debit) to Credit (debit) to consolidated consolidated Credit (debit) to Credit (debit) to Credit (debit) to statements of Credit (debit) to Credit (debit) to statements consolidated As of consolidated discontinued other As of consolidated discontinued of changes statements of other As of January 1, statement of profit operations (note comprehensive December 31, statement of profit operations (note in equity comprehensive December 31, 2021 or loss 1(e)) income 2021 or loss 1(e)) (note 1(d)) income 2022 US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Deferred asset for income tax Tax - loss carryforwards 158,513 28,368 — — 186,881 16,450 — (13,372) — 189,959 Difference in depreciation and amortization rates 63,903 (11,406) — — 52,497 (9,705) — — — 42,792 Provision for closure of mining units, net 14,200 16,151 — — 30,351 (1,660) — — — 28,691 Provision for impairment of value of inventory 7,299 1,709 — — 9,008 (254) — — — 8,754 Contingent consideration liability 6,512 (1,285) — — 5,227 (228) — — — 4,999 Provision for bonuses to employees and officers 5,078 618 5,696 (2,724) — — — 2,972 Impairment loss of long-lived assets provision 1,930 — — — 1,930 — — — — 1,930 Contractors claims provisions 1,678 3,558 — — 5,236 (4,100) — — — 1,136 Provision for sale of investment in associate — — 50,444 — 50,444 — (50,444) — — — Other 2,619 6,946 — — 9,565 2,133 — — — 11,698 261,732 44,659 50,444 — 356,835 (88) (50,444) (13,372) — 292,931 Derivative financial instruments 5,440 — — (3,382) 2,058 — — — (2,058) — 267,172 44,659 50,444 (3,382) 358,893 (88) (50,444) (13,372) (2,058) 292,931 Deferred assets for mining royalties and special mining tax — — — — — 51 — — — 51 Total deferred asset 267,172 44,659 50,444 (3,382) 358,893 (37) (50,444) (13,372) (2,058) 292,982 Deferred liability for income tax Effect of translation into U.S. dollars (78,129) (895) (9,030) — (88,054) 20,153 9,030 — — (58,871) Differences in amortization rates for development costs (64,836) 558 — — (64,278) (1,682) — — — (65,960) Difference in depreciation and amortization rates (47,035) (2,078) — — (49,113) (10,509) — — — (59,622) Fair value of mining concessions (14,898) — — — (14,898) — — — — (14,898) Other (26,369) 1,707 — — (24,662) 7,575 — — — (17,087) (231,267) (708) (9,030) — (241,005) 15,537 9,030 — — (216,438) Derivative financial instruments — — — — — — — — (2,608) (2,608) (231,267) (708) (9,030) — (241,005) 15,537 9,030 — (2,608) (219,046) Deferred liability for mining royalties and special mining tax (374) 95 — — (279) 92 — — — (187) Total deferred liability (231,641) (613) (9,030) — (241,284) 15,629 9,030 — (2,608) (219,233) Deferred income tax asset, net 35,531 44,046 41,414 (3,382) 117,609 15,592 (41,414) (13,372) (4,666) 73,749 |
Schedule of detailed information about net deferred tax asset | 2022 2021 US$(000) US$(000) Deferred income tax asset, net 106,170 164,351 Deferred income tax liability, net (32,421) (46,742) 73,749 117,609 |
Schedule of detailed information about provision for income taxes | (c) The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Income tax expense Current (12,091) (13,128) (8,446) Deferred 15,449 43,951 (15,270) 3,358 30,823 (23,716) Mining Royalties and Special Mining Tax Current (3,542) (7,247) (1,478) Deferred 143 95 (236) (3,399) (7,152) (1,714) Total income tax (41) 23,671 (25,430) |
Schedule of reconciliation of accounting profit multiplied by applicable tax rates | (d) Below is a reconciliation of tax benefit (expense) and the accounting profit (loss) before income tax multiplied by the statutory tax rate for the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Profit (loss) before income tax 124,429 101,129 (58,099) Profit (loss) from discontinued operations before income tax 564,708 (429,018) (66,810) Profit (loss) before income tax 689,137 (327,889) (124,909) Theoretical income tax benefit (expense) (203,295) 96,727 36,848 Permanent items and others: Investment in associate available for sale 83,192 (83,192) (21,305) Share in the results of associates and joint venture 52,000 70,933 18,497 Effect of translation into U.S. dollars 20,153 (895) (31,853) Foreign exchange difference of permanent items (14,051) (9,001) (10,524) Non-deductible expenses (13,144) 2,048 (14,310) Non-deductible work-in-process write - off (4,839) — — Income tax from previous years (1,982) — — Mining royalties and special mining tax (837) (3,253) 1,273 Non-deductible deferred tax for striping cost — (1,130) (2,342) Income tax income (expense) (82,803) 72,237 (23,716) Mining Royalties and Special Mining Tax (3,399) (7,152) (1,714) Total income tax (86,202) 65,085 (25,430) Income tax from continuing operations (41) 23,671 (25,430) Income tax from discontinued operations (86,161) 41,414 — (86,202) 65,085 (25,430) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and contingencies | |
Schedule of other assessments | Penalty and Year Taxes interest Total US$(000) US$(000) US$(000) 2003 - 2005 8,684 39,366 48,050 2006 10,840 51,955 62,795 2007 11,579 22,102 33,681 2008 16,906 16,923 33,829 2009 56,000 51,604 107,604 2010 53,566 125,047 178,613 2011 40,802 66,506 107,308 2012 869 6,917 7,786 2013 48,402 65,849 114,251 2014 5,434 724 6,158 2015 2,986 23,205 26,191 2016 60,041 3,268 63,309 2017 4,815 2,920 7,735 320,924 476,386 797,310 |
Transactions with related com_2
Transactions with related companies and joint venture (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with related companies and joint venture | |
Schedule of transactions with associates companies. | (a) The Group has carried out the following transactions with its related companies and joint venture in the years 2022, 2021 and 2020: 2022 2021 2020 US$(000) US$(000) US$(000) Associates - Revenues from: Energy 3,415 3,255 3,173 Royalties 1,381 15,928 18,638 Supplies, note 28(a) 179 169 890 Mineral — — 211 Purchase of: Supplies 57 53 55 Services rendered to: Administrative and Management services 816 802 672 Operation and maintenance services related to energy transmission 310 262 280 Services of energy transmission 183 153 320 Constructions services — 8 72 Contributions granted and paid from: Tinka Resources Ltd. 1,676 — — Dividends received and collected from: Sociedad Minera Cerro Verde S.A.A. 78,338 137,091 — Compañía Minera Coimolache S.A. 802 11,320 3,649 79,140 148,411 3,649 Joint Venture - Interest income: Transportadora Callao S.A., note 29(a) 94 89 114 Non-controlling shareholders - Dividends paid to: Newmont Peru Limited - Sucursal del Perú 2,647 6,160 5,140 |
accounts receivable and payable from/to associates | (b) As a result of the transactions indicated in the paragraph (a), the Group had the following accounts receivable and payable from/to associates: 2022 2021 US$(000) US$(000) Trade and other receivables, note 7(a) Minera Yanacocha S.R.L. 312 4,314 Compañía Minera Coimolache S.A. 55 312 367 4,626 Other receivables, note 7(a) Transportadora Callao S.A. 1,612 1,855 Compañía Minera Coimolache S.A. 1,025 443 Ferrocarril Central Andino S.A. 150 — Banco Pichincha 55 — 2,842 2,298 3,209 6,924 Trade and other payables, note 14(a) Compañía Minera Coimolache S.A. 163 113 Other payables, note 14(a) Other minor 20 14 183 127 |
Schedule of Group's Key executives compensation | The Group’s key executives’ compensation (including the related income taxes assumed by the Group) for the years ended 2022 and 2021 are presented below: 2022 2021 US$(000) US$(000) Accounts payable: Bonus to officers 14,861 11,650 Directors’ remuneration 3,455 1,639 Salaries 933 847 Total 19,249 14,136 Payments: Salaries 10,230 10,278 Directors’ remuneration 2,956 1,841 Total 13,186 12,119 Expenses: Salaries 11,163 11,125 Directors’ remuneration 3,455 3,499 Total 14,618 14,624 |
Disclosure of information on _2
Disclosure of information on segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information on segments | |
Schedule of reconciliation segment profit (loss) to the consolidated profit (loss) from continued operations | The reconciliation of segment profit (loss) to the consolidated profit (loss) from continuing operations follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment profit (loss) 1,037,119 934,003 129,699 Elimination of profit of equity accounted investees, not consolidated (owned by third parties) (912,602) (1,204,076) (295,019) Elimination of intercompany sales (98,879) (101,460) (89,006) Elimination of cost of sales and operating expenses intercompany 98,879 101,460 89,593 Elimination of share in the results of subsidiaries and associates (307) 395,285 82,284 Other 178 (412) (1,080) Consolidated profit (loss) from continuing operations 124,388 124,800 (83,529) |
Schedule of econciliation segment assets to the consolidated assets | The reconciliation of segment assets to the consolidated assets follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment assets 13,836,447 14,063,903 13,276,273 Elimination of assets of equity accounted investees, not consolidated (owned by third parties) (8,422,909) (8,598,678) (8,250,964) Elimination of the subsidiaries and associates of the Parent company (920,601) (914,940) (1,005,368) Elimination of intercompany receivables (16,921) (15,188) (57,810) Other 27,211 26,714 17,486 Consolidated assets 4,503,227 4,561,811 3,979,617 |
Schedule of reconciliation segment liabilities to the consolidated liabilities | The reconciliation of segment liabilities to the consolidated liabilities follows: 2022 2021 2020 US$(000) US$(000) US$(000) Segment liabilities 2,824,648 4,454,433 3,532,172 Elimination of liabilities of equity accounted investees, not consolidated (1,460,297) (2,148,520) (2,283,470) Elimination of intercompany payables (24,140) (282,530) (68,961) Other 75 (103) 19 Consolidated liabilities 1,340,286 2,023,280 1,179,760 |
Schedule of revenue from contract with customers | Industrial Uchuchacua Energy Rental of Holding of activities Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja generation and Insurance mining investment (Temporary operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) transmission brokerage concessions in shares suspension) segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2022 Revenues by type of customers: Sales by customers - External 5,052 134,158 50,652 152,537 385,731 1,220 — — — — 53,347 782,697 — 782,697 Inter-segment — — — — — 50,338 — — — — — 50,338 (50,338) — 5,052 134,158 50,652 152,537 385,731 51,558 — — — — 53,347 833,035 (50,338) 782,697 Services - External — — — — — — 5,015 17,207 — — — 22,222 — 22,222 Inter-segment — — — — — — 47,418 — — 421 — 47,839 (47,839) — — — — — — — 52,433 17,207 — 421 — 70,061 (47,839) 22,222 Royalties - External — — — — — — — — 1,381 — — 1,381 — 1,381 5,052 134,158 50,652 152,537 385,731 51,558 52,433 17,207 1,381 421 53,347 904,477 (98,177) 806,300 Revenues by geographic region: Metal and concentrates sales - Peru 2,733 20,475 46,124 140,593 322,372 51,558 — — — — 248 548,103 (50,338) 533,765 America - other than Peru — 113,683 — 11,942 — — — — — — 53,099 178,724 — 178,724 Europe 2,319 — 25 2 31,066 — — — — — — 33,412 — 33,412 Asia — — 4,503 — 32,293 — — — — — — 36,796 — 36,796 5,052 134,158 50,652 152,537 385,731 51,558 — — — — 53,347 833,035 (50,338) 782,697 Services - Peru — — — — — — 52,433 17,080 — 421 — 69,934 (62,109) 20,936 America - other than Peru — — — — — — — 127 — — — 127 — 127 Europe — — — — — — — — — — — — — — — — — — — — 52,433 17,207 — 421 — 70,061 (47,839) 22,222 Royalties - Peru — — — — — — — — 1,381 — — 1,381 — 1,381 5,052 134,158 50,652 152,537 385,731 51,558 52,433 17,207 1,381 421 53,347 904,477 (98,177) 806,300 Revenues by type of good or services: Sales by metal - Silver 8,363 755 51,232 32,269 62,951 2,218 — — — — 2,245 160,033 (2,110) 157,923 Gold — 134,200 28 84,003 29,326 51,908 — — — — 50,888 350,353 (50,606) 299,747 Copper — — 516 — 366,762 — — — — — — 367,278 — 367,278 Zinc 400 — — 40,087 66,999 — — — — — — 107,486 — 107,486 Lead (55) — 856 19,616 12,534 — — — — — — 32,951 — 32,951 Manganese sulfate — — — — — — — — — — 361 361 — 361 Antimony — — 28 — — — — — — — — 28 — 28 8,708 134,955 52,660 175,975 538,572 54,126 — — — — 53,494 1,018,490 (52,716) 965,774 Commercial deductions (3,656) (797) (2,008) (23,438) (152,841) (2,568) — — — — (147) (185,455) 2,378 (183,077) 5,052 134,158 50,652 152,537 385,731 51,558 — — — — 53,347 833,035 (50,338) 782,697 Services - — — — — — — 52,433 17,207 — 421 — 70,061 (47,839) 22,222 Royalty income - — — — — — — — — 1,381 — — 1,381 — 1,381 5,052 134,158 50,652 152,537 385,731 51,558 52,433 17,207 1,381 421 53,347 904,477 (98,177) 806,300 Industrial Uchucchacua Energy Rental of Holding of activities Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja generation and Insurance mining investment (Temporary operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) transmission brokerage concessions in shares suspension) segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2022 Revenues by type of customers: Sales by customers - External 80,407 89,474 57,227 182,061 468,238 29 — — — — 46,954 924,390 — 924,390 Inter-segment — — — — — 39,227 — — — — — 39,227 (39,227) — 80,407 89,474 57,227 182,061 468,238 39,256 — — — — 46,954 963,617 (39,227) 924,390 Services - External — — — — — — 5,401 15,651 — — — 21,052 — 21,052 Inter-segment — — — — — — 47,682 — — 551 13,876 62,109 (62,109) — — — — — — — 53,083 15,651 — 551 13,876 83,161 (62,109) 21,052 Royalties - External — — — — — — — — 15,928 — — 15,928 — 15,928 80,407 89,474 57,227 182,061 468,238 39,256 53,083 15,651 15,928 551 60,830 1,062,706 (101,336) 961,370 Revenues by geographic region: Metal and concentrates sales - Peru 69,378 6,794 43,031 161,629 420,098 39,254 — — — — 2,005 742,189 (39,227) 702,962 America - other than Peru — 82,680 — 19,602 — 2 — — — — 43,704 145,988 — 145,988 Europe 10,795 — 14,196 830 24,737 — — — — — 1,245 51,803 — 51,803 Asia 234 — — — 23,403 — — — — — — 23,637 — 23,637 80,407 89,474 57,227 182,061 468,238 39,256 — — — — 46,954 963,617 (39,227) 924,390 Services - Peru — — — — — — 53,083 15,535 — 551 13,876 83,045 (62,109) 20,936 America - other than Peru — — — — — — — 96 — — — 96 — 96 Europe — — — — — — — 20 — — — 20 — 20 — — — — — — 53,083 15,651 — 551 13,876 83,161 (62,109) 21,052 Royalties - Peru — — — — — — — — 15,928 — — 15,928 — 15,928 80,407 89,474 57,227 182,061 468,238 39,256 53,083 15,651 15,928 551 60,830 1,062,706 (101,336) 961,370 Revenues by type of good or services: Sales by metal - Silver 86,988 358 60,596 38,978 126,979 2,504 — — — — 2,986 319,389 (2,459) 316,930 Gold 19 89,426 371 112,182 21,570 38,854 — — — — 39,103 301,525 (38,849) 262,676 Copper — — 140 — 340,382 — — — — — — 340,522 — 340,522 Zinc 15,214 — — 32,001 96,365 — — — — — — 143,580 — 143,580 Lead 9,300 — 828 19,483 22,296 — — — — — — 51,907 — 51,907 Manganese sulfate — — — — — — — — — — 4,976 4,976 — 4,976 111,521 89,784 61,935 202,644 607,592 41,358 — — — — 47,065 1,161,899 (41,308) 1,120,591 Commercial deductions (31,114) (310) (4,708) (20,583) (139,354) (2,102) — — — — (111) (198,282) 2,081 (196,201) 80,407 89,474 57,227 182,061 468,238 39,256 — — — — 46,954 963,617 (39,227) 924,390 Services - — — — — — — 53,083 15,651 — 551 13,876 83,161 (62,109) 21,052 Royalty income - — — — — — — — — 15,928 — — 15,928 — 15,928 80,407 89,474 57,227 182,061 468,238 39,256 53,083 15,651 15,928 551 60,830 1,062,706 (101,336) 961,370 Industrial Uchucchacua Energy Rental of Holding of activities Total Adjustments (Temporary Orcopampa Julcani Tambomayo Colquijirca La Zanja generation and Insurance mining investment (Temporary operating and suspension) (Operation) (Operation) (Operation) (Operation) (Operation) transmission brokerage concessions in shares suspension) segments eliminations Total US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) US$(000) Year 2020 Revenues by type of customers: Sales by customers - External 91,007 77,907 31,663 143,233 251,974 2,554 — — — — 36,336 634,674 — 634,674 Inter-segment — — — — (160) 30,470 — — — — — 30,310 (30,310) — 91,007 77,907 31,663 143,233 251,814 33,024 — — — — 36,336 664,984 (30,310) 634,674 Services - External — — — — — — 5,532 14,753 — — — 20,285 — 20,285 Inter-segment — — — — — — 42,722 — — 607 15,335 58,664 (58,664) — — — — — — — 48,254 14,753 — 607 15,335 78,949 (58,664) 20,285 Royalties - External — — — — — — — — 18,638 — — 18,638 — 18,638 91,007 77,907 31,663 143,233 251,814 33,024 48,254 14,753 18,638 607 51,671 762,571 (88,974) 673,597 Revenues by geographic region: Metal and concentrates sales - Peru 77,077 7,097 3,238 81,058 216,481 32,886 — — — — 2,327 420,164 (30,310) 389,854 America - other than Peru — 70,810 — 60,273 — 138 — — — — 32,279 163,500 — 163,500 Europe 11,503 — 28,425 552 — — — — — — 1,730 42,210 — 42,210 Asia 2,427 — — 1,350 35,333 — — — — — — 39,110 — 39,110 91,007 77,907 31,663 143,233 251,814 33,024 — — — — 36,336 664,984 (30,310) 634,674 Services - Peru — — — — — — 48,254 14,641 — 607 15,335 78,837 (58,664) 20,173 America - other than Peru — — — — — — — 92 — — — 92 — 92 Europe — — — — — — — 20 — — — 20 — 20 — — — — — — 48,254 14,753 — 607 15,335 78,949 (58,664) 20,285 Royalties - Peru — — — — — — — — 18,638 — — 18,638 — 18,638 91,007 77,907 31,663 143,233 251,814 33,024 48,254 14,753 18,638 607 51,671 762,571 (88,974) 673,597 Revenues by type of good or services: Sales by metal - Silver 97,903 185 33,631 32,766 63,312 2,241 — — — — 2,337 232,375 (1,877) 230,498 Gold 14 77,964 14 105,359 13,667 32,672 — — — — 30,023 259,713 (30,123) 229,590 Copper — — 48 — 181,007 — — — — — — 181,055 256 181,311 Zinc 8,356 — — 9,513 102,677 — — — — — — 120,546 — 120,546 Lead 6,760 — 529 10,688 30,449 — — — — — — 48,426 — 48,426 Manganese sulfate — — — — — — — — — — 4,051 4,051 — 4,051 113,033 78,149 34,222 158,326 391,112 34,913 — — — — 36,411 846,166 (31,744) 814,422 Commercial deductions (22,026) (242) (2,559) (15,093) (139,298) (1,889) — — — — (75) (181,182) 1,434 (179,748) 91,007 77,907 31,663 143,233 251,814 33,024 — — — — 36,336 664,984 (30,310) 634,674 Services - — — — — — — 48,254 14,753 — 607 15,335 78,949 (58,664) 20,285 Royalty income - — — — — — — — — 18,638 — — 18,638 — 18,638 91,007 77,907 31,663 143,233 251,814 33,024 48,254 14,753 18,638 607 51,671 762,571 (88,974) 673,597 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of derivative financial instruments [Line Items] | |
Schedule of hedged financial instruments | (a) This caption is made up as follows: 2022 2021 US$(000) US$(000) Copper and Zinc prices hedge (b) 8,839 (6,332) Interest rate hedge (c) — (644) 8,839 (6,976) |
Schedule of detailed information about hedge derivatives financial instruments | The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2022: Quotations Quotation period Concentrate Metric tons Fixed Futures Fair value US$/DMT(*) US$/DMT(*) US$(000) January 2023 Copper 2,000 10,185 8,344 4,332 February 2023 Copper 1,500 10,109 8,350 1,867 March 2023 Copper 1,500 10,153 8,353 2,640 5,000 8,839 (*) DMT= Dry metric tonne. The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2021: Quotations Quotation period Concentrate Metric tons Fixed Futures Fair value US$/DMT(*) US$ DMT(*) US$(000) January 2022 Copper 3,250 9,405 9,748 (1,112) January 2022 Zinc 500 3,450 9,748 (65) February 2022 Copper 2,000 9,444 9,740 (591) March 2022 Copper 2,000 9,525 9,732 (413) April 2022 Copper 2,700 9,103 9,719 (1,661) May 2022 Copper 3,050 9,175 9,701 (1,601) June 2022 Copper 1,000 9,425 9,686 (260) July 2022 Copper 3,000 9,442 9,676 (701) October 2022 Copper 1,500 9,762 9,631 196 December 2022 Copper 1,000 9,475 9,600 (124) 20,000 (6,332) (*) DMT= Dry metric tonne. |
Schedule of composition of the operations to be settled that are part of the liability for hedging derivative instrument | As of December 31, 2022, the Company did not have hedginge derivative instruments. The following is the composition of the operations to be settled that are part of the liability for hedging derivative instrument as of December 31, 2021: LIBOR three months Maturity Amount Fixed Forwards Fair value US$(000) US$(000) October 2022 81,666 2.632 % 2.06% - 2.14 % (191) October 2022 74,167 2.632 % 2.06% - 2.14 % (174) October 2022 74,167 0.732 % 0.16% - 0.24 % (174) July 2022 45,000 2.632 % 2.06% - 2.14 % (105) 275,000 (644) |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of derivative financial instruments [Line Items] | |
Schedule of embedded derivatives | As discussed in Note 2(d), the Company’s sales create exposure to changes in the market prices of copper and molybdenum which are considered embedded derivatives. As of December 31, 2022 and 2021, information about the Company’s embedded derivatives is as follows: As of December 31, 2022 Pounds Provisional payable Maturity pricing Forward pricing Fair value (000) US$/Pound US$/Pound US$(000) Copper Concentrate 320,095 January 2023 to May 2023 Between 3.448 and 3.807 Between 3.798 and 3.799 63,335 Copper Cathode 4,187 January 2023 Between 3.808 and 3.817 3.798 (61) Molybdenum 2,425 January 2023 to February 2023 Between 16.677 y 16.935 28.267 27,737 91,011 (a) As of December 31, 2021 Pounds payable Maturity Provisional pricing Forward pricing Fair value (000) US$/Pound US$/Pound US$(000) Copper Concentrate 284,566 January 2022 to May 2022 Between 4.174 and 4.584 Between 4.400 and 4.421 13,335 Copper Cathode 3,087 January 2022 4.318 4.421 318 Molybdenum 4,035 January 2022 to February 2022 Between 16.659 and 16.773 16.456 (860) 12,793 (a) (a) Embedded derivative adjustments are recorded on the statement of financial position in “Trade account receivable – related parties”. |
Financial - Risk management o_2
Financial - Risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial risk management objectives and policies [Line Items] | |
Schedule of foreign-currency exchange rates risk | A table showing the effect on results of a reasonable change in foreign-currency exchange rates is presented below, with all other variables kept constant: Exchange-rate Effect on profit (loss) increase/decrease before income tax US$(000) 2022 Exchange rate 10 % 58,032 Exchange rate (10) % (58,032) 2021 Exchange rate 10 % 56,122 Exchange rate (10) % (56,122) 2020 Exchange rate 10 % 7,591 Exchange rate (10) % (7,083) |
Schedule of interest rates risk | A table showing the effect in profit or loss of the variations of interest rates: Effect on profit Increase/decrease of (loss) before LIBOR income tax (percentage rates) US$(000) 2022 Interest rate 10 % (1,315) Interest rate (10) % 1,315 2021 Interest rate 10 % (1,414) Interest rate (10) % 1,414 2020 Interest rate 10 % (81) Interest rate (10) % 81 |
Schedule of information about the credit risk exposure | Set out below is the information about the credit risk exposure on the Group’s trade and other receivables: Days past due Current < 30 days 30 – 90 days > 90 days Total US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022 - Trade receivables 146,070 — — 22,276 168,346 Other receivables 749,456 — — 4,106 753,562 895,526 — — 26,382 921,908 Expected credit loss rate 0 % 0 % 0 % 100 % — Expected credit loss — — — (26,382) (26,382) As of December 31, 2021 - Trade receivables 149,394 — — 22,276 171,670 Other receivables 726,870 — — 8,621 735,491 876,264 — — 30,897 907,161 Expected credit loss rate 0 % 0 % 0 % 100 % — Expected credit loss — — — (30,897) (30,897) |
Schedule of financial liabilities by remaining maturity | An analysis of the Group’s financial liabilities classified according to their aging is presented below, based on undiscounted contractual payments: More than 5 Less than Between 1 Between 2 years Total 1 year and 2 years and 5 years ( 2028 and (2023) (2024) (2025 to 2027) thereafter) US$(000) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022- Bank loans – capital — — — — — Bank loans – interest — — — — — Trade and other payables 240,737 — — — 240,737 Financial obligation – capital 31,034 104,159 598,568 — 733,761 Financial obligation – interest 39,256 45,770 64,279 — 149,305 Lease – capital 3,638 2,282 2,794 4,238 12,952 Lease – interest 42 18 242 1,136 1,438 Hedge derivative financial instruments — — — — — Contingent consideration liability — — 11,937 31,934 43,871 314,707 152,229 677,820 37,308 1,182,064 As of December 31, 2021 - Bank loans – capital 50,000 — — — 50,000 Bank loans – interest 820 — — — 820 Trade and other payables 248,033 — — — 248,033 Financial obligation – capital 175,620 106,784 774,102 — 1,056,506 Financial obligation – interest 43,313 40,803 99,634 — 183,750 Lease – capital 3,906 1,822 51 — 5,779 Lease – interest 74 95 — — 169 Hedge derivative financial instruments 6,976 — — — 6,976 Contingent consideration liability — — 7,032 33,702 40,734 528,742 149,504 880,819 33,702 1,592,767 |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure of financial risk management objectives and policies [Line Items] | |
Schedule of foreign-currency exchange rates risk | Effect on profit before income tax US$(000) December 31, 2022 10% increase in future copper prices 123,181 10% decrease in future copper prices (123,181) December 31, 2021 10% increase in future copper prices 140,420 10% decrease in future copper prices (140,420) December 31, 2020 10% increase in future copper prices 112,080 10% decrease in future copper prices (112,080) Exchange-rate Effect on profit (loss) increase/decrease before income tax US$(000) 2022 Exchange rate 5 % (23,801) Exchange rate (5) % 23,801 2021 Exchange rate 5 % (7,782) Exchange rate (5) % 7,782 2020 Exchange rate 5 % 20,656 Exchange rate (5) % (20,656) |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair value measurement | |
Schedule of fair value measurement of liabilities | The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities: Fair value measurement using: Quoted prices in active Observable Unobservable Carrying markets inputs inputs value (Level 1) (Level 2) (Level 3) US$(000) US$(000) US$(000) US$(000) As of December 31, 2022- Assets and liabilities measured at fair value: Fair value of account receivable (subject to provisional pricing) 129,567 — 129,567 — Contingent consideration liability 16,905 — 16,905 — Hedge instruments asset 8,839 — 8,839 — Fair value of liabilities at amortized cost: Bank loans — — — — Financial obligations 672,110 — 672,110 — As of December 31, 2021 - Assets and liabilities measured at fair value: Fair value of account receivable (subject to provisional pricing) 133,977 — 133,977 — Contingent consideration liability 17,718 — — 17,718 Hedge instruments liability 6,976 — 6,976 — Fair value of liabilities at amortized cost: Bank loans 50,000 — 50,000 — Financial obligations 1,059,236 — 1,059,236 — |
Schedule of quantitative information about the significant unobservable inputs used in level 3 fair value measurements | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Fair value as of December 31, Unobservable Relationship of unobservable Description 2022 inputs Range of inputs inputs to fair value Contingent consideration liability 16,905 Rate before tax 11.72 % A change in the discount rate by 10% (rate 11.72%) higher/lower, the fair value would increase/decrease in Expected revenues annual average (US$000) 208,912 If expected sales change by 10% higher/lower, the fair value would increase/decrease in |
Reconciliation between net in_2
Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Sociedad Minera Cerro Verde S.A.A. | |
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | |
Disclosure of detailed information about adjustments for reconciliation of financial position and financial performance between IFRS and US GAAP | The following is a summary of the main adjustments to net income for the years ended December 31, 2022, 2021 and 2020 and to shareholders’ equity as of December 31, 2022, 2022 and 2020 that would be required if U.S. GAAP had been applied instead of IFRS in the financial statements: 2022 2021 2020 US$(000) US$(000) US$(000) Net profit under IFRS 925,353 1,191,474 274,544 Items increasing (decreasing) reported net profit: Stripping activity asset, net of amortization, note 23 (a) (170,012) (100,662) 31,419 Inventories valuation, note 23 (b) (1,077) (23,831) (906) Remediation and mine closure, note 23 (e) (485) (148) 23 Deferred workers' profit sharing, note 23 (c) (1,244) 27,749 (24,255) Lease activity 767 1,189 1,597 Deferred income tax, note 23 (d) 62,941 38,164 (2,411) Mine equipment main components, note 23(f) (11,089) (13,596) (13,516) Water truck conversion (h) (7,769) — — Other (1,911) (357) (223) Net income under U.S. GAAP 795,474 1,119,982 266,272 2022 2021 2020 US$(000) US$(000) US$(000) Shareholders’ equity under IFRS 6,651,427 6,127,006 5,635,328 Items increasing (decreasing) reported shareholder’s equity: Stripping activity asset, net of amortization, note 23(a) (538,270) (368,258) (267,596) Inventories valuation, note 23(b) (242,615) (241,538) (217,707) Remediation and mine closure, note 23(e) (6,113) (5,627) (5,480) Deferred workers’ profit sharing note 23(c) (60,910) (59,666) (87,415) Lease activity 5,624 4,857 3,668 Deferred income tax, note 23(d) 294,280 231,339 193,176 Mine equipment main components, note 23(f) (38,201) (27,112) (13,516) Water truck conversion (h) (7,769) — — Stock-based compensation, note 23 (g) (10,807) (11,740) (11,535) Other (1,853) 58 415 Shareholders’ equity under U.S. GAAP 6,044,793 5,649,319 5,229,338 |
Identification and business a_3
Identification and business activity - Write - off of mineral stock in the subsidiary El Brocal (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Identification and business activity | |||||
Write-off | $ 29,842,000 | $ 30,774,000 | |||
Depreciation and amortization | 176,781,000 | 187,211,000 | $ 189,620,000 | ||
Cost of sales | 763,473,000 | $ 813,106,000 | $ 652,613,000 | ||
Sociedad Minera El Brocal S.A.A | |||||
Identification and business activity | |||||
Cost of sales of goods, excluding depreciation and amortization | 10,957,000 | ||||
Depreciation and amortization | 5,025,000 | ||||
Exploration in operating units | 420,000 | ||||
Cost of sales | $ 16,402,000 | ||||
Management | Sociedad Minera El Brocal S.A.A | Mineral stock | |||||
Identification and business activity | |||||
Write-off | $ 483,563 | ||||
Quantity of DMT write off | 16,402,000 | ||||
Provision for loss of inventory value | 97,244 | ||||
Quantity of provision for loss of inventory value | $ 1,504,000 | ||||
Net effect | $ 14,898,000 |
Identification and business a_4
Identification and business activity - Subsidiaries (Details) | 12 Months Ended | |||
Apr. 01, 2022 | Mar. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compaa de Minas Buenaventura S.A.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Compaa Minera Condesa S.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Compania Minera Colquirrumi S.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Sociedad Minera El Brocal S.A.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Inversiones Colquijirca S.A. | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
S.M.R.L. Chaupiloma Dos de Cajamarca | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 60% | ||
S.M.R.L. Chaupiloma Dos de Cajamarca | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Minera La Zanja S.R.L | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Minera Julcani S.A. de C.V. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Mexico | |||
El Molle Verde S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Apu Coropuna S.R.L. | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Cerro Hablador S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Minera Azola S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Consorcio Energtico de Huancavelica S.A. | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Empresa de Generacin Huanza S.A | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Contacto Corredores de Seguros S.A. [Member] | Construction, engineering services and insurance brokerage [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Rio Seco | Industrial activities [Member] | ||||
Identification and business activity | ||||
Country of incorporation of subsidiary | Peru | |||
Direct [Member] | Compaa de Minas Buenaventura S.A.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Direct [Member] | Compaa Minera Condesa S.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Direct [Member] | Compania Minera Colquirrumi S.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Direct [Member] | Sociedad Minera El Brocal S.A.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 3.19% | 3.19% | ||
Direct [Member] | Inversiones Colquijirca S.A. | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 89.76% | 89.76% | ||
Direct [Member] | S.M.R.L. Chaupiloma Dos de Cajamarca | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 33% | 20% | ||
Direct [Member] | Minera La Zanja S.R.L | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 53.06% | ||
Direct [Member] | Minera Julcani S.A. de C.V. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 99.80% | 99.80% | ||
Direct [Member] | El Molle Verde S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 99.98% | 99.98% | ||
Direct [Member] | Apu Coropuna S.R.L. | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 70% | 70% | ||
Direct [Member] | Cerro Hablador S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 99% | 99% | ||
Direct [Member] | Minera Azola S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 99% | 99% | ||
Direct [Member] | Consorcio Energtico de Huancavelica S.A. | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Direct [Member] | Empresa de Generacin Huanza S.A | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Direct [Member] | Contacto Corredores de Seguros S.A. [Member] | Construction, engineering services and insurance brokerage [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 99.98% | 99.98% | ||
Direct [Member] | Rio Seco | Industrial activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Indirect [Member] | Compaa de Minas Buenaventura S.A.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Compaa Minera Condesa S.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Compania Minera Colquirrumi S.A. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Sociedad Minera El Brocal S.A.A | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 58.24% | 58.24% | ||
Indirect [Member] | Inversiones Colquijirca S.A. | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 10.24% | 10.24% | ||
Indirect [Member] | S.M.R.L. Chaupiloma Dos de Cajamarca | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 67% | 40% | ||
Indirect [Member] | Minera La Zanja S.R.L | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Minera Julcani S.A. de C.V. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0.20% | 0.20% | ||
Indirect [Member] | El Molle Verde S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0.02% | 0.02% | ||
Indirect [Member] | Apu Coropuna S.R.L. | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Cerro Hablador S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 1% | 1% | ||
Indirect [Member] | Minera Azola S.A.C. [Member] | Mining activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 1% | 1% | ||
Indirect [Member] | Consorcio Energtico de Huancavelica S.A. | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||
Indirect [Member] | Empresa de Generacin Huanza S.A | Energy generation and transmission services [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 100% | 100% | ||
Indirect [Member] | Contacto Corredores de Seguros S.A. [Member] | Construction, engineering services and insurance brokerage [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0.02% | 0.02% | ||
Indirect [Member] | Rio Seco | Industrial activities [Member] | ||||
Identification and business activity | ||||
Proportion of ownership interest in subsidiary | 0% | 0% |
Identification and business a_5
Identification and business activity - Results of the discontinued operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating income | |||
Sales of goods | $ 801,199 | $ 863,470 | $ 637,619 |
Cost of sales | (763,473) | (813,106) | (652,613) |
Gross profit (loss) | (61,329) | (87,344) | (23,929) |
Operating income (expenses), net | |||
Administrative expenses | (67,728) | (67,585) | (67,185) |
Reversal (provision) of contingencies | (2,935) | (2,687) | (4,150) |
Depreciation and amortization | 176,781 | 187,211 | 189,620 |
Total operating income (expenses), net | (100,348) | (153,302) | (105,203) |
Operating loss | 39,019 | 65,958 | 81,274 |
Other income (expense), net | |||
Finance costs, note 15(b) | (54,136) | (60,629) | (37,822) |
Net gain (loss) from currency exchange difference | (26,871) | 18,686 | 4,116 |
Current income tax | (41,414) | (41,414) | |
Deferred income tax | 15,592 | 44,046 | (15,506) |
Income tax from discontinued operations | 41,414 | 41,414 | |
Profit (loss) from discontinued operations | $ (478,547) | $ 387,604 | $ 66,810 |
Basic profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for discontinued operations | $ 1.88 | $ (1.53) | $ (0.26) |
Diluted profit (loss) per share, stated in U.S. dollars - Attributable to owners of the parent for discontinued operations | $ 1.88 | $ (1.53) | $ (0.26) |
Discontinued Operations Mining Activities | |||
Operating income | |||
Sales of goods | $ 0 | $ 0 | $ (1) |
Cost of sales | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | (1) |
Operating income (expenses), net | |||
Gain for sale of Yanacocha investment | 300,000 | 0 | 0 |
Reversal of liability classified as held for sale of Yanacocha | 265,590 | 0 | 0 |
Reversal of unrealized result of Yanacocha | 356 | 0 | 0 |
Administrative expenses | (683) | (335) | (1,117) |
Changes in provision for closure of mining units | (660) | (3,021) | (58) |
Reversal (provision) of contingencies | (113) | (2,136) | 13 |
Depreciation and amortization | (9) | (14) | (2,126) |
Share in results | 0 | (422,394) | (72,219) |
Changes in environmental liabilities provision | 0 | (1,014) | 0 |
Income from sale of development costs, property, plant and equipment (sale of Mallay mining unit) | 0 | 0 | 7,976 |
Reversal of provision for closure of mining unit (sale of Mallay mining unit), nota 15(b) | 0 | 0 | 5,093 |
Income from the sale of supplies from the Mallay unit | 0 | 0 | 1,220 |
Return of provision for loss of value of inventories for sale of the Mallay unit | 0 | 0 | 843 |
Cost of sale of development costs, property, plant and equipment, nota 11(a) | 0 | 0 | (3,099) |
Cost of sale of supplies (sale of Mallay mining unit) | 0 | 0 | (1,711) |
Provision for loss of value of inventories | 0 | 0 | (1,220) |
Others, net | 288 | (79) | (240) |
Total operating income (expenses), net | 564,769 | (428,993) | (66,645) |
Operating loss | 564,769 | (428,993) | (66,646) |
Other income (expense), net | |||
Finance costs, note 15(b) | (59) | (25) | (176) |
Net gain (loss) from currency exchange difference | (2) | 0 | 12 |
Profit (loss) before income tax | 564,708 | (429,018) | (66,810) |
Current income tax | 86,161 | (41,414) | 0 |
Current income tax | (44,747) | 0 | 0 |
Deferred income tax | (41,414) | 41,414 | 0 |
Income tax from discontinued operations | (86,161) | 41,414 | 0 |
Profit (loss) from discontinued operations | $ 478,547 | $ (387,604) | $ (66,810) |
Identification and business a_6
Identification and business activity - Additional information (Details) lb in Millions | 12 Months Ended | |||||
Apr. 01, 2022 | Mar. 30, 2022 | Feb. 07, 2022 USD ($) | Dec. 31, 2022 USD ($) T lb | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Identification and business activity | ||||||
Sale price | $ 300,000,000 | $ 0 | $ 0 | |||
Profit (loss) | 602,935,000 | (262,804,000) | (150,339,000) | |||
Liability directly associated with the held for sale assets | 0 | 264,838,000 | ||||
Increase in mineral prices | 100,000,000 | |||||
Non-controlling interest gain | 31,628,000 | |||||
Provision for closing of mining projects | 5,100,000 | |||||
Unabsorbed cost due to production stoppage | 23,058,000 | 25,509,000 | 27,758,000 | |||
Assets | 4,503,227,000 | 4,561,811,000 | 3,979,617,000 | |||
Cash consideration | 1,677,000 | 0 | 13,453,000 | |||
Total partners' deficit | (3,008,850,000) | (2,368,326,000) | ||||
Sociedads Minera Cerro Verde S.A.A. | ||||||
Identification and business activity | ||||||
Profit (loss) | $ 925,353,000 | 1,191,474,000 | 274,544,000 | |||
Total design capacity | T | 360,000 | |||||
Combined average milling rate achieved | T | 400,000 | |||||
Leach copper production derived from crushed leach facility | T | 39,000 | |||||
Leach copper production derived from run-of-mine (ROM) leach system | T | 100,000 | |||||
Sociedads Minera Cerro Verde S.A.A. | Quecher Main project [Member] | ||||||
Identification and business activity | ||||||
Production capacity | lb | 200 | |||||
Cyprus Climax Metals [Member] | Sociedads Minera Cerro Verde S.A.A. | ||||||
Identification and business activity | ||||||
Proportion of ownership interest in subsidiary | 53.56% | |||||
SMM Cerro Verde Netherlands B.V [Member] | Sociedads Minera Cerro Verde S.A.A. | ||||||
Identification and business activity | ||||||
Proportion of ownership interests held by non-controlling interests | 21% | |||||
Compania de Minas Buenaventura S.A.A. [Member] | Sociedads Minera Cerro Verde S.A.A. | ||||||
Identification and business activity | ||||||
Proportion of ownership interests held by non-controlling interests | 19.58% | |||||
other stakeholders [Member] | Sociedads Minera Cerro Verde S.A.A. | ||||||
Identification and business activity | ||||||
Proportion of ownership interests held by non-controlling interests | 5.86% | |||||
Yanacocha | ||||||
Identification and business activity | ||||||
Profit (loss) | $ (8,500,000) | |||||
Liability directly associated with the held for sale assets | $ 300,000,000 | |||||
Provision for closing of mining projects | 3,600,000 | |||||
Mallay | Discontinued operations | ||||||
Identification and business activity | ||||||
Assets held for sale | 10,000,000 | |||||
Loss included in transactions | 2,000,000 | |||||
Remaining balance transferred to a third party | 6,000,000 | |||||
Proceeds collected | 4,000,000 | |||||
S.M.R.L. Chaupiloma Dos de Cajamarca | ||||||
Identification and business activity | ||||||
Proportion of ownership interest in subsidiary | 100% | 60% | ||||
Profit (loss) | $ 4,376,000 | 10,989,000 | 13,004,000 | |||
Total partners' deficit | $ (1,925,000) | |||||
S.M.R.L. Chaupiloma Dos de Cajamarca | Mining activities [Member] | Indirect [Member] | ||||||
Identification and business activity | ||||||
Proportion of ownership interest in subsidiary | 67% | 40% | ||||
S.M.R.L. Chaupiloma Dos de Cajamarca | Newmont Corporation | ||||||
Identification and business activity | ||||||
Proportion of ownership interests held by non-controlling interests | 40% | |||||
Percent spin off from ownership interest held by non controlling owners | 40% | |||||
Minera La Zanja S.R.L | ||||||
Identification and business activity | ||||||
Profit (loss) | $ (11,646,000) | $ (10,218,000) | $ (14,712,000) | |||
Total partners' deficit | $ (19,848,000) | |||||
Minera La Zanja S.R.L | Mining activities [Member] | Indirect [Member] | ||||||
Identification and business activity | ||||||
Proportion of ownership interest in subsidiary | 0% | 0% | ||||
Minera La Zanja S.R.L | Newmont Corporation | ||||||
Identification and business activity | ||||||
Percentage of ownership interests sold by non controlling owners | 46.94% | |||||
Amount received for future costs | $ 45,000,000 | |||||
Other reserves to cover future costs | 45,000,000 | $ 31,628,000 | ||||
Non-controlling interest gain | $ 18,240,000 | |||||
El Brocal | Mining activities [Member] | ||||||
Identification and business activity | ||||||
Proportion of voting rights held in subsidiary | 61.43% | 61.43% | ||||
El Brocal | Mining activities [Member] | Indirect [Member] | ||||||
Identification and business activity | ||||||
Proportion of voting rights held in subsidiary | 58.24% | 58.24% | ||||
Colquijirca S.A. [Member] | Mining activities [Member] | ||||||
Identification and business activity | ||||||
Proportion of voting rights held in subsidiary | 100% | 100% | ||||
Compaa Minera Condesa S.A | Mining activities [Member] | Indirect [Member] | ||||||
Identification and business activity | ||||||
Proportion of ownership interest in subsidiary | 0% | 0% |
Identification and business a_7
Identification and business activity - Summary of unabsorbed cost due to production stoppage (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unabsorbed cost due to production stoppage | |||
Unabsorbed cost due to production stoppage | $ 23,058 | $ 25,509 | $ 27,758 |
Depreciation and amortization incurred during the production stoppage | 10,800 | ||
Services provided by third parties | |||
Unabsorbed cost due to production stoppage | |||
Unabsorbed cost due to production stoppage | 7,608 | 19,214 | 8,373 |
Direct labor | |||
Unabsorbed cost due to production stoppage | |||
Unabsorbed cost due to production stoppage | $ 6,505 | $ 3,418 | $ 11,075 |
Basis for preparation, consol_4
Basis for preparation, consolidation and accounting policies - Useful lives or used for administrative purposes (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | Buildings and other constructions | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 2 years |
Minimum | Buildings and other constructions | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 5 years |
Minimum | Hydroelectric power station | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 20 years |
Minimum | Machinery and equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 2 years |
Minimum | Machinery and equipment | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 2 years |
Minimum | Transportation units | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 5 years |
Minimum | Fixtures and fittings | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 4 years |
Minimum | Fixtures and fittings | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 7 years |
Minimum | Other equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 3 years |
Minimum | Other equipment | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 3 years |
Minimum | Computer equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 3 years |
Maximum | Buildings and other constructions | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 11 years |
Maximum | Buildings and other constructions | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 35 years |
Maximum | Hydroelectric power station | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 40 years |
Maximum | Machinery and equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 30 years |
Maximum | Machinery and equipment | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 30 years |
Maximum | Transportation units | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 7 years |
Maximum | Fixtures and fittings | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 10 years |
Maximum | Fixtures and fittings | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 10 years |
Maximum | Other equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 10 years |
Maximum | Other equipment | Sociedad Minera Cerro Verde S.A.A. | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 25 years |
Maximum | Computer equipment | |
Basis for preparation, consolidation and accounting policies | |
Useful life of property plant equipment | 5 years |
Basis for preparation, consol_5
Basis for preparation, consolidation and accounting policies - Additional information (Details) $ in Thousands | 12 Months Ended | ||||||||
Jan. 01, 2017 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PEN (S/) | |
Basis for preparation, consolidation and accounting policies | |||||||||
Workers' profit sharing rate | 8% | ||||||||
Qualifying asset, description | The Group defines a qualifying asset as one which value is greater than US$5 million and requires a period greater than 12 months to get it ready for its intended use. | ||||||||
Applicable tax rate | 29.50% | 32% | 32% | 32% | |||||
Lease Liabilities | $ 12,953 | $ 5,779 | |||||||
Right-of-use assets | 12,760 | 5,338 | |||||||
Lease term | 10 years | ||||||||
Maximum [Member] | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Normal credit term | 90 days | ||||||||
Mining Royalties Marginal Rate | 12% | ||||||||
Useful life of intangible assets | 10 years | ||||||||
Minimum [Member] | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Normal credit term | 5 days | ||||||||
Mining Royalties Marginal Rate | 1% | ||||||||
Useful life of intangible assets | 1 year | ||||||||
Sociedad Minera Cerro Verde S.A.A. | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Workers' profit sharing rate | 8% | ||||||||
Applicable tax rate | 32% | 32% | 32% | ||||||
Lease Liabilities | 63,125 | 70,120 | |||||||
Right-of-use assets | $ 76,862 | 57,505 | 68,492 | ||||||
Amortization expense of intangible assets | $ 2,300 | $ 1,500 | $ 1,000 | ||||||
Intangible assets, net | 20,000 | 20,000 | |||||||
Accumulated amortization book value of intangible assets | 8,500 | 6,200 | |||||||
Progressive rate of sale | 1% | ||||||||
Sociedad Minera Cerro Verde S.A.A. | Concessions related to the operation of the port terminal | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Useful life of intangible assets | 20 years | ||||||||
Sociedad Minera Cerro Verde S.A.A. | Maximum [Member] | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Progressive rate of quarterly operating income | 12% | ||||||||
Sociedad Minera Cerro Verde S.A.A. | Minimum [Member] | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Progressive rate of quarterly operating income | 1% | ||||||||
Sociedad Minera Cerro Verde S.A.A. | Written put options | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Closing foreign exchange rate | 0.2501 | 0.2618 | 3.820 | 3.998 | |||||
Sociedad Minera Cerro Verde S.A.A. | Purchased call options | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Closing foreign exchange rate | 0.2516 | 0.2626 | 3.808 | 3.975 | |||||
Buildings and other constructions | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Lease Liabilities | 8,814 | 2,532 | |||||||
Right-of-use assets | $ 10,484 | $ 2,088 | |||||||
OSINERGMIN [Member] | Sociedad Minera Cerro Verde S.A.A. | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Contribution rate on sales invoice value | 0.14% | 0.14% | 0.14% | ||||||
OEFA [Member] | Sociedad Minera Cerro Verde S.A.A. | |||||||||
Basis for preparation, consolidation and accounting policies | |||||||||
Contribution rate on sales invoice value | 0.10% | 0.10% | 0.10% |
Basis for preparation, consol_6
Basis for preparation, consolidation and accounting policies - Estimated useful lives of right of use assets (Details) - Sociedad Minera Cerro Verde S.A.A. | 12 Months Ended |
Dec. 31, 2022 | |
Land | |
Disclosure of basis for preparation, consolidation and accounting policies [Line Items] | |
Estimated useful life of right of use assets | 30 years |
Buildings and other constructions | Minimum | |
Disclosure of basis for preparation, consolidation and accounting policies [Line Items] | |
Estimated useful life of right of use assets | 1 year |
Buildings and other constructions | Maximum | |
Disclosure of basis for preparation, consolidation and accounting policies [Line Items] | |
Estimated useful life of right of use assets | 14 years |
Machinery and equipment | Minimum | |
Disclosure of basis for preparation, consolidation and accounting policies [Line Items] | |
Estimated useful life of right of use assets | 1 year |
Machinery and equipment | Maximum | |
Disclosure of basis for preparation, consolidation and accounting policies [Line Items] | |
Estimated useful life of right of use assets | 14 years |
Transactions in soles (Details)
Transactions in soles (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and cash equivalents. | $ 253,918 | $ 376,999 | $ 235,449 | $ 210,046 |
Trade and other receivables | 221,899 | 240,432 | ||
Income tax credit | 28,046 | 15,456 | ||
Total assets | 4,503,227 | 4,561,811 | 3,979,617 | |
Liabilities | ||||
Trade and other payables | (251,542) | (262,678) | ||
Income tax payable | (2,366) | (3,026) | ||
Provisions | (94,171) | (81,039) | ||
Total liabilities | (1,340,286) | (2,023,280) | $ (1,179,760) | |
PEN | ||||
Assets | ||||
Cash and cash equivalents. | 8,822 | 8,587 | ||
Trade and other receivables | 731,367 | 688,438 | ||
Income tax credit | 28,046 | 15,456 | ||
Total assets | 768,235 | 712,481 | ||
Liabilities | ||||
Trade and other payables | (84,552) | (72,051) | ||
Income tax payable | (25,336) | (21,384) | ||
Provisions | (2,365) | (3,026) | ||
Total liabilities | (112,253) | (96,461) | ||
Net asset (liability) position | $ 655,982 | $ 616,020 |
Transactions in soles - Additio
Transactions in soles - Additional information (Details) - Sociedad Minera Cerro Verde S.A.A. | Dec. 31, 2022 $ / shares | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 $ / shares | Dec. 31, 2021 PEN (S/) |
Purchased call options | ||||
Transactions in Soles | ||||
Closing foreign exchange rate | 0.2626 | 3.808 | 0.2516 | 3.975 |
Written put options | ||||
Transactions in Soles | ||||
Closing foreign exchange rate | 0.2618 | 3.820 | 0.2501 | 3.998 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | ||||
Cash on hand | $ 134 | $ 155 | ||
Balances with banks | 43,633 | 215,699 | ||
Short-term deposits | 210,151 | 161,145 | ||
Cash and cash equivalents. | 253,918 | 376,999 | $ 235,449 | $ 210,046 |
Sociedad Minera Cerro Verde S.A.A. | ||||
Cash and cash equivalents | ||||
Cash equivalents | 534,925 | 911,571 | ||
Balances with banks | 18,839 | 26,109 | ||
Cash and cash equivalents. | $ 553,764 | $ 937,680 |
Related parties (Details)
Related parties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | $ 509,660 | $ 558,581 |
Sumitomo Metal Mining Company, Ltd. [Member] | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | 21,098 | 11,238 |
Sociedad Minera Cerro Verde S.A.A. | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | 694,328 | 598,873 |
Balances payable to related parties [Abstract] | ||
Total accounts payable, short term | 3,174 | 3,426 |
Sociedad Minera Cerro Verde S.A.A. | Accounts Receivables Non Provisional Pricing [Member] | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | 93,657 | 27,499 |
Sociedad Minera Cerro Verde S.A.A. | Freeport Minerals Corporation [Member] | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | 555,150 | 551,595 |
Balances payable to related parties [Abstract] | ||
Amounts payable to related parties | 324 | 269 |
Sociedad Minera Cerro Verde S.A.A. | Climax Molybdenum Marketing Corporation [Member] | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | 27,069 | 23,247 |
Sociedad Minera Cerro Verde S.A.A. | Freeport-McMoRan Sales Company Inc. [Member] | ||
Balances payable to related parties [Abstract] | ||
Amounts payable to related parties | 2,687 | 2,666 |
Sociedad Minera Cerro Verde S.A.A. | Minera Freeport-McMoRan South America Ltda [Member] | ||
Balances payable to related parties [Abstract] | ||
Amounts payable to related parties | 163 | 491 |
Sociedad Minera Cerro Verde S.A.A. | Embedded derivatives [Member] | ||
Balances receivable from related parties [Abstract] | ||
Amounts receivable, related party transactions | $ 91,011 | $ 12,793 |
Related parties - Additional In
Related parties - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure Of Related Party Explanatory [Line Items] | |||
Percentage of total revenues | 0.29% | 0.25% | 0.45% |
Related parties - Transactions
Related parties - Transactions with related entities that affected results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses | |||
Supplies | $ 57 | $ 53 | $ 55 |
Sociedad Minera Cerro Verde S.A.A. | |||
Revenues | |||
Reimbursement of expenses | 747 | 65 | 226 |
Supplies | 2 | 0 | 768 |
Total revenues | 749 | 65 | 994 |
Expenses | |||
Reimbursement of information technology services | 22,023 | 16,941 | 15,900 |
Commissions | 10,550 | 8,484 | 7,801 |
Management fee | 2,540 | 2,352 | 2,159 |
Stock-based compensation (a) | 2,502 | 2,894 | 2,259 |
Supplies | 7 | 0 | 492 |
Total expenses | 37,622 | 30,671 | 28,611 |
Amounts of related payments/settlements | 3,400 | 2,700 | 800 |
Other capital contributions | $ 900 | $ 200 | $ 1,500 |
Trade and other receivables, _3
Trade and other receivables, net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables, net | |||
Trade receivables, gross | $ 168,346 | $ 171,670 | |
Trade receivables, net ,Allowance for doubtful accounts | (22,276) | (22,276) | $ (22,128) |
Trade receivables, net | 146,070 | 149,394 | |
Other receivables, gross | 753,562 | 735,491 | |
Allowance for expected credit losses | (4,106) | (8,621) | $ (9,717) |
Other receivables | 749,456 | 726,870 | |
Total trade and other receivables | 895,526 | 876,264 | |
Classification by maturity: | |||
Current portion | 221,899 | 240,432 | |
Non-current portion | 673,627 | 635,832 | |
Total trade and other receivables | 895,526 | 876,264 | |
Classification by nature: | |||
Financial receivables | 838,411 | 837,021 | |
Non-financial receivables | 57,115 | 39,243 | |
Total trade and other receivables | 895,526 | 876,264 | |
Classification by measurement : | |||
Trade receivables (not subject to provisional pricing) | 16,503 | 15,417 | |
Trade receivables (subject to provisional pricing) | 129,567 | 133,977 | |
Other accounts receivables | 749,456 | 726,870 | |
Total trade and other receivables | 895,526 | 876,264 | |
Domestic clients [Member] | |||
Trade and other receivables, net | |||
Trade receivables, gross | 127,750 | 135,811 | |
Foreign clients [Member] | |||
Trade and other receivables, net | |||
Trade receivables, gross | 40,229 | 31,233 | |
Related entities [Member] | |||
Trade and other receivables, net | |||
Trade receivables, gross | 367 | 4,626 | |
Other receivables, gross | 2,842 | 2,298 | |
Value added tax credit [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 52,589 | 35,228 | |
Refund application of value added tax [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 3,330 | 2,488 | |
Balance receivable [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 2,506 | 0 | |
Tax deposits [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 8,296 | 12,711 | |
Other receivables | |||
Trade and other receivables, net | |||
Other receivables, gross | 248 | 401 | |
Accounts receivables to third parties [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 30,175 | 28,361 | |
Due from sale of assets [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 2,119 | 7,481 | |
Advances to suppliers [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 14,392 | 10,921 | |
Interest Receivable [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 2,305 | 2,608 | |
Tax claims [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 631,478 | 601,056 | |
Loan to Personel [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 629 | 460 | |
Bank Accounts in Trust [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 1,092 | 359 | |
Allowance for credit losses [member] | |||
Trade and other receivables, net | |||
Allowance for expected credit losses | (4,106) | (8,621) | |
Restricted Time Deposits [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 0 | 29,242 | |
Public Works Tax Deduction [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 1,196 | 1,527 | |
Loans To Third Parties [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | $ 365 | $ 350 |
Trade and other receivables, _4
Trade and other receivables, net - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables, net | |||
Trade receivables, gross | $ 168,346 | $ 171,670 | |
Other receivables, gross | 753,562 | 735,491 | |
Allowance for expected credit losses | (4,106) | (8,621) | $ (9,717) |
Other Receivables | 749,456 | 726,870 | |
Total trade and other receivables | 895,526 | 876,264 | |
Trade and other receivables | 221,899 | 240,432 | |
Trade and other receivables | 673,627 | 635,832 | |
Foreign clients [Member] | |||
Trade and other receivables, net | |||
Trade receivables, gross | 40,229 | 31,233 | |
Advances to suppliers [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 14,392 | 10,921 | |
Tax claims [Member] | |||
Trade and other receivables, net | |||
Other receivables, gross | 631,478 | 601,056 | |
Related entities [Member] | |||
Trade and other receivables, net | |||
Trade receivables, gross | 367 | 4,626 | |
Other receivables, gross | 2,842 | 2,298 | |
Other receivables | |||
Trade and other receivables, net | |||
Other receivables, gross | $ 248 | $ 401 |
Trade and other receivables, _5
Trade and other receivables, net - Allowance for expected credit losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables, net | ||
Opening balance | $ 8,621 | $ 9,717 |
Ending balance | $ 4,106 | $ 8,621 |
Trade and other receivables, _6
Trade and other receivables, net - Charged into restricted bank accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and other receivables, net | |||
Beginning balance | $ 359 | $ 376 | $ 2,510 |
Increase in restricted bank accounts | 733 | 0 | 0 |
Decrease in restricted bank accounts | 0 | (17) | (2,134) |
Final balance | $ 1,092 | $ 359 | $ 376 |
Trade and other receivables, _7
Trade and other receivables, net - Movement of allowance for expected credit losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Available for Sale Assets Explanatory [Abstract] | |||
Beginning balance | $ 30,897 | $ 31,845 | $ 32,022 |
Provision for other receivables, note 28(a) | 253 | 409 | 4 |
Provision for trade receivables, note 25 | 0 | 0 | 126 |
Provision of the year | 253 | 409 | 130 |
Write off during the year | (4,709) | (1,160) | 0 |
Exchange difference | (59) | (197) | (307) |
Final balance | 26,382 | 30,897 | 31,845 |
Trade receivables | 22,276 | 22,276 | 22,128 |
Other receivables | $ 4,106 | $ 8,621 | $ 9,717 |
Trade and other receivables, _8
Trade and other receivables, net - Forced payments of tax debts that are in litigation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | $ 749,456 | $ 726,870 |
Buenaventura | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 621,000 | 593,129 |
Buenaventura | SUNAT seizure | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 31,581 | 30,255 |
Buenaventura | Forced payment of part of the tax liability debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 18,925 | 18,130 |
Buenaventura | Inminsur's tax liability debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 787 | 754 |
Buenaventura | Payment of the tax liability debt imputed by SUNAT in the IGV inspection process | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 1,246 | 1,193 |
Buenaventura | Forced payment of part of the tax debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 474 | 452 |
Buenaventura | Payment of Tax Debt Year 2010 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 93,669 | 89,733 |
Buenaventura | Payment of Tax Debt Year 2009 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 50,787 | 48,654 |
Buenaventura | Payment of Tax Debt Year 2017 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 2,422 | 0 |
Buenaventura | SUNAT Seizure For Payment On Account On Income Tax | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 5,035 | 4,823 |
Buenaventura | Claim Payment to OSINERGMIN for the year 2015 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 621 | 0 |
Buenaventura | Claim Payment to OSINERGMIN for the year 2014 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 612 | 587 |
Buenaventura | Payment of Tax Debt Year 2007-2008 | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 414,841 | 398,548 |
Rio Seco | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 3,847 | 3,162 |
Rio Seco | Forced payment of part of the tax debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 609 | 0 |
Rio Seco | Forced payment of part of the VAT tax liability | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 3,238 | 3,162 |
Empresa de Generacin Huanza S.A | Payment under protest of the tax liability | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 1,600 | 0 |
El Brocal | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 1,540 | 3,572 |
El Brocal | Forced payment of part of the tax debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 262 | 251 |
El Brocal | Payment under protest of the tax liability | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 1,278 | 1,225 |
El Brocal | Payment of the fine for the benefit of reducing the fine | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 0 | 2,096 |
Minera La Zanja S.R.L. | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 3,157 | 853 |
Minera La Zanja S.R.L. | SUNAT seizure | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 2,353 | 0 |
Minera La Zanja S.R.L. | Forced payment of part of the tax liability debt | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 804 | 853 |
S.M.R.L. Chaupiloma Dos de Cajamarca | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | 631,478 | 601,056 |
S.M.R.L. Chaupiloma Dos de Cajamarca | SUNAT seizure | ||
Disclosure of Trade and other receivables, net [Line Items] | ||
Other receivables | $ 334 | $ 340 |
Trade and other receivables, _9
Trade and other receivables, net - Additional information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Sep. 05, 2019 | May 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Trade and other receivables, net [Line Items] | ||||||
Revenue from contracts with customers | $ 21 | $ 806,300,000 | $ 961,370,000 | $ 673,597,000 | ||
Collections related to the sale | $ 21 | 806,300,000 | 961,370,000 | $ 673,597,000 | ||
Minera La Zanja S.R.L | ||||||
Disclosure of Trade and other receivables, net [Line Items] | ||||||
Restricted time deposit | 29,242,000 | |||||
S.M.R.L. Chaupiloma Dos de Cajamarca | ||||||
Disclosure of Trade and other receivables, net [Line Items] | ||||||
Account receivable related to sale of mining concessions | 1,900,000 | $ 7,300,000 | ||||
Revenue from contracts with customers | $ 3,600,000 | 6,500,000 | ||||
Collections related to the sale | 3,600,000 | 6,500,000 | ||||
Amount transferred to a third party | $ 6,000,000 | |||||
Loss from sale of asset | $ 2,000,000 | |||||
Sale Amount of Asset | $ 7,100,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories | |||
Finished goods | $ 1,267 | $ 1,396 | |
Work-in-process | 27,212 | 41,619 | |
Spare parts and supplies | 89,708 | 86,825 | |
Inventory gross | 118,187 | 129,840 | |
Provision for impairment of inventory | (29,842) | (30,774) | |
Finished goods: | |||
Current portion | 88,345 | 86,264 | |
Inventories | 0 | 12,802 | |
Inventories | 88,345 | 99,066 | |
Sociedad Minera Cerro Verde S.A.A. | |||
Inventories | |||
Materials and supplies | 411,656 | 369,324 | |
Work-in-process | 200,969 | 170,669 | |
Provision for impairment of inventory | (7,668) | 0 | $ 0 |
Finished goods: | |||
Copper concentrate | 23,012 | 9,734 | |
Copper cathode | 10,976 | 15,708 | |
Molybdenum concentrate | 3,598 | 1,776 | |
Current portion | 650,211 | 567,211 | |
Inventories | 287,218 | 323,828 | |
Inventories | $ 937,429 | $ 891,039 |
Inventories - Impairment of val
Inventories - Impairment of value of inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories. | |||
Beginning Balance | $ 30,774 | $ 31,117 | $ 25,402 |
Provision for finished and in progress goods, note 21(a) | (7,243) | (6,877) | (8,920) |
Reversal for finished and in progress goods, note 21(a) | (8,314) | (12,348) | (3,866) |
Total of provision (reversal) for finished and in progress goods | (1,071) | (5,471) | 5,054 |
Provision for spare parts and supplies, note 28(a) | 22,533 | 22,394 | 17,266 |
Reversal for spare parts and supplies, note 28(a) | (22,394) | (17,266) | (15,762) |
Provision (reversal) for impairment of spare parts and supplies | 139 | 5,128 | 1,504 |
Provision for Spare parts and supplies, note 1(e) | 0 | 0 | 1,220 |
Reversal for spare parts and supplies, note 1(e) | 0 | 0 | (843) |
Provision reversal for impairment of inventory of spare parts and supplies | 0 | 0 | 377 |
Sale of discontinued mining unit, note 1(e) | 0 | 0 | (1,220) |
Final balance | $ 29,842 | $ 30,774 | $ 31,117 |
Inventories - Additional inform
Inventories - Additional information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 USD ($) T | Dec. 31, 2022 USD ($) | |
Inventories | ||
Inventories | $ 99,066 | $ 88,345 |
Metal inventory adjustments | ||
Inventories | ||
Inventories | 0 | 7,700 |
El Brocal | ||
Inventories | ||
Production in Process | $ 29,100 | $ 3,900 |
Products in process of quantity | T | 935,448 |
Prepaid expenses (Details)
Prepaid expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid expenses | ||
Right to use facilities paid in advance | $ 23,920 | $ 24,806 |
Prepaid insurance | 15,065 | 15,588 |
Deferred costs of works for taxes | 1,929 | 2,934 |
Other prepaid expenses | 1,452 | 986 |
Prepaid expenses | 42,366 | 44,314 |
Classification by maturity: | ||
Current portion | 19,333 | 20,394 |
Non-current portion | 23,033 | 23,920 |
Prepaid expenses | $ 42,366 | $ 44,314 |
Prepaid expenses - Additional i
Prepaid expenses - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Prepaid expenses | ||
Non-current lease prepayments | $ 23,920 | $ 24,806 |
Life of underlying assets | 35 | |
Empresa de Generacin Huanza S.A | ||
Prepaid expenses | ||
Non-current lease prepayments | $ 31,007,190 |
Investments in associates and_3
Investments in associates and joint venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint ventures | |||
Joint venture (d) | $ 2,486 | $ 2,497 | |
Investment In Associates And Joint Ventures | $ 1,520,977 | $ 1,422,295 | $ 1,488,775 |
Sociedads Minera Cerro Verde S.A.A. | |||
Investments in associates and joint ventures | |||
Proportion of ownership interest in associate | 19.58% | 19.58% | |
Compania Minera Coimolache S.A. | |||
Investments in associates and joint ventures | |||
Proportion of ownership interest in associate | 40.10% | 40.10% | |
Investment in associates | $ 98,388 | $ 101,683 | |
Tinka resources Ltd | |||
Investments in associates and joint ventures | |||
Proportion of ownership interest in associate | 19.32% | 19.30% | |
Investment in associates | $ 10,678 | $ 11,573 | |
Other minor investments [Member] | |||
Investments in associates and joint ventures | |||
Investment in associates | 1,165 | 1,165 | |
Associates | |||
Investments in associates and joint ventures | |||
Investment in associates | 1,517,326 | 1,418,633 | |
Associates | Sociedads Minera Cerro Verde S.A.A. | |||
Investments in associates and joint ventures | |||
Investment in associates | 1,408,260 | 1,305,377 | |
Associates | Compania Minera Coimolache S.A. | |||
Investments in associates and joint ventures | |||
Investment in associates | 98,388 | 101,683 | |
Associates | Tinka resources Ltd | |||
Investments in associates and joint ventures | |||
Investment in associates | $ 10,678 | ||
Associates | Investment In Associates Excluding Minor Investments [Member] | |||
Investments in associates and joint ventures | |||
Investment in associates | $ 11,573 |
Investments in associates and_4
Investments in associates and joint venture - Net share in profit (loss) of investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint ventures | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 176,270 | $ 240,450 | $ 62,702 |
Net share in profit (loss) of investments in joint venture | (11) | 36 | (252) |
Net share in profit (loss) of investments | 176,270 | 240,450 | 62,702 |
Sociedads Minera Cerro Verde S.A.A. | |||
Investments in associates and joint ventures | |||
Net share in profit (loss) of investments in associates | 181,221 | 233,342 | 53,767 |
Compania Minera Coimolache S.A. | |||
Investments in associates and joint ventures | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (2,493) | 8,170 | 10,055 |
Net share in profit (loss) of investments in associates | (2,493) | 8,170 | 10,055 |
Net share in profit (loss) of investments | (2,493) | 8,170 | 10,055 |
Tinka resources Ltd | |||
Investments in associates and joint ventures | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (2,447) | (1,098) | (868) |
Net share in profit (loss) of investments in associates | (2,447) | (1,098) | (868) |
Net share in profit (loss) of investments | (2,447) | (1,098) | (868) |
Other minor investments [Member] | |||
Investments in associates and joint ventures | |||
Net share in profit (loss) of investments in associates | $ 176,281 | $ 240,414 | $ 62,954 |
Investments in associates and_5
Investments in associates and joint venture - Statements of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in associates and joint ventures | ||||
Current assets | $ 620,380 | $ 739,545 | ||
Non-current assets | 3,882,847 | 3,822,266 | ||
Current liabilities | (379,597) | (844,937) | ||
Non-current liabilities | (960,689) | (1,178,343) | ||
Equity | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Equity, adjusted | 3,162,941 | 2,538,531 | 2,799,857 | 2,968,200 |
Sociedads Minera Cerro Verde S.A.A. | ||||
Investments in associates and joint ventures | ||||
Current assets | 1,946,762 | 2,157,182 | ||
Non-current assets | 6,047,101 | 5,967,382 | ||
Current liabilities | (564,058) | (1,252,095) | ||
Non-current liabilities | (778,378) | (745,463) | ||
Equity | 6,651,427 | 6,127,006 | 5,635,328 | 5,359,323 |
Equity, adjusted | 6,651,427 | 6,127,006 | $ 5,635,328 | $ 5,359,323 |
Group's interest | 1,300,497 | 1,197,614 | ||
Goodwill | 107,763 | 107,763 | ||
Investments in associates | $ 1,408,260 | $ 1,305,377 |
Investments in associates and_6
Investments in associates and joint venture - Statements of financial position of Cerro Verde under IFRS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in associates and joint ventures | ||||
Current assets | $ 620,380 | $ 739,545 | ||
Non-current assets | 3,882,847 | 3,822,266 | ||
Current liabilities | (379,597) | (844,937) | ||
Non-current liabilities | (960,689) | (1,178,343) | ||
Equity | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Sociedad Minera Cerro Verde S.A.A | ||||
Investments in associates and joint ventures | ||||
Current assets | 1,946,762 | 2,157,182 | ||
Non-current assets | 6,047,101 | 5,967,382 | ||
Current liabilities | (564,058) | (1,252,095) | ||
Non-current liabilities | (778,378) | (745,463) | ||
Equity | $ 6,651,427 | $ 6,127,006 |
Investments in associates and_7
Investments in associates and joint venture - Statements of financial position of Coimolache under IFRS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments in associates and joint ventures | ||||
Non-current assets | $ 3,882,847 | $ 3,822,266 | ||
Current liabilities | (379,597) | (844,937) | ||
Non-current liabilities | (960,689) | (1,178,343) | ||
Equity | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Compania Minera Coimolache S.A. | ||||
Investments in associates and joint ventures | ||||
Current assets | 208,382 | 216,581 | ||
Non-current assets | 157,203 | 184,635 | ||
Current liabilities | (21,565) | (36,521) | ||
Non-current liabilities | (95,822) | (106,129) | ||
Equity | 248,198 | 258,566 | ||
Adjustments to conform to the accounting policies of the Group | (2,804) | (4,954) | ||
Equity, adjusted | 245,394 | 253,612 | ||
Group's interest | 98,388 | 101,683 | ||
Tinka resources Ltd | ||||
Investments in associates and joint ventures | ||||
Current assets | 13,007 | 8,667 | ||
Non-current assets | 50,454 | 50,461 | ||
Current liabilities | (473) | (211) | ||
Equity | 62,988 | 58,917 | ||
Adjustments to conform to the accounting policies of the Group | (7,719) | 1,042 | ||
Equity, adjusted | 55,269 | 59,959 | ||
Group's interest | $ 10,678 | $ 11,573 |
Investments in associates and_8
Investments in associates and joint venture - Statements of profit or loss of Coimolache under IFRS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint ventures | |||
Sales of goods | $ 824,802 | $ 900,450 | $ 676,542 |
Net income from continued operations | 602,935 | (262,804) | (150,339) |
Share in results | 176,270 | 240,450 | 62,702 |
Compania Minera Coimolache S.A. | |||
Investments in associates and joint ventures | |||
Sales of goods | 159,003 | 215,481 | 203,163 |
Net income from continued operations | (8,368) | 18,294 | 22,786 |
Adjustments to conform to the accounting policies | 2,150 | 2,083 | 2,293 |
Net loss, adjusted | (6,218) | 20,377 | 25,079 |
Share in results | (2,493) | 8,170 | 10,055 |
Sociedad Minera Cerro Verde S.A.A | |||
Investments in associates and joint ventures | |||
Net income from continued operations | 925,353 | 1,191,474 | 274,544 |
Share in results | $ 181,221 | $ 233,342 | $ 53,767 |
Investments in associates and_9
Investments in associates and joint venture - Statement of fair values of the identifiable assets and liabilities of Tinka (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | |||
Consideration transferred | $ 1,677 | $ 0 | $ 13,453 |
Investments in associates an_10
Investments in associates and joint venture - Statements of financial position of Tinka under IFRS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Investments in associates [Line Items] | ||||
Current assets | $ 620,380 | $ 739,545 | ||
Non-current assets | 3,882,847 | 3,822,266 | ||
Current liabilities | (379,597) | (844,937) | ||
Equity | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Tinka resources Ltd | ||||
Disclosure of Investments in associates [Line Items] | ||||
Non-current assets | 50,454 | 50,461 | ||
Current liabilities | (473) | (211) | ||
Equity | 62,988 | 58,917 | ||
Adjustments to conform to the accounting policies of the Group | (7,719) | 1,042 | ||
Shareholders' equity, net, adjusted | $ 55,269 | $ 59,959 |
Investments in associates an_11
Investments in associates and joint venture - Statements of profit or loss of Tinka under IFRS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Investments in associates [Line Items] | |||
Sales of goods | $ 801,199 | $ 863,470 | $ 637,619 |
Net loss | 602,935 | (262,804) | (150,339) |
Share in results | 176,270 | 240,450 | 62,702 |
Tinka resources Ltd | |||
Disclosure of Investments in associates [Line Items] | |||
Sales of goods | 0 | 0 | 0 |
Net loss | (4,383) | (1,109) | (2,311) |
Adjustments to conform to the accounting policies | (8,283) | (4,583) | (2,189) |
Net loss, adjusted | (12,666) | (5,692) | (4,500) |
Share in results | (2,447) | (1,098) | $ (868) |
Total market capitalization of shares | $ 11,000 | $ 11,000 | |
Market capitalization value by each share | $ 0.14 | $ 0.16 |
Investments in associates an_12
Investments in associates and joint venture - Joint venture under IFRS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Investments in associates [Line Items] | ||||
Current assets | $ 620,380 | $ 739,545 | ||
Non-current assets | 3,882,847 | 3,822,266 | ||
Current liabilities | 379,597 | 844,937 | ||
Non-current liabilities | 960,689 | 1,178,343 | ||
Equity | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Profit (loss) from continuing operations | 124,388 | 124,800 | (83,529) | |
Group interests | 176,270 | 240,450 | 62,702 | |
Joint ventures [member] | ||||
Disclosure of Investments in associates [Line Items] | ||||
Current assets | 14,760 | 19,898 | ||
Non-current assets | 77,435 | 87,634 | ||
Current liabilities | 17,608 | 14,403 | ||
Non-current liabilities | 53,768 | 72,444 | ||
Equity | 20,819 | 20,685 | ||
Adjustments to conform to the accounting policies of the Group | 10,256 | 10,528 | ||
Equity, adjusted | 31,075 | 31,213 | ||
Group's share in results | 2,486 | 2,497 | ||
Revenue | 27,538 | 22,937 | 18,560 | |
Profit (loss) from continuing operations | 322 | 191 | (2,554) | |
Adjustments to conform to the accounting policies | (459) | 259 | (596) | |
Net loss, adjusted | (137) | 450 | (3,150) | |
Group interests | $ (11) | $ 36 | $ (252) |
Investments in associates an_13
Investments in associates and joint venture - Summary of Changes in this caption (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint venture | |||
As of January 1, | $ 1,422,295 | $ 1,488,775 | |
Net share in profit of associates and joint venture | 176,270 | 240,450 | $ 62,702 |
Equity contributions granted and paid | 1,677 | 0 | |
Dividends declared and collected by associates | (79,140) | (148,411) | |
Unrealized results on investments | (101) | (335) | |
Reclassification of share of the year in losses of Yanacocha to discontinued operations, note 1(e) | 0 | (422,394) | |
Reclassification to held for sale of the investment in Yanacocha | 0 | (264,838) | |
Equity reduction of minor investments | 0 | (580) | |
Translation adjustments and other | (24) | (48) | |
As of December 31, | $ 1,520,977 | $ 1,422,295 | $ 1,488,775 |
Investments in associates an_14
Investments in associates and joint venture - Additional information (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
Investments in associates and joint ventures | ||||
Provision for workers participation | $ 1,289,000 | S/ 4,922,000 | ||
Gross proceeds to associate | $ 1,677,000 | $ 0 | $ 13,453,000 | |
Sociedads Minera Cerro Verde S.A.A. | ||||
Investments in associates and joint ventures | ||||
Percent of common shares acquired | 19.58% | 19.58% | 19.58% | |
market capitalization of shares | $ 2,043,000,000 | $ 2,552,000,000 | ||
market capitalization value per share | $ / shares | $ 29.80 | $ 37.23 | ||
Transportadora Callao SA | ||||
Investments in associates and joint ventures | ||||
Percentage of voting equity interests acquired | 8% | |||
Tinka resources Ltd | ||||
Investments in associates and joint ventures | ||||
Percent of common shares acquired | 19.32% | 19.32% | 19.30% | |
market capitalization of shares | $ 11,000,000 | $ 11,000,000 | ||
market capitalization value per share | $ / shares | $ 0.14 | $ 0.16 |
Property, plant, equipment an_3
Property, plant, equipment and development costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant, equipment and development costs | |||
Opening balance | $ 1,537,870 | $ 1,650,361 | |
Property, plant, equipment and development cost | 1,535,195 | 1,537,870 | $ 1,650,361 |
Final balances | 1,535,195 | 1,537,870 | 1,650,361 |
Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 3,851,044 | 3,771,978 | |
Additions | 164,784 | 90,309 | |
Disposals | (45,204) | (9,761) | |
Sales | (1,854) | (1,183) | |
Changes in estimations | (10,157) | (299) | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 3,958,613 | 3,851,044 | 3,771,978 |
Final balances | 3,958,613 | 3,851,044 | 3,771,978 |
Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 2,286,755 | 2,095,342 | |
Additions | 173,239 | 178,294 | |
Disposals | (41,280) | (583) | |
Sales | (1,841) | 1,064 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 14,766 | |
Property, plant, equipment and development cost | 2,416,873 | 2,286,755 | 2,095,342 |
Final balances | 2,416,873 | 2,286,755 | 2,095,342 |
Accumulated impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 26,419 | 26,275 | |
Additions | 0 | 19,874 | |
Disposals | (19,874) | (4,964) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | (14,766) | |
Reclassifications and transfers | 0 | (14,766) | |
Property, plant, equipment and development cost | 6,545 | 26,419 | 26,275 |
Final balances | 6,545 | 26,419 | 26,275 |
Land | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 17,703 | 17,650 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 1,062 | 53 | |
Property, plant, equipment and development cost | 18,765 | 17,703 | 17,650 |
Final balances | 18,765 | 17,703 | 17,650 |
Mining concessions [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 151,873 | 151,873 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 151,873 | 151,873 | 151,873 |
Final balances | 151,873 | 151,873 | 151,873 |
Mining concessions [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 40,277 | 40,270 | |
Additions | 6 | 7 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 40,283 | 40,277 | 40,270 |
Final balances | 40,283 | 40,277 | 40,270 |
Development costs [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 844,981 | 813,232 | |
Additions | 59,702 | 31,749 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 904,683 | 844,981 | 813,232 |
Final balances | 904,683 | 844,981 | 813,232 |
Development costs [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 361,581 | 340,999 | |
Additions | 26,907 | 20,582 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 388,488 | 361,581 | 340,999 |
Final balances | 388,488 | 361,581 | 340,999 |
Development costs [Member] | Accumulated impairment [member] | |||
Property, plant, equipment and development costs | |||
Reclassifications and transfers | 0 | (6,665) | |
Buildings and other constructions | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 1,350,395 | 1,343,060 | |
Additions | 0 | 31 | |
Disposals | (123) | (11) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 3,510 | 7,315 | |
Property, plant, equipment and development cost | 1,353,782 | 1,350,395 | 1,343,060 |
Final balances | 1,353,782 | 1,350,395 | 1,343,060 |
Buildings and other constructions | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 765,694 | 698,324 | |
Additions | 58,345 | 66,445 | |
Disposals | (121) | (3) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 928 | |
Property, plant, equipment and development cost | 823,918 | 765,694 | 698,324 |
Final balances | 823,918 | 765,694 | 698,324 |
Machinery and equipment | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 902,397 | 883,192 | |
Additions | 10 | 5 | |
Disposals | (41,053) | (393) | |
Sales | (34) | (249) | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 12,695 | 19,842 | |
Property, plant, equipment and development cost | 874,015 | 902,397 | 883,192 |
Final balances | 874,015 | 902,397 | 883,192 |
Machinery and equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 742,340 | 686,466 | |
Additions | 42,698 | 56,384 | |
Disposals | (40,355) | (340) | |
Sales | (34) | 170 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 744,649 | 742,340 | 686,466 |
Final balances | 744,649 | 742,340 | 686,466 |
Transportation units | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 7,662 | 8,409 | |
Additions | 15 | 70 | |
Disposals | (277) | (152) | |
Sales | (1,816) | (934) | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 73 | 269 | |
Property, plant, equipment and development cost | 5,657 | 7,662 | 8,409 |
Final balances | 5,657 | 7,662 | 8,409 |
Transportation units | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 6,650 | 7,083 | |
Additions | 478 | 604 | |
Disposals | (153) | (143) | |
Sales | (1,803) | 894 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 5,172 | 6,650 | 7,083 |
Final balances | 5,172 | 6,650 | 7,083 |
Fixtures and fittings | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 11,770 | 11,737 | |
Additions | 0 | 33 | |
Disposals | (702) | (98) | |
Sales | (4) | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 7 | 98 | |
Property, plant, equipment and development cost | 11,071 | 11,770 | 11,737 |
Final balances | 11,071 | 11,770 | 11,737 |
Fixtures and fittings | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 10,328 | 9,824 | |
Additions | 548 | 601 | |
Disposals | (651) | (97) | |
Sales | (4) | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 10,221 | 10,328 | 9,824 |
Final balances | 10,221 | 10,328 | 9,824 |
Units in transit [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 2,875 | 3,381 | |
Additions | 12,811 | 0 | |
Disposals | 0 | (506) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 15,686 | 2,875 | 3,381 |
Final balances | 15,686 | 2,875 | 3,381 |
Work in Progress [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 46,287 | 34,934 | |
Additions | 65,577 | 40,768 | |
Disposals | (3,049) | (1,838) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | (17,347) | (27,577) | |
Property, plant, equipment and development cost | 91,468 | 46,287 | 34,934 |
Final balances | 91,468 | 46,287 | 34,934 |
Stripping activity asset [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 163,487 | 152,597 | |
Additions | 26,669 | 17,653 | |
Disposals | 0 | (6,763) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 190,156 | 163,487 | 152,597 |
Final balances | 190,156 | 163,487 | 152,597 |
Stripping activity asset [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 132,159 | 111,455 | |
Additions | 21,769 | 14,039 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 6,665 | |
Property, plant, equipment and development cost | 153,928 | 132,159 | 111,455 |
Final balances | 153,928 | 132,159 | 111,455 |
Right-of-use assets [member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 19,232 | 16,259 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 11,712 | 2,973 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 30,944 | 19,232 | 16,259 |
Final balances | 30,944 | 19,232 | 16,259 |
Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 13,894 | 9,081 | |
Additions | 4,290 | 4,813 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 18,184 | 13,894 | 9,081 |
Final balances | 18,184 | 13,894 | 9,081 |
Mine closure costs [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 332,382 | 335,654 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | (21,869) | (3,272) | |
Reclassifications and transfers | 0 | 0 | |
Property, plant, equipment and development cost | 310,513 | 332,382 | 335,654 |
Final balances | 310,513 | 332,382 | 335,654 |
Mine closure costs [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 213,832 | 191,840 | |
Additions | 18,198 | 14,819 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | 0 | |
Reclassifications and transfers | 0 | 7,173 | |
Property, plant, equipment and development cost | 232,030 | 213,832 | 191,840 |
Final balances | 232,030 | 213,832 | 191,840 |
Mine closure costs [Member] | Accumulated impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 2,206 | 13,207 | |
Additions | 0 | 0 | |
Disposals | 0 | (3,828) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | (7,173) | |
Reclassifications and transfers | 0 | (7,173) | |
Property, plant, equipment and development cost | 2,206 | 2,206 | 13,207 |
Final balances | 2,206 | 2,206 | 13,207 |
Mine Development Cost [Member] | Accumulated impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 3,488 | 10,153 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Sales | 0 | 0 | |
Changes in estimations | 0 | (6,665) | |
Property, plant, equipment and development cost | 3,488 | 3,488 | 10,153 |
Final balances | 3,488 | 3,488 | 10,153 |
Mining Concessions And Development Costs [Member] | Accumulated impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 20,725 | 2,915 | |
Additions | 0 | 19,874 | |
Disposals | (19,874) | (1,136) | |
Sales | 0 | 0 | |
Changes in estimations | 0 | (928) | |
Reclassifications and transfers | 0 | (928) | |
Property, plant, equipment and development cost | 851 | 20,725 | 2,915 |
Final balances | 851 | 20,725 | 2,915 |
Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant, equipment and development costs | |||
Opening balance | 5,371,534 | 5,495,976 | |
Property, plant, equipment and development cost | 5,387,377 | 5,371,534 | 5,495,976 |
Final balances | $ 5,387,377 | $ 5,371,534 | 5,495,976 |
Capitalized interest rate | 4.25% | 2.88% | |
Sociedad Minera Cerro Verde S.A.A. | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | $ 9,366,048 | $ 9,026,755 | |
Additions | 536,355 | 376,890 | |
Disposals | (57,988) | (19,131) | |
Property, plant, equipment and development cost | 9,826,584 | 9,366,048 | 9,026,755 |
Final balances | 9,826,584 | 9,366,048 | 9,026,755 |
Sociedad Minera Cerro Verde S.A.A. | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 3,994,514 | 3,530,779 | |
Additions | 502,408 | 482,688 | |
Disposals | (57,715) | (18,953) | |
Property, plant, equipment and development cost | 4,439,207 | 3,994,514 | 3,530,779 |
Final balances | 4,439,207 | 3,994,514 | 3,530,779 |
Sociedad Minera Cerro Verde S.A.A. | Land | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 30,382 | 24,905 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Property, plant, equipment and development cost | 33,202 | 30,382 | 24,905 |
Final balances | 33,202 | 30,382 | 24,905 |
Sociedad Minera Cerro Verde S.A.A. | Machinery and equipment | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 5,098,359 | 4,985,749 | |
Additions | 0 | 0 | |
Disposals | (54,732) | (14,967) | |
Property, plant, equipment and development cost | 5,197,630 | 5,098,359 | 4,985,749 |
Final balances | 5,197,630 | 5,098,359 | 4,985,749 |
Sociedad Minera Cerro Verde S.A.A. | Machinery and equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 2,569,972 | ||
Additions | 272,528 | 279,531 | 2,305,568 |
Disposals | (54,519) | (14,891) | |
Property, plant, equipment and development cost | 2,787,467 | 2,569,972 | |
Final balances | 2,787,467 | 2,569,972 | |
Sociedad Minera Cerro Verde S.A.A. | Transportation units | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 33,382 | 30,098 | |
Additions | 0 | 0 | |
Disposals | 0 | (1,132) | |
Property, plant, equipment and development cost | 36,377 | 33,382 | 30,098 |
Final balances | 36,377 | 33,382 | 30,098 |
Sociedad Minera Cerro Verde S.A.A. | Transportation units | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 18,627 | 17,698 | |
Additions | 2,160 | 1,969 | |
Disposals | 0 | (1,040) | |
Property, plant, equipment and development cost | 20,787 | 18,627 | 17,698 |
Final balances | 20,787 | 18,627 | 17,698 |
Sociedad Minera Cerro Verde S.A.A. | Fixtures and fittings | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 572 | 949 | |
Additions | 0 | 0 | |
Disposals | 0 | (377) | |
Property, plant, equipment and development cost | 572 | 572 | 949 |
Final balances | 572 | 572 | 949 |
Sociedad Minera Cerro Verde S.A.A. | Fixtures and fittings | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 551 | 904 | |
Additions | 21 | 23 | |
Disposals | 0 | (376) | |
Property, plant, equipment and development cost | 572 | 551 | 904 |
Final balances | 572 | 551 | 904 |
Sociedad Minera Cerro Verde S.A.A. | Work in Progress [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 126,527 | 118,430 | |
Additions | 227,216 | 158,599 | |
Disposals | 0 | 0 | |
Property, plant, equipment and development cost | 184,265 | 126,527 | 118,430 |
Final balances | 184,265 | 126,527 | 118,430 |
Sociedad Minera Cerro Verde S.A.A. | Trailing Dam Projects | |||
Property, plant, equipment and development costs | |||
Additions | 55,500 | 30,100 | |
Additions for capitalization of interest | 1,200 | 400 | |
Sociedad Minera Cerro Verde S.A.A. | Mine heavy equipment | |||
Property, plant, equipment and development costs | |||
Additions | 36,100 | 28,900 | |
Sociedad Minera Cerro Verde S.A.A. | Mine Maintenance Truck Shop [Member] | |||
Property, plant, equipment and development costs | |||
Additions for capitalization of interest | 1,500 | 1,000 | |
Sociedad Minera Cerro Verde S.A.A. | Haul Trucks [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 3,200 | ||
Sociedad Minera Cerro Verde S.A.A. | Operating Processes [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 2,500 | ||
Sociedad Minera Cerro Verde S.A.A. | Stators For Ball Mills [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 10,700 | 18,700 | |
Additions for capitalization of interest | 100 | 200 | |
Sociedad Minera Cerro Verde S.A.A. | Shovels [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 9,200 | ||
Sociedad Minera Cerro Verde S.A.A. | Belt Replacement Projects [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 11,100 | 7,900 | |
Sociedad Minera Cerro Verde S.A.A. | Mine Support Equipment [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 32,600 | 17,300 | |
Sociedad Minera Cerro Verde S.A.A. | Direct Flotation Reactor Technology Project [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 11,000 | ||
Sociedad Minera Cerro Verde S.A.A. | Flotation Recovery Technology [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 8,500 | ||
Sociedad Minera Cerro Verde S.A.A. | Primary Crusher [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 4,300 | ||
Sociedad Minera Cerro Verde S.A.A. | Rollers [Member] | |||
Property, plant, equipment and development costs | |||
Additions | 9,000 | ||
Sociedad Minera Cerro Verde S.A.A. | Other projects | |||
Property, plant, equipment and development costs | |||
Additions for capitalization of interest | 300 | 300 | |
Sociedad Minera Cerro Verde S.A.A. | Stripping activity asset [Member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 1,159,829 | 945,637 | |
Additions | 304,198 | 214,192 | |
Disposals | 0 | 0 | |
Property, plant, equipment and development cost | 1,464,027 | 1,159,829 | 945,637 |
Final balances | 1,464,027 | 1,159,829 | 945,637 |
Sociedad Minera Cerro Verde S.A.A. | Stripping activity asset [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 791,571 | 678,041 | |
Additions | 134,186 | 113,530 | |
Disposals | 0 | 0 | |
Property, plant, equipment and development cost | 925,757 | 791,571 | 678,041 |
Final balances | 925,757 | 791,571 | 678,041 |
Sociedad Minera Cerro Verde S.A.A. | Right-of-use assets [member] | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 98,900 | 96,451 | |
Additions | 4,941 | 4,099 | |
Disposals | (3,137) | (1,650) | |
Property, plant, equipment and development cost | 97,356 | 98,900 | 96,451 |
Final balances | 97,356 | 98,900 | 96,451 |
Sociedad Minera Cerro Verde S.A.A. | Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 30,408 | 19,589 | |
Additions | 12,708 | 12,459 | |
Disposals | (3,124) | (1,640) | |
Property, plant, equipment and development cost | 39,851 | 30,408 | 19,589 |
Final balances | 39,851 | 30,408 | 19,589 |
Sociedad Minera Cerro Verde S.A.A. | Other equipment | Gross carrying amount [Member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 35,395 | 30,965 | |
Additions | 0 | 0 | |
Disposals | (58) | (92) | |
Property, plant, equipment and development cost | 36,222 | 35,395 | 30,965 |
Final balances | 36,222 | 35,395 | 30,965 |
Sociedad Minera Cerro Verde S.A.A. | Other equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant, equipment and development costs | |||
Opening balance | 24,090 | 21,240 | |
Additions | 3,136 | 2,942 | |
Disposals | (58) | (92) | |
Property, plant, equipment and development cost | 27,168 | 24,090 | 21,240 |
Final balances | $ 27,168 | $ 24,090 | $ 21,240 |
Property, plant, equipment an_4
Property, plant, equipment and development costs - Estimates prices for the current and long-term periods (Details) | Dec. 31, 2022 $ / oz $ / t | Dec. 31, 2021 $ / oz $ / t |
Less than 1 year | Gold per ounce [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | $ / oz | 1,750 | 1,700 |
Less than 1 year | Silver [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | $ / oz | 21 | 24 |
Less than 1 year | Copper [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 7,900 | 8,500 |
Less than 1 year | Lead [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 1,900 | 2,000 |
Less than 1 year | Zinc [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 3,000 | 2,600 |
Between 1 and 2 years | Gold per ounce [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | $ / oz | 1,735 | 1,764 |
Between 1 and 2 years | Silver [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | $ / oz | 23.17 | 27.30 |
Between 1 and 2 years | Copper [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 9,625 | 8,705 |
Between 1 and 2 years | Lead [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 2,181 | 2,313 |
Between 1 and 2 years | Zinc [Member] | ||
Property, plant, equipment and development costs | ||
Commodity price estimates | 2,648 | 2,616 |
Property, plant, equipment an_5
Property, plant, equipment and development costs - Net assets for right in use (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) item | |
Property, plant, equipment and development costs | ||||
Book Value Of Assets Under Finance Lease | $ 250,500 | $ 270,800 | ||
Acquisition Of Assets Under Lease | 0 | 0 | ||
Impairment recovery (loss) of long-lived assets | 19,874 | (14,910) | $ 2,083 | |
Capitalized finance costs | 0 | 0 | 0 | |
Right-of-use assets | 12,760 | 5,338 | ||
Additions to right-of-use assets | 11,700 | 3,000 | ||
Disposal of right of use assets | 0 | 0 | ||
Write-off of stripping activity asset | 0 | 6,763 | $ 11,633 | |
Buildings and other constructions | ||||
Property, plant, equipment and development costs | ||||
Right-of-use assets | 10,484 | 2,088 | ||
Transportation units | ||||
Property, plant, equipment and development costs | ||||
Right-of-use assets | 1,380 | 2,501 | ||
Machinery and equipment [Member] | ||||
Property, plant, equipment and development costs | ||||
Right-of-use assets | 896 | 749 | ||
El Brocal | ||||
Property, plant, equipment and development costs | ||||
Goodwill | 34,000 | $ 34,000 | ||
Stripping activity asset of phase 6 written off | item | 1,181,280 | |||
Stripping activity asset of phase 9 written off | item | 1,102,117 | |||
Write-off of stripping activity asset | $ 6,763,000 | $ 11,633,000 | ||
Stripping activity balance after phase 6 written off | item | 5,730 | |||
Stripping activity asset of phase 6 expected to be produced | $ 118,000 | |||
Uchucchacua | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 146,114 | 196,545 | 244,795 | |
Rio Seco | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 50,808 | 18,671 | ||
Orcopampa | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 51,911 | 43,128 | 57,650 | |
La Zanja | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 35,011 | 51,044 | 20,736 | |
Julcani | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 40,642 | |||
El Brocal | ||||
Property, plant, equipment and development costs | ||||
Recovery amounts | 761,081 | |||
Impairment Of Long Lived Asset [Member] | Rio Seco | ||||
Property, plant, equipment and development costs | ||||
Impairment recovery (loss) of long-lived assets | $ 19,900 | |||
Impairment loss | 19,900 | |||
Impairment Of Long Lived Asset [Member] | La Zanja | ||||
Property, plant, equipment and development costs | ||||
Return of provision for loss of value of inventories for sale of the Mallay unit | 5,000 | |||
Reversal of impairment loss recognised in profit or loss, property, plant and equipment | $ 14,900 | |||
Impairment Of Long Lived Asset [Member] | Julcani | ||||
Property, plant, equipment and development costs | ||||
Provisions | 0 | |||
Return of provision for loss of value of inventories for sale of the Mallay unit | $ 2,100 |
Property, plant, equipment an_6
Property, plant, equipment and development costs - Net cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant and equipments,net [Line Items] | |||
Opening balance | $ 1,537,870 | $ 1,650,361 | |
Final balances | 1,535,195 | 1,537,870 | $ 1,650,361 |
Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 5,371,534 | 5,495,976 | |
Final balances | 5,387,377 | 5,371,534 | 5,495,976 |
Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 3,851,044 | 3,771,978 | |
Additions | 164,784 | 90,309 | |
Sales and disposals | (45,204) | (9,761) | |
Sales | 1,854 | 1,183 | |
Final balances | 3,958,613 | 3,851,044 | 3,771,978 |
Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 9,366,048 | 9,026,755 | |
Additions | 536,355 | 376,890 | |
Adjustments and reclassifications | (17,831) | (18,466) | |
Sales and disposals | (57,988) | (19,131) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 9,826,584 | 9,366,048 | 9,026,755 |
Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 2,286,755 | 2,095,342 | |
Additions | 173,239 | 178,294 | |
Sales and disposals | (41,280) | (583) | |
Sales | 1,841 | (1,064) | |
Final balances | 2,416,873 | 2,286,755 | 2,095,342 |
Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 3,994,514 | 3,530,779 | |
Additions | 502,408 | 482,688 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | (57,715) | (18,953) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 4,439,207 | 3,994,514 | 3,530,779 |
Land | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 17,703 | 17,650 | |
Additions | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Sales | 0 | 0 | |
Final balances | 18,765 | 17,703 | 17,650 |
Land | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 30,382 | 24,905 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | 2,820 | 5,477 | |
Final balances | 33,202 | 30,382 | 24,905 |
Buildings and constructions [Member] | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 2,596,406 | 2,589,004 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | 1,041 | 430 | |
Sales and disposals | (61) | (913) | |
Transfer/Other changes | 11,063 | 7,885 | |
Final balances | 2,608,449 | 2,596,406 | 2,589,004 |
Buildings and constructions [Member] | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 522,381 | 456,213 | |
Additions | 72,899 | 66,846 | |
Adjustments and reclassifications | 655 | 236 | |
Sales and disposals | (14) | (914) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 595,921 | 522,381 | 456,213 |
Machinery and equipment | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 902,397 | 883,192 | |
Additions | 10 | 5 | |
Sales and disposals | (41,053) | (393) | |
Sales | 34 | 249 | |
Final balances | 874,015 | 902,397 | 883,192 |
Machinery and equipment | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 5,098,359 | 4,985,749 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | (1,041) | (430) | |
Sales and disposals | (54,732) | (14,967) | |
Transfer/Other changes | 155,044 | 128,007 | |
Final balances | 5,197,630 | 5,098,359 | 4,985,749 |
Machinery and equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 742,340 | 686,466 | |
Additions | 42,698 | 56,384 | |
Sales and disposals | (40,355) | (340) | |
Sales | 34 | (170) | |
Final balances | 744,649 | 742,340 | 686,466 |
Machinery and equipment | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 2,569,972 | ||
Additions | 272,528 | 279,531 | 2,305,568 |
Adjustments and reclassifications | (655) | (236) | |
Sales and disposals | (54,519) | (14,891) | |
Transfer/Other changes | 141 | 0 | |
Final balances | 2,787,467 | 2,569,972 | |
Transportation units | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 7,662 | 8,409 | |
Additions | 15 | 70 | |
Sales and disposals | (277) | (152) | |
Sales | 1,816 | 934 | |
Final balances | 5,657 | 7,662 | 8,409 |
Transportation units | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 33,382 | 30,098 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | (1,132) | |
Transfer/Other changes | 2,995 | 4,416 | |
Final balances | 36,377 | 33,382 | 30,098 |
Transportation units | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 6,650 | 7,083 | |
Additions | 478 | 604 | |
Sales and disposals | (153) | (143) | |
Sales | 1,803 | (894) | |
Final balances | 5,172 | 6,650 | 7,083 |
Transportation units | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 18,627 | 17,698 | |
Additions | 2,160 | 1,969 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | (1,040) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 20,787 | 18,627 | 17,698 |
Fixtures and fittings | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 11,770 | 11,737 | |
Additions | 0 | 33 | |
Sales and disposals | (702) | (98) | |
Sales | 4 | 0 | |
Final balances | 11,071 | 11,770 | 11,737 |
Fixtures and fittings | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 572 | 949 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | (377) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 572 | 572 | 949 |
Fixtures and fittings | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 10,328 | 9,824 | |
Additions | 548 | 601 | |
Sales and disposals | (651) | (97) | |
Sales | 4 | 0 | |
Final balances | 10,221 | 10,328 | 9,824 |
Fixtures and fittings | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 551 | 904 | |
Additions | 21 | 23 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | (376) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 572 | 551 | 904 |
Other equipment | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 35,395 | 30,965 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | (58) | (92) | |
Transfer/Other changes | 885 | 4,522 | |
Final balances | 36,222 | 35,395 | 30,965 |
Other equipment | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 24,090 | 21,240 | |
Additions | 3,136 | 2,942 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | (58) | (92) | |
Transfer/Other changes | 0 | 0 | |
Final balances | 27,168 | 24,090 | 21,240 |
Work in Progress [Member] | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 46,287 | 34,934 | |
Additions | 65,577 | 40,768 | |
Sales and disposals | (3,049) | (1,838) | |
Sales | 0 | 0 | |
Final balances | 91,468 | 46,287 | 34,934 |
Work in Progress [Member] | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 126,527 | 118,430 | |
Additions | 227,216 | 158,599 | |
Adjustments and reclassifications | (19) | (195) | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | (169,459) | (150,307) | |
Final balances | 184,265 | 126,527 | 118,430 |
Right-of-use assets [member] | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 19,232 | 16,259 | |
Additions | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Sales | 0 | 0 | |
Final balances | 30,944 | 19,232 | 16,259 |
Right-of-use assets [member] | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 98,900 | 96,451 | |
Additions | 4,941 | 4,099 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | (3,137) | (1,650) | |
Transfer/Other changes | (3,348) | 0 | |
Final balances | 97,356 | 98,900 | 96,451 |
Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 13,894 | 9,081 | |
Additions | 4,290 | 4,813 | |
Sales and disposals | 0 | 0 | |
Sales | 0 | 0 | |
Final balances | 18,184 | 13,894 | 9,081 |
Right-of-use assets [member] | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 30,408 | 19,589 | |
Additions | 12,708 | 12,459 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | (3,124) | (1,640) | |
Transfer/Other changes | (141) | 0 | |
Final balances | 39,851 | 30,408 | 19,589 |
Stripping activity asset [Member] | Gross carrying amount [Member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 163,487 | 152,597 | |
Additions | 26,669 | 17,653 | |
Sales and disposals | 0 | (6,763) | |
Sales | 0 | 0 | |
Final balances | 190,156 | 163,487 | 152,597 |
Stripping activity asset [Member] | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 1,159,829 | 945,637 | |
Additions | 304,198 | 214,192 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | 0 | 0 | |
Final balances | 1,464,027 | 1,159,829 | 945,637 |
Stripping activity asset [Member] | Accumulated depreciation, amortisation and impairment [member] | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 132,159 | 111,455 | |
Additions | 21,769 | 14,039 | |
Sales and disposals | 0 | 0 | |
Sales | 0 | 0 | |
Final balances | 153,928 | 132,159 | 111,455 |
Stripping activity asset [Member] | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 791,571 | 678,041 | |
Additions | 134,186 | 113,530 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | 0 | 0 | |
Final balances | 925,757 | 791,571 | 678,041 |
Asset retirement costs [Member] | Gross carrying amount [Member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 186,296 | 204,567 | |
Additions | 0 | 0 | |
Adjustments and reclassifications | (17,812) | (18,271) | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | 0 | 0 | |
Final balances | 168,484 | 186,296 | 204,567 |
Asset retirement costs [Member] | Accumulated depreciation, amortisation and impairment [member] | Sociedad Minera Cerro Verde S.A.A. | |||
Property, plant and equipments,net [Line Items] | |||
Opening balance | 36,914 | 31,526 | |
Additions | 4,770 | 5,388 | |
Adjustments and reclassifications | 0 | 0 | |
Sales and disposals | 0 | 0 | |
Transfer/Other changes | 0 | 0 | |
Final balances | $ 41,684 | $ 36,914 | $ 31,526 |
Property, plant, equipment an_7
Property, plant, equipment and development costs - Carrying amounts of right-of-use assets recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | $ 5,338 | |
Addition | 11,700 | $ 3,000 |
Ending Balance | 12,760 | 5,338 |
Sociedad Minera Cerro Verde S.A.A. | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 68,492 | 76,862 |
Ending Balance | 57,505 | 68,492 |
Sociedad Minera Cerro Verde S.A.A. | Gross carrying amount [Member] | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 98,900 | 96,451 |
Addition | 4,941 | 4,099 |
Disposals and or/sales | (3,137) | (1,650) |
Transfers | (3,348) | |
Ending Balance | 97,356 | 98,900 |
Sociedad Minera Cerro Verde S.A.A. | Gross carrying amount [Member] | Land | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 10,640 | 9,851 |
Addition | 216 | 789 |
Disposals and or/sales | (365) | |
Ending Balance | 10,491 | 10,640 |
Sociedad Minera Cerro Verde S.A.A. | Gross carrying amount [Member] | Buildings and other constructions | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 57,916 | 56,594 |
Addition | 1,273 | 2,195 |
Disposals and or/sales | (2,668) | (873) |
Ending Balance | 56,521 | 57,916 |
Sociedad Minera Cerro Verde S.A.A. | Gross carrying amount [Member] | Machinery and equipment | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 30,344 | 30,006 |
Addition | 3,452 | 1,115 |
Disposals and or/sales | (104) | (777) |
Transfers | (3,348) | |
Ending Balance | 30,344 | 30,344 |
Sociedad Minera Cerro Verde S.A.A. | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 30,408 | 19,589 |
Addition | 12,708 | 12,459 |
Disposals and or/sales | (3,124) | (1,640) |
Transfers | (141) | |
Ending Balance | 39,851 | 30,408 |
Sociedad Minera Cerro Verde S.A.A. | Accumulated depreciation, amortisation and impairment [member] | Land | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 4,629 | 2,897 |
Addition | 1,949 | 1,732 |
Disposals and or/sales | (365) | |
Ending Balance | 6,213 | 4,629 |
Sociedad Minera Cerro Verde S.A.A. | Accumulated depreciation, amortisation and impairment [member] | Buildings and other constructions | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 17,190 | 10,575 |
Addition | 7,216 | 7,480 |
Disposals and or/sales | (2,656) | (865) |
Ending Balance | 21,750 | 17,190 |
Sociedad Minera Cerro Verde S.A.A. | Accumulated depreciation, amortisation and impairment [member] | Machinery and equipment | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Opening Balance | 8,589 | 6,117 |
Addition | 3,543 | 3,247 |
Disposals and or/sales | (103) | (775) |
Transfers | (141) | |
Ending Balance | $ 11,888 | $ 8,589 |
Property, plant, equipment an_8
Property, plant, equipment and development costs - Discount Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
La Zanja | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Post-Tax discount rate | 9.13% | 7.01% |
Pre-Tax discount rate | 14.08% | 10.81% |
Rio Seco | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Post-Tax discount rate | 10.60% | 7.86% |
Pre-Tax discount rate | 16.34% | 12.12% |
Orcopampa | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Post-Tax discount rate | 8.12% | 6.04% |
Pre-Tax discount rate | 12.52% | 9.31% |
Uchucchacua | ||
Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items] | ||
Post-Tax discount rate | 8.12% | 6.04% |
Pre-Tax discount rate | 12.52% | 9.31% |
Property, plant, equipment an_9
Property, plant, equipment and development costs - Distribution Of Depreciation Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | $ 173,239 | $ 178,294 | $ 199,586 |
Cost of sales of goods | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 147,032 | 159,652 | 174,103 |
Unabsorbed cost due to production stoppage | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 14,877 | 4,569 | 10,764 |
Cost of sales of services | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 8,153 | 8,109 | 8,461 |
Administrative expensess. | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 1,886 | 4,741 | 3,142 |
Property, plant, equipment and development costs | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 1,039 | 963 | 833 |
Exploration in non-operating areas | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 101 | 114 | 111 |
Selling expenses | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 93 | 84 | 0 |
Other, net | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | 49 | 48 | 46 |
Discontinued operations, note 1(e) | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total depreciation expense | $ 9 | $ 14 | $ 2,126 |
Other non-financial assets (Det
Other non-financial assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | |
Non-current | |||||
Tax credits | $ 28,046 | $ 15,456 | |||
Income tax expense | 9,700 | $ 9,700 | $ 9,700 | $ 9,700 | |
Sociedad Minera Cerro Verde S.A.A. | |||||
Current | |||||
Value added tax (VAT) credit | 33,014 | 36,848 | |||
Non-current | |||||
Other receivables | 333,338 | 246,151 | |||
Uncertain tax position | 16,635 | 9,700 | |||
Other taxes to be recovered | 1,928 | 1,847 | |||
Total Non-Current | 351,901 | 257,698 | |||
Total other non-financial assets | 384,915 | 294,546 | |||
Protest disbursement under disputed tax | 262,300 | 228,900 | |||
Custom taxes | 15,700 | 7,600 | |||
Tax credits | 55,300 | $ 9,600 | |||
Income tax expense | $ 16,600 |
Other non-financial assets - Ad
Other non-financial assets - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Assets [Line Items] | ||
Opening balance | $ 25,196 | $ 26,503 |
Closing balance | 23,845 | 25,196 |
Gross carrying amount [Member] | ||
Other Assets [Line Items] | ||
Opening balance | 39,583 | 39,243 |
Additions | 290 | 357 |
Disposals | (17) | |
Closing balance | 39,873 | 39,583 |
Accumulated depreciation, amortisation and impairment [member] | ||
Other Assets [Line Items] | ||
Opening balance | 14,387 | 12,740 |
Additions | 1,641 | 1,647 |
Transfers | 0 | |
Closing balance | 16,028 | 14,387 |
Patents And Industrial Property [Member] | Gross carrying amount [Member] | ||
Other Assets [Line Items] | ||
Opening balance | 15,001 | 14,709 |
Additions | 215 | 292 |
Disposals | 0 | |
Closing balance | 15,216 | 15,001 |
Rights-of-use [member] | Gross carrying amount [Member] | ||
Other Assets [Line Items] | ||
Opening balance | 13,720 | 13,720 |
Additions | 0 | 0 |
Disposals | 0 | |
Closing balance | 13,720 | 13,720 |
Rights-of-use [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Other Assets [Line Items] | ||
Opening balance | 8,883 | 8,165 |
Additions | 705 | 718 |
Transfers | 0 | |
Closing balance | 9,588 | 8,883 |
Software licenses [member] | Gross carrying amount [Member] | ||
Other Assets [Line Items] | ||
Opening balance | 10,862 | 10,814 |
Additions | 75 | 65 |
Disposals | (17) | |
Closing balance | 10,937 | 10,862 |
Software licenses [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Other Assets [Line Items] | ||
Opening balance | 5,504 | 4,575 |
Additions | 936 | 929 |
Transfers | 0 | |
Closing balance | $ 6,440 | $ 5,504 |
Bank loans (Details)
Bank loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Bank loans | |||
Beginning balance | $ 50,000 | $ 65,793 | $ 55,000 |
New loans | 0 | 50,000 | 18,019 |
Payments | (50,000) | (65,793) | (7,197) |
Exchange difference | 0 | 0 | (29) |
Final balance | $ 0 | $ 50,000 | $ 65,793 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade payables | ||
Trade payables | $ 181,234 | $ 190,662 |
Other payables | ||
Other accounts payable | 70,308 | 72,016 |
Classification by maturity: | ||
Trade and other current payables | 247,989 | 259,641 |
Trade and other non-current payables | 3,553 | 3,037 |
Trade and other payables. | 251,542 | 262,678 |
Sociedad Minera Cerro Verde S.A.A. | ||
Trade payables | ||
Accounts payable | 320,400 | 235,555 |
Other payables | ||
Other accounts payable | 60,632 | 73,235 |
Classification by maturity: | ||
Trade and other payables. | 35,800 | 15,100 |
Domestic suppliers [Member] | ||
Trade payables | ||
Trade payables | 181,071 | 190,549 |
Related entities [Member] | ||
Trade payables | ||
Trade payables | 163 | 113 |
Other payables | ||
Other payables | 20 | 14 |
Remuneration and similar benefits payable [Member] | ||
Other payables | ||
Other payables | 35,996 | 35,393 |
Interest payable [Member] | ||
Other payables | ||
Other payables | 14,911 | 16,606 |
Taxes payable [Member] | ||
Other payables | ||
Other payables | 8,910 | 11,880 |
Exploration expenses payable [Member] | ||
Other payables | ||
Other payables | 4,053 | 0 |
Royalties payable to the Peruvian State [Member] | ||
Other payables | ||
Other payables | 1,895 | 2,765 |
Dividends payable [Member] | ||
Other payables | ||
Other payables | 639 | 567 |
Closed hedge instruments accounts payables [Member] | ||
Other payables | ||
Other payables | 0 | 1,234 |
Other liabilities [Member] | ||
Other payables | ||
Other payables | 3,884 | 3,557 |
Financial payables [Member] | ||
Classification by maturity: | ||
Trade and other payables. | 240,737 | 248,033 |
Non financial payables [Member] | ||
Classification by maturity: | ||
Trade and other payables. | $ 10,805 | $ 14,645 |
Trade and other payables - Move
Trade and other payables - Movement of dividends payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and other payables | |||
Beginning balance | $ 567 | $ 638 | $ 604 |
Declared dividends to controlling shareholders, note 17(d) | 18,542 | 0 | 0 |
Dividends paid to controlling shareholders, note 17(d) | (18,542) | 0 | 0 |
Declared dividends to non-controlling shareholders, note 17(d) | 2,647 | 6,160 | 5,140 |
Dividends paid to non-controlling shareholders, note 17(d) | (2,647) | (6,160) | (5,140) |
Expired dividends, note 17(c) | 0 | (76) | (26) |
Other | 72 | 5 | 60 |
Ending balance | $ 639 | $ 567 | $ 638 |
Other accounts payable (Details
Other accounts payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Income tax payable | $ 2,366 | $ 3,026 |
Total current | 70,308 | 72,016 |
Sociedad Minera Cerro Verde S.A.A. | ||
Current | ||
Excess of salaries limit of workers profit sharing | 38,027 | 34,870 |
Payroll withholdings | 7,200 | 11,449 |
Penalties to the Geological, Mining and Metallurgical Institute | 6,547 | 6,246 |
Mining royalties | 3,309 | 0 |
Social Health Insurance of Peru contribution | 2,469 | 2,303 |
Miscellaneous interest payable | 1,609 | 476 |
Other | 1,471 | 1,698 |
Declared dividends withholding tax | 0 | 16,193 |
Total current | $ 60,632 | $ 73,235 |
Other accounts payable - Additi
Other accounts payable - Additional information (Details) - Sociedad Minera Cerro Verde S.A.A. - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other accounts payable [Line Items] | ||
Interest and penalties of disputed mining royalties | $ 18.8 | $ 16.5 |
Withholding income tax | 3.7 | 7.7 |
Pension funds | 2.5 | 2.3 |
Other employee related payables | $ 1 | $ 1.4 |
Other Financial Liabilities (_3
Other Financial Liabilities (debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current debt: | |||
Lease liabilities | $ 3,639 | $ 4,098 | |
Total current debt | 35,071 | 179,417 | |
Non-current debt: | |||
Lease liabilities | 9,314 | 1,681 | |
Less : Debt issuance costs | (8,180) | (4,201) | |
Total non-current financial liabilities | 703,463 | 878,558 | |
Sociedad Minera El Brocal S.A.A | |||
Current debt: | |||
Lease liabilities | 7,028 | 7,617 | |
Senior unsecured credit facility | 0 | 324,695 | |
Total current debt | 7,028 | 332,312 | |
Non-current debt: | |||
Lease liabilities | 56,097 | 62,503 | |
Total other financial liabilities | $ 63,125 | $ 394,815 | $ 602,668 |
Other Financial Liabilities (_4
Other Financial Liabilities (debt) - Lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Financial Liabilities debt [Line Items] | |||
Balance at beginning of the year | $ 5,779 | ||
Additions | 11,712 | $ 2,973 | $ 5,213 |
Balance at end of the year | 12,953 | 5,779 | |
Sociedad Minera El Brocal S.A.A | |||
Disclosure Of Other Financial Liabilities debt [Line Items] | |||
Balance at beginning of the year | 70,120 | 79,217 | |
Additions | 4,957 | 4,099 | |
Accrued interest | 3,912 | 4,371 | |
Payments | (12,327) | (12,746) | |
Interest payments | (3,912) | (4,371) | |
Exchange rate effect | 375 | (450) | |
Balance at end of the year | 63,125 | 70,120 | $ 79,217 |
Expenses related to variable lease payments, low-value and short-term leases | 13,431 | 7,973 | |
Depreciation charge of right-of-use assets (see Note 7(b) and 15) | 12,708 | 12,459 | |
Amounts recognized in profit or loss | $ 30,051 | $ 24,803 |
Other Financial Liabilities (_5
Other Financial Liabilities (debt) - Amounts recognized in profit (Details) - Sociedad Minera El Brocal S.A.A - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Expenses related to variable lease payments, low-value and short-term leases | $ 13,431 | $ 7,973 |
Depreciation charge of right-of-use assets (see Note 7(b) and 15) | 12,708 | 12,459 |
Interest expense on lease liabilities (see Note 18) | 3,912 | 4,371 |
Amounts recognized in profit or loss | $ 30,051 | $ 24,803 |
Other Financial Liabilities (_6
Other Financial Liabilities (debt) - Additional information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2022 USD ($) | Jun. 30, 2017 USD ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | Dec. 31, 2020 USD ($) | Dec. 31, 2014 USD ($) | |
Disclosure Of Other Financial Liabilities debt [Line Items] | ||||||
Payments for debt issue costs | $ 0 | $ 10,700 | $ 0 | |||
Repayments of borrowings, classified as financing activities | $ 50,000 | $ 65,793 | 7,197 | |||
Sociedad Minera El Brocal S.A.A | ||||||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||||||
Maximum earnings before interest, taxes, depreciation, and amortization ratio | item | 3.50 | 3 | ||||
Minimum Interest Coverage Ratio | item | 1 | |||||
Interest expense | $ 3,200 | $ 10,100 | $ 22,400 | |||
Total credit facility | $ 1,500,000 | |||||
Repaid line of credit facility | $ 325,000 | |||||
Sociedad Minera El Brocal S.A.A | Senior unsecured credit facility | ||||||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||||||
Borrowings | $ 1,800 | |||||
Increased in Credit Facility | $ 225,000 | |||||
Sociedad Minera El Brocal S.A.A | Credit Facility | ||||||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||||||
Commitment fee | 0.50% | |||||
Unsecured Revolving Credit Facility [Member] | Sociedad Minera El Brocal S.A.A | ||||||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||||||
Notional amount | 350,000 | |||||
Payments for debt issue costs | $ 3,500 | |||||
Interest expense | $ 1,900 | |||||
Repaid line of credit facility | $ 325,000 |
Other Financial Liabilities (_7
Other Financial Liabilities (debt) - Movement of the changes derived from the financing activities (Details) - Sociedad Minera El Brocal S.A.A - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | $ 394,815 | $ 602,668 |
Additions | 329,957 | 4,099 |
Payments | 662,327 | 212,746 |
Long term to short term transfers | 0 | 0 |
Others change in other financial liabilities | 680 | 794 |
Other financial liabilities | 63,125 | 394,815 |
Leases, Current [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 7,617 | 10,223 |
Additions | 0 | 3,629 |
Payments | 12,327 | 12,746 |
Long term to short term transfers | 11,537 | 6,667 |
Others change in other financial liabilities | 201 | (156) |
Other financial liabilities | 7,028 | 7,617 |
Noncurrent, Leases [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 62,503 | 68,994 |
Additions | 4,957 | 470 |
Payments | 0 | |
Long term to short term transfers | (11,537) | (6,667) |
Others change in other financial liabilities | 174 | (294) |
Other financial liabilities | 56,097 | 62,503 |
Senior unsecured credit facility [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 325,000 | 0 |
Additions | 0 | 0 |
Payments | 325,000 | |
Long term to short term transfers | 0 | 325,000 |
Others change in other financial liabilities | 0 | 0 |
Other financial liabilities | 0 | 325,000 |
Senior unsecured credit facility Noncurrent [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 0 | 525,000 |
Additions | 0 | 0 |
Payments | 0 | 200,000 |
Long term to short term transfers | 0 | (325,000) |
Others change in other financial liabilities | 0 | 0 |
Other financial liabilities | 0 | 0 |
Debt issuance cost [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 305 | 0 |
Additions | 0 | 0 |
Payments | 0 | 0 |
Long term to short term transfers | 0 | (1,025) |
Others change in other financial liabilities | 305 | 720 |
Other financial liabilities | 305 | 305 |
Debt issuance cost Noncurrent [Member] | ||
Disclosure Of Other Financial Liabilities debt [Line Items] | ||
Other financial liabilities | 0 | 1,549 |
Additions | 0 | 0 |
Payments | 0 | |
Long term to short term transfers | 0 | 1,025 |
Others change in other financial liabilities | 0 | 524 |
Other financial liabilities | $ 0 | $ 0 |
Provisions (Details)
Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | $ 313,327 | $ 301,412 | |
Changes | (2,946) | 22,437 | |
Accretion expense | 5,188 | 5,986 | |
Reclassifications and others | (981) | ||
Disbursements | (18,032) | (16,508) | |
Balance at end of the year | 298,518 | 313,327 | |
Classification by maturity [Abstract] | |||
Current portion | 94,171 | 81,039 | $ 51,816 |
Non-current portion | 204,347 | 232,288 | $ 249,596 |
Closure of mining units and exploration projects [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 271,987 | 277,689 | |
Changes | (8,872) | 1,779 | |
Accretion expense | 5,129 | 5,623 | |
Reclassifications and others | (992) | ||
Disbursements | (14,989) | (13,104) | |
Balance at end of the year | 254,247 | 271,987 | |
Classification by maturity [Abstract] | |||
Current portion | 60,644 | 54,013 | |
Non-current portion | 193,603 | 217,974 | |
Environmental liabilities [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 19,956 | 5,038 | |
Changes | (228) | 16,557 | |
Accretion expense | 59 | 363 | |
Reclassifications and others | 992 | ||
Disbursements | (2,534) | (2,002) | |
Balance at end of the year | 16,261 | 19,956 | |
Environmental contingencies [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 5,164 | 2,874 | |
Changes | 3,459 | 3,425 | |
Accretion expense | 0 | 0 | |
Reclassifications and others | (246) | ||
Disbursements | (453) | (1,135) | |
Balance at end of the year | 8,416 | 5,164 | |
Safety contingencies [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 5,632 | 4,536 | |
Changes | 870 | 1,323 | |
Accretion expense | 0 | 0 | |
Reclassifications and others | (258) | ||
Disbursements | (44) | (227) | |
Balance at end of the year | 6,716 | 5,632 | |
Labor contingencies [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 4,421 | 4,080 | |
Changes | 489 | 381 | |
Accretion expense | 0 | 0 | |
Reclassifications and others | (233) | ||
Disbursements | (12) | (40) | |
Balance at end of the year | 5,131 | 4,421 | |
Tax contingencies [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 3,409 | 3,110 | |
Changes | 1,596 | 299 | |
Accretion expense | 0 | 0 | |
Reclassifications and others | 0 | ||
Disbursements | 0 | 0 | |
Balance at end of the year | 5,005 | 3,409 | |
Obligations with communities [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 2,595 | 3,605 | |
Changes | (637) | (1,010) | |
Accretion expense | 0 | 0 | |
Reclassifications and others | (147) | ||
Disbursements | 0 | 0 | |
Balance at end of the year | 2,105 | 2,595 | |
Other provisions [Member] | |||
Disclosure of provisions [Line Items] | |||
Balance at beginning of the year | 163 | 480 | |
Changes | 377 | (317) | |
Accretion expense | 0 | 0 | |
Reclassifications and others | (97) | ||
Disbursements | 0 | 0 | |
Balance at end of the year | $ 637 | $ 163 |
Provisions - Movement of the pr
Provisions - Movement of the provision for closure of mining units (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions | |||
Disbursements | $ (18,032) | $ (16,508) | |
Classification by maturity: | |||
Current portion | 94,171 | 81,039 | $ 51,816 |
Non-current portion | 204,347 | 232,288 | 249,596 |
Closure of mining units and exploration projects [Member] | |||
Provisions | |||
Beginning balance | 271,987 | 277,689 | |
Continuing mining units, note 11(a) | (21,869) | (3,272) | |
Continuing mining units, note 28(a) | (302) | 0 | |
Discontinued mining units, note 1(e) | 660 | 3,021 | |
Exploration projects, note 28(a) | 13,631 | 2,030 | |
Additions (reversals) in estimates and reclassifications | (7,880) | 1,779 | |
Continuing mining units, note 29(a) | 4,932 | 5,522 | |
Discontinued mining units, note 1(e) | 59 | 25 | |
Exploration projects, note 29(a) | 138 | 76 | |
Disbursements | (14,989) | (13,104) | |
Ending balance | 254,247 | 271,987 | 277,689 |
Classification by maturity: | |||
Current portion | 60,644 | 54,013 | |
Non-current portion | 193,603 | 217,974 | |
Provision for closure of mining units and exploration projects | $ 254,247 | $ 271,987 | $ 277,689 |
Provisions - Provision classifi
Provisions - Provision classification (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Classification by maturity [Abstract] | ||
Current provisions | $ 94,171 | $ 81,039 |
Non-current Portion | 204,347 | 232,288 |
Sociedads Minera Cerro Verde S.A.A. | ||
Current provisions [abstract] | ||
Other current provisions | 3,984 | 12,717 |
Non-current provisions [abstract] | ||
Other non-current provisions | 219,366 | 231,451 |
Classification by maturity [Abstract] | ||
Current portion | 3,984 | 12,717 |
Non-current portion | 219,366 | 231,451 |
Sociedads Minera Cerro Verde S.A.A. | Provision for social commitments [Member] | ||
Current provisions [abstract] | ||
Other current provisions | 3,096 | 9,399 |
Non-current provisions [abstract] | ||
Other non-current provisions | 7,303 | 1,226 |
Classification by maturity [Abstract] | ||
Current portion | 3,096 | 9,399 |
Non-current portion | 7,303 | 1,226 |
Sociedads Minera Cerro Verde S.A.A. | Provision for remediation and mine closure [Member] | ||
Current provisions [abstract] | ||
Other current provisions | 423 | 2,968 |
Non-current provisions [abstract] | ||
Other non-current provisions | 209,237 | 219,942 |
Classification by maturity [Abstract] | ||
Current portion | 423 | 2,968 |
Non-current portion | 209,237 | 219,942 |
Sociedads Minera Cerro Verde S.A.A. | Provision for uncertainty over income tax treatments [Member] | ||
Non-current provisions [abstract] | ||
Other non-current provisions | 615 | 7,878 |
Classification by maturity [Abstract] | ||
Non-current portion | 615 | 7,878 |
Sociedads Minera Cerro Verde S.A.A. | Provision for legal contingencies [member] | ||
Current provisions [abstract] | ||
Other current provisions | 465 | 350 |
Classification by maturity [Abstract] | ||
Non-current Portion | 2,211 | 2,004 |
Current portion | 465 | 350 |
Sociedads Minera Cerro Verde S.A.A. | Other Long-term Liabilities [Member] | ||
Non-current provisions [abstract] | ||
Other non-current provisions | 0 | 401 |
Classification by maturity [Abstract] | ||
Non-current portion | $ 0 | $ 401 |
Provisions - Additional informa
Provisions - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions | ||
Current provisions | $ 94,171 | $ 81,039 |
Potential liability in the form of fines and interest | 254,200 | |
Provision for closure of mining units and exploration projects at future value | 319,590 | 272,000 |
Letter of credit | $ 171,800 | 155,900 |
Minimum | ||
Provisions | ||
Discount rate used to reflect time value of money for provisions | 4.77% | |
Period Used To Reflect Time Value Of Money For Provisions | 1 year | |
Maximum | ||
Provisions | ||
Discount rate used to reflect time value of money for provisions | 6.55% | |
Period Used To Reflect Time Value Of Money For Provisions | 19 years | |
Sociedads Minera Cerro Verde S.A.A. | ||
Provisions | ||
Other non-current provisions | $ 219,366 | 231,451 |
Sociedads Minera Cerro Verde S.A.A. | Provision for social commitments [Member] | ||
Provisions | ||
Other non-current provisions | 7,303 | 1,226 |
Sociedads Minera Cerro Verde S.A.A. | Provision for remediation and mine closure [Member] | ||
Provisions | ||
Other non-current provisions | 209,237 | 219,942 |
Future value of non current provisions | $ 477,600 | $ 374,300 |
Annual risk free rate | 4.06% | 1.93% |
Sociedads Minera Cerro Verde S.A.A. | La Joya [Member] | Irrigation Project [Member] | Provision for social commitments [Member] | ||
Provisions | ||
Other provisions | $ 4,300 | $ 4,300 |
Sociedads Minera Cerro Verde S.A.A. | Alata-Congata Road [Member] | Repaving Project [Member] | Provision for social commitments [Member] | ||
Provisions | ||
Other provisions | 6,100 | $ 6,300 |
Sociedads Minera Cerro Verde S.A.A. | Ministry of Energy and Mines [Member] | ||
Provisions | ||
Letter of credit | $ 86,500 |
Provisions, contingent liabilit
Provisions, contingent liabilities and other liabilities - Provision for remediation and mine closure (Details) - Sociedads Minera Cerro Verde S.A.A. - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions | ||
Beginning balance | $ 231,451 | |
Final balance | 219,366 | $ 231,451 |
Provision for remediation and mine closures [Member] | ||
Provisions | ||
Beginning balance | 222,910 | 237,543 |
Accretion expense | 4,566 | 3,715 |
Changes in estimates, (see Note 7) | (17,812) | (18,271) |
Progressive mine closure payments in hydrometallurgy process | 0 | (87) |
Exchange rate effect | (4) | 10 |
Final balance | $ 209,660 | $ 222,910 |
Financial obligations (Details)
Financial obligations (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 23, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 29, 2019 | Oct. 29, 2018 | Jun. 27, 2016 | Jun. 30, 2014 |
Disclosure of Financial obligations [Line Items] | |||||||||
Finance lease | $ 12,953,000 | $ 5,779,000 | |||||||
Financial liabilities | 738,534,000 | 1,057,975,000 | $ 531,653,000 | $ 571,688,000 | |||||
Classification by maturity: | |||||||||
Total current debt | 35,071,000 | 179,417,000 | |||||||
Non-current portion (e) | 703,463,000 | 878,558,000 | |||||||
Finance lease | 12,953,000 | 5,779,000 | |||||||
Financial Liabilities | 738,534,000 | 1,057,975,000 | $ 531,653,000 | $ 571,688,000 | |||||
Empresa de Generacin Huanza S.A | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Borrowings | 86,625,000 | 112,784,000 | |||||||
Sociedad Minera El Brocal S.A.A | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Borrowings | 96,976,000 | 118,111,000 | |||||||
Compaa de Minas Buenaventura S.A.A. [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 275,000,000 | $ 550,000,000 | $ 275,000,000 | |||||
Debt issuance costs | 0 | 6,284,000 | |||||||
Borrowings | 0 | 281,284,000 | |||||||
Senior Notes at 5.50 Percent Due 2026 [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | $ 541,980,000 | 540,017,000 | $ 550,000,000 | ||||||
Classification by maturity: | |||||||||
Borrowings, interest rate | 5.50% | 5.50% | |||||||
Issue price (in percent) | 99.14% | ||||||||
BBVA Banco Continental S.A. [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | $ 0 | 66,667,000 | |||||||
CorpBanca New York Branch [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 61,666,000 | |||||||
Banco Internacional del Peru [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 40,000,000 | |||||||
ICBC Peru Bank [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 30,000,000 | |||||||
Banco de Sabadell, Miami Branch [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 15,000,000 | |||||||
Banco De Credito Del Peru - New Financial Obligation [Member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | $ 161,893,850 | ||||||||
Banco De Credito Del Peru - New Financial Obligation [Member] | Sociedad Minera El Brocal S.A.A | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 97,136,000 | 118,722,000 | |||||||
Debt issuance costs | 160,000 | 611,000 | |||||||
Banco de Credito del Peru [member] | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Notional amount | 0 | 61,667,000 | $ 119,000,000 | $ 103,373,000 | |||||
Banco de Credito del Peru [member] | Empresa de Generacin Huanza S.A | |||||||||
Disclosure of Financial obligations [Line Items] | |||||||||
Debt issuance costs | 0 | 312,000 | |||||||
Classification by maturity: | |||||||||
Finance Lease Liabilities IAS17 | $ 86,625,000 | $ 113,096,000 |
Financial obligations - Long-te
Financial obligations - Long-term portion of the financial obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Financial obligations [Line Items] | ||
Gross non current financial liabilities | $ 711,643 | $ 882,759 |
Debt issuance costs | 8,180 | 4,201 |
Non-current financial liabilities | 703,463 | 878,558 |
Between 1 and 2 years | ||
Disclosure of Financial obligations [Line Items] | ||
Gross non current financial liabilities | 105,986 | 108,606 |
Between 2 and 5 years [member] | ||
Disclosure of Financial obligations [Line Items] | ||
Gross non current financial liabilities | 601,419 | 774,153 |
More than 5 years | ||
Disclosure of Financial obligations [Line Items] | ||
Gross non current financial liabilities | $ 4,238 | $ 0 |
Financial obligations - Total f
Financial obligations - Total financial obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial obligations | |||
Beginning balance | $ 1,057,975 | $ 531,653 | $ 571,688 |
Senior Notes bonds issue | 0 | 550,000 | 0 |
Debt issuance costs | 0 | (10,700) | 0 |
Amortization of debt issuance costs in results | 1,963 | 717 | 0 |
Payments | (323,057) | (21,585) | (38,994) |
Reversal of the amortized cost of the syndicated loan, note 16(g) | 8,855 | 0 | 0 |
Amortization of debt issuance costs in results | 2,820 | 885 | 976 |
Effect of amortized cost | 515 | 8,837 | (361) |
Increase (reduction) of debt restructuring costs | 0 | (225) | 1,992 |
Additions | 11,712 | 2,972 | 5,213 |
Accretion expense | 99 | 176 | 180 |
Payments | (4,638) | (5,205) | (4,080) |
Disposals | 0 | 0 | (977) |
Final balance | $ 738,534 | $ 1,057,975 | $ 531,653 |
Financial obligations - Lease l
Financial obligations - Lease liabilities related to right in use (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease liabilities | $ 12,953 | $ 5,779 |
Current portion | 3,639 | 4,098 |
Non-current portion | $ 9,314 | 1,681 |
Lease term | 10 years | |
Number of renewal options | item | 2 | |
Lease renewal term | 5 years | |
Minimum future rents payable | $ 8,815 | 2,227 |
Less than 1 year (2023) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Minimum future rents payable | 1,313 | 1,470 |
Between 1 and 5 years (2024-2027) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Minimum future rents payable | 3,264 | 757 |
More than 5 years (since 2028) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Minimum future rents payable | $ 4,238 | 0 |
Minimum [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease term | 1 year | |
Maximum [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease term | 3 years | |
Buildings and other constructions | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease liabilities | $ 8,814 | 2,532 |
Transportation Units [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease liabilities | 2,719 | 2,386 |
Machinery and equipment [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Lease liabilities | $ 1,420 | $ 861 |
Financial obligations - Additio
Financial obligations - Additional information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 29, 2022 USD ($) installment | Jan. 03, 2022 USD ($) | Nov. 02, 2020 | Oct. 29, 2020 USD ($) | Oct. 29, 2019 USD ($) | Jun. 30, 2014 USD ($) | Jun. 30, 2014 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 02, 2022 USD ($) | Jul. 23, 2021 USD ($) | Dec. 31, 2019 USD ($) | Oct. 29, 2018 USD ($) | Jun. 27, 2016 USD ($) | Feb. 12, 2009 USD ($) | |
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Bank loans | $ 0 | $ 50,000,000 | $ 65,793,000 | $ 55,000,000 | ||||||||||||
Equity | 3,162,941,000 | 2,538,531,000 | 2,799,857,000 | $ 2,968,200,000 | ||||||||||||
Amount of prepaid | 50,000,000 | 65,793,000 | $ 7,197,000 | |||||||||||||
Empresa de Generacin Huanza S.A | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Borrowings | 86,625,000 | 112,784,000 | ||||||||||||||
Compaa de Minas Buenaventura S.A.A. [Member] | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | 0 | 275,000,000 | $ 550,000,000 | $ 275,000,000 | ||||||||||||
Borrowings | 0 | 281,284,000 | ||||||||||||||
Banco De Credito Del Peru - New Financial Obligation [Member] | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 161,893,850 | |||||||||||||||
Banco De Credito Del Peru - New Financial Obligation [Member] | Minimum | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Debt service coverage ratio | 1.3 | |||||||||||||||
Banco De Credito Del Peru - New Financial Obligation [Member] | Maximum | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Leverage ratio | 1 | |||||||||||||||
Indebtedness ratio | 2.25 | |||||||||||||||
Banco De Credito Del Peru - New Financial Obligation Maturing on October 2024 [Member] | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 113,325,695 | |||||||||||||||
Borrowings, interest rate | 3.76% | |||||||||||||||
Borrowings, maturity | October 2024 | |||||||||||||||
Term of debt | 5 years | |||||||||||||||
Banco De Credito Del Peru - New Financial Obligation Maturing on October 2026 [Member] | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 48,568,155 | |||||||||||||||
Borrowings, interest rate basis | Three-month LIBOR plus 2.39 | |||||||||||||||
Borrowings, adjustment to interest rate basis | 2.39% | |||||||||||||||
Borrowings, maturity | October 2026 | |||||||||||||||
Spread on variable interest rate | 2.39% | |||||||||||||||
Term of debt | 7 years | |||||||||||||||
Banco de Credito del Peru and Empresa de Generacion Huanza, Tranche I | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 35,000,000 | |||||||||||||||
Borrowings, interest rate | 5.05% | |||||||||||||||
Final installment amount | $ 22,531,250 | |||||||||||||||
Term of debt | 60 months | |||||||||||||||
Amortization of outstanding principal | $ 9,191,364 | |||||||||||||||
Banco de Credito del Peru and Empresa de Generacion Huanza, Tranche II | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 55,000,000 | |||||||||||||||
Borrowings, interest rate | 5.05% | |||||||||||||||
Final installment amount | $ 35,406,250 | |||||||||||||||
Term of debt | 60 months | |||||||||||||||
Amortization of outstanding principal | $ 13,904,800 | |||||||||||||||
Number of fixed quarterly installments | installment | 20 | |||||||||||||||
Banco de Credito del Peru [member] | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Notional amount | $ 103,373,000 | $ 103,373,000 | $ 0 | $ 61,667,000 | $ 119,000,000 | |||||||||||
Borrowings, interest rate basis | LIBOR 30 days plus 2.10 | LIBOR 30 days plus 2.10 | ||||||||||||||
Final installment amount | $ 44,191,000 | $ 68,905,000 | $ 68,905,000 | $ 44,191,000 | ||||||||||||
Term of debt | 18 months | |||||||||||||||
Banco de Credito del Peru [member] | Minimum | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Debt service coverage ratio | 1.1 | |||||||||||||||
Equity | $ 30,000,000 | |||||||||||||||
Syndicated Term Loan | January 3, 2022 | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Amount of prepaid | $ 100,000,000 | |||||||||||||||
Syndicated Term Loan | March 2, 2022 | ||||||||||||||||
Disclosure of Financial obligations [Line Items] | ||||||||||||||||
Borrowings | $ 175,000,000 |
Equity - Capital stock (Details
Equity - Capital stock (Details) S/ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 PEN (S/) shares | Dec. 31, 2021 USD ($) |
Disclosure of Shareholders' equity, net [Line Items] | |||
Capital stock | $ | $ (750,497) | $ (750,497) | |
Common shares [member] | |||
Disclosure of Shareholders' equity, net [Line Items] | |||
Number of shares | (274,889,924) | (274,889,924) | |
Capital stock | $ (813,162) | S/ (2,748,899) | |
Treasury shares [member] | |||
Disclosure of Shareholders' equity, net [Line Items] | |||
Number of shares | (21,174,734) | (21,174,734) | |
Capital stock | $ (62,665) | S/ (211,747) | |
Total Shares [Member] | |||
Disclosure of Shareholders' equity, net [Line Items] | |||
Number of shares | (253,715,190) | (253,715,190) | |
Capital stock | $ (750,497) | S/ (2,537,152) |
Equity - Investment shares (Det
Equity - Investment shares (Details) S/ in Thousands, $ in Thousands | Dec. 31, 2022 PEN (S/) shares | Dec. 31, 2022 USD ($) shares |
Total investment shares [Member] | ||
Disclosure of Shareholders' equity, net [Line Items] | ||
Number of shares outstanding | 271,677 | 271,677 |
Investment shares | S/ 2,717 | $ 791 |
Other reserves of equity [member] | Investment shares [Member] | ||
Disclosure of Shareholders' equity, net [Line Items] | ||
Number of shares outstanding | 744,640 | 744,640 |
Investment shares | S/ 7,447 | $ 2,161 |
Other reserves of equity [member] | Treasury investment shares [Member] | ||
Disclosure of Shareholders' equity, net [Line Items] | ||
Number of shares outstanding | 472,963 | 472,963 |
Investment shares | S/ (4,730) | $ (1,370) |
Equity - Dividends declared and
Equity - Dividends declared and paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Shareholders' equity, net [Line Items] | ||||
Dividends declared and paid | $ (21,189) | $ (6,160) | $ (5,140) | |
Dividend 2019 [Member] | Annual General Meeting [Member] | ||||
Disclosure of Shareholders' equity, net [Line Items] | ||||
Dividends declared and paid | $ (18,542) | |||
Common shares [member] | Dividend 2019 [Member] | Annual General Meeting [Member] | ||||
Disclosure of Shareholders' equity, net [Line Items] | ||||
Dividends declared and paid | $ (20,067) | |||
Dividends paid, ordinary shares per share | $ 0.073 | |||
Treasury shares [member] | Dividend 2019 [Member] | Annual General Meeting [Member] | ||||
Disclosure of Shareholders' equity, net [Line Items] | ||||
Dividends declared and paid | $ (1,525) |
Equity - Profit (loss) per shar
Equity - Profit (loss) per share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity. | |||
Profit (loss) for the year (numerator) | $ 602,550,000 | $ (264,075,000) | $ (135,718,000) |
Total common and investment shares (denominator) | 253,986,867 | 253,986,867 | 253,986,867 |
Profit (loss) per basic share | $ 2.37 | $ (1.04) | $ (0.53) |
Profit (loss) per diluted share | $ 2.37 | $ (1.04) | $ (0.53) |
Equity - Profit (loss) per sh_2
Equity - Profit (loss) per share - Continuing Operations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity. | |||
Profit (loss) for the year (numerators) | $ 124,003,000 | $ 123,529,000 | $ (68,916,000) |
Total common and investment shares (denominator) | 253,986,867 | 253,986,867 | 253,986,867 |
Profit (loss) per basic share | $ 0.49 | $ 0.49 | $ (0.27) |
Profit (loss) per diluted shares | $ 0.49 | $ 0.49 | $ (0.27) |
Equity - Profit (loss) per sh_3
Equity - Profit (loss) per share - Discontinuing operations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Shareholders' equity, net [Line Items] | |||
Profit (loss) from discontinued operations | $ 478,547,000 | $ (387,604,000) | $ (66,810,000) |
Total common and investment shares (denominator) | 253,986,867 | 253,986,867 | 253,986,867 |
Profit (loss) per basic share | $ 1.88 | $ (1.53) | $ (0.26) |
Profit (loss) per diluted share | $ 1.88 | $ (1.53) | $ (0.26) |
Percentage of tax on dividends | 5% | ||
Discontinued operations | |||
Disclosure of Shareholders' equity, net [Line Items] | |||
Profit (loss) from discontinued operations | $ 478,547,000 | $ (387,604,000) | $ (66,802,000) |
Total common and investment shares (denominator) | 253,986,867 | 253,986,867 | 253,986,867 |
Profit (loss) per basic share | $ 1.88 | $ (1.53) | $ (0.26) |
Profit (loss) per diluted share | $ 1.88 | $ (1.53) | $ (0.26) |
Equity - Additional information
Equity - Additional information (Details) | 12 Months Ended | |||||||||||||||
Mar. 31, 2023 USD ($) $ / shares | Nov. 16, 2022 USD ($) $ / shares | Mar. 24, 2022 USD ($) $ / shares | Dec. 29, 2021 | Dec. 02, 2021 USD ($) $ / shares | Apr. 29, 2021 | Mar. 23, 2021 USD ($) $ / shares | Jan. 15, 2017 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares S/ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares S/ / shares shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 S/ / shares | |
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Trading frequency | 25% | 15% | ||||||||||||||
Increase in legal reserves | $ 0 | $ 76,000 | $ 26,000 | |||||||||||||
Dividends declared to non controlling interest | $ 2,647,000 | $ 6,160,000 | $ 5,140,000 | |||||||||||||
Total number of common and investment shares outstanding | shares | 253,986,867 | 253,986,867 | 253,986,867 | |||||||||||||
Number of shares authorised | shares | 350,056,012 | 350,056,012 | 350,056,012 | 350,056,012 | ||||||||||||
Number of shares issued | shares | 350,056,012 | 350,056,012 | 350,056,012 | 350,056,012 | ||||||||||||
Withholding tax rate, Percent | 4.10% | |||||||||||||||
Additional paid-in capital | $ 218,450,000 | $ 218,450,000 | $ 218,450,000 | $ 218,450,000 | ||||||||||||
Minimum | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Other capital reserve, Percentage | 10% | |||||||||||||||
Maximum | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Other capital reserve, Percentage | 20% | |||||||||||||||
Distribution of dividends | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Dividends pershare | $ / shares | $ 0.073 | |||||||||||||||
Dividend Distribution | $ 20,121,323 | |||||||||||||||
Distribution of dividend treasury shares | $ 18,542,000 | |||||||||||||||
Common shares [member] | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Market price per share | S/ / shares | $ 27.9 | $ 28.05 | ||||||||||||||
Par value per share | S/ / shares | S/ 10.00 | |||||||||||||||
Number of shares outstanding | shares | 274,889,924 | 274,889,924 | ||||||||||||||
Investment shares [Member] | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Market price per share | S/ / shares | $ 16 | $ 16 | ||||||||||||||
Par value per share | S/ / shares | S/ 10.00 | |||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Par value per share | $ / shares | $ 2.83 | $ 2.83 | ||||||||||||||
Quoted price per equity share | $ / shares | $ 29.80 | $ 29.80 | $ 37.23 | $ 37.23 | ||||||||||||
Number of shares outstanding | shares | 350,056,012 | 350,056,012 | 350,056,012 | 350,056,012 | ||||||||||||
Withholding tax rate, Percent | 4.10% | |||||||||||||||
Dividend Declared | $ 250,000,000 | $ 150,000,000 | $ 500,000,000 | $ 200,000,000 | ||||||||||||
Dividend Declared Per Share | $ / shares | $ 0.714171 | $ 0.428503 | $ 1.428343 | $ 0.571337 | ||||||||||||
Withholding Taxes Percentage | 4.10% | 4.10% | ||||||||||||||
Other equity contributions | $ 10,800,000 | $ 10,800,000 | $ 11,700,000 | $ 11,700,000 | ||||||||||||
Vesting period | 25% | |||||||||||||||
Granted vesting period | 33% | |||||||||||||||
Stock option expire period | 10 years | |||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | Minimum | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Other capital reserve, Percentage | 10% | |||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | Maximum | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Other capital reserve, Percentage | 20% | |||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | Changes in tax rates or tax laws enacted or announced [member] | ||||||||||||||||
Disclosure of Shareholders' equity, net [Line Items] | ||||||||||||||||
Withholding tax rate, Percent | 5% |
Equity - Capital stock structur
Equity - Capital stock structure (Details) - Sociedad Minera Cerro Verde S.A.A. | 12 Months Ended |
Dec. 31, 2022 shareholder | |
Disclosure of Shareholders' equity, net [Line Items] | |
Number of shareholders | 2,223 |
Percentage of equity interest | 100% |
Up to 1.00 [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Number of shareholders | 2,220 |
Percentage of equity interest | 5.86% |
From 1.01 to 20.00 [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Number of shareholders | 1 |
Percentage of equity interest | 19.58% |
From 20.01 to 30.00 [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Number of shareholders | 1 |
Percentage of equity interest | 21% |
From 30.01 to 60.00 [Member] | |
Disclosure of Shareholders' equity, net [Line Items] | |
Number of shareholders | 1 |
Percentage of equity interest | 53.56% |
Subsidiaries with material no_3
Subsidiaries with material non-controlling interest (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | $ 154,091 | $ 170,205 | $ 172,397 | $ 170,205 |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | 385 | 1,271 | (14,621) | |
Sociedad Minera El Brocal S.A.A | ||||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | 154,175 | 148,792 | 148,792 | |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | 239 | 4,322 | (12,895) | |
Minera La Zanja S.R.L | ||||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | 20,064 | 20,064 | ||
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | (516) | (7,385) | (6,905) | |
S.M.R.L. Chaupiloma Dos de Cajamarca | ||||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | 1,284 | 1,284 | ||
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | (811) | 4,396 | 5,201 | |
Apu Coropuna S.R.L. | ||||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | (84) | 65 | $ 65 | |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | $ (149) | (62) | (22) | |
Country of domicile | Sociedad Minera El Brocal S.A.A | ||||
Equity interest held by non-controlling interests: | ||||
Proportion of ownership interests held by non-controlling interests | 38.57% | 38.57% | ||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | $ 154,175 | 148,792 | 144,501 | $ 148,792 |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | $ 239 | 4,322 | (12,895) | |
Country of domicile | Minera La Zanja S.R.L | ||||
Equity interest held by non-controlling interests: | ||||
Proportion of ownership interests held by non-controlling interests | 0% | 46.94% | ||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | $ 0 | 20,064 | 26,121 | $ 20,064 |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | $ (516) | (7,385) | (6,905) | |
Country of domicile | S.M.R.L. Chaupiloma Dos de Cajamarca | ||||
Equity interest held by non-controlling interests: | ||||
Proportion of ownership interests held by non-controlling interests | 0% | 40% | ||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | $ 0 | 1,284 | 1,648 | $ 1,284 |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | $ 811 | 4,396 | 5,201 | |
Country of domicile | Apu Coropuna S.R.L. | ||||
Equity interest held by non-controlling interests: | ||||
Proportion of ownership interests held by non-controlling interests | 30% | 30% | ||
Accumulated balances of material non-controlling interest: | ||||
Non-controlling interests | $ (84) | 65 | 127 | $ 65 |
Profit (loss) allocated to material non-controlling interest: | ||||
Profit (loss), attributable to non-controlling interests | $ (149) | $ (62) | $ (22) |
Subsidiaries with material no_4
Subsidiaries with material non-controlling interest - Statements of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | ||||
Current assets | $ 620,380 | $ 739,545 | ||
Non-current assets | 3,882,847 | 3,822,266 | ||
Current liabilities | (379,597) | (844,937) | ||
Non-current liabilities | (960,689) | (1,178,343) | ||
Total shareholders' equity, net | 3,162,941 | 2,538,531 | $ 2,799,857 | $ 2,968,200 |
Shareholders of the parent | 3,008,850 | 2,368,326 | ||
Non-controlling interests | 154,091 | 170,205 | $ 172,397 | |
Sociedad Minera El Brocal S.A.A | ||||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | ||||
Current assets | 197,691 | 190,658 | ||
Non-current assets | 470,539 | 504,173 | ||
Current liabilities | (167,718) | (158,745) | ||
Non-current liabilities | (123,280) | (168,774) | ||
Total shareholders' equity, net | 377,232 | 367,312 | ||
Shareholders of the parent | 223,057 | 218,520 | ||
Non-controlling interests | 154,175 | 148,792 | ||
Minera La Zanja S.R.L | ||||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | ||||
Current assets | 84,953 | |||
Non-current assets | 41,490 | |||
Current liabilities | (25,381) | |||
Non-current liabilities | (61,150) | |||
Total shareholders' equity, net | 39,912 | |||
Shareholders of the parent | 19,848 | |||
Non-controlling interests | 20,064 | |||
S.M.R.L. Chaupiloma Dos de Cajamarca | ||||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | ||||
Current assets | 4,604 | |||
Non-current assets | 323 | |||
Current liabilities | (1,718) | |||
Non-current liabilities | 0 | |||
Total shareholders' equity, net | 3,209 | |||
Shareholders of the parent | 1,925 | |||
Non-controlling interests | 1,284 | |||
Apu Coropuna S.R.L. | ||||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | ||||
Current assets | 471 | 556 | ||
Non-current assets | 0 | 400 | ||
Current liabilities | (11) | 0 | ||
Non-current liabilities | (740) | (740) | ||
Total shareholders' equity, net | (280) | 216 | ||
Shareholders of the parent | (196) | 151 | ||
Non-controlling interests | $ (84) | $ 65 |
Subsidiaries with material no_5
Subsidiaries with material non-controlling interest - Statements of profit or loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Sales of goods | $ 824,802 | $ 900,450 | $ 676,542 |
Profit (loss) | 602,935 | (262,804) | (150,339) |
Attributable to non-controlling interests | 385 | 1,271 | (14,621) |
Sociedad Minera El Brocal S.A.A | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Sales of goods | 400,994 | 410,390 | 255,275 |
Profit (loss) | 362 | 10,562 | (31,541) |
Attributable to non-controlling interests | 239 | 4,322 | (12,895) |
Minera La Zanja S.R.L | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Sales of goods | 19,364 | 39,380 | 33,033 |
Profit (loss) | (11,646) | (10,218) | (14,712) |
Attributable to non-controlling interests | (516) | (7,385) | (6,905) |
S.M.R.L. Chaupiloma Dos de Cajamarca | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Sales of goods | 1,381 | 15,928 | 18,638 |
Profit (loss) | 4,376 | 10,989 | 13,004 |
Attributable to non-controlling interests | (811) | 4,396 | 5,201 |
Apu Coropuna S.R.L. | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Sales of goods | 0 | 0 | 0 |
Profit (loss) | (496) | (206) | (44) |
Attributable to non-controlling interests | $ (149) | $ (62) | $ (22) |
Subsidiaries with material no_6
Subsidiaries with material non-controlling interest - Statements of cash flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Operating activities | $ (41,666) | $ 233,495 | $ (122,885) |
Investing activities | 205,753 | (86,287) | (62,224) |
Financing activities | (370,500) | 461,332 | (35,258) |
Increase in cash and cash equivalents in the year | (123,081) | 141,550 | 25,403 |
Sociedad Minera El Brocal S.A.A | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Operating activities | 77,223 | 104,858 | 53,304 |
Investing activities | (62,579) | (37,618) | (24,699) |
Financing activities | (23,778) | (57,176) | (1,954) |
Increase in cash and cash equivalents in the year | (9,134) | 10,064 | 26,651 |
Minera La Zanja S.R.L | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Operating activities | 0 | (50,647) | (5,751) |
Investing activities | 0 | (998) | (825) |
Financing activities | 0 | 0 | 0 |
Increase in cash and cash equivalents in the year | 0 | (51,645) | (6,576) |
S.M.R.L. Chaupiloma Dos de Cajamarca | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Operating activities | 0 | 10,838 | 13,738 |
Investing activities | 0 | 0 | 0 |
Financing activities | 0 | (11,900) | (12,850) |
Increase in cash and cash equivalents in the year | 0 | (1,062) | 888 |
Apu Coropuna S.R.L. | |||
Disclosure Of Subsidiaries with material non-controlling interest [Line Items] | |||
Operating activities | (85) | (1,227) | (74) |
Investing activities | 0 | 0 | 0 |
Financing activities | 0 | 0 | 0 |
Increase in cash and cash equivalents in the year | $ (85) | $ (1,227) | $ (74) |
Tax situation (Details)
Tax situation (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jan. 05, 2021 installment | Jan. 01, 2017 | Jun. 23, 2004 | Jan. 01, 2004 | Mar. 31, 2021 | Mar. 31, 2020 | Jul. 17, 2012 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2022 PEN (S/) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Dec. 31, 2020 PEN (S/) | |
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Refunds provision | $ 16,600,000 | $ 9,700,000 | |||||||||||||||||
Applicable tax rate | 29.50% | 32% | 32% | 32% | |||||||||||||||
Income Tax Rate Applicable To Dividends | 5% | ||||||||||||||||||
Applicable Tax Rate With Respect To Results Obtained | 6.80% | 6.80% | 4.10% | ||||||||||||||||
Unused tax losses for which deferred tax asset recognised | $ 859,781,000 | $ 781,480,000 | S/ 3,281,909,000 | S/ 3,124,358,000 | |||||||||||||||
Mining royalties. | 17,733,000 | 12,974,000 | $ 11,749,000 | ||||||||||||||||
Term of agreement of guarantees and measures to promote investments | 15 years | ||||||||||||||||||
Current tax expense (income) | 15,633,000 | 20,375,000 | 9,924,000 | ||||||||||||||||
Current tax expense income relating to special mining tax | 44,100,000 | 70,300,000 | 17,300,000 | ||||||||||||||||
Current tax expense income relating to mining royalties | 44,200,000 | 74,600,000 | 14,900,000 | ||||||||||||||||
Current tax expense income relating to statutory retirement fund | 6,400,000 | 8,800,000 | 2,600,000 | ||||||||||||||||
Deferred tax expense (income) | (15,592,000) | (44,046,000) | 15,506,000 | ||||||||||||||||
Tax expense (income), continuing operations | $ 41,000 | $ (23,671,000) | $ 25,430,000 | ||||||||||||||||
Construction work in progress (as a percent) | 80% | ||||||||||||||||||
Presumed percentage of construction in progress for tax payers | 80% | ||||||||||||||||||
Data processing equipment | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Annual percentage of taxable income for depreciation | 50% | ||||||||||||||||||
Machinery and equipment | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Annual percentage of taxable income for depreciation | 20% | ||||||||||||||||||
Land transport vehicle | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Annual percentage of taxable income for depreciation | 33.30% | ||||||||||||||||||
Hybrid or electric land transport vehicle | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Annual percentage of taxable income for depreciation | 50% | ||||||||||||||||||
SUNAT. | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Number Of Equal Monthly Payments | installment | 66 | ||||||||||||||||||
Declared tax deductions not recognized | $ 4,350,000 | S/ 16,618,000 | |||||||||||||||||
Changes in tax rates or tax laws enacted or announced [member] | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Applicable Tax Rate With Respect To Results Obtained | 5% | ||||||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Applicable tax rate | 32% | 32% | 32% | ||||||||||||||||
Current Income Tax Payable | $ 445,100,000 | $ 704,500,000 | |||||||||||||||||
Deferred tax expense (income) recognised in profit or loss | 63,400,000 | 31,200,000 | $ 26,300,000 | ||||||||||||||||
Amount Paid For Disputed Tax Assessments | 741,300,000 | 741,300,000 | |||||||||||||||||
Reserve applied against payments for disputed tax assessments | 408,000,000 | ||||||||||||||||||
Net receivable from disputed tax assessments included in Other non-financial assets, non-current | 333,300,000 | 246,200,000 | |||||||||||||||||
Other non-current receivables | 333,338,000 | 246,151,000 | |||||||||||||||||
Current tax expense (income) | 445,078,000 | 704,455,000 | 236,926,000 | ||||||||||||||||
Deferred tax expense (income) | 62,718,000 | 30,864,000 | 25,962,000 | ||||||||||||||||
Tax expense (income), continuing operations | 508,547,000 | 735,703,000 | 236,926,000 | ||||||||||||||||
Current income tax expense | 210,600,000 | ||||||||||||||||||
Declared tax deductions not recognized | $ 16,635,000 | $ 9,700,000 | |||||||||||||||||
Sociedad Minera Cerro Verde S.A.A. | December 2006 to December 2013 | SUNAT. | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Tax payment based on estimated due | $ 791,900,000 | S/ 2,900,000 | |||||||||||||||||
Peruvian government [member] | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Applicable tax rate | 32% | ||||||||||||||||||
Minimum | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Royalty rate on revenue | 1% | 1% | |||||||||||||||||
Minimum | SUNAT. | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Interest rate in national currency | 0.90% | 1% | |||||||||||||||||
Interest rate in foreign currency | 0.50% | ||||||||||||||||||
Return of interest rate on national currency | 0.42% | ||||||||||||||||||
Return of interest rate on foreign currency | 0.25% | ||||||||||||||||||
Interest rate on withholding tax | 1% | ||||||||||||||||||
Maximum | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Royalty rate on revenue | 3% | 12% | |||||||||||||||||
Mining tax rate on operating profit | 1% | ||||||||||||||||||
Maximum | SUNAT. | |||||||||||||||||||
Disclosure Of Income Tax Explanatory | |||||||||||||||||||
Interest rate in national currency | 1% | 1.20% | |||||||||||||||||
Interest rate in foreign currency | 0.60% | ||||||||||||||||||
Return of interest rate on national currency | 0.50% | ||||||||||||||||||
Return of interest rate on foreign currency | 0.30% | ||||||||||||||||||
Interest rate on withholding tax | 1.20% |
Tax situation - Summary of asse
Tax situation - Summary of assessments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | $ 320,924 | |
Tax Assessments, penalties and interest expenses | 476,386 | |
Amount of tax debt | 797,310 | |
Year 2003 - 2005 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 8,684 | |
Tax Assessments, penalties and interest expenses | 39,366 | |
Amount of tax debt | 48,050 | |
Year 2006 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 10,840 | |
Tax Assessments, penalties and interest expenses | 51,955 | |
Amount of tax debt | 62,795 | |
Year 2007 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 11,579 | |
Tax Assessments, penalties and interest expenses | 22,102 | |
Amount of tax debt | 33,681 | |
Year 2008 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 16,906 | |
Tax Assessments, penalties and interest expenses | 16,923 | |
Amount of tax debt | 33,829 | |
Year 2009 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 56,000 | |
Tax Assessments, penalties and interest expenses | 51,604 | |
Amount of tax debt | 107,604 | |
Year 2010 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 53,566 | |
Tax Assessments, penalties and interest expenses | 125,047 | |
Amount of tax debt | 178,613 | |
Year 2011 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 40,802 | |
Tax Assessments, penalties and interest expenses | 66,506 | |
Amount of tax debt | 107,308 | |
Year 2012 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 869 | |
Tax Assessments, penalties and interest expenses | 6,917 | |
Amount of tax debt | 7,786 | |
Year 2013 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 48,402 | |
Tax Assessments, penalties and interest expenses | 65,849 | |
Amount of tax debt | 114,251 | |
Year 2014 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 5,434 | |
Tax Assessments, penalties and interest expenses | 724 | |
Amount of tax debt | 6,158 | |
Year 2015 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 2,986 | |
Tax Assessments, penalties and interest expenses | 23,205 | |
Amount of tax debt | 26,191 | |
Year 2016 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 60,041 | |
Tax Assessments, penalties and interest expenses | 3,268 | |
Amount of tax debt | 63,309 | |
Year 2017 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 4,815 | |
Tax Assessments, penalties and interest expenses | 2,920 | |
Amount of tax debt | $ 7,735 | |
Sociedad Minera Cerro Verde S.A.A. | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | $ 320,924 | |
Tax Assessments, penalties and interest expenses | 476,386 | |
Amount of tax debt | 797,310 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2003 - 2005 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 8,684 | |
Tax Assessments, penalties and interest expenses | 39,366 | |
Amount of tax debt | 48,050 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2006 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 10,840 | |
Tax Assessments, penalties and interest expenses | 51,955 | |
Amount of tax debt | 62,795 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2007 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 11,579 | |
Tax Assessments, penalties and interest expenses | 22,102 | |
Amount of tax debt | 33,681 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2008 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 16,906 | |
Tax Assessments, penalties and interest expenses | 16,923 | |
Amount of tax debt | 33,829 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2009 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 56,000 | |
Tax Assessments, penalties and interest expenses | 51,604 | |
Amount of tax debt | 107,604 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2010 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 53,566 | |
Tax Assessments, penalties and interest expenses | 125,047 | |
Amount of tax debt | 178,613 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2011 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 40,802 | |
Tax Assessments, penalties and interest expenses | 66,506 | |
Amount of tax debt | 107,308 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2012 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 869 | |
Tax Assessments, penalties and interest expenses | 6,917 | |
Amount of tax debt | 7,786 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2013 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 48,402 | |
Tax Assessments, penalties and interest expenses | 65,849 | |
Amount of tax debt | 114,251 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2014 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 5,434 | |
Tax Assessments, penalties and interest expenses | 724 | |
Amount of tax debt | 6,158 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2015 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 2,986 | |
Tax Assessments, penalties and interest expenses | 23,205 | |
Amount of tax debt | 26,191 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2016 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 60,041 | |
Tax Assessments, penalties and interest expenses | 3,268 | |
Amount of tax debt | 63,309 | |
Sociedad Minera Cerro Verde S.A.A. | Year 2017 [Member] | ||
Disclosure Of Income Tax Explanatory | ||
Tax assessments, Estimated possible losses | 4,815 | |
Tax Assessments, penalties and interest expenses | 2,920 | |
Amount of tax debt | $ 7,735 |
Tax situation - Effect of tempo
Tax situation - Effect of temporary differences (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets [Abstract] | |||
Deferred tax assets | $ 106,170 | $ 164,351 | |
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 32,421 | 46,742 | |
Sociedad Minera Cerro Verde S.A.A. | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 217,173 | 195,293 | $ 254,083 |
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 702,248 | 617,650 | 645,576 |
Deferred tax liabilities before supplementary retirement fund | 485,075 | 422,357 | 391,493 |
Supplementary Retirement Fund [Abstract] | |||
Supplementary retirement fund, deferred liability | 5,716 | 4,965 | 4,581 |
Total Deferred Income Tax Liabilities, Net | 490,791 | 427,322 | 396,074 |
Sociedad Minera Cerro Verde S.A.A. | Royalty Accrual [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 178 | 219 | 83,570 |
Sociedad Minera Cerro Verde S.A.A. | Provision For Remediation And Mine Closure [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 25,348 | 22,620 | 19,937 |
Sociedad Minera Cerro Verde S.A.A. | Unpaid Vacations [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 10,031 | 10,078 | 7,015 |
Sociedad Minera Cerro Verde S.A.A. | Provision For Mining Taxes Deferred Tax Assets [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 5,200 | 11,604 | 6,124 |
Sociedad Minera Cerro Verde S.A.A. | Cost of net asset for the construction of the tailing dam [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 163,975 | 139,635 | 125,621 |
Sociedad Minera Cerro Verde S.A.A. | Development Costs [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 37 | 47 | 59 |
Sociedad Minera Cerro Verde S.A.A. | Leases | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 1,867 | 709 | 931 |
Sociedad Minera Cerro Verde S.A.A. | Other Provisions [Member] | |||
Deferred tax assets [Abstract] | |||
Deferred tax assets | 10,537 | 10,381 | 10,826 |
Sociedad Minera Cerro Verde S.A.A. | Difference In Depreciation Method Deferred Tax Liabilities [Member] | |||
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 557,626 | 529,124 | 545,636 |
Sociedad Minera Cerro Verde S.A.A. | Stripping Activity Asset [Member] | |||
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 80,569 | 59,673 | 43,187 |
Sociedad Minera Cerro Verde S.A.A. | Difference In Valuation Of Inventories Deferred Tax Liabilities [Member] | |||
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 28,386 | 24,960 | 18,479 |
Sociedad Minera Cerro Verde S.A.A. | Debt Issuance Costs [Member] | |||
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | 763 | 28 | 412 |
Sociedad Minera Cerro Verde S.A.A. | Embedded derivatives for price adjustment of copper concentrate and cathode | |||
Deferred tax liability [Abstract] | |||
Deferred Tax Liabilities, Net | $ 34,904 | $ 3,865 | $ 37,862 |
Tax situation - Effective incom
Tax situation - Effective income tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Income Tax Explanatory | ||||
Profit before income tax | $ 124,429 | $ 101,129 | $ (58,099) | |
Income tax rate | 29.50% | 32% | 32% | 32% |
Expected income tax expense | $ (82,803) | $ 72,237 | $ (23,716) | |
Non - deductible expenses | (13,144) | 2,048 | (14,310) | |
Aggregate current and deferred tax relating to items credited (charged) directly to equity | (13,372) | |||
Tax expense (income), continuing operations | 41 | (23,671) | 25,430 | |
Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Income Tax Explanatory | ||||
Profit before income tax | $ 1,433,900 | $ 1,927,177 | $ 511,470 | |
Income tax rate | 32% | 32% | 32% | |
Expected income tax expense | $ 458,848 | $ 616,697 | $ 163,670 | |
Special mining tax and mining royalties | (31,188) | (46,366) | (10,305) | |
Provision (gain) for uncertainty about treatments of income taxes | (19,667) | (14,379) | 1,313 | |
Non - deductible expenses | 13,608 | 14,609 | 16,925 | |
Income tax true - ups | (11,831) | 6,345 | 5,292 | |
Moratorium interest | (741) | 1,019 | 24,652 | |
Income tax rate change effect on deferred taxes for change in Peruvian tax law once the current Stability Contract expires (from 32% to 30.85%) | 1,117 | 840 | (2,750) | |
Others | 3,055 | 2,830 | 3,035 | |
Aggregate current and deferred tax relating to items credited (charged) directly to equity | 413,201 | 581,595 | 201,832 | |
Mining taxes charged to results | 88,224 | 144,895 | 32,203 | |
Supplementary retirement fund charged to results | 7,122 | 9,213 | 2,891 | |
Tax expense (income), continuing operations | $ 508,547 | $ 735,703 | $ 236,926 | |
Effective income tax | 35.47% | 38.18% | 46.32% |
Tax situation - Income tax expe
Tax situation - Income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Deferred | $ (15,592) | $ (44,046) | $ 15,506 |
Supplementary retirement fund | |||
Income tax expense reported in the statements of comprehensive income | 41 | (23,671) | 25,430 |
Sociedad Minera Cerro Verde S.A.A. | |||
Income tax | |||
Current | 350,483 | 550,731 | 175,870 |
Deferred | 62,718 | 30,864 | 25,962 |
income tax expense (benefit) | 413,201 | 581,595 | 201,832 |
Mining taxes | |||
Current mining royalty and special mining tax | 88,224 | 144,895 | 32,203 |
Supplementary retirement fund | |||
Current | 6,371 | 8,828 | 2,568 |
Deferred | 751 | 385 | 323 |
Total Supplementary retirement fund | 7,122 | 9,213 | 2,891 |
Income tax expense reported in the statements of comprehensive income | $ 508,547 | $ 735,703 | $ 236,926 |
Sales (Details)
Sales (Details) - USD ($) | 12 Months Ended | |||
Sep. 05, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Sales of goods [Line Items] | ||||
Revenue from sale of goods | $ 801,199,000 | $ 863,470,000 | $ 637,619,000 | |
Revenue from rendering of services | 22,222,000 | 21,052,000 | 20,285,000 | |
Copper | 367,278,000 | 340,522,000 | 181,311,000 | |
Silver | 299,747,000 | 262,676,000 | 229,590,000 | |
Gold | 157,923,000 | 316,930,000 | 230,498,000 | |
Zinc | 107,486,000 | 143,580,000 | 120,546,000 | |
Lead | 32,951,000 | 51,907,000 | 48,426,000 | |
Manganese sulfate | 361,000 | 4,976,000 | 4,051,000 | |
Antimony | 28,000 | 0 | 0 | |
Revenue from sale of goods before commercial deductions | 965,774,000 | 1,120,591,000 | 814,422,000 | |
Commercial deductions | (183,077,000) | (196,201,000) | (179,748,000) | |
Royalty income | 1,381,000 | 15,928,000 | 18,638,000 | |
Revenue from contracts with customers | $ 21 | 806,300,000 | 961,370,000 | 673,597,000 |
Revenue | 824,802,000 | 900,450,000 | 676,542,000 | |
Contracts with customers for sale of goods | 782,697,000 | 924,390,000 | 634,674,000 | |
Hedge Operations | 12,774,000 | (51,952,000) | (6,464,000) | |
Fair Value of accounts receivables. | (920,000) | (5,137,000) | 4,255,000 | |
Adjustments to prior period liquidations | 6,648,000 | (3,831,000) | 5,154,000 | |
Peru [Member] | ||||
Disclosure of Sales of goods [Line Items] | ||||
Revenue from rendering of services | 22,095,000 | 20,936,000 | 20,173,000 | |
Royalty income | 1,381,000 | 15,928,000 | 18,638,000 | |
Contracts with customers for sale of goods | 533,765,000 | 702,962,000 | 389,854,000 | |
Central America | ||||
Disclosure of Sales of goods [Line Items] | ||||
Revenue from rendering of services | 127,000 | 96,000 | 92,000 | |
Contracts with customers for sale of goods | 178,724,000 | 145,988,000 | 163,500,000 | |
Asia [Member] | ||||
Disclosure of Sales of goods [Line Items] | ||||
Contracts with customers for sale of goods | 33,412,000 | 51,803,000 | 39,110,000 | |
Europe [Member] | ||||
Disclosure of Sales of goods [Line Items] | ||||
Revenue from rendering of services | 0 | 20,000 | 20,000 | |
Contracts with customers for sale of goods | $ 36,796,000 | $ 23,637,000 | $ 42,210,000 |
Sales - Revenue from contracts
Sales - Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales | |||
Revenue from sale of gold | $ 157,923 | $ 316,930 | $ 230,498 |
Less: Royalty contributions (see Note 2(k)) | (17,733) | (12,974) | (11,749) |
Revenue from sale of goods | $ 801,199 | $ 863,470 | $ 637,619 |
Sales - Sales of goods (Details
Sales - Sales of goods (Details) S/ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PEN (S/) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 PEN (S/) | |
Disclosure of Sales of goods [Line Items] | ||||||
Revenue from sale of copper | $ 367,278 | $ 340,522 | $ 181,311 | |||
Less: Royalty contributions (see Note 2(k)) | (17,733) | (12,974) | (11,749) | |||
Revenue from sale of goods | 801,199 | 863,470 | 637,619 | |||
Sociedad Minera Cerro Verde S.A.A. | ||||||
Disclosure of Sales of goods [Line Items] | ||||||
Revenue from sale of copper | 3,975,295 | 4,199,448 | 2,538,593 | |||
Less: Royalty contributions (see Note 2(k)) | (9,308) | (10,334) | (5,889) | |||
Revenue from sale of goods | 3,975,295 | 4,199,448 | 2,538,593 | |||
Sociedad Minera Cerro Verde S.A.A. | Copper concentrate [Member] | ||||||
Disclosure of Sales of goods [Line Items] | ||||||
Revenue from sale of copper | 3,120,448 | S/ 866,703 | 3,421,871 | S/ 794,205 | 2,088,167 | S/ 743,274 |
Sociedad Minera Cerro Verde S.A.A. | Copper cathode [Member] | ||||||
Disclosure of Sales of goods [Line Items] | ||||||
Revenue from sale of copper | 404,115 | S/ 101,368 | 394,256 | S/ 91,802 | 241,808 | S/ 83,870 |
Sociedad Minera Cerro Verde S.A.A. | Other primarily silver and molybdenum concentrate [Member] | ||||||
Disclosure of Sales of goods [Line Items] | ||||||
Revenue from sale of copper | $ 450,732 | $ 383,321 | $ 208,618 |
Sales - geographic region (Deta
Sales - geographic region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Sales of goods [Line Items] | |||
Less: Royalty contributions (see Note 2(k)) | $ (17,733) | $ (12,974) | $ (11,749) |
Revenue from sale of goods | 801,199 | 863,470 | 637,619 |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | 3,975,295 | 4,199,448 | 2,538,593 |
Sociedad Minera Cerro Verde S.A.A. | Asia [Member] | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | 3,229,797 | 3,223,191 | 2,096,084 |
Sociedad Minera Cerro Verde S.A.A. | North America [Member] | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | 386,768 | 429,330 | 120,865 |
Sociedad Minera Cerro Verde S.A.A. | Europe [Member] | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | 192,859 | 314,425 | 207,954 |
Sociedad Minera Cerro Verde S.A.A. | South America primarily Peru [Member] | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | 165,871 | 232,502 | 106,489 |
Sociedad Minera Cerro Verde S.A.A. | Central America | |||
Disclosure of Sales of goods [Line Items] | |||
Revenue from sale of goods before deducting royalty expense | $ 0 | $ 0 | $ 7,201 |
Sales - Other operating revenue
Sales - Other operating revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales | |||
Other operating income (expense) | $ (15,085) | $ (29,260) | $ 2,690 |
Sales - Additional information
Sales - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 10% | 10% | 10% |
Revenue from sale of goods, related party transactions | $ 3,800 | $ 4,000 | $ 2,400 |
Increase decrease in revenue from sale of copper through adjustments arising from change in provisional price | $ 78.2 | $ 88.6 | $ 64.7 |
Percentage of sales to related party | 95% | 95% | 94% |
Customer1 [Member] | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 32% | 37% | 26% |
Customer2 [Member] | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 23% | 19% | 23% |
Customer3 [Member] | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 22% | 17% | 16% |
Customer4 [Member] | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 10% | 15% | 15% |
Trade receivables [member] | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage of entity's revenue | 71% | 68% | |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure Of Net Sales [Line Items] | |||
Percentage Of Sale Expenses On Operating Income | 1% |
Cost of sales of goods and se_3
Cost of sales of goods and services, without considering depreciation and amortization - Cost of sales of goods (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of production | ||||
Provision (reversal) for impairment of finished goods and product in progress | $ 1,071 | $ 5,471 | $ (5,054) | |
Cost of sales of goods, without considering depreciation and amortization | 461,942 | 529,731 | 393,888 | |
cost of sales of products [Member] | ||||
Disclosure of cost of sales [Line Items] | ||||
Beginning balance of finished goods and products in process, net of depreciation and amortization | 30,031 | 31,797 | $ 31,938 | |
Cost of production | ||||
Services provided by third parties | 185,028 | 224,979 | 143,652 | |
Consumption of materials and supplies | 94,929 | 107,908 | 70,942 | |
Direct labor | 67,704 | 75,099 | 62,885 | |
Short-term and low-value leases | 29,329 | 31,309 | 16,289 | |
Electricity and water | 21,510 | 17,657 | 36,504 | |
Maintenance and repair | 21,099 | 25,681 | 22,235 | |
Insurance | 16,118 | 16,091 | 12,036 | |
Transport | 13,528 | 17,449 | 12,234 | |
Other | 6,404 | 17,263 | 11,916 | |
Provision (reversal) for impairment of finished goods and product in progress | (1,071) | (5,471) | 5,054 | |
Total cost of production | 454,578 | 527,965 | 393,747 | |
Final balance of finished goods and products in process | (33,624) | (30,031) | (31,797) | |
Write - off of products in process | 10,957 | 0 | 0 | |
Final balance of finished goods and products in process, net of depreciation and amortization | (22,667) | (30,031) | (31,797) | |
Cost of sales of goods, without considering depreciation and amortization | $ 461,942 | $ 529,731 | $ 393,888 |
Cost of sales of goods and se_4
Cost of sales of goods and services, without considering depreciation and amortization - Costs applicable to sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Costs applicable to sales | |||
Royalties expenses | $ 17,733 | $ 12,974 | $ 11,749 |
Depreciation and amortization | 176,781 | 187,211 | 189,620 |
Cost of sales of goods, excluding depreciation and amortization | $ 763,473 | $ 813,106 | $ 652,613 |
Cost of sales of goods and se_5
Cost of sales of goods and services, without considering depreciation and amortization - Cost of services (Details) - cost of services [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost of sales [Line Items] | |||
Services provided by third parties | $ 1,681 | $ 594 | $ 189 |
Electricity and water | 1,204 | 556 | 668 |
Insurances | 134 | 46 | 81 |
Maintenance and repair | 46 | 31 | 55 |
Consumption of materials and supplies | 31 | 11 | 20 |
Transport | 14 | 9 | 87 |
Short-term and low-value lease | 3 | 0 | 6 |
Salaries | 0 | 0 | 371 |
Other | 50 | 22 | 77 |
Total cost of services | $ 3,163 | $ 1,269 | $ 1,554 |
Cost of sales of goods and se_6
Cost of sales of goods and services, without considering depreciation and amortization - Cost of sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost of sales [Line Items] | |||
Depreciation and amortization | $ 176,781 | $ 187,211 | $ 189,620 |
OEFA and OSINERGMIN contributions | 17,733 | 12,974 | 11,749 |
WIP stockpile write-offs | 29,842 | 30,774 | |
Cost of sales | 763,473 | 813,106 | 652,613 |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure of cost of sales [Line Items] | |||
Materials and supplies | 915,323 | 698,246 | 581,658 |
Depreciation and amortization | 492,042 | 471,759 | 451,001 |
Labor | 343,575 | 425,524 | 288,104 |
Energy | 243,549 | 194,982 | 200,794 |
Third parties services | 246,247 | 220,920 | 164,590 |
Incremental costs related to COVID-19 pandemic | 43,672 | 89,050 | 95,702 |
Change in finished goods inventory | (10,368) | (6,129) | 10,391 |
Change in work in process inventory | (1,358) | (16,609) | (49,575) |
Depreciation for right-of-use assets | 12,708 | 12,459 | 11,320 |
Variable lease payments, low-value and short-term leases | 13,369 | 5,806 | 7,399 |
OEFA and OSINERGMIN contributions | 9,308 | 10,334 | 5,889 |
WIP stockpile write-offs | 7,668 | 0 | 0 |
Management Fees | 2,540 | 2,352 | 2,000 |
Other costs | 49,492 | 46,394 | 39,982 |
Cost of sales | $ 2,367,767 | $ 2,155,088 | $ 1,809,255 |
Cost of sales of goods and se_7
Cost of sales of goods and services, without considering depreciation and amortization - Additional information (Details) - Sociedad Minera Cerro Verde S.A.A. - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost of sales [Line Items] | |||
Increase decrease in labor costs related to profit sharing | $ 118.2 | $ 156.2 | $ 28.9 |
Increase (decrease) in labor costs for recognition of contingent liabilities related to taxes | 3.1 | 2.6 | 8.3 |
Administrative expense directly related to cost of production | 44.5 | 45.3 | 35.6 |
Payment of Union Agreement Bonus | 91.7 | ||
Administrative Expense Related To Cost Of Production | $ 44.5 | $ 45.3 | $ 35.6 |
OSINERGMIN [Member] | |||
Disclosure of cost of sales [Line Items] | |||
Percentage of invoiced sales payable as royalty | 0.14% | 0.14% | 0.14% |
OEFA [Member] | |||
Disclosure of cost of sales [Line Items] | |||
Percentage of invoiced sales payable as royalty | 0.10% | 0.10% | 0.10% |
Cost of sales of goods and se_8
Cost of sales of goods and services, without considering depreciation and amortization - Incremental costs related to COVID-19 pandemic and care and maintenance (Details) - Sociedad Minera Cerro Verde S.A.A. - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost of sales [Line Items] | |||
Labor and other employee expenses (ii) | $ 30,900 | ||
Incremental costs related to COVID-19 pandemic | $ 43,672 | $ 89,050 | 95,702 |
Severance costs associated with employee retirement programs | 13,700 | ||
Minimum | |||
Disclosure of cost of sales [Line Items] | |||
Agreement Term | 3 years | ||
Maximum | |||
Disclosure of cost of sales [Line Items] | |||
Agreement Term | 4 years | ||
Peru [Member] | |||
Disclosure of cost of sales [Line Items] | |||
Incremental costs related to COVID-19 pandemic and care and maintenance, capitalized to inventory | 95,700 | ||
Incremental costs related to COVID-19 pandemic | $ 51,100 |
Unabsorbed cost due to produc_3
Unabsorbed cost due to production stoppage (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | $ 23,058 | $ 25,509 | $ 27,758 |
Services provided by third parties | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 7,608 | 19,214 | 8,373 |
Direct labor | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 6,505 | 3,418 | 11,075 |
Electricity and water | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 2,510 | 22 | 250 |
Mining easement | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 1,285 | 160 | 107 |
Short-term and low-value lease | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 1,180 | 668 | 1,394 |
Consumption of materials and supplies | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 1,155 | 781 | 2,817 |
Insurances | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 867 | 456 | 1,736 |
Maintenance and repair | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 330 | 275 | 498 |
Transport | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 301 | 87 | 291 |
Rights | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | 214 | 0 | 100 |
Other | |||
Unabsorbed Cost Due to Production Stoppage [Line Items] | |||
Unabsorbed cost due to production stoppage | $ 1,103 | $ 428 | $ 1,117 |
Exploration in operating unit_2
Exploration in operating units (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Exploration In Operating Units [Line Items] | |||
Beginning balance of finished goods and products in process, net of depreciation and amortization | $ 2,036 | $ 1,296 | $ 444 |
Total exploration in operating units | 79,748 | 57,152 | 28,896 |
Final balance of products in process and finished goods, net of depreciation and amortization | (1,408) | (2,036) | (1,296) |
Write - off of products in process | 420 | 0 | 0 |
Final balance of finished goods and products in process , net of depreciation and amortization | 988 | 2,036 | 1,296 |
Exploration in operating units | 80,796 | 56,412 | 28,044 |
Disbursement of exploration in operating activities | 80,796 | 56,412 | 28,044 |
Services provided by third parties | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 51,912 | 45,437 | 20,406 |
Purchase of land | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 10,066 | 0 | 2,162 |
Direct labor | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 7,097 | 3,891 | 3,361 |
Short-term and low-value lease | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 5,016 | 2,641 | 766 |
Consumption of materials and supplies | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 4,502 | 3,839 | 1,426 |
Transport | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 470 | 108 | 12 |
Maintenance and repair | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 211 | 165 | 9 |
Electricity and water | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | 72 | 834 | 471 |
Other | |||
Disclosure Of Exploration In Operating Units [Line Items] | |||
Exploration in operating units | $ 402 | $ 237 | $ 283 |
Exploration in operating unit_3
Exploration in operating units - Additional information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Exploration in operating units | |||
Disbursement of exploration in operating activities | $ 80,796 | $ 56,412 | $ 28,044 |
Mining royalties (Details)
Mining royalties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Mining Royalties [Line Items] | |||
Royalty Expense | $ 17,733 | $ 12,974 | $ 11,749 |
Sindicato Minero de Orcopampa S.A., note 31(b) [Member] | |||
Disclosure Of Mining Royalties [Line Items] | |||
Royalty Expense | 11,053 | 6,970 | 6,180 |
Royalties paid to the Peruvian State [Member] | |||
Disclosure Of Mining Royalties [Line Items] | |||
Royalty Expense | $ 6,680 | $ 6,004 | $ 5,569 |
Administrative expenses (Detail
Administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | $ 67,728 | $ 67,585 | $ 67,185 |
Personnel expenses | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 32,697 | 32,209 | 34,500 |
Professional fees | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 10,920 | 12,393 | 10,517 |
Sundry charges [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 9,070 | 8,968 | 7,766 |
Depreciation and amortization [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 2,460 | 3,680 | 3,700 |
Board of Directors' participation [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 3,873 | 1,992 | 2,178 |
Insurance [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 1,302 | 1,748 | 1,272 |
Software licenses [member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 1,420 | 1,723 | 1,731 |
Subscriptions and quotes [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 1,366 | 1,426 | 1,405 |
Communications [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 825 | 854 | 973 |
Donations [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 251 | 607 | 708 |
Maintenance and repairs [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 546 | 546 | 579 |
Consumption of materials and supplies | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 242 | 398 | 393 |
Canons and tributes [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 447 | 369 | 318 |
Short-term and low-value lease | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 1,554 | 294 | 611 |
Transport | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 525 | 278 | 255 |
Travel and mobility [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | 230 | 100 | 153 |
Allowance for doubtful accounts [Member] | |||
Disclosure of administrative expense [Line Items] | |||
Administrative expenses. | $ 0 | $ 0 | $ 126 |
Selling expenses (Details)
Selling expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Selling Expenses [Line Items] | |||
Transportation services | $ 13,778 | $ 14,138 | $ 12,242 |
Canons and tributes | 2,496 | 2,820 | 2,118 |
Shipping services and expenses | 2,272 | 2,252 | 2,519 |
Personnel expenses | 604 | 595 | 520 |
Laboratory analysis and tests | 401 | 379 | 352 |
Other | 671 | 643 | 782 |
Total | 20,222 | 20,827 | 18,533 |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure of Selling Expenses [Line Items] | |||
Other | 2,595 | 2,442 | 1,485 |
Copper concentrate freight | 145,597 | 100,475 | 89,241 |
Commissions | 5,350 | 5,009 | 4,935 |
Cathode freight | 3,831 | 1,960 | 2,019 |
Total | $ 157,373 | $ 109,886 | $ 97,680 |
Other operating expenses - Othe
Other operating expenses - Other operating expenses (Details) - Sociedad Minera Cerro Verde S.A.A. - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Royalty non-income tax (a) | $ 9,238 | $ 0 | $ 10,780 |
Optimization and prefeasibility/feasibility studies (b) | 8,905 | 5,929 | 8,429 |
Exploration expenses | 4,973 | 170 | 217 |
Tax contingencies | 1,078 | 1,903 | 704 |
Other expenses | 18 | 508 | 1,208 |
Excess of salary limit in workers profit sharing (c) | 0 | 0 | 17,146 |
Other operating expense | $ 24,212 | $ 8,510 | $ 38,484 |
Other operating expenses (Detai
Other operating expenses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Other operating expenses | |
Potential liability in the form of fines and interest | $ 254.2 |
Financial expenses and income -
Financial expenses and income - Financial expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Expense [Line Items] | |||
Interest on revolving credit facility | $ 26 | $ 43 | $ 55 |
Sociedad Minera Cerro Verde S.A.A. | |||
Finance Expense [Line Items] | |||
Interest for leases | 3,912 | 4,371 | 4,875 |
Interest on senior unsecured credit facility | 3,196 | 10,127 | 22,351 |
Interest on advance payments of customers | 2,377 | 708 | 751 |
Interest on revolving credit facility | 1,880 | 0 | 0 |
Interest on excess of salary limit in workers profit sharing | 1,527 | 1,638 | 16,591 |
Amortization debt issuance cost | 675 | 955 | 1,673 |
Extinguishment of debt - debt issuance cost | 34 | 289 | 902 |
Other financial expenses | 20 | 75 | 140 |
Capitalized Interest associated to capital projects | (3,084) | (1,997) | (2,544) |
Interest on disputed mining royalties | 0 | 15,334 | 43,838 |
Tax contingencies | 0 | 0 | 54,098 |
Financial expenses | $ 10,537 | $ 31,500 | $ 142,675 |
Financial expenses and income_2
Financial expenses and income - Financial Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial Income [Line Items] | |||
Total finance revenues | $ 14,443 | $ 5,952 | $ 2,411 |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure Of Financial Income [Line Items] | |||
Gain in the fair value of market liquid investment | 11,215 | 803 | 1,816 |
Interest income on tax obligations | 4,921 | 1,107 | 0 |
Other Interest income | 1,099 | 910 | 534 |
Total finance revenues | $ 17,235 | $ 2,820 | $ 2,350 |
Financial expenses and income_3
Financial expenses and income - Additional inforamtion (Details) - Sociedad Minera Cerro Verde S.A.A. - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Expense [Line Items] | ||
Interest related to the installment payment programs for SMT and disputed mining royalties | $ 14.6 | $ 38.2 |
Interest of other taxes related to disputed mining royalty | $ 0.7 | 5.6 |
Interests related to income tax assessment for the year 2013 | 31.4 | |
Interests related to uncertain income tax treatments (IFRIC 23) associated primarily to tailing dam income tax | 13.1 | |
Interests related to SUNAT assessments | $ 8.7 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Earnings per share [Line Items] | |||
Profit for the year | $ 602,935 | $ (262,804) | $ (150,339) |
Weighted average number of share outstanding | 253,986,867 | 253,986,867 | 253,986,867 |
Basic earnings per share | $ 2.37 | $ (1.04) | $ (0.53) |
Diluted earnings per share | $ 2.37 | $ (1.04) | $ (0.53) |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure Of Earnings per share [Line Items] | |||
Profit for the year | $ 925,353,000 | $ 1,191,474,000 | $ 274,544,000 |
Weighted average number of share outstanding | 350,056,012 | 350,056,012 | 350,056,012 |
Basic earnings per share | $ 2.643 | $ 3.404 | $ 0.784 |
Diluted earnings per share | $ 2.643 | $ 3.404 | $ 0.784 |
Exploration in non-operating _3
Exploration in non-operating areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | $ 14,252 | $ 11,270 | $ 8,475 |
Services provided by third parties | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 6,324 | 4,742 | 3,326 |
Personnel expenses | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 2,898 | 2,748 | 1,705 |
Lands | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 1,190 | 967 | 420 |
Short-term and low-value lease | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 917 | 612 | 327 |
Laboratory analysis and tests | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 862 | 508 | 225 |
Professional fees | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 557 | 439 | 1,538 |
Consumption of materials and supplies | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 467 | 251 | 201 |
Transport | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 173 | 191 | 89 |
Other | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | $ 864 | $ 812 | $ 644 |
Exploration in non-operating _4
Exploration in non-operating areas - Schedule of main projects of exploration in non-operating areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | $ 14,252 | $ 11,270 | $ 8,475 |
Emperatriz | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 5,243 | 5,742 | 4,600 |
Marcapunta | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 4,008 | 1,383 | 86 |
San Gabriel [Member] | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 282 | 1,010 | 0 |
General explorations [Member] | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 1,361 | 969 | 976 |
Ccelloccasa [Member] | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 1,748 | 405 | 193 |
Projects - Management | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 1,464 | 1,441 | 957 |
Don Jorge [Member] | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 131 | 135 | 109 |
ADGEMINCO explorations | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | 0 | 119 | 1,311 |
Other Project [Member] | |||
Disclosure Of Exploration In Non-Operating Areas [Line Items] | |||
Expense arising from exploration for and evaluation of non operating units | $ 15 | $ 66 | $ 243 |
Exploration in non-operating _5
Exploration in non-operating areas - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Exploration in non-operating areas | |||
Disbursements Of Exploration In Non-Operating Areas | $ 14.2 | $ 11.3 | $ 8.5 |
Other, net (Details)
Other, net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Other net [Line Items] | |||
Other operating incomes | $ 85,875,000 | $ 70,684,000 | $ 54,136,000 |
Reversal from Impairment of Spare Parts and Supplies | (22,394,000) | (17,266,000) | (15,762,000) |
Provision for impairment of spare parts and supplies, note 8(c) | (7,243,000) | (6,877,000) | (8,920,000) |
Other Operating Expense | (100,960,000) | (99,944,000) | (51,446,000) |
Other operating income expense net | (15,085,000) | (29,260,000) | 2,690,000 |
Profit (loss) | 602,935,000 | (262,804,000) | (150,339,000) |
Proceeds from insurance claim | 0 | 2,358,000 | 4,381,000 |
Environmental liabilities, budget for closure | $ 13,095,000 | ||
Environmental liabilities, term | 7 years | ||
Minimum | |||
Disclosure of Other net [Line Items] | |||
Environmental liabilities, discount rate | 4.772% | ||
Maximum | |||
Disclosure of Other net [Line Items] | |||
Environmental liabilities, discount rate | 5.755% | ||
Cost of sale of supplies and merchandise to third parties | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | $ (45,520,000) | (35,831,000) | (26,463,000) |
Provision for impairment of spare parts and supplies | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (22,533,000) | (22,394,000) | (17,266,000) |
Changes in provisions for exploration projects | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (13,631,000) | (2,030,000) | (642,000) |
Cost of sale of services to third parties | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (6,591,000) | (10,440,000) | (3,311,000) |
Withdrawals and disposals of property, machinery and equipment, | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (3,924,000) | (1,909,000) | (586,000) |
Penalty of account receivable for tax claim | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (2,322,000) | 0 | 0 |
Net loss on transfer of contractual transfer | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (2,000,000) | 0 | 0 |
Fines and interest related to contingencies | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (1,612,000) | 0 | 0 |
Expenses from previous years | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (1,296,000) | (1,520,000) | (1,402,000) |
Administrative expensess. | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (569,000) | (977,000) | (245,000) |
Personnel expenses | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (379,000) | (5,645,000) | 0 |
Allowance for expected credit losses | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (253,000) | (409,000) | (4,000) |
Net cost of property, machinery and equipment to third parties | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (13,000) | (119,000) | (192,000) |
Changes in environmental liabilities provision | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | 0 | (15,533,000) | (124,000) |
Disposal cost of sale of supplies and merchandise to related parties | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | 0 | (72,000) | (1,211,000) |
Others. | |||
Disclosure of Other net [Line Items] | |||
Other Operating Expense | (317,000) | (3,065,000) | 0 |
Sale of supplies and merchandise to third parties | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 44,392,000 | 33,014,000 | 19,581,000 |
Reversal for impairment of spare parts and supplies | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | (22,394,000) | (17,266,000) | (15,762,000) |
Income from transfer of ownership of mining rights | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 8,455,000 | 0 | 0 |
Income from previous years | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 3,218,000 | 2,505,000 | 475,000 |
Sale of services to third parties | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 2,277,000 | 10,473,000 | 5,626,000 |
Additional income from sale of investments | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 1,577,000 | 0 | 0 |
Insurance Recovery | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 881,000 | 357,000 | 3,000 |
Insurance claim Recovery | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 0 | 2,358,000 | 4,381,000 |
Sale of assets to third parties | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 791,000 | 685,000 | 1,356,000 |
Changes in provision for mine closure | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 302,000 | 0 | 0 |
Changes in provision for environmental liabilities | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 228,000 | 0 | 0 |
Income from dividends in other investments | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 205,000 | 3,350,000 | 0 |
Sale of supplies to related parties | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 179,000 | 169,000 | 890,000 |
Revenue from commercial claims | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 0 | 0 | 3,800,000 |
Sale of investment in subsidiary | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | 0 | 0 | 250,000 |
Others | |||
Disclosure of Other net [Line Items] | |||
Other operating incomes | $ 976,000 | $ 507,000 | $ 2,012,000 |
Finance costs and finance inc_3
Finance costs and finance income - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance revenues: | |||
Interest on time deposits | $ 3,521 | $ 338 | $ 1,074 |
Interests on third party loans | 449 | 203 | 355 |
Interest on loans to related parties, note 32(a) | 94 | 89 | 114 |
Interest from financial instruments | 74 | 114 | 0 |
Interest on tax claims | 0 | 75 | 352 |
Other finance revenues | 565 | 303 | 155 |
Reversal of the amortized cost of the syndicated loan, note 16(g) | 8,855 | 0 | 0 |
Unrealized change of the fair value related to contingent consideration liability (b) | 813 | 4,382 | 0 |
Accrual of other account receivable | 72 | 448 | 0 |
Financial obligations amortized costs, note 16(g) | (515) | (8,837) | 361 |
Finance income before financial obligations amortized costs and unrealized variation of fair value related to contingent consideration liability | 4,703 | 1,122 | 2,050 |
Total finance revenues | 14,443 | 5,952 | 2,411 |
Finance costs: | |||
Interest related to senior notes, note 16 | 31,771 | 13,343 | 0 |
Interest on borrowings and loans, note 16 | 10,865 | 17,166 | 23,178 |
Settlement of hedging financial instruments, note 34(c) | 818 | 1,547 | 146 |
Tax on financial transactions | 189 | 193 | 107 |
Interest on loans | 26 | 43 | 55 |
Commissions for bond letters issued to SUNAT | 0 | 12,124 | 0 |
Interest on commercial obligations | 0 | 0 | 626 |
Other | 0 | 0 | 37 |
Finance costs before unrealized change of fair value related to contingent consideration liability | 43,669 | 44,416 | 24,149 |
Accretion expense for mine closure and exploration projects, note 15(b) | 5,070 | 5,598 | 6,672 |
Accrual of debt issuance costs, note 16(g) | 2,820 | 885 | 976 |
Accrual of costs for bond issuance, note 16(g) | 1,963 | 717 | 0 |
Amortized cost of financial obligations, note 16(g) | 515 | 8,837 | 0 |
Accretion expense for leases related to rights in use, note 16(g) | 99 | 176 | 180 |
Other finance costs | 0 | 0 | 155 |
Unrealized change of the fair value related to contingent consideration liability (b) | 0 | 0 | 5,690 |
Financial expenses | $ 54,136 | $ 60,629 | $ 37,822 |
Finance costs and finance inc_4
Finance costs and finance income - Reconciliation of fair value measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance costs and finance income | |||
Beginning balance | $ 17,718 | $ 22,100 | |
Variation of the fair value in profit and loss | (813) | (4,382) | $ 5,690 |
Final balance | $ 16,905 | $ 17,718 | $ 22,100 |
Finance costs and finance inc_5
Finance costs and finance income - Unobservable valuation inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance costs and finance income | ||
Annual average of future sales of mineral | $ 208,912 | $ 193,972 |
Useful life of mining properties | 14 years | 14 years |
Pre-tax Discount rate (%) | 13.20% | 9.70% |
Finance costs and finance inc_6
Finance costs and finance income - Finance cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance costs and finance income | |||
Finance costs | $ 54,136 | $ 60,629 | $ 37,822 |
Finance costs and finance inc_7
Finance costs and finance income - Additional information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Aug. 18, 2014 | |
Finance Cost and Finance Income [Line Items] | ||
Contingent consideration recognised as of acquisition date | $ 23,026,000 | |
Royalty rate | 1.50% | |
Minera Gold Fields Peru S.A [Member] | ||
Finance Cost and Finance Income [Line Items] | ||
Percentage of voting equity interests acquired | 51% |
Deferred income tax - Differenc
Deferred income tax - Differences between the accounting and tax basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | $ 117,609 | $ 35,531 |
Credit (debit) to discontinued operations | (41,414) | (41,414) |
Credit (debit) to consolidated statements of changes in equity | (13,372) | |
Credit (debit) to consolidated statements of other comprehensive income | (4,666) | (3,382) |
Deferred tax liability (asset) | 73,749 | 117,609 |
Deferred asset [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 358,893 | 267,172 |
Credit (debit) to consolidated statement of profit or loss | (37) | 44,659 |
Credit (debit) to discontinued operations | (50,444) | 50,444 |
Credit (debit) to consolidated statements of changes in equity | (13,372) | |
Credit (debit) to consolidated statements of other comprehensive income | (2,058) | (3,382) |
Deferred tax liability (asset) | 292,982 | 358,893 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 356,835 | 261,732 |
Credit (debit) to consolidated statement of profit or loss | (88) | 44,659 |
Credit (debit) to discontinued operations | (50,444) | 50,444 |
Credit (debit) to consolidated statements of changes in equity | (13,372) | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 292,931 | 356,835 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Unused tax losses [member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 186,881 | 158,513 |
Credit (debit) to consolidated statement of profit or loss | 16,450 | 28,368 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | (13,372) | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 189,959 | 186,881 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Difference in depreciation and amortization rates [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 52,497 | 63,903 |
Credit (debit) to consolidated statement of profit or loss | (9,705) | (11,406) |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 42,792 | 52,497 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Provision for closure of mining units, net [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 30,351 | 14,200 |
Credit (debit) to consolidated statement of profit or loss | (1,660) | 16,151 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 28,691 | 30,351 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Provision for impairment of value of inventory [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 9,008 | 7,299 |
Credit (debit) to consolidated statement of profit or loss | (254) | 1,709 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 8,754 | 9,008 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Provision For Bonuses To Employees And Officers [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 5,696 | 5,078 |
Credit (debit) to consolidated statement of profit or loss | (2,724) | 618 |
Deferred tax liability (asset) | 2,972 | 5,696 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Contractors Claims Provisions [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 5,236 | 1,678 |
Credit (debit) to consolidated statement of profit or loss | (4,100) | 3,558 |
Deferred tax liability (asset) | 1,136 | 5,236 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Contingent consideration liability | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 5,227 | 6,512 |
Credit (debit) to consolidated statement of profit or loss | (228) | (1,285) |
Deferred tax liability (asset) | 4,999 | 5,227 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Impairment loss of long-lived assets [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 1,930 | 1,930 |
Deferred tax liability (asset) | 1,930 | 1,930 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Provision For Sale Of Investment In Associate [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 50,444 | 0 |
Credit (debit) to consolidated statement of profit or loss | 0 | 0 |
Credit (debit) to discontinued operations | (50,444) | 50,444 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 0 | 50,444 |
Deferred asset [Member] | Deferred asset for income tax before allowance [Member] | Other temporary differences [member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 9,565 | 2,619 |
Credit (debit) to consolidated statement of profit or loss | 2,133 | 6,946 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 11,698 | 9,565 |
Deferred asset [Member] | Deferred asset included in retained earnings [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 358,893 | 267,172 |
Credit (debit) to consolidated statement of profit or loss | (88) | 44,659 |
Credit (debit) to discontinued operations | (50,444) | 50,444 |
Credit (debit) to consolidated statements of changes in equity | (13,372) | |
Credit (debit) to consolidated statements of other comprehensive income | (2,058) | (3,382) |
Deferred tax liability (asset) | 292,931 | 358,893 |
Deferred asset [Member] | Deferred asset included in retained earnings [Member] | Derivative financial instruments | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 2,058 | 5,440 |
Credit (debit) to consolidated statement of profit or loss | 0 | 0 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | (2,058) | (3,382) |
Deferred tax liability (asset) | 0 | 2,058 |
Deferred asset [Member] | Deferred assets for mining royalties [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | 0 | 0 |
Credit (debit) to consolidated statement of profit or loss | 51 | 0 |
Credit (debit) to discontinued operations | 0 | |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | 51 | 0 |
Deferred liability [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (241,284) | (231,641) |
Credit (debit) to consolidated statement of profit or loss | 15,629 | (613) |
Credit (debit) to discontinued operations | 9,030 | (9,030) |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | (2,608) | 0 |
Deferred tax liability (asset) | (219,233) | (241,284) |
Deferred liability [Member] | Deferred liability for income tax [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (241,005) | (231,267) |
Credit (debit) to consolidated statement of profit or loss | 15,537 | (708) |
Credit (debit) to discontinued operations | 9,030 | (9,030) |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (216,438) | (241,005) |
Deferred liability [Member] | Deferred liability for income tax [Member] | Difference in depreciation and amortization rates [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (49,113) | (47,035) |
Credit (debit) to consolidated statement of profit or loss | (10,509) | (2,078) |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (59,622) | (49,113) |
Deferred liability [Member] | Deferred liability for income tax [Member] | Effect of translation into U.S. dollars [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (88,054) | (78,129) |
Credit (debit) to consolidated statement of profit or loss | 20,153 | (895) |
Credit (debit) to discontinued operations | 9,030 | (9,030) |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (58,871) | (88,054) |
Deferred liability [Member] | Deferred liability for income tax [Member] | Differences in amortization rates for development costs [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (64,278) | (64,836) |
Credit (debit) to consolidated statement of profit or loss | (1,682) | 558 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (65,960) | (64,278) |
Deferred liability [Member] | Deferred liability for income tax [Member] | Fair value of mining concessions [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (14,898) | (14,898) |
Credit (debit) to consolidated statement of profit or loss | 0 | 0 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (14,898) | (14,898) |
Deferred liability [Member] | Deferred liability for income tax [Member] | Other temporary differences [member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (24,662) | (26,369) |
Credit (debit) to consolidated statement of profit or loss | 7,575 | 1,707 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | (17,087) | (24,662) |
Deferred liability [Member] | Deferred liability included in retained earnings [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (241,005) | (231,267) |
Credit (debit) to consolidated statement of profit or loss | 15,537 | (708) |
Credit (debit) to discontinued operations | 9,030 | (9,030) |
Credit (debit) to consolidated statements of other comprehensive income | (2,608) | |
Deferred tax liability (asset) | (219,046) | (241,005) |
Deferred liability [Member] | Deferred liability included in retained earnings [Member] | Derivative financial instruments | ||
Disclosure of Deferred income tax [Line Items] | ||
Credit (debit) to consolidated statements of other comprehensive income | (2,608) | |
Deferred tax liability (asset) | (2,608) | |
Deferred liability [Member] | Deferred liability for mining royalties [Member] | ||
Disclosure of Deferred income tax [Line Items] | ||
Deferred tax liability (asset) | (279) | (374) |
Credit (debit) to consolidated statement of profit or loss | 92 | 95 |
Credit (debit) to discontinued operations | 0 | 0 |
Credit (debit) to consolidated statements of changes in equity | 0 | |
Credit (debit) to consolidated statements of other comprehensive income | 0 | 0 |
Deferred tax liability (asset) | $ (187) | $ (279) |
Deferred income tax - Consolida
Deferred income tax - Consolidated statement of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax | |||
Deferred income tax asset, net | $ 106,170 | $ 164,351 | |
Deferred income tax liability, net | (32,421) | (46,742) | |
Deferred tax liability (asset) | $ 73,749 | $ 117,609 | $ 35,531 |
Deferred income tax - Compositi
Deferred income tax - Composition of the provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Deferred income tax [Line Items] | |||
Current | $ (15,633) | $ (20,375) | $ (9,924) |
Deferred | 15,592 | 44,046 | (15,506) |
Total income tax | (41) | 23,671 | (25,430) |
Income Tax Expense [Member] | |||
Disclosure of Deferred income tax [Line Items] | |||
Current | (12,091) | (13,128) | (8,446) |
Deferred | 15,449 | 43,951 | (15,270) |
Total income tax | 3,358 | 30,823 | (23,716) |
Mining Royalties and Special Mining Tax [Member] | |||
Disclosure of Deferred income tax [Line Items] | |||
Current | (3,542) | (7,247) | (1,478) |
Deferred | 143 | 95 | (236) |
Total income tax | $ (3,399) | $ (7,152) | $ (1,714) |
Deferred income tax - Reconcili
Deferred income tax - Reconciliation of tax expense and the accounting profit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income tax | |||
Profit (loss) before income tax | $ 124,429 | $ 101,129 | $ (58,099) |
Profit (loss) from discontinued operations before income tax | 478,547 | (387,604) | (66,810) |
Profit (loss) from discontinued operations before income tax | 564,708 | (429,018) | (66,810) |
Profit (loss) before income tax | 689,137 | (327,889) | (124,909) |
Theoretical income tax benefit (expense) | (203,295) | 96,727 | 36,848 |
Investment in associate available for sale | 83,192 | (83,192) | (21,305) |
Share in the results of associates and joint ventures | 52,000 | 70,933 | 18,497 |
Effect of translation into U.S. dollars | 20,153 | (895) | (31,853) |
Foreign exchange difference of permanent items | (14,051) | (9,001) | (10,524) |
Non - deductible expenses | (13,144) | 2,048 | (14,310) |
Non-deductible work-in-process write - off | (4,839) | 0 | 0 |
Income tax from previous years | (1,982) | 0 | 0 |
Mining royalties and special mining tax | (837) | (3,253) | 1,273 |
Non-deductible deferred tax for striping cost | 0 | (1,130) | (2,342) |
Income tax income (expense) | (82,803) | 72,237 | (23,716) |
Mining Royalties and Special Mining Tax | (3,399) | (7,152) | (1,714) |
Total income tax | (86,202) | 65,085 | (25,430) |
Income tax from continuing operations | (41) | 23,671 | (25,430) |
Income tax from discontinued operations | (86,161) | 41,414 | 0 |
Total income tax benefit (expense) | $ (86,202) | $ 65,085 | $ (25,430) |
Deferred income tax - Additiona
Deferred income tax - Additional information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred income tax | ||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | $ 35.7 | $ 64.8 |
Commitments and contingencies -
Commitments and contingencies - Summary of assessments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | $ 320,924 |
Tax Assessments Penalties And Interest Expense | 476,386 |
Amount of tax debt | 797,310 |
Year 2003 - 2005 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 8,684 |
Tax Assessments Penalties And Interest Expense | 39,366 |
Amount of tax debt | 48,050 |
Year 2006 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 10,840 |
Tax Assessments Penalties And Interest Expense | 51,955 |
Amount of tax debt | 62,795 |
Year 2007 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 11,579 |
Tax Assessments Penalties And Interest Expense | 22,102 |
Amount of tax debt | 33,681 |
Year 2008 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 16,906 |
Tax Assessments Penalties And Interest Expense | 16,923 |
Amount of tax debt | 33,829 |
Year 2009 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 56,000 |
Tax Assessments Penalties And Interest Expense | 51,604 |
Amount of tax debt | 107,604 |
Year 2010 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 53,566 |
Tax Assessments Penalties And Interest Expense | 125,047 |
Amount of tax debt | 178,613 |
Year 2011 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 40,802 |
Tax Assessments Penalties And Interest Expense | 66,506 |
Amount of tax debt | 107,308 |
Year 2012 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 869 |
Tax Assessments Penalties And Interest Expense | 6,917 |
Amount of tax debt | 7,786 |
Year 2013 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 48,402 |
Tax Assessments Penalties And Interest Expense | 65,849 |
Amount of tax debt | 114,251 |
Year 2014 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 5,434 |
Tax Assessments Penalties And Interest Expense | 724 |
Amount of tax debt | 6,158 |
Year 2015 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 2,986 |
Tax Assessments Penalties And Interest Expense | 23,205 |
Amount of tax debt | 26,191 |
Year 2016 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 60,041 |
Tax Assessments Penalties And Interest Expense | 3,268 |
Amount of tax debt | 63,309 |
Year 2017 [Member] | |
Disclosure of Commitments and contingencies [Line Items] | |
Tax assessments, Estimated possible losses | 4,815 |
Tax Assessments Penalties And Interest Expense | 2,920 |
Amount of tax debt | $ 7,735 |
Commitments and contingencies_2
Commitments and contingencies - Additional information (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 18, 2021 USD ($) | Mar. 18, 2021 PEN (S/) | Jan. 05, 2021 USD ($) installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 PEN (S/) | Dec. 31, 2015 USD ($) | Dec. 31, 2015 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 30, 2022 USD ($) | Dec. 30, 2022 PEN (S/) | Dec. 28, 2022 USD ($) | Dec. 28, 2022 PEN (S/) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Jun. 11, 2021 USD ($) | Jun. 11, 2021 PEN (S/) | Mar. 15, 2021 USD ($) | Mar. 15, 2021 PEN (S/) | Jan. 05, 2021 PEN (S/) | Dec. 14, 2020 USD ($) | Dec. 14, 2020 PEN (S/) | Dec. 20, 2019 USD ($) | Dec. 20, 2019 PEN (S/) | Sep. 30, 2019 USD ($) | Sep. 30, 2019 PEN (S/) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 PEN (S/) | Dec. 31, 2015 PEN (S/) | Dec. 31, 2014 USD ($) | Dec. 31, 2014 PEN (S/) | Dec. 31, 2012 USD ($) | Dec. 31, 2012 PEN (S/) | |
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 10,827,000 | $ 10,364,000 | S/ 41,358,000 | S/ 39,590,000 | |||||||||||||||||||||||||||||||
Recoverability of litigation amount | $ 408,000,000 | 246,200,000 | $ 333,300,000 | ||||||||||||||||||||||||||||||||
Description of material leasing arrangements by lessor classified as operating lease | Legal procedures - | ||||||||||||||||||||||||||||||||||
Tax expense (income), continuing operations | $ 41,000 | (23,671,000) | 25,430,000 | ||||||||||||||||||||||||||||||||
Finance costs | 54,136,000 | 60,629,000 | 37,822,000 | ||||||||||||||||||||||||||||||||
SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | 2,749,000 | 10,500,000 | |||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 4,350,000 | S/ 16,618,000 | |||||||||||||||||||||||||||||||||
Tax assessment value | $ 394,227,000 | S/ 1,505,948,000 | |||||||||||||||||||||||||||||||||
Number of equal monthly payments | installment | 66 | ||||||||||||||||||||||||||||||||||
Amount receivable | 414,841,000 | 1,579,716,000 | |||||||||||||||||||||||||||||||||
Open tax procedure | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Collection of debt forced amount | $ 31,581,000 | S/ 120,262,000 | |||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 163,000 | S/ 624,000 | $ 36,449,000 | S/ 139,235,000 | |||||||||||||||||||||||||||||||
Appeal Proceedings Provision for collection of Doubtful Debt and Unfounded Income Case [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Provision for collection of doubtful debts | $ 17,441,000 | S/ 66,623,000 | |||||||||||||||||||||||||||||||||
Provision for tax Dispute related to the amortization of the contractual rights | 17,441,000 | 66,623,000 | |||||||||||||||||||||||||||||||||
Legal Proceedings [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | 3,800,000 | 4,100,000 | |||||||||||||||||||||||||||||||||
Legal Proceedings, Tax [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | 28,800,000 | 29,300,000 | |||||||||||||||||||||||||||||||||
Lack of Recognition of Amortization as per Mining Law [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Amount of Tax Claims Receivable | $ 334,000 | S/ 1,270,000 | |||||||||||||||||||||||||||||||||
Tax year 2009 and 2010 | Open tax procedure | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 19,901,000 | S/ 76,023,000 | |||||||||||||||||||||||||||||||||
Compensation of tax losses | 147,057,000 | S/ 561,758,000 | |||||||||||||||||||||||||||||||||
Year 2014 [Member] | Open tax procedure | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 24,842,000 | S/ 94,898,000 | |||||||||||||||||||||||||||||||||
Year 2007 [Member] | Open tax procedure | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 276,440,000 | S/ 1,056,310,000 | |||||||||||||||||||||||||||||||||
Year 2008 [Member] | Open tax procedure | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 400,781,000 | S/ 1,530,985,000 | |||||||||||||||||||||||||||||||||
Year 2009 [Member] | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Collection of debt forced amount | 5,035,000 | 19,171,000 | |||||||||||||||||||||||||||||||||
Income tax payable | $ 53,207,000 | S/ 202,614,000 | |||||||||||||||||||||||||||||||||
Empresa de Generacin Huanza S.A | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | 1,081,000 | 1,081,000 | 7,993,000 | 7,532,000 | |||||||||||||||||||||||||||||||
Empresa de Generacin Huanza S.A | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 1,600,000 | S/ 6,090,000 | |||||||||||||||||||||||||||||||||
Empresa de Generacin Huanza S.A | Year 2014 [Member] | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Unrecognized Depreciation expense | $ 7,207,000 | S/ 27,532,000 | |||||||||||||||||||||||||||||||||
Rio Seco | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Collection of debt forced amount | $ 3,238,000 | S/ 11,153,000 | |||||||||||||||||||||||||||||||||
Rio Seco | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Declared tax deductions not recognized | $ 4,167,000 | S/ 15,917,000 | |||||||||||||||||||||||||||||||||
Rio Seco | Omission of Payment of General Sales Tax [Member] | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 475,000 | S/ 1,815,000 | |||||||||||||||||||||||||||||||||
Minera La Zanja S.R.L | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Tax contingencies | $ 294,000 | S/ 1,124,000 | |||||||||||||||||||||||||||||||||
Minera La Zanja S.R.L | Tax year 2013 and 2015 | SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Disallowance of development cost | $ 900,000 | S/ 3,438,000 | $ 804,000 | S/ 3,060,000 | |||||||||||||||||||||||||||||||
Minera La Zanja S.R.L | Ifrs Tax Year 2017 [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Tax contingencies | $ 418,000 | S/ 1,598,000 | |||||||||||||||||||||||||||||||||
Sindicato Minero de Orcopampa S.A., note 31(b) [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Lease concession expense, Percent | 10% |
Commitments and contingencies_3
Commitments and contingencies - Open tax procedures (Details) | 12 Months Ended | ||||
Nov. 13, 2020 PEN (S/) | Nov. 13, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 PEN (S/) | Dec. 31, 2020 USD ($) | |
Disclosure of Commitments and contingencies [Line Items] | |||||
Compulsory collection of income tax | $ 797,310,000 | ||||
Tax Assessments, penalties and interest expenses | 476,386,000 | ||||
Tax Assessments Estimated Possible Losses | $ 320,924,000 | ||||
SUNAT. | Year 2007 and 2008 | |||||
Disclosure of Commitments and contingencies [Line Items] | |||||
Compulsory collection of income tax | S/ 1,567,297,000 | $ 410,287,000 | |||
Tax Assessments, penalties and interest expenses | 1,375,248,000 | 360,013,000 | |||
Collection of debt forced amount | S/ 72,065,000 | $ 18,925,000 | |||
Tax Assessments Estimated Possible Losses | S/ 192,049,000 | $ 50,275,000 |
Commitments and contingencies_4
Commitments and contingencies - Open tax procedures SUNAT (Details) - SUNAT. | 12 Months Ended | ||||||||
Jul. 30, 2021 PEN (S/) | Jul. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Apr. 01, 2021 | Mar. 31, 2021 | Jan. 05, 2021 PEN (S/) installment | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 USD ($) | Jan. 05, 2021 USD ($) | |
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Number of equal monthly payments | installment | 66 | ||||||||
Tax assessment value | S/ 1,505,948,000 | $ 394,227,000 | |||||||
Percentage over the letters of guarantee amount | 5% | ||||||||
Letters of guarantee outstanding, amount | S/ 1,580,126,000 | $ 413,646,000 | |||||||
Monthly interest rate (in percent) | 0.72% | 0.80% | |||||||
Amount of tax liability interest paid | S/ 11,215,000 | $ 2,936,000 | |||||||
Year 2007 and 2008 | |||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Amount of tax liability paid | S/ 1,584,227,000 | $ 416,026,000 | |||||||
Amount of tax liability interest paid | 78,279,000 | 20,492,000 | |||||||
Year 2009 [Member] | |||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Amount of tax liability paid | 193,398,000 | 50,787,000 | |||||||
Amount of tax liability interest paid | 8,477,000 | 2,226,000 | |||||||
Year 2010 [Member] | |||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Amount of tax liability paid | 356,691,000 | $ 93,669,000 | |||||||
Amount of tax liability interest paid | S/ 16,762,000 | $ 4,388,000 | |||||||
Year 2016 [Member] | La Zanja [Member] | |||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Amount of tax liability paid | S/ | S/ 4,288,000 | ||||||||
Year 2015 [Member] | La Zanja [Member] | |||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||
Amount of tax liability paid | $ | $ 1,123,000 |
Commitments and contingencies_5
Commitments and contingencies - Open tax procedures - ll (Details) - SUNAT. - Year 2010 [Member] | Dec. 31, 2020 PEN (S/) | Dec. 31, 2020 USD ($) | Dec. 04, 2020 PEN (S/) | Dec. 04, 2020 USD ($) |
Disclosure of Commitments and contingencies [Line Items] | ||||
Tax debt | S/ 340,074,000 | $ 89,025,000 | ||
Collection of debt forced amount | S/ 1,800,000 | $ 474,000 |
Commitments and contingencies_6
Commitments and contingencies - Open tax procedures - lll (Details) - Jan. 05, 2021 - SUNAT. | PEN (S/) installment | USD ($) |
Disclosure of Commitments and contingencies [Line Items] | ||
Number of equal monthly payments | 66 | |
Tax assessment value | S/ 1,505,948,000 | $ 394,227,000 |
Percentage over the letters of guarantee amount | 5% | |
Letters of guarantee outstanding, amount | S/ 1,580,126,000 | 413,646,000 |
Deferred payment of tax debt | Year 2010 [Member] | ||
Disclosure of Commitments and contingencies [Line Items] | ||
Number of equal monthly payments | 66 | |
Tax assessment value | S/ 339,928,000 | 88,926,000 |
Percentage over the letters of guarantee amount | 5% | |
Letters of guarantee outstanding, amount | S/ 357,944,000 | $ 93,703,000 |
Commitments and contingencies_7
Commitments and contingencies - Open tax procedures - lV (Details) - Year 2009 [Member] - SUNAT. | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 USD ($) | Dec. 14, 2020 PEN (S/) | Dec. 14, 2020 USD ($) |
Disclosure of Commitments and contingencies [Line Items] | ||||
Tax debt | S/ 202,614,000 | $ 53,207,000 | ||
Collection of debt forced amount | S/ 19,171,000 | $ 5,035,000 |
Commitments and contingencies_8
Commitments and contingencies - Open tax procedures - V (Details) - SUNAT. | Jan. 14, 2021 PEN (S/) installment | Jan. 05, 2021 PEN (S/) installment | Jan. 14, 2021 USD ($) | Jan. 05, 2021 USD ($) |
Disclosure of Commitments and contingencies [Line Items] | ||||
Number of equal monthly payments | 66 | |||
Tax assessment value | S/ 1,505,948,000 | $ 394,227,000 | ||
Percentage over the letters of guarantee amount | 5% | |||
Letters of guarantee outstanding, amount | S/ 1,580,126,000 | $ 413,646,000 | ||
Deferred payment of tax debt | Year 2009 [Member] | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Number of equal monthly payments | 66 | |||
Tax assessment value | S/ 184,922,000 | $ 48,409,000 | ||
Percentage over the letters of guarantee amount | 5% | |||
Letters of guarantee outstanding, amount | S/ 194,398,000 | $ 50,890,000 |
Commitments and contingencies_9
Commitments and contingencies - Income tax declaration for 2014 (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 28, 2022 USD ($) | Dec. 28, 2022 PEN (S/) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PEN (S/) | Mar. 15, 2021 USD ($) | Mar. 15, 2021 PEN (S/) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 PEN (S/) |
Disclosure of Commitments and contingencies [Line Items] | ||||||||||||
Contingent liability | $ 10,827,000 | S/ 41,358,000 | $ 10,364,000 | S/ 39,590,000 | ||||||||
Judicial process related to contractor bonuses [Member] | ||||||||||||
Disclosure of Commitments and contingencies [Line Items] | ||||||||||||
Contingent liability | 1,229,000 | 4,695,000 | ||||||||||
SUNAT. | ||||||||||||
Disclosure of Commitments and contingencies [Line Items] | ||||||||||||
Declared tax deductions not recognized | $ 4,350,000 | S/ 16,618,000 | ||||||||||
Contingent liability | $ 2,749,000 | S/ 10,500,000 | ||||||||||
SUNAT. | Open tax procedure | ||||||||||||
Disclosure of Commitments and contingencies [Line Items] | ||||||||||||
Declared tax deductions not recognized | $ 163,000 | S/ 624,000 | $ 36,449,000 | S/ 139,235,000 | ||||||||
SUNAT. | Year 2014 [Member] | Open tax procedure | ||||||||||||
Disclosure of Commitments and contingencies [Line Items] | ||||||||||||
Declared tax deductions not recognized | $ 24,842,000 | S/ 94,898,000 |
Commitments and contingencie_10
Commitments and contingencies - Income tax declaration for 2013 (Details) | 12 Months Ended | ||||||||||||||||||
Oct. 05, 2021 USD ($) | Oct. 05, 2021 PEN (S/) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2019 USD ($) | Dec. 31, 2019 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 28, 2022 USD ($) | Dec. 28, 2022 PEN (S/) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PEN (S/) | Mar. 15, 2021 USD ($) | Mar. 15, 2021 PEN (S/) | Nov. 17, 2020 USD ($) | Nov. 17, 2020 PEN (S/) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 PEN (S/) | |
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Amount of tax debt | $ 797,310,000 | ||||||||||||||||||
Contingent liability | 10,827,000 | S/ 41,358,000 | $ 10,364,000 | S/ 39,590,000 | |||||||||||||||
Non-recognition of investment in development costs [Member] | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Disallowance of bonus paid to contractors | $ 1,185,000 | S/ 4,526,000 | |||||||||||||||||
SUNAT. | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Declared tax deductions not recognized | $ 4,350,000 | S/ 16,618,000 | |||||||||||||||||
Contingent liability | 2,749,000 | 10,500,000 | |||||||||||||||||
Deductible temporary differences for which no deferred tax asset is recognised | $ 4,350,000 | S/ 16,618,000 | |||||||||||||||||
SUNAT. | Open tax procedure | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Declared tax deductions not recognized | $ 163,000 | S/ 624,000 | $ 36,449,000 | S/ 139,235,000 | |||||||||||||||
Payments of tax debt | $ 1,246,000 | S/ 4,744,000 | |||||||||||||||||
Deductible temporary differences for which no deferred tax asset is recognised | $ 163,000 | S/ 624,000 | $ 36,449,000 | S/ 139,235,000 | |||||||||||||||
SUNAT. | Year 2013 [Member] | Open tax procedure | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Contingent liability | 15,160,000 | 57,909,000 | $ 14,520,000 | S/ 55,465,000 | |||||||||||||||
SUNAT. | Year 2014 [Member] | Open tax procedure | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Declared tax deductions not recognized | $ 24,842,000 | S/ 94,898,000 | |||||||||||||||||
Disallowance of bonus paid to contractors | $ 541,000 | S/ 2,067,000 | |||||||||||||||||
Deductible temporary differences for which no deferred tax asset is recognised | $ 24,842,000 | S/ 94,898,000 | |||||||||||||||||
SUNAT. | Ifrs Tax Year 2017 [Member] | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Amount of tax debt | 4,579,000 | S/ 17,493,000 | |||||||||||||||||
Amount of tax liability paid | 2,426,000 | S/ 9,266,000 | |||||||||||||||||
Amount related to unaccepted repairs | 2,400,000 | 9,224,000 | |||||||||||||||||
SUNAT. | Ifrs Tax Year 2017 [Member] | Non-recognition of investment in development costs [Member] | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Declared tax deductions not recognized | 10,398,000 | 39,720,000 | |||||||||||||||||
Deductible temporary differences for which no deferred tax asset is recognised | 10,398,000 | 39,720,000 | |||||||||||||||||
SUNAT. | Ifrs Tax Year 2017 [Member] | Non-recognition of the compensation of carry-over tax losses from previous years [Member] | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Services of related parties not recognised | 33,489,000 | 127,929,000 | |||||||||||||||||
SUNAT. | Ifrs Tax Year 2017 [Member] | Declaration of transfer prices and the operations between related parties [Member] | |||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||
Services of related parties not recognised | $ 875,000 | S/ 3,341,000 |
Commitments and contingencie_11
Commitments and contingencies - Subsidiaries - Sociedad Minera El Brocal S.A.A (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Nov. 28, 2022 USD ($) | Nov. 28, 2022 PEN (S/) | Aug. 31, 2022 USD ($) item | Aug. 31, 2022 PEN (S/) item | May 21, 2021 USD ($) | May 21, 2021 PEN (S/) | Dec. 30, 2020 USD ($) item | Dec. 30, 2020 PEN (S/) item | Dec. 18, 2020 USD ($) | Dec. 18, 2020 PEN (S/) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 PEN (S/) item | Dec. 31, 2022 PEN (S/) | Dec. 28, 2022 USD ($) | Dec. 28, 2022 PEN (S/) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 PEN (S/) | Oct. 25, 2022 USD ($) | Oct. 25, 2022 PEN (S/) | Dec. 31, 2021 PEN (S/) | Jan. 07, 2021 USD ($) | Jan. 07, 2021 PEN (S/) | Jan. 05, 2021 USD ($) | Jan. 05, 2021 PEN (S/) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 PEN (S/) | Dec. 30, 2020 PEN (S/) | Jan. 27, 2020 USD ($) | Jan. 27, 2020 PEN (S/) | Jan. 08, 2015 USD ($) | Jan. 08, 2015 PEN (S/) | Jun. 18, 2014 USD ($) | Jun. 18, 2014 PEN (S/) | |
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 10,827,000 | $ 10,364,000 | S/ 41,358,000 | S/ 39,590,000 | |||||||||||||||||||||||||||||||
La Zanja [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Amount disbursed recorded as an account receivable | $ 2,353,000 | S/ 8,959,000 | |||||||||||||||||||||||||||||||||
El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | 2,188,000 | 1,062,000 | 8,333,000 | S/ 4,044,000 | |||||||||||||||||||||||||||||||
Amount disbursed recorded as an account receivable | $ 2,067,000 | S/ 7,871,000 | |||||||||||||||||||||||||||||||||
Rio seco | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Amount disbursed recorded as an account receivable | $ 609,000 | S/ 2,318,000 | |||||||||||||||||||||||||||||||||
SUNAT. | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Tax assessment value | $ 394,227,000 | S/ 1,505,948,000 | |||||||||||||||||||||||||||||||||
Contingent liability | 2,749,000 | 10,500,000 | |||||||||||||||||||||||||||||||||
SUNAT. | Development cost of Smelter Project | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Amount of fine returned | 789,000 | S/ 3,003,000 | |||||||||||||||||||||||||||||||||
Accounts receivable | 1,278,000 | 4,868,000 | |||||||||||||||||||||||||||||||||
SUNAT. | El Brocal | Development cost of Smelter Project | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Depreciation of the tailings | $ 1,575,000 | S/ 6,018,000 | $ 1,575,000 | S/ 6,108,000 | |||||||||||||||||||||||||||||||
Amount of fine returned | 121,000 | S/ 459,000 | |||||||||||||||||||||||||||||||||
Accounts receivable | $ 262,000 | S/ 997,000 | |||||||||||||||||||||||||||||||||
Development cost | $ 1,410,000 | S/ 5,384,000 | |||||||||||||||||||||||||||||||||
Year 2011 [Member] | SUNAT. | El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Income tax payable | $ 2,188,000 | S/ 8,067,533 | |||||||||||||||||||||||||||||||||
Year 2012 [Member] | SUNAT. | El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Tax assessment value | $ 2,108,000 | S/ 4,030,000 | |||||||||||||||||||||||||||||||||
Year 2014 [Member] | SUNAT. | El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Number of tailings depreciation rate questioned | 2 | 2 | |||||||||||||||||||||||||||||||||
Year 2014 [Member] | SUNAT. | El Brocal | Development cost of Smelter Project | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 2,854,000 | S/ 10,902,000 | |||||||||||||||||||||||||||||||||
Development cost | $ 4,341,000 | S/ 16,582,000 | |||||||||||||||||||||||||||||||||
Year 2015 [Member] | SUNAT. | El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Number of tailings depreciation rate questioned | 2 | ||||||||||||||||||||||||||||||||||
Amount disbursed recorded as an account receivable | $ 382,000 | S/ 1,456,000 | |||||||||||||||||||||||||||||||||
Year 2015 [Member] | SUNAT. | El Brocal | Development cost of Smelter Project | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 893,000 | S/ 3,412,000 | |||||||||||||||||||||||||||||||||
Development cost | $ 3,647,000 | S/ 13,930,000 | |||||||||||||||||||||||||||||||||
Ifrs Tax Year 2018 [Member] | SUNAT. | La Zanja [Member] | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Depreciation of the tailings | $ 2,036,000 | S/ 7,777,000 | |||||||||||||||||||||||||||||||||
Development cost | $ 1,240,000 | S/ 4,738,000 | |||||||||||||||||||||||||||||||||
Year 2020 [Member] | SUNAT. | Rio seco | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Contingent liability | $ 754,000 | S/ 2,882,000 | |||||||||||||||||||||||||||||||||
Year 2016 [Member] | SUNAT. | El Brocal | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Number of tailings depreciation rate questioned | 2 | 2 | |||||||||||||||||||||||||||||||||
Year 2016 [Member] | SUNAT. | El Brocal | Development cost of Smelter Project | |||||||||||||||||||||||||||||||||||
Disclosure of Commitments and contingencies [Line Items] | |||||||||||||||||||||||||||||||||||
Development cost | $ 5,335,000 | S/ 20,380,000 |
Commitments and contingencie_12
Commitments and contingencies - Associates - Cerro Verde (Details) S/ in Billions, $ in Billions | 12 Months Ended | |||
Jan. 05, 2021 installment | Jun. 23, 2004 | Dec. 31, 2021 PEN (S/) | Dec. 31, 2021 USD ($) | |
SUNAT. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Number Of Equal Monthly Payments | 66 | |||
SUNAT. | Sociedad Minera Cerro Verde S.A.A. | December 2006 to December 2013 | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Payment of Litigation Settlement Amount | S/ 2.9 | $ 791.9 | ||
Minimum | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Royalty rate on net sales | 1% | |||
Maximum | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Royalty rate on net sales | 3% | |||
New guarantee contract | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Royalty rate on net sales | 1% | |||
New guarantee contract | Minimum | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Royalty rate on net sales | 1% | |||
New guarantee contract | Maximum | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure of Commitments and contingencies [Line Items] | ||||
Royalty rate on net sales | 12% |
Commitments and contingencie_13
Commitments and contingencies - Yanacocha - Tax Dispute related to the amortization of the contractual rights (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2022 PEN (S/) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 PEN (S/) | |
Commitments and contingencies | |||||
Contingent liability | $ 10,827,000 | S/ 41,358,000 | $ 10,364,000 | S/ 39,590,000 | |
Interest payable | 1,126,000 | S/ 4,289,000 | |||
Potential liability in the form of fines and interest | 254,200,000 | ||||
Amount related to workers participation | $ 1,289,000 | S/ 4,922,000 |
Commitments and contingencie_14
Commitments and contingencies - Letters of credit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and contingencies | ||
Letters of guarantee | $ 171.8 | $ 155.9 |
Commitments and contingencie_15
Commitments and contingencies - Letters fo credit - Additional information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Commitments and contingencies [Line Items] | ||
Letters of guarantee | $ 171,800,000 | $ 155,900,000 |
Letters Of Credit Regional Governments And Others [Member] | ||
Disclosure of Commitments and contingencies [Line Items] | ||
Letters of guarantee | $ 1,420,000 | $ 1,291,000 |
Transactions with related com_3
Transactions with related companies and joint venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions with associates companies [Line Items] | |||
Energy income | $ 3,415 | $ 3,255 | $ 3,173 |
Royalty income | 1,381 | 15,928 | 18,638 |
Supplies income | 179 | 169 | 890 |
Minerals income | 0 | 0 | 211 |
Purchase of supplies from related party | 57 | 53 | 55 |
Sales of services | 22,222 | 21,052 | 20,285 |
Dividends received and collected | 79,140 | 148,411 | 3,649 |
Interest income on loans made to related party | 94 | 89 | 114 |
Dividends paid to non-controlling shareholders | 2,647 | 6,160 | 5,140 |
Operation and maintenance | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Sales of services | 310 | 262 | 280 |
Administrative and Management services | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Sales of services | 816 | 802 | 672 |
Services of Energy Transmission | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Sales of services | 183 | 153 | 320 |
Constructions services | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Sales of services | 0 | 8 | 72 |
Compania Minera Coimolache S.A. | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Dividends received and collected | 802 | 11,320 | 3,649 |
Tinka resources Ltd | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Contributions granted and paid | 1,676 | 0 | 0 |
Sociedads Minera Cerro Verde S.A.A. | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Dividends received and collected | 78,338 | 137,091 | 0 |
Transportadora Callao SA | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Interest income on loans made to related party | 94 | 89 | 114 |
Newmont Peru Limited | |||
Disclosure Of Transactions with associates companies [Line Items] | |||
Dividends paid to non-controlling shareholders | $ 2,647 | $ 6,160 | $ 5,140 |
Transactions with related com_4
Transactions with related companies and joint venture - Accounts receivable, payable fromto associates (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Transactions with associates companies [Line Items] | ||
Trade receivables | $ 146,070 | $ 149,394 |
Other Receivables | 749,456 | 726,870 |
Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Trade receivables | 367 | 4,626 |
Other Receivables | 2,842 | 2,298 |
Trade and other receivable total | 3,209 | 6,924 |
Other | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Other payables | 20 | 14 |
Total trade and other payables total | 183 | 127 |
Minera Yanacocha S.R.L. | Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Trade receivables | 312 | 4,314 |
Compania Minera Coimolache S.A. | Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Trade receivables | 55 | 312 |
Other Receivables | 1,025 | 443 |
Trade payables | 163 | 113 |
Transportadora Callao SA | Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Other Receivables | 1,612 | 1,855 |
Ferrocarril Central Andino S.A. | Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Other Receivables | 150 | 0 |
Banco Pichincha | Associates | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Trade and other receivable total | $ 55 | $ 0 |
Transactions with related com_5
Transactions with related companies and joint venture - Key executives' compensation (Details) - Key management personnel of entity or parent - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts payable: | ||
Bonus to officers | $ 14,861 | $ 11,650 |
Directors remuneration | 3,455 | 1,639 |
Salaries | 933 | 847 |
Total | 19,249 | 14,136 |
Payments: | ||
Salaries | 10,230 | 10,278 |
Directors' remuneration | 2,956 | 1,841 |
Total | 13,186 | 12,119 |
Expenses: | ||
Salaries | 11,163 | 11,125 |
Directors' remuneration | 3,455 | 3,499 |
Total | $ 14,618 | $ 14,624 |
Transactions with related com_6
Transactions with related companies and joint venture - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure Of Transactions with associates companies [Line Items] | ||
Amounts receivable, related party transactions | $ 509,660,000 | $ 558,581,000 |
LIBOR interest rate on accounts receivable | 5.82% | |
Related parties | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Amounts receivable, related party transactions | $ 1,000 | $ 3,000 |
Minera Yanacocha S.R.L. | ||
Disclosure Of Transactions with associates companies [Line Items] | ||
Royalty percentage | 3 |
Disclosure of information on _3
Disclosure of information on segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating income | |||
Sale of goods | $ 801,199 | $ 863,470 | $ 637,619 |
Sale of services | 22,222 | 21,052 | 20,285 |
Royalty income | 1,381 | 15,928 | 18,638 |
Total operating income | 824,802 | 900,450 | 676,542 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (461,942) | (529,731) | (393,888) |
Unabsorbed cost due to production stoppage | (23,058) | (25,509) | (27,758) |
Cost of services | 3,163 | (1,269) | 1,554 |
Exploration in operating units | (80,796) | (56,412) | (28,044) |
Depreciation and amortization | (176,781) | (187,211) | (189,620) |
Mining royalties | (17,733) | (12,974) | (11,749) |
Total operating costs | (763,473) | (813,106) | (652,613) |
Gross profit (loss) | 61,329 | 87,344 | 23,929 |
Operating expenses, net | |||
Administrative expenses | (67,728) | (67,585) | (67,185) |
Selling expenses | (20,222) | (20,827) | (18,533) |
Write-off of stripping activity asset | 0 | (6,763) | (11,633) |
Exploration in non-operating areas | (14,252) | (11,270) | (8,475) |
Reversal of contingent and others | (2,935) | (2,687) | (4,150) |
Impairment recovery (loss) of long-lived assets | 19,874 | (14,910) | 2,083 |
Provision for contingencies and others | (2,935) | (2,687) | (4,150) |
Other, net | (15,085) | (29,260) | 2,690 |
Total operating expenses, net | (100,348) | (153,302) | (105,203) |
Operating profit (loss) | (39,019) | (65,958) | (81,274) |
Other income (expense),net | |||
Finance income | 14,443 | 5,952 | 2,411 |
Foreign currency exchange difference | 26,871 | (18,686) | (4,116) |
Share in the results of associates and joint ventures | 176,270 | 240,450 | 62,702 |
Finance costs | (54,136) | (60,629) | (37,822) |
Profit (loss) before income tax | 124,429 | 101,129 | (58,099) |
Income tax expense | (41) | 23,671 | (25,430) |
Current income tax | (15,633) | (20,375) | (9,924) |
Deferred Income tax | 15,592 | 44,046 | (15,506) |
Profit (loss) for the year (numerators) | 124,388 | 124,800 | (83,529) |
Loss per basic share | 478,547 | (387,604) | (66,810) |
Profit for the year | 602,935 | (262,804) | (150,339) |
Total assets | 4,503,227 | 4,561,811 | 3,979,617 |
Total assets | 4,561,811 | ||
Total liability | 1,340,286 | 2,023,280 | 1,179,760 |
Total liability | 2,023,280 | 1,179,760 | |
Other segment information | |||
Investments in associates | 1,520,977 | 1,422,295 | 1,488,775 |
Capital Expenditures | 151,973 | 90,309 | 71,546 |
Changes in estimates of mine closures plans | (21,869) | (3,272) | 31,558 |
Exploration and development mining projects [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 0 | 0 | 0 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | 0 |
Operating expenses, net | |||
Administrative expenses | (1,528) | (1,447) | (1,649) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | (282) | (1,011) | 0 |
Reversal of contingent and others | 108 | 132 | 33 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (931) | (371) | (593) |
Total operating expenses, net | (2,633) | (2,697) | (2,209) |
Operating profit (loss) | (2,633) | (2,697) | (2,209) |
Other income (expense),net | |||
Finance income | 11 | 0 | 1 |
Foreign currency exchange difference | 604 | (1,210) | (808) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (297) | (238) | (387) |
Profit (loss) before income tax | (2,315) | (4,145) | (3,403) |
Income tax expense | 0 | 0 | 0 |
Current income tax | 0 | 0 | 0 |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | (2,315) | (4,145) | (3,403) |
Total assets | 496,198 | 425,731 | |
Total assets | 442,335 | ||
Total liability | 21,844 | ||
Total liability | 21,764 | 22,695 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 46,459 | 22,513 | 24,648 |
Changes in estimates of mine closures plans | (6,576) | (679) | 808 |
Energy generation and transmission [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 52,433 | 53,083 | 48,254 |
Royalty income | 0 | 0 | 0 |
Total operating income | 52,433 | 53,083 | 48,254 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 24,861 | (20,781) | 17,868 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | (9,040) | (8,995) | (9,347) |
Mining royalties | 0 | 0 | 0 |
Total operating costs | (33,901) | (29,776) | (27,215) |
Gross profit (loss) | 18,532 | 23,307 | 21,039 |
Operating expenses, net | |||
Administrative expenses | (2,948) | (2,942) | (2,863) |
Selling expenses | (770) | (740) | (784) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | (440) | 111 | 501 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (196) | 134 | 796 |
Total operating expenses, net | (4,354) | (3,437) | (2,350) |
Operating profit (loss) | 14,178 | 19,870 | 18,689 |
Other income (expense),net | |||
Finance income | 394 | 124 | 1,622 |
Foreign currency exchange difference | (207) | (377) | (402) |
Share in the results of associates and joint ventures | 7,008 | 20,525 | 4,331 |
Finance costs | (5,337) | (4,731) | (4,690) |
Profit (loss) before income tax | 16,036 | 35,411 | 19,550 |
Income tax expense | (2,433) | 5,692 | (10,168) |
Current income tax | (3,238) | (1,132) | (780) |
Deferred Income tax | 805 | 6,824 | (9,388) |
Profit (loss) for the year (numerators) | 13,603 | 41,103 | 9,382 |
Total assets | 377,679 | 357,830 | |
Total assets | 385,626 | ||
Total liability | 131,540 | ||
Total liability | 153,090 | 166,396 | |
Other segment information | |||
Investments in associates | 121,650 | 99,352 | 94,117 |
Capital Expenditures | 1,487 | 754 | 371 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Insurance brokerage [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 17,207 | 15,651 | 14,753 |
Royalty income | 0 | 0 | 0 |
Total operating income | 17,207 | 15,651 | 14,753 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 17,207 | 15,651 | 14,753 |
Operating expenses, net | |||
Administrative expenses | (12,694) | (11,796) | (10,939) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 0 | 0 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Total operating expenses, net | (12,694) | (11,796) | (10,939) |
Operating profit (loss) | 4,513 | 3,855 | 3,814 |
Other income (expense),net | |||
Finance income | 0 | 0 | 27 |
Foreign currency exchange difference | (45) | 397 | 65 |
Share in the results of associates and joint ventures | 0 | (15) | 0 |
Finance costs | (48) | (52) | (55) |
Profit (loss) before income tax | 4,420 | 4,185 | 3,851 |
Income tax expense | (1,186) | (1,603) | (1,303) |
Current income tax | (1,197) | (1,673) | (1,475) |
Deferred Income tax | 11 | 70 | 172 |
Profit (loss) for the year (numerators) | 3,234 | 2,582 | 2,548 |
Total assets | 14,436 | 15,932 | |
Total assets | 19,152 | ||
Total liability | 6,107 | ||
Total liability | 6,343 | 5,569 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 25 | 139 | 106 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Rental of mining concessions [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 0 | 0 | 0 |
Royalty income | 1,381 | 15,928 | 18,638 |
Total operating income | 1,381 | 15,928 | 18,638 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 1,381 | 15,928 | 18,638 |
Operating expenses, net | |||
Administrative expenses | (218) | (242) | (112) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | (98) | 15 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 8,162 | 34 | 63 |
Total operating expenses, net | (7,846) | (193) | (49) |
Operating profit (loss) | 9,227 | 15,735 | 18,589 |
Other income (expense),net | |||
Finance income | 5 | 0 | 9 |
Foreign currency exchange difference | 1 | (83) | (49) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (2) | (2) | (2) |
Profit (loss) before income tax | 9,231 | 15,650 | 18,547 |
Income tax expense | (2,714) | (4,661) | (5,543) |
Current income tax | (2,714) | (4,661) | (5,543) |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | 6,517 | 10,989 | 13,004 |
Total assets | 3,306 | 6,813 | |
Total assets | 4,927 | ||
Total liability | 139 | ||
Total liability | 1,717 | 2,694 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Holding of investment in shares [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 421 | 551 | 607 |
Royalty income | 0 | 0 | 0 |
Total operating income | 421 | 551 | 607 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 421 | 551 | 607 |
Operating expenses, net | |||
Administrative expenses | (617) | (1,687) | (398) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 0 | 0 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (2,472) | (44) | (10) |
Total operating expenses, net | (3,089) | (1,731) | (408) |
Operating profit (loss) | (2,668) | (1,180) | 199 |
Other income (expense),net | |||
Finance income | 308 | 0 | 0 |
Foreign currency exchange difference | (693) | (7) | 91 |
Share in the results of associates and joint ventures | 4,756 | (411,974) | (67,018) |
Finance costs | (29) | (1) | (1) |
Profit (loss) before income tax | 1,674 | (413,162) | (66,729) |
Income tax expense | 1,182 | (121) | (177) |
Current income tax | 1,289 | (121) | (177) |
Deferred Income tax | (107) | 0 | 0 |
Profit (loss) for the year (numerators) | 2,856 | (413,283) | (66,906) |
Total assets | 231,820 | 362,419 | |
Total assets | 261,803 | ||
Total liability | 226 | ||
Total liability | 275,814 | 340 | |
Other segment information | |||
Investments in associates | 213,682 | 207,233 | 159,529 |
Capital Expenditures | 3 | 0 | 0 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Industrial activities [Member] | |||
Operating income | |||
Sale of goods | 53,073 | 47,024 | 36,541 |
Sale of services | 0 | 13,876 | 15,335 |
Royalty income | 0 | 0 | 0 |
Total operating income | 53,073 | 60,900 | 51,876 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (52,122) | (46,811) | (38,607) |
Unabsorbed cost due to production stoppage | (1,973) | (1,050) | (597) |
Cost of services | 0 | (3,940) | 5,075 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | (6,396) | (11,569) | (10,876) |
Mining royalties | 0 | 0 | 0 |
Total operating costs | (60,491) | (63,370) | (55,155) |
Gross profit (loss) | (7,418) | (2,470) | (3,279) |
Operating expenses, net | |||
Administrative expenses | (442) | (1,102) | (1,498) |
Selling expenses | (177) | (559) | (687) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 0 | 9 | 9 |
Impairment recovery (loss) of long-lived assets | 19,874 | (19,874) | 0 |
Other, net | 321 | (82) | 989 |
Total operating expenses, net | (19,576) | (21,608) | (1,187) |
Operating profit (loss) | 12,158 | (24,078) | (4,466) |
Other income (expense),net | |||
Finance income | 54 | 12 | 38 |
Foreign currency exchange difference | 1,218 | (1,824) | (984) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (25) | (98) | (175) |
Profit (loss) before income tax | 13,405 | (25,988) | (5,587) |
Income tax expense | 3,208 | (1,692) | (518) |
Current income tax | 0 | (291) | (171) |
Deferred Income tax | 3,208 | (1,401) | (347) |
Profit (loss) for the year (numerators) | 16,613 | (27,680) | (6,105) |
Total assets | 74,266 | 90,337 | |
Total assets | 63,551 | ||
Total liability | 7,981 | ||
Total liability | 13,920 | 13,025 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 265 | 1,744 | 4,611 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Corporates [Member] | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 0 | 0 | 0 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | 0 |
Operating expenses, net | |||
Administrative expenses | (5,966) | (4,534) | (5,965) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | (4,737) | (3,100) | (3,623) |
Reversal of contingent and others | 442 | (436) | (3,242) |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (6,090) | (80) | 1,186 |
Total operating expenses, net | (16,351) | (8,150) | (11,644) |
Operating profit (loss) | (16,351) | (8,150) | (11,644) |
Other income (expense),net | |||
Finance income | 12,226 | 5,659 | 1,405 |
Foreign currency exchange difference | 25,235 | (9,542) | (1,576) |
Share in the results of associates and joint ventures | 164,823 | 236,593 | 43,358 |
Finance costs | (38,900) | (45,719) | (21,322) |
Profit (loss) before income tax | 147,033 | 178,841 | 10,221 |
Income tax expense | 24,397 | 38,987 | (2,888) |
Current income tax | (731) | 0 | 0 |
Deferred Income tax | 25,128 | 38,987 | (2,888) |
Profit (loss) for the year (numerators) | 171,430 | 217,828 | 7,333 |
Total assets | 3,047,322 | 2,343,010 | |
Total assets | 3,016,730 | ||
Total liability | 655,598 | ||
Total liability | 1,243,575 | 410,197 | |
Other segment information | |||
Investments in associates | 2,099,568 | 1,971,506 | 2,040,598 |
Capital Expenditures | 500 | 1,122 | 933 |
Changes in estimates of mine closures plans | 0 | (35) | 0 |
Uchucchacua | |||
Operating income | |||
Sale of goods | 5,281 | 79,375 | 90,420 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 5,281 | 79,375 | 90,420 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | (95,359) | (100,097) |
Unabsorbed cost due to production stoppage | (24,916) | (25,326) | (9,630) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (32,592) | (11,090) | (6,731) |
Depreciation and amortization | (9,000) | (14,083) | (16,752) |
Mining royalties | (46) | (998) | (1,068) |
Total operating costs | (66,554) | (146,856) | (134,278) |
Gross profit (loss) | (61,273) | (67,481) | (43,858) |
Operating expenses, net | |||
Administrative expenses | (651) | (6,758) | (9,140) |
Selling expenses | (3,634) | (3,738) | (3,806) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | (15) | (65) | (27) |
Reversal of contingent and others | (44) | (1,291) | 28 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 2,453 | (7,865) | 2,776 |
Total operating expenses, net | (1,891) | (19,717) | (10,169) |
Operating profit (loss) | (63,164) | (87,198) | (54,027) |
Other income (expense),net | |||
Finance income | 12 | 0 | 0 |
Foreign currency exchange difference | (290) | (2,010) | (72) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (496) | (431) | (268) |
Profit (loss) before income tax | (63,938) | (89,639) | (54,367) |
Income tax expense | (19) | (57) | (60) |
Current income tax | (19) | (57) | (60) |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | (63,957) | (89,696) | (54,427) |
Total assets | 127,479 | 145,287 | |
Total assets | 111,885 | ||
Total liability | 55,792 | ||
Total liability | 62,279 | 62,024 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 32,000 | 16,109 | 10,443 |
Changes in estimates of mine closures plans | (3,107) | (517) | 11,745 |
Orcopampa | |||
Operating income | |||
Sale of goods | 134,268 | 89,567 | 77,825 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 134,268 | 89,567 | 77,825 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (58,108) | (56,183) | (37,139) |
Unabsorbed cost due to production stoppage | 0 | 0 | (3,849) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (11,594) | (11,466) | (5,198) |
Depreciation and amortization | (7,757) | (8,409) | (8,102) |
Mining royalties | (12,220) | (7,636) | (6,943) |
Total operating costs | (89,679) | (83,694) | (61,231) |
Gross profit (loss) | 44,589 | 5,873 | 16,594 |
Operating expenses, net | |||
Administrative expenses | (12,406) | (7,649) | (7,948) |
Selling expenses | (560) | (401) | (436) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 544 | 70 | (322) |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 124 | (501) | (1,922) |
Total operating expenses, net | (12,298) | (8,481) | (10,628) |
Operating profit (loss) | 32,291 | (2,608) | 5,966 |
Other income (expense),net | |||
Finance income | 2 | 0 | 0 |
Foreign currency exchange difference | 99 | (129) | 126 |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (546) | (493) | (913) |
Profit (loss) before income tax | 31,846 | (3,230) | 5,179 |
Income tax expense | (465) | (65) | (55) |
Current income tax | (465) | (65) | (55) |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | 31,381 | (3,295) | 5,124 |
Total assets | 62,083 | 47,855 | |
Total assets | 47,734 | ||
Total liability | 52,429 | ||
Total liability | 48,659 | 46,787 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 3,584 | 2,983 | 1,064 |
Changes in estimates of mine closures plans | 5,112 | (390) | 5,042 |
Julcani [Member] | |||
Operating income | |||
Sale of goods | 54,573 | 56,065 | 32,034 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 54,573 | 56,065 | 32,034 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (30,215) | (31,319) | (16,679) |
Unabsorbed cost due to production stoppage | 0 | 0 | (5,167) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (6,747) | (6,107) | (3,167) |
Depreciation and amortization | (6,444) | (6,849) | (6,412) |
Mining royalties | (472) | (599) | (278) |
Total operating costs | (43,878) | (44,874) | (31,703) |
Gross profit (loss) | 10,695 | 11,191 | 331 |
Operating expenses, net | |||
Administrative expenses | (5,028) | (4,737) | (3,288) |
Selling expenses | (389) | (480) | (438) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | (1,776) | 320 | (195) |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 2,083 |
Other, net | (793) | (844) | (212) |
Total operating expenses, net | (7,986) | (5,741) | (2,050) |
Operating profit (loss) | 2,709 | 5,450 | (1,719) |
Other income (expense),net | |||
Finance income | 4 | 0 | 0 |
Foreign currency exchange difference | 100 | (612) | 78 |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (382) | (484) | (636) |
Profit (loss) before income tax | 2,431 | 4,354 | (2,277) |
Income tax expense | (175) | (41) | (16) |
Current income tax | (175) | (41) | (16) |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | 2,256 | 4,313 | (2,293) |
Total assets | 34,131 | 45,999 | |
Total assets | 30,449 | ||
Total liability | 31,388 | ||
Total liability | 32,912 | 34,431 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 1,559 | 2,362 | 1,059 |
Changes in estimates of mine closures plans | 3,585 | (108) | 771 |
Colquijirca [Member] | |||
Operating income | |||
Sale of goods | 400,994 | 410,390 | 255,275 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 400,994 | 410,390 | 255,275 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (267,997) | (248,021) | (170,148) |
Unabsorbed cost due to production stoppage | 0 | 0 | (10,216) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (16,671) | (17,099) | (5,790) |
Depreciation and amortization | (72,171) | (68,830) | (59,433) |
Mining royalties | (3,168) | (1,626) | (1,902) |
Total operating costs | (360,007) | (335,576) | (247,489) |
Gross profit (loss) | 40,987 | 74,814 | 7,786 |
Operating expenses, net | |||
Administrative expenses | (8,744) | (7,229) | (7,536) |
Selling expenses | (9,649) | (9,946) | (9,070) |
Write-off of stripping activity asset | (6,763) | (11,633) | |
Exploration in non-operating areas | (4,008) | (1,383) | (86) |
Reversal of contingent and others | (1,706) | (356) | (1,145) |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (7,777) | (12,571) | 4,547 |
Total operating expenses, net | (31,884) | (38,248) | (24,923) |
Operating profit (loss) | 9,103 | 36,566 | (17,137) |
Other income (expense),net | |||
Finance income | 879 | 388 | 257 |
Foreign currency exchange difference | 526 | (2,346) | (404) |
Share in the results of associates and joint ventures | (10) | 36 | (253) |
Finance costs | (6,470) | (7,126) | (9,175) |
Profit (loss) before income tax | 4,028 | 27,518 | (26,712) |
Income tax expense | (3,666) | (16,956) | (4,829) |
Current income tax | (6,125) | (12,220) | (1,483) |
Deferred Income tax | 2,459 | (4,736) | (3,346) |
Profit (loss) for the year (numerators) | 362 | 10,562 | (31,541) |
Total assets | 668,230 | 720,150 | |
Total assets | 694,831 | ||
Total liability | 290,998 | ||
Total liability | 327,519 | 366,705 | |
Other segment information | |||
Investments in associates | 2,486 | 2,497 | 2,374 |
Capital Expenditures | 62,593 | 37,649 | 23,955 |
Changes in estimates of mine closures plans | (11,322) | (1,410) | 2,437 |
La Zanja [Member] | |||
Operating income | |||
Sale of goods | 52,260 | 39,380 | 33,033 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 52,260 | 39,380 | 33,033 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (49,903) | (46,531) | (31,978) |
Unabsorbed cost due to production stoppage | 0 | 0 | (203) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (3,212) | (574) | (1) |
Depreciation and amortization | (7,459) | (5,449) | (6,595) |
Mining royalties | (506) | (403) | (330) |
Total operating costs | (61,080) | (52,957) | (39,107) |
Gross profit (loss) | (8,820) | (13,577) | (6,074) |
Operating expenses, net | |||
Administrative expenses | (3,061) | (2,932) | (2,434) |
Selling expenses | (179) | (124) | (104) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | (5,243) | (5,742) | (4,769) |
Reversal of contingent and others | (353) | (1,029) | 173 |
Impairment recovery (loss) of long-lived assets | 0 | 4,964 | 0 |
Other, net | (7,374) | (44) | (712) |
Total operating expenses, net | (16,210) | (4,907) | (7,846) |
Operating profit (loss) | (25,030) | (18,484) | (13,920) |
Other income (expense),net | |||
Finance income | 614 | 196 | 780 |
Foreign currency exchange difference | 336 | (296) | (306) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (1,318) | (1,361) | (1,484) |
Profit (loss) before income tax | (25,398) | (19,945) | (14,930) |
Income tax expense | (16,132) | 4,212 | 218 |
Current income tax | (187) | 0 | (17) |
Deferred Income tax | (15,945) | 4,212 | 235 |
Profit (loss) for the year (numerators) | (41,530) | (15,733) | (14,712) |
Total assets | 79,038 | 134,562 | |
Total assets | 121,681 | ||
Total liability | 80,655 | ||
Total liability | 81,770 | 78,916 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 1,719 | 999 | 825 |
Changes in estimates of mine closures plans | (8,705) | 175 | 9,569 |
Tambomayo [Member] | |||
Operating income | |||
Sale of goods | 151,789 | 181,021 | 142,833 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 151,789 | 181,021 | 142,833 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (76,214) | (82,531) | (64,107) |
Unabsorbed cost due to production stoppage | 0 | 0 | (822) |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (9,980) | (10,076) | (7,157) |
Depreciation and amortization | (59,125) | (63,638) | (72,714) |
Mining royalties | (1,322) | (1,712) | (1,228) |
Total operating costs | (146,641) | (157,957) | (146,028) |
Gross profit (loss) | 5,148 | 23,064 | (3,195) |
Operating expenses, net | |||
Administrative expenses | (14,076) | (15,382) | (14,548) |
Selling expenses | (5,126) | (5,485) | (3,862) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | (228) | 25 | 10 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (815) | (4,797) | (1,376) |
Total operating expenses, net | (20,245) | (25,639) | (19,776) |
Operating profit (loss) | (15,097) | (2,575) | (22,971) |
Other income (expense),net | |||
Finance income | 4 | 0 | 0 |
Foreign currency exchange difference | (11) | (641) | 130 |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (302) | (270) | (390) |
Profit (loss) before income tax | (15,406) | (3,486) | (23,231) |
Income tax expense | (527) | (132) | (93) |
Current income tax | (527) | (132) | (93) |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | (15,933) | (3,618) | (23,324) |
Total assets | 197,550 | 329,384 | |
Total assets | 264,521 | ||
Total liability | 29,654 | ||
Total liability | 36,551 | 38,923 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 3,175 | 3,935 | 3,531 |
Changes in estimates of mine closures plans | (856) | (308) | 1,186 |
Operating Segments [Member] | |||
Operating income | |||
Sale of goods | 4,986,536 | 5,317,751 | 3,409,717 |
Sale of services | 70,061 | 83,161 | 78,949 |
Royalty income | 1,381 | 15,928 | 18,638 |
Total operating income | 5,057,978 | 5,416,840 | 3,507,304 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (3,016,839) | (2,985,832) | (2,546,139) |
Unabsorbed cost due to production stoppage | (26,889) | (26,376) | (30,484) |
Cost of services | 24,861 | (24,721) | 22,943 |
Exploration in operating units | (89,763) | (62,603) | (28,044) |
Depreciation and amortization | (220,342) | (231,520) | (190,231) |
Mining royalties | (19,234) | (13,503) | (11,749) |
Total operating costs | (3,397,928) | (3,344,555) | (2,829,590) |
Gross profit (loss) | 1,660,050 | 2,072,285 | 677,714 |
Operating expenses, net | |||
Administrative expenses | (76,901) | (77,847) | (74,672) |
Selling expenses | (178,875) | (22,587) | (20,477) |
Write-off of stripping activity asset | (6,763) | (11,633) | |
Exploration in non-operating areas | (14,285) | (11,301) | (8,505) |
Reversal of contingent and others | (3,477) | (2,430) | (4,150) |
Impairment recovery (loss) of long-lived assets | 19,874 | (14,910) | 2,083 |
Other, net | (39,004) | (26,875) | 5,720 |
Total operating expenses, net | (292,668) | (162,713) | (111,634) |
Operating profit (loss) | 1,367,382 | 1,909,572 | 566,080 |
Other income (expense),net | |||
Finance income | 33,709 | 6,626 | 6,900 |
Foreign currency exchange difference | 27,802 | 8,994 | 47,086 |
Share in the results of associates and joint ventures | 176,577 | (154,835) | (19,582) |
Finance costs | (66,847) | (92,394) | (184,705) |
Profit (loss) before income tax | 1,538,623 | 1,677,963 | 415,779 |
Income tax expense | (501,504) | (743,960) | (286,080) |
Current income tax | (462,118) | (752,550) | (271,597) |
Deferred Income tax | (39,386) | 8,590 | (14,483) |
Profit (loss) for the year (numerators) | 1,037,119 | 934,003 | 129,699 |
Total assets | 13,836,447 | 14,063,903 | 13,276,273 |
Total assets | 14,063,903 | ||
Total liability | 2,824,648 | 4,454,433 | 3,532,172 |
Total liability | 4,454,433 | 3,532,172 | |
Other segment information | |||
Investments in associates | 2,437,386 | 2,280,588 | 2,296,618 |
Capital Expenditures | 153,369 | 90,309 | 71,546 |
Changes in estimates of mine closures plans | (21,869) | (3,272) | 31,558 |
Elimination of intersegment amounts [member] | |||
Operating income | |||
Sale of goods | (4,185,337) | (4,454,281) | (2,772,098) |
Sale of services | (47,839) | (62,109) | (58,664) |
Royalty income | 0 | 0 | 0 |
Total operating income | (4,233,176) | (4,516,390) | (2,830,762) |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 2,554,897 | 2,456,101 | 2,152,251 |
Unabsorbed cost due to production stoppage | 3,831 | 867 | 2,726 |
Cost of services | (21,698) | 23,452 | (21,389) |
Exploration in operating units | 8,967 | 6,191 | 0 |
Depreciation and amortization | 43,561 | 44,309 | 611 |
Mining royalties | 1,501 | 529 | 0 |
Total operating costs | 2,634,455 | 2,531,449 | 2,176,977 |
Gross profit (loss) | (1,598,721) | (1,984,941) | (653,785) |
Operating expenses, net | |||
Administrative expenses | 9,173 | 10,262 | 7,487 |
Selling expenses | 158,653 | 1,760 | 1,944 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 33 | 31 | 30 |
Reversal of contingent and others | 542 | (257) | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 23,919 | (2,385) | (3,030) |
Total operating expenses, net | 192,320 | 9,411 | 6,431 |
Operating profit (loss) | (1,406,401) | (1,975,530) | (647,354) |
Other income (expense),net | |||
Finance income | (19,266) | (674) | (4,489) |
Foreign currency exchange difference | (931) | (27,680) | (51,202) |
Share in the results of associates and joint ventures | (307) | 395,285 | 82,284 |
Finance costs | 12,711 | 31,765 | 146,883 |
Profit (loss) before income tax | (1,414,194) | (1,576,834) | (473,878) |
Income tax expense | 501,463 | 767,631 | 260,650 |
Current income tax | 446,485 | 732,175 | 261,673 |
Deferred Income tax | 54,978 | 35,456 | (1,023) |
Profit (loss) for the year (numerators) | (912,731) | (809,203) | (213,228) |
Total assets | (9,333,220) | (9,296,656) | |
Total assets | (9,502,092) | ||
Total liability | (1,484,362) | ||
Total liability | (2,431,153) | (2,352,412) | |
Other segment information | |||
Investments in associates | (916,409) | (858,293) | (807,843) |
Capital Expenditures | (1,396) | 0 | 0 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Sociedad Minera Cerro Verde S.A.A. | |||
Operating income | |||
Sale of goods | 3,975,295 | 4,199,448 | 2,538,593 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 3,975,295 | 4,199,448 | 2,538,593 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (2,367,767) | (2,272,989) | (1,939,262) |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | (492,042) | (471,759) | (451,001) |
Mining royalties | (9,308) | (10,334) | (5,889) |
Total operating costs | (2,367,767) | (2,272,989) | (1,939,262) |
Gross profit (loss) | 1,607,528 | 1,926,459 | 599,331 |
Operating expenses, net | |||
Administrative expenses | 0 | 0 | 0 |
Selling expenses | (157,373) | (109,886) | (97,680) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 0 | 0 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | (23,933) | 0 | 0 |
Total operating expenses, net | (181,306) | 0 | 0 |
Operating profit (loss) | 1,426,222 | 1,926,459 | 599,331 |
Other income (expense),net | |||
Finance income | 17,235 | 2,820 | 2,350 |
Foreign currency exchange difference | 980 | (31,500) | 52,464 |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (10,537) | (28,775) | (142,675) |
Profit (loss) before income tax | 1,433,900 | 1,927,177 | 511,470 |
Income tax expense | (508,547) | (735,703) | (236,926) |
Current income tax | (445,078) | (704,455) | (236,926) |
Deferred Income tax | (62,718) | (30,864) | (25,962) |
Profit (loss) for the year (numerators) | 925,353 | 1,191,474 | 274,544 |
Profit for the year | 925,353,000 | 1,191,474,000 | 274,544,000 |
Total assets | 7,993,863 | 7,767,459 | |
Total assets | 8,124,564 | ||
Total liability | 1,342,436 | ||
Total liability | 1,997,558 | 2,132,131 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Compania Minera Coimolache S.A. | |||
Operating income | |||
Sale of goods | 159,003 | 215,481 | 203,163 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 159,003 | 215,481 | 203,163 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | (114,513) | (106,088) | (91,089) |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | (8,967) | (6,191) | (3,586) |
Depreciation and amortization | (42,950) | (43,698) | (52,732) |
Mining royalties | (1,500) | (529) | (715) |
Total operating costs | (167,930) | (156,506) | (148,122) |
Gross profit (loss) | (8,927) | 58,975 | 55,041 |
Operating expenses, net | |||
Administrative expenses | (4,139) | (3,718) | (4,043) |
Selling expenses | (1,018) | (1,114) | (1,290) |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 74 | 0 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 317 | 156 | 188 |
Total operating expenses, net | (4,766) | (4,676) | (5,145) |
Operating profit (loss) | (13,693) | 54,299 | 49,896 |
Other income (expense),net | |||
Finance income | 1,961 | 247 | 411 |
Foreign currency exchange difference | (51) | (1,819) | (1,267) |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | (2,158) | (2,613) | (2,532) |
Profit (loss) before income tax | (13,941) | 50,114 | 46,508 |
Income tax expense | 5,573 | (31,820) | (23,722) |
Current income tax | (2,951) | (27,702) | (24,801) |
Deferred Income tax | 8,524 | (4,118) | 1,079 |
Profit (loss) for the year (numerators) | (8,368) | 18,294 | 22,786 |
Profit for the year | (8,368) | 18,294 | 22,786 |
Total assets | 365,585 | 418,966 | |
Total assets | 414,986 | ||
Total liability | 117,388 | ||
Total liability | 150,751 | 150,463 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Changes in estimates of mine closures plans | 0 | 0 | 0 |
Tinka resources Ltd | |||
Operating income | |||
Sale of goods | 0 | 0 | 0 |
Sale of services | 0 | 0 | 0 |
Royalty income | 0 | 0 | 0 |
Total operating income | 0 | 0 | 0 |
Operating costs | |||
Cost of sales, excluding depreciation and amortization | 0 | 0 | 0 |
Unabsorbed cost due to production stoppage | 0 | 0 | 0 |
Cost of services | 0 | 0 | 0 |
Exploration in operating units | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Mining royalties | 0 | 0 | 0 |
Total operating costs | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | 0 |
Operating expenses, net | |||
Administrative expenses | (4,383) | (5,692) | (2,311) |
Selling expenses | 0 | 0 | 0 |
Write-off of stripping activity asset | 0 | 0 | |
Exploration in non-operating areas | 0 | 0 | 0 |
Reversal of contingent and others | 0 | 0 | 0 |
Impairment recovery (loss) of long-lived assets | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Total operating expenses, net | (4,383) | (5,692) | (2,311) |
Operating profit (loss) | (4,383) | (5,692) | (2,311) |
Other income (expense),net | |||
Finance income | 0 | 0 | 0 |
Foreign currency exchange difference | 0 | 0 | 0 |
Share in the results of associates and joint ventures | 0 | 0 | 0 |
Finance costs | 0 | 0 | 0 |
Profit (loss) before income tax | (4,383) | (5,692) | (2,311) |
Income tax expense | 0 | 0 | |
Current income tax | 0 | 0 | 0 |
Deferred Income tax | 0 | 0 | 0 |
Profit (loss) for the year (numerators) | (4,383) | (5,692) | (2,311) |
Profit for the year | (4,383) | (1,109) | (2,311) |
Total assets | 63,461 | 64,539 | |
Total assets | 59,128 | ||
Total liability | 473 | ||
Total liability | 211 | 876 | |
Other segment information | |||
Investments in associates | 0 | 0 | 0 |
Capital Expenditures | 0 | 0 | 0 |
Changes in estimates of mine closures plans | $ 0 | $ 0 | $ 0 |
Disclosure of information on _4
Disclosure of information on segments - Reconciliation of segment profit (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information on segments [Line Items] | |||
Elimination Of Profit Of Equity Accounted Investees | $ (912,602) | $ (1,204,076) | $ (295,019) |
Elimination Of Profit of Inter Company Sales | (98,879) | (101,460) | (89,006) |
Elimination of Profit In Cost of Sales And Operating Expenses Of Intercompany | 98,879 | 101,460 | 89,593 |
Elimination Of Share of Profit In subsidiaries And Associates | (307) | 395,285 | 82,284 |
Elimination of Profits In others | 178 | (412) | (1,080) |
Profit (loss) from continuing operations | 124,388 | 124,800 | (83,529) |
Operating Segments [Member] | |||
Disclosure of information on segments [Line Items] | |||
Profit (loss) from continuing operations | $ 1,037,119 | $ 934,003 | $ 129,699 |
Disclosure of information on _5
Disclosure of information on segments - Reconciliation of segment assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information on segments [Line Items] | |||
Assets | $ 4,503,227 | $ 4,561,811 | $ 3,979,617 |
Elimination Of assets Of Equity Accounted Investees, Not Consolidated | (8,422,909) | (8,598,678) | (8,250,964) |
Elimination of the Subsidiaries And Associates of The Parent Company | (920,601) | (914,940) | (1,005,368) |
Elimination of Segment Assets Intercompany Receivables | (16,921) | (15,188) | (57,810) |
Elimination of Other Segment Assets | 27,211 | 26,714 | 17,486 |
Operating Segments [Member] | |||
Disclosure of information on segments [Line Items] | |||
Assets | $ 13,836,447 | $ 14,063,903 | $ 13,276,273 |
Disclosure of information on _6
Disclosure of information on segments - Reconciliation of segment liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information on segments [Line Items] | |||
Total liability | $ 1,340,286 | $ 2,023,280 | $ 1,179,760 |
Operating Segments [Member] | |||
Disclosure of information on segments [Line Items] | |||
Total liability | 2,824,648 | 4,454,433 | 3,532,172 |
Elimination of intersegment amounts [member] | |||
Disclosure of information on segments [Line Items] | |||
Total liability | (1,484,362) | ||
Elimination of liabilities of equity accounted investees [Member] | |||
Disclosure of information on segments [Line Items] | |||
Total liability | (1,460,297) | (2,148,520) | (2,283,470) |
Elimination of intercompany payables [Member] | |||
Disclosure of information on segments [Line Items] | |||
Total liability | (24,140) | (282,530) | (68,961) |
Elimination of intersegment other liabilities amount [Member] | |||
Disclosure of information on segments [Line Items] | |||
Total liability | $ 75 | $ (103) | $ 19 |
Disclosure of information on _7
Disclosure of information on segments - Disaggregated revenue information (Details) - USD ($) | 12 Months Ended | |||
Sep. 05, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | $ 21 | $ 806,300,000 | $ 961,370,000 | $ 673,597,000 |
Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,814,000 | |
La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,256,000 | 33,024,000 | |
Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 52,433,000 | 53,083,000 | 48,254,000 | |
Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 17,207,000 | 15,651,000 | 14,753,000 | |
Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 421,000 | 551,000 | 607,000 | |
Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 60,830,000 | 51,671,000 | |
Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (98,177,000) | (101,336,000) | (88,974,000) | |
Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 904,477,000 | 1,062,706,000 | 762,571,000 | |
Metal and concentrates sales [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 782,697,000 | 924,390,000 | 634,674,000 | |
Metal and concentrates sales [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Metal and concentrates sales [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Metal and concentrates sales [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Metal and concentrates sales [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Metal and concentrates sales [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,814,000 | |
Metal and concentrates sales [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,256,000 | 33,024,000 | |
Metal and concentrates sales [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 46,954,000 | 36,336,000 | |
Metal and concentrates sales [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Metal and concentrates sales [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 833,035,000 | 963,617,000 | 664,984,000 | |
Metal and concentrates sales [Member] | Asia [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 36,796,000 | 23,637,000 | 39,110,000 | |
Metal and concentrates sales [Member] | Asia [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 234,000 | 2,427,000 | |
Metal and concentrates sales [Member] | Asia [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 4,503,000 | 0 | 1,350,000 | |
Metal and concentrates sales [Member] | Asia [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 32,293,000 | 23,403,000 | 35,333,000 | |
Metal and concentrates sales [Member] | Asia [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Asia [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 36,796,000 | 23,637,000 | 39,110,000 | |
Metal and concentrates sales [Member] | Europe [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 33,412,000 | 51,803,000 | 42,210,000 | |
Metal and concentrates sales [Member] | Europe [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 2,319,000 | 10,795,000 | 11,503,000 | |
Metal and concentrates sales [Member] | Europe [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 14,196,000 | 28,425,000 | |
Metal and concentrates sales [Member] | Europe [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 25,000 | 830,000 | 552,000 | |
Metal and concentrates sales [Member] | Europe [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 2,000 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 31,066,000 | 24,737,000 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 1,245,000 | 1,730,000 | |
Metal and concentrates sales [Member] | Europe [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Europe [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 33,412,000 | 51,803,000 | 42,210,000 | |
Metal and concentrates sales [Member] | Peru [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 533,765,000 | 702,962,000 | 389,854,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 2,733,000 | 69,378,000 | 77,077,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 20,475,000 | 43,031,000 | 3,238,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 46,124,000 | 161,629,000 | 81,058,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 140,593,000 | 6,794,000 | 7,097,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 322,372,000 | 420,098,000 | 216,481,000 | |
Metal and concentrates sales [Member] | Peru [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,254,000 | 32,886,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Peru [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Peru [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Peru [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Peru [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 248,000 | 2,005,000 | 2,327,000 | |
Metal and concentrates sales [Member] | Peru [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Metal and concentrates sales [Member] | Peru [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 548,103,000 | 742,189,000 | 420,164,000 | |
Metal and concentrates sales [Member] | Central America | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 178,724,000 | 145,988,000 | 163,500,000 | |
Metal and concentrates sales [Member] | Central America | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 113,683,000 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 19,602,000 | 60,273,000 | |
Metal and concentrates sales [Member] | Central America | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 11,942,000 | 82,680,000 | 70,810,000 | |
Metal and concentrates sales [Member] | Central America | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 2,000 | 138,000 | |
Metal and concentrates sales [Member] | Central America | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,099,000 | 43,704,000 | 32,279,000 | |
Metal and concentrates sales [Member] | Central America | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Metal and concentrates sales [Member] | Central America | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 178,724,000 | 145,988,000 | 163,500,000 | |
Sales By Customers [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 782,697,000 | 924,390,000 | 634,674,000 | |
Sales By Customers [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 782,697,000 | 924,390,000 | 634,674,000 | |
Sales By Customers [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Sales By Customers [Member] | Uchucchacua | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Sales By Customers [Member] | Uchucchacua | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Sales By Customers [Member] | Orcopampa | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Sales By Customers [Member] | Orcopampa | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Sales By Customers [Member] | Julcani [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Sales By Customers [Member] | Julcani [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Sales By Customers [Member] | Tambomayo [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Sales By Customers [Member] | Tambomayo [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,814,000 | |
Sales By Customers [Member] | Colquijirca [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,974,000 | |
Sales By Customers [Member] | Colquijirca [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 160,000 | |
Sales By Customers [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,256,000 | 33,024,000 | |
Sales By Customers [Member] | La Zanja [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,220,000 | 29,000 | 2,554,000 | |
Sales By Customers [Member] | La Zanja [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,470,000) | |
Sales By Customers [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Energy generation and transmission [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Energy generation and transmission [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Insurance brokerage [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Insurance brokerage [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Rental of mining concessions [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Rental of mining concessions [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Holding of investment in shares [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Holding of investment in shares [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 46,954,000 | 36,336,000 | |
Sales By Customers [Member] | Industrial activities [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 46,954,000 | 36,336,000 | |
Sales By Customers [Member] | Industrial activities [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Sales By Customers [Member] | Adjustments and eliminations [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Sales By Customers [Member] | Adjustments and eliminations [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Sales By Customers [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 833,035,000 | 963,617,000 | 664,984,000 | |
Sales By Customers [Member] | Reportable segments [member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 782,697,000 | 924,390,000 | 634,674,000 | |
Sales By Customers [Member] | Reportable segments [member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Services [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 22,222,000 | 21,052,000 | 20,285,000 | |
Revenue From Contract With Customers Net | 20,285,000 | |||
Services [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 22,222,000 | 21,052,000 | 20,285,000 | |
Services [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Uchucchacua | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Uchucchacua | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Orcopampa | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Orcopampa | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Julcani [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Julcani [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Tambomayo [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Tambomayo [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Colquijirca [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Colquijirca [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | La Zanja [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | La Zanja [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 52,433,000 | 53,083,000 | 48,254,000 | |
Revenue From Contract With Customers Net | 48,254,000 | |||
Services [Member] | Energy generation and transmission [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,015,000 | 5,401,000 | 5,532,000 | |
Services [Member] | Energy generation and transmission [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (47,418,000) | (47,682,000) | (42,722,000) | |
Services [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 17,207,000 | 15,651,000 | 14,753,000 | |
Revenue From Contract With Customers Net | 14,753,000 | |||
Services [Member] | Insurance brokerage [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 17,207,000 | 15,651,000 | 14,753,000 | |
Services [Member] | Insurance brokerage [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Revenue From Contract With Customers Net | 0 | |||
Services [Member] | Rental of mining concessions [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Rental of mining concessions [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 421,000 | 551,000 | 607,000 | |
Revenue From Contract With Customers Net | 607,000 | |||
Services [Member] | Holding of investment in shares [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Holding of investment in shares [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (421,000) | (551,000) | (607,000) | |
Services [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 13,876,000 | 15,335,000 | |
Revenue From Contract With Customers Net | 15,335,000 | |||
Services [Member] | Industrial activities [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Industrial activities [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | (13,876,000) | (15,335,000) | |
Services [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (47,839,000) | (62,109,000) | (58,664,000) | |
Revenue From Contract With Customers Net | (58,664,000) | |||
Services [Member] | Adjustments and eliminations [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Adjustments and eliminations [Member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (47,839,000) | (62,109,000) | (58,664,000) | |
Services [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 70,061,000 | 83,161,000 | 78,949,000 | |
Revenue From Contract With Customers Net | 78,949,000 | |||
Services [Member] | Reportable segments [member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 22,222,000 | 21,052,000 | 20,285,000 | |
Services [Member] | Reportable segments [member] | Elimination of intersegment amounts [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (47,839,000) | (62,109,000) | (58,664,000) | |
Services [Member] | Europe [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 20,000 | 20,000 | |
Services [Member] | Europe [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 20,000 | 20,000 | |
Services [Member] | Europe [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Europe [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 20,000 | 20,000 | |
Services [Member] | Peru [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 20,936,000 | 20,936,000 | 20,173,000 | |
Services [Member] | Peru [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 52,433,000 | 53,083,000 | 48,254,000 | |
Services [Member] | Peru [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 17,080,000 | 15,535,000 | 14,641,000 | |
Services [Member] | Peru [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Peru [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 421,000 | 551,000 | 607,000 | |
Services [Member] | Peru [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 13,876,000 | 15,335,000 | |
Services [Member] | Peru [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (62,109,000) | (62,109,000) | (58,664,000) | |
Services [Member] | Peru [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 69,934,000 | 83,045,000 | 78,837,000 | |
Services [Member] | Central America | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 127,000 | 96,000 | 92,000 | |
Services [Member] | Central America | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 127,000 | 96,000 | 92,000 | |
Services [Member] | Central America | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Services [Member] | Central America | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 127,000 | 96,000 | 92,000 | |
Royalties [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 806,300,000 | 961,370,000 | 673,597,000 | |
Revenue From Contract With Customers Net | 673,597,000 | |||
Royalties [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Revenue From Contract With Customers Net | 91,007,000 | |||
Royalties [Member] | Uchucchacua | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Revenue From Contract With Customers Net | 31,663,000 | |||
Royalties [Member] | Orcopampa | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Revenue From Contract With Customers Net | 143,233,000 | |||
Royalties [Member] | Julcani [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Revenue From Contract With Customers Net | 77,907,000 | |||
Royalties [Member] | Tambomayo [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,814,000 | |
Revenue From Contract With Customers Net | 251,814,000 | |||
Royalties [Member] | Colquijirca [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,256,000 | 33,024,000 | |
Revenue From Contract With Customers Net | 33,024,000 | |||
Royalties [Member] | La Zanja [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 52,433,000 | 53,083,000 | 48,254,000 | |
Revenue From Contract With Customers Net | 48,254,000 | |||
Royalties [Member] | Energy generation and transmission [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 17,207,000 | 15,651,000 | 14,753,000 | |
Revenue From Contract With Customers Net | 14,753,000 | |||
Royalties [Member] | Insurance brokerage [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Revenue From Contract With Customers Net | 18,638,000 | |||
Royalties [Member] | Rental of mining concessions [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 421,000 | 551,000 | 607,000 | |
Revenue From Contract With Customers Net | 607,000 | |||
Royalties [Member] | Holding of investment in shares [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 60,830,000 | 51,671,000 | |
Revenue From Contract With Customers Net | 51,671,000 | |||
Royalties [Member] | Industrial activities [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (98,177,000) | (101,336,000) | (88,974,000) | |
Revenue From Contract With Customers Net | (88,974,000) | |||
Royalties [Member] | Adjustments and eliminations [Member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 904,477,000 | 1,062,706,000 | 762,571,000 | |
Revenue From Contract With Customers Net | 762,571,000 | |||
Royalties [Member] | Reportable segments [member] | Operating Segments [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties [Member] | Peru [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties [Member] | Peru [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties [Member] | Peru [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties [Member] | Peru [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Ifrs Gold [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 299,747,000 | 262,676,000 | 229,590,000 | |
Ifrs Gold [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 19,000 | 14,000 | |
Ifrs Gold [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 134,200,000 | 371,000 | 14,000 | |
Ifrs Gold [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 28,000 | 112,182,000 | 105,359,000 | |
Ifrs Gold [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 84,003,000 | 89,426,000 | 77,964,000 | |
Ifrs Gold [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 29,326,000 | 21,570,000 | 13,667,000 | |
Ifrs Gold [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 51,908,000 | 38,854,000 | 32,672,000 | |
Ifrs Gold [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Ifrs Gold [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Ifrs Gold [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Ifrs Gold [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Ifrs Gold [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 50,888,000 | 39,103,000 | 30,023,000 | |
Ifrs Gold [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | (50,606,000) | (38,849,000) | (30,123,000) | |
Ifrs Gold [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 350,353,000 | 301,525,000 | 259,713,000 | |
Silver [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 157,923,000 | 316,930,000 | 230,498,000 | |
Silver [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 8,363,000 | 86,988,000 | 97,903,000 | |
Silver [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 755,000 | 60,596,000 | 33,631,000 | |
Silver [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 51,232,000 | 38,978,000 | 32,766,000 | |
Silver [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 32,269,000 | 358,000 | 185,000 | |
Silver [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 62,951,000 | 126,979,000 | 63,312,000 | |
Silver [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 2,218,000 | 2,504,000 | 2,241,000 | |
Silver [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Silver [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Silver [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Silver [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Silver [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 2,245,000 | 2,986,000 | 2,337,000 | |
Silver [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | (2,110,000) | (2,459,000) | (1,877,000) | |
Silver [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 160,033,000 | 319,389,000 | 232,375,000 | |
Copper [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 367,278,000 | 340,522,000 | 181,311,000 | |
Copper [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 140,000 | 48,000 | |
Copper [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 516,000 | 0 | 0 | |
Copper [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 366,762,000 | 340,382,000 | 181,007,000 | |
Copper [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Copper [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 256,000 | |
Copper [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 367,278,000 | 340,522,000 | 181,055,000 | |
Zinc [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 107,486,000 | 143,580,000 | 120,546,000 | |
Zinc [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 400,000 | 15,214,000 | 8,356,000 | |
Zinc [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 32,001,000 | 9,513,000 | |
Zinc [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 40,087,000 | 0 | 0 | |
Zinc [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 66,999,000 | 96,365,000 | 102,677,000 | |
Zinc [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Zinc [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 107,486,000 | 143,580,000 | 120,546,000 | |
Lead [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 32,951,000 | 51,907,000 | 48,426,000 | |
Lead [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | (55,000) | 9,300,000 | 6,760,000 | |
Lead [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 828,000 | 529,000 | |
Lead [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 856,000 | 19,483,000 | 10,688,000 | |
Lead [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 19,616,000 | 0 | 0 | |
Lead [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 12,534,000 | 22,296,000 | 30,449,000 | |
Lead [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Lead [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 32,951,000 | 51,907,000 | 48,426,000 | |
Manganese sulfate [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 361,000 | 4,976,000 | 4,051,000 | |
Manganese sulfate [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 361,000 | 4,976,000 | 4,051,000 | |
Manganese sulfate [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Manganese sulfate [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 361,000 | 4,976,000 | 4,051,000 | |
Antimony [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 28,000 | |||
Antimony [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 28,000 | |||
Antimony [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | |||
Antimony [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 28,000 | |||
Metal and Concentrates Sales Before Commercial Deductions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 965,774,000 | 1,120,591,000 | 814,422,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 8,708,000 | 111,521,000 | 113,033,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 134,955,000 | 61,935,000 | 34,222,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 52,660,000 | 202,644,000 | 158,326,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 175,975,000 | 89,784,000 | 78,149,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 538,572,000 | 607,592,000 | 391,112,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 54,126,000 | 41,358,000 | 34,913,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 0 | 0 | 0 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 53,494,000 | 47,065,000 | 36,411,000 | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | (52,716,000) | (41,308,000) | (31,744,000) | |
Metal and Concentrates Sales Before Commercial Deductions [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue From Contract With Customers Gross | 1,018,490,000 | 1,161,899,000 | 846,166,000 | |
Commercial deductions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 183,077,000 | 196,201,000 | 179,748,000 | |
Commercial deductions [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (3,656,000) | (31,114,000) | (22,026,000) | |
Commercial deductions [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (797,000) | (4,708,000) | (2,559,000) | |
Commercial deductions [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (2,008,000) | (20,583,000) | (15,093,000) | |
Commercial deductions [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (23,438,000) | (310,000) | (242,000) | |
Commercial deductions [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (152,841,000) | (139,354,000) | (139,298,000) | |
Commercial deductions [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (2,568,000) | (2,102,000) | (1,889,000) | |
Commercial deductions [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | 0 | 0 | 0 | |
Commercial deductions [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | 0 | 0 | 0 | |
Commercial deductions [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | 0 | 0 | 0 | |
Commercial deductions [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | 0 | 0 | 0 | |
Commercial deductions [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (147,000) | (111,000) | (75,000) | |
Commercial deductions [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | 2,378,000 | 2,081,000 | 1,434,000 | |
Commercial deductions [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Commercial Deductions In Revenue From Contract With Customers | (185,455,000) | (198,282,000) | (181,182,000) | |
Corporates [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 782,697,000 | 924,390,000 | 634,674,000 | |
Corporates [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 5,052,000 | 80,407,000 | 91,007,000 | |
Corporates [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 134,158,000 | 57,227,000 | 31,663,000 | |
Corporates [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 50,652,000 | 182,061,000 | 143,233,000 | |
Corporates [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 152,537,000 | 89,474,000 | 77,907,000 | |
Corporates [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 385,731,000 | 468,238,000 | 251,814,000 | |
Corporates [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 51,558,000 | 39,256,000 | 33,024,000 | |
Corporates [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Corporates [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Corporates [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Corporates [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Corporates [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 53,347,000 | 46,954,000 | 36,336,000 | |
Corporates [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | (50,338,000) | (39,227,000) | (30,310,000) | |
Corporates [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 833,035,000 | 963,617,000 | 664,984,000 | |
Royalties income [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties income [Member] | Uchucchacua | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Orcopampa | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Julcani [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Tambomayo [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Colquijirca [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | La Zanja [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Energy generation and transmission [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Insurance brokerage [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Rental of mining concessions [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 1,381,000 | 15,928,000 | 18,638,000 | |
Royalties income [Member] | Holding of investment in shares [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Industrial activities [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Adjustments and eliminations [Member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | |
Royalties income [Member] | Reportable segments [member] | ||||
Disclosure of information on segments [Line Items] | ||||
Revenue from contracts with customers | $ 1,381,000 | $ 15,928,000 | $ 18,638,000 |
Derivative financial instrume_3
Derivative financial instruments - Hedged Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about hedging instruments [line items] | ||
Fair value | $ (8,839) | $ (6,976) |
Interest rate hedge | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fair value | 0 | (644) |
Copper and Zinc prices hedge | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fair value | $ 8,839 | $ (6,332) |
Derivative financial instrume_4
Derivative financial instruments - Composition of open transactions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) lb | Dec. 31, 2021 USD ($) lb | Dec. 31, 2020 USD ($) | |
Disclosure of derivative financial instruments [Line Items] | |||
Financial instruments designated as hedging instruments, at fair value | $ 8,839 | $ 6,976 | |
Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 20,000 | 5,000 | |
Financial instruments designated as hedging instruments, at fair value | $ 6,332 | $ 8,839 | |
Settlement period one [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 3,250 | 2,000 | |
Fixed Quotation | $ 9,405 | $ 10,185 | |
Future quotation | 9,748 | 8,344 | |
Financial instruments designated as hedging instruments, at fair value | $ 1,112 | $ 4,332 | |
Settlement period one [Member] | Zinc Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 500 | ||
Fixed Quotation | $ 3,450 | ||
Future quotation | 9,748 | ||
Financial instruments designated as hedging instruments, at fair value | $ 65 | ||
Settlement period one [Member] | Minimum | |||
Disclosure of derivative financial instruments [Line Items] | |||
Fixed Quotation | $ 10,185 | ||
Settlement period two [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 2,000 | 1,500 | |
Fixed Quotation | $ 9,444 | $ 10,109 | |
Future quotation | 9,740 | 8,350 | |
Financial instruments designated as hedging instruments, at fair value | $ 591 | $ 1,867 | |
Settlement period two [Member] | Minimum | |||
Disclosure of derivative financial instruments [Line Items] | |||
Fixed Quotation | $ 10,109 | ||
Settlement period three [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 2,000 | 1,500 | |
Fixed Quotation | $ 9,525 | $ 10,153 | |
Future quotation | 9,732 | 8,353 | |
Financial instruments designated as hedging instruments, at fair value | $ 413 | $ 2,640 | |
Settlement period four [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 2,700 | ||
Fixed Quotation | $ 9,103 | ||
Future quotation | 9,719 | ||
Financial instruments designated as hedging instruments, at fair value | $ 1,661 | ||
Settlement period five [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 3,050 | ||
Fixed Quotation | $ 9,175 | ||
Future quotation | 9,701 | ||
Financial instruments designated as hedging instruments, at fair value | $ 1,601 | ||
Settlement period six [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 1,000 | ||
Fixed Quotation | $ 9,425 | ||
Future quotation | 9,686 | ||
Financial instruments designated as hedging instruments, at fair value | $ 260 | ||
Settlement period seven [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 3,000 | ||
Fixed Quotation | $ 9,442 | ||
Future quotation | 9,676 | ||
Financial instruments designated as hedging instruments, at fair value | $ 701 | ||
Settlement period ten [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 1,500 | ||
Fixed Quotation | $ 9,762 | ||
Future quotation | 9,631 | ||
Financial instruments designated as hedging instruments, at fair value | $ (196) | ||
Settlement period twelve [Member] | Copper Price Hedging Instrument [Member] | |||
Disclosure of derivative financial instruments [Line Items] | |||
Quantity of commodity | lb | 1,000 | ||
Fixed Quotation | $ 9,475 | ||
Future quotation | 9,600 | ||
Financial instruments designated as hedging instruments, at fair value | $ 124 |
Derivative financial instrume_5
Derivative financial instruments - Composition of the operations to be settled that are part of the liability for hedging derivative instrument (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of derivative financial instruments [Line Items] | ||
Fair value | $ (8,839) | $ (6,976) |
Interest rate hedge | ||
Disclosure of derivative financial instruments [Line Items] | ||
Amount | 275,000 | |
Fair value | 0 | $ (644) |
October 2022 One | ||
Disclosure of derivative financial instruments [Line Items] | ||
Amount | 81,666 | |
LIBOR of three months, Fixed interest rate (as a percent) | 2.632% | |
Fair value | $ (191) | |
October 2022 One | Minimum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.06% | |
October 2022 One | Maximum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.14% | |
October 2022 Two | ||
Disclosure of derivative financial instruments [Line Items] | ||
Amount | 74,167 | |
LIBOR of three months, Fixed interest rate (as a percent) | 2.632% | |
Fair value | $ (174) | |
October 2022 Two | Minimum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.06% | |
October 2022 Two | Maximum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.14% | |
October 2022 Three | ||
Disclosure of derivative financial instruments [Line Items] | ||
Amount | 74,167 | |
LIBOR of three months, Fixed interest rate (as a percent) | 0.732% | |
Fair value | $ (174) | |
October 2022 Three | Minimum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 0.16% | |
October 2022 Three | Maximum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 0.24% | |
July 2022 | ||
Disclosure of derivative financial instruments [Line Items] | ||
Amount | 45,000 | |
LIBOR of three months, Fixed interest rate (as a percent) | 2.632% | |
Fair value | $ (105) | |
July 2022 | Minimum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.06% | |
July 2022 | Maximum | ||
Disclosure of derivative financial instruments [Line Items] | ||
LIBOR of three months, Futures, interest rate (as a percent) | 2.14% | |
Copper and Zinc prices hedge | ||
Disclosure of derivative financial instruments [Line Items] | ||
Fair value | $ 8,839 | $ (6,332) |
Derivative financial instrume_6
Derivative financial instruments - Embedded derivatives (Details) - Sociedad Minera Cerro Verde S.A.A. item in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Disclosure Of Embedded derivatives [Line Items] | ||
Derivative financial asset liabilities | $ 91,011,000 | $ 12,793,000 |
Copper concentrate [Member] | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Quantity of Metal | item | 320,095 | 284,566 |
Embedded derivatives, maturity | January 2023 to May 2023 | January 2022 to May 2022 |
Derivative financial asset liabilities | $ 63,335,000 | $ 13,335,000 |
Copper concentrate [Member] | Minimum | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Provisional pricing | $ 3.448 | $ 4.174 |
Forward pricing | 3.798 | 4.400 |
Copper concentrate [Member] | Maximum | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Provisional pricing | $ 3.807 | $ 4.584 |
Forward pricing | 3.799 | 4.421 |
Copper cathode [Member] | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Quantity of Metal | item | 4,187 | 3,087 |
Embedded derivatives, maturity | January 2023 | January 2022 |
Forward pricing | 3.798 | 4.421 |
Derivative financial asset liabilities | $ (61,000) | $ 318,000 |
Copper cathode [Member] | Minimum | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Provisional pricing | $ 4.318 | |
Molybdenum [Member] | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Quantity of Metal | item | 2,425 | 4,035 |
Embedded derivatives, maturity | January 2023 to February 2023 | January 2022 to February 2022 |
Forward pricing | 28.267 | 16.456 |
Derivative financial asset liabilities | $ 27,737,000 | $ (860,000) |
Molybdenum [Member] | Minimum | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Provisional pricing | 16.677 | 16.659 |
Molybdenum [Member] | Maximum | ||
Disclosure Of Embedded derivatives [Line Items] | ||
Provisional pricing | $ 16.935 | $ 16.773 |
Derivative financial instrume_7
Derivative financial instruments - Additional information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of derivative financial instruments [Line Items] | |||
Hedge operations | $ 12,774,000 | $ (51,952,000) | $ (6,464,000) |
Unrealized gain (loss) before tax | 10,696,000 | 6,678,000 | (11,142,000) |
Hedge ineffectiveness | 454,000 | 1,403,000 | (1,857,000) |
Effect on settlement of hedging financial instruments | 818,000 | 1,547,000 | 146,000 |
Interest rate hedge | |||
Disclosure of derivative financial instruments [Line Items] | |||
Unrealized gain (loss) before tax | 644,000 | 1,991,000 | (2,635,000) |
Effect on settlement of hedging financial instruments | 818,000 | (1,547,000) | (146,000) |
Unrealized gain (loss) net of tax income | 454,000 | 1,404,000 | (1,858,000) |
Copper and Zinc prices hedge | |||
Disclosure of derivative financial instruments [Line Items] | |||
Unrealized gain (loss) before tax | 15,171,000 | 9,472,000 | 15,804,000 |
Balance payable | 1,200,000 | ||
Balance receivable | 2,500,000 | ||
Unrealized gain (loss) net of tax income | 10,696,000 | 6,678,000 | 11,142,000 |
Other reserves [member] | Copper and Zinc prices hedge | |||
Disclosure of derivative financial instruments [Line Items] | |||
Hedge operations | $ 12,774,000 | $ (51,952,000) | $ (6,464,000) |
Financial - risk management o_3
Financial - risk management objectives and policies - Effect in profit or loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial risk management objectives and policies [Line Items] | |||
Increase in exchange rate basis points | 10% | 10% | 10% |
Decrease in exchange rate basis points | (10.00%) | (10.00%) | (10.00%) |
Exchange rate increased effect on income | $ 58,032 | $ 56,122 | $ 7,591 |
Exchange rate decreased effect on income | (58,032) | (56,122) | (7,083) |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure of financial risk management objectives and policies [Line Items] | |||
Exchange rate increased effect on income | 123,181 | 140,420 | 112,080 |
Exchange rate decreased effect on income | $ (123,181) | $ 140,420 | $ 112,080 |
Sociedad Minera Cerro Verde S.A.A. | Currency exchange rates | |||
Disclosure of financial risk management objectives and policies [Line Items] | |||
Increase in exchange rate basis points | 5% | 5% | 5% |
Decrease in exchange rate basis points | (5.00%) | (5.00%) | (5.00%) |
Exchange rate increased effect on income | $ (23,801) | $ (7,782) | $ 20,656 |
Exchange rate decreased effect on income | $ 23,801 | $ 7,782 | $ (20,656) |
Financial - risk management o_4
Financial - risk management objectives and policies - Effect in profit or loss of the variations of interest rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial - risk management objectives and policies | |||
Increase in libor interest rate | 10% | 10% | 10% |
Decrease in libor interest rate | (10.00%) | (10.00%) | (10.00%) |
Libor interest rate increased effect on income | $ (1,315) | $ (1,414) | $ (81) |
Libor interest rate decreased effect on income | $ 1,315 | $ 1,414 | $ 81 |
Financial - risk management o_5
Financial - risk management objectives and policies - Credit risk exposure (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Trade receivables | $ 168,346 | $ 171,670 |
Other receivables | 753,562 | 735,491 |
Total trade and other receivables | $ 921,908 | $ 907,161 |
Expected credit loss rate | 0% | 0% |
Expected credit loss | $ (26,382) | $ (30,897) |
Current | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables | 146,070 | 149,394 |
Other receivables | 749,456 | 726,870 |
Total trade and other receivables | $ 895,526 | $ 876,264 |
Expected credit loss rate | 0% | 0% |
Expected credit loss | $ 0 | $ 0 |
Not later than one month | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables | 0 | 0 |
Other receivables | 0 | 0 |
Total trade and other receivables | $ 0 | $ 0 |
Expected credit loss rate | 0% | 0% |
Expected credit loss | $ 0 | $ 0 |
Later than one month and not later than three months | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables | 0 | 0 |
Other receivables | 0 | 0 |
Total trade and other receivables | $ 0 | $ 0 |
Expected credit loss rate | 0% | 0% |
Expected credit loss | $ 0 | $ 0 |
Later than three months | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables | 22,276 | 22,276 |
Other receivables | 4,106 | 8,621 |
Total trade and other receivables | $ 26,382 | $ 30,897 |
Expected credit loss rate | 100% | 100% |
Expected credit loss | $ (26,382) | $ (30,897) |
Financial - risk management o_6
Financial - risk management objectives and policies - Aging of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial risk management objectives and policies [line items] | ||
Hedge derivative financial instruments, undiscounted cash flows | $ 0 | $ 6,976 |
Non-derivative financial instruments, undiscounted cash flows | 1,182,064 | 1,592,767 |
Financial liabilities, undiscounted contractual payments | 1,182,064 | 1,592,767 |
Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Hedge derivative financial instruments, undiscounted cash flows | 0 | 6,976 |
Non-derivative financial instruments, undiscounted cash flows | 314,707 | 528,742 |
Financial liabilities, undiscounted contractual payments | 314,707 | 528,742 |
Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Hedge derivative financial instruments, undiscounted cash flows | 0 | 0 |
Non-derivative financial instruments, undiscounted cash flows | 152,229 | 149,504 |
Financial liabilities, undiscounted contractual payments | 152,229 | 149,504 |
Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Hedge derivative financial instruments, undiscounted cash flows | 0 | 0 |
Non-derivative financial instruments, undiscounted cash flows | 677,820 | 880,819 |
Financial liabilities, undiscounted contractual payments | 677,820 | 880,819 |
More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Hedge derivative financial instruments, undiscounted cash flows | 0 | 0 |
Non-derivative financial instruments, undiscounted cash flows | 37,308 | 33,702 |
Financial liabilities, undiscounted contractual payments | 37,308 | 33,702 |
Bank loans capital | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 50,000 |
Financial liabilities, undiscounted contractual payments | 0 | 50,000 |
Bank loans capital | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 50,000 |
Financial liabilities, undiscounted contractual payments | 0 | 50,000 |
Bank loans capital | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Bank loans capital | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Bank loans capital | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Bank loans interest | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 820 |
Financial liabilities, undiscounted contractual payments | 0 | 820 |
Bank loans interest | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 820 |
Financial liabilities, undiscounted contractual payments | 0 | 820 |
Bank loans interest | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Bank loans interest | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Bank loans interest | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Trade and other payables | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 240,737 | 248,033 |
Financial liabilities, undiscounted contractual payments | 240,737 | 248,033 |
Trade and other payables | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 240,737 | 248,033 |
Financial liabilities, undiscounted contractual payments | 240,737 | 248,033 |
Trade and other payables | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Trade and other payables | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Trade and other payables | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Financial obligation capital | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 733,761 | 1,056,506 |
Financial liabilities, undiscounted contractual payments | 733,761 | 1,056,506 |
Financial obligation capital | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 31,034 | 175,620 |
Financial liabilities, undiscounted contractual payments | 31,034 | 175,620 |
Financial obligation capital | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 104,159 | 106,784 |
Financial liabilities, undiscounted contractual payments | 104,159 | 106,784 |
Financial obligation capital | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 598,568 | 774,102 |
Financial liabilities, undiscounted contractual payments | 598,568 | 774,102 |
Financial obligation capital | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Financial obligation interest | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 149,305 | 183,750 |
Financial liabilities, undiscounted contractual payments | 149,305 | 183,750 |
Financial obligation interest | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 39,256 | 43,313 |
Financial liabilities, undiscounted contractual payments | 39,256 | 43,313 |
Financial obligation interest | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 45,770 | 40,803 |
Financial liabilities, undiscounted contractual payments | 45,770 | 40,803 |
Financial obligation interest | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 64,279 | 99,634 |
Financial liabilities, undiscounted contractual payments | 64,279 | 99,634 |
Financial obligation interest | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Lease Capital | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 12,952 | 5,779 |
Financial liabilities, undiscounted contractual payments | 12,952 | 5,779 |
Lease Capital | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 3,638 | 3,906 |
Financial liabilities, undiscounted contractual payments | 3,638 | 3,906 |
Lease Capital | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 2,282 | 1,822 |
Financial liabilities, undiscounted contractual payments | 2,282 | 1,822 |
Lease Capital | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 2,794 | 51 |
Financial liabilities, undiscounted contractual payments | 2,794 | 51 |
Lease Capital | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 4,238 | 0 |
Financial liabilities, undiscounted contractual payments | 4,238 | 0 |
Lease Interest | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 1,438 | 169 |
Financial liabilities, undiscounted contractual payments | 1,438 | 169 |
Lease Interest | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 42 | 74 |
Financial liabilities, undiscounted contractual payments | 42 | 74 |
Lease Interest | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 18 | 95 |
Financial liabilities, undiscounted contractual payments | 18 | 95 |
Lease Interest | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 242 | 0 |
Financial liabilities, undiscounted contractual payments | 242 | 0 |
Lease Interest | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 1,136 | 0 |
Financial liabilities, undiscounted contractual payments | 1,136 | 0 |
Contingent consideration liability | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 43,871 | 40,734 |
Financial liabilities, undiscounted contractual payments | 43,871 | 40,734 |
Contingent consideration liability | Less than 1 year | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Contingent consideration liability | Between 1 and 2 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 0 | 0 |
Financial liabilities, undiscounted contractual payments | 0 | 0 |
Contingent consideration liability | Between 2 and 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 11,937 | 7,032 |
Financial liabilities, undiscounted contractual payments | 11,937 | 7,032 |
Contingent consideration liability | More than 5 years | ||
Disclosure of financial risk management objectives and policies [line items] | ||
Non-derivative financial instruments, undiscounted cash flows | 31,934 | 33,702 |
Financial liabilities, undiscounted contractual payments | $ 31,934 | $ 33,702 |
Financial - risk management o_7
Financial - risk management objectives and policies - Liquidity risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial - risk management objectives and policies | ||
Lease liabilities | $ 12,953 | $ 5,779 |
Total | $ 35,071 | $ 179,417 |
Financial - risk management o_8
Financial - risk management objectives and policies - Carrying value versus fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial liabilities [abstract] | ||||
Financial liabilities at carrying value | $ 738,534 | $ 1,057,975 | $ 531,653 | $ 571,688 |
Financial liabilities at fair value | $ 672,110 | $ 1,059,236 |
Financial - risk management o_9
Financial - risk management objectives and policies - Changes in copper price (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial risk management [Line Items] | |||
10% increase in future copper prices | $ 58,032 | $ 56,122 | $ 7,591 |
10% decrease in future copper prices | 58,032 | 56,122 | 7,083 |
Sociedad Minera Cerro Verde S.A.A. | |||
Disclosure Of Financial risk management [Line Items] | |||
10% increase in future copper prices | 123,181 | 140,420 | 112,080 |
10% decrease in future copper prices | $ 123,181 | $ (140,420) | $ (112,080) |
Financial - risk management _10
Financial - risk management objectives and policies - Aging of obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Financial risk management [Line Items] | ||||
Lease liabilities | $ 12,953 | $ 5,779 | ||
Trade and other payables. | 251,542 | 262,678 | ||
Total financial liabilities | 738,534 | 1,057,975 | $ 531,653 | $ 571,688 |
Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 320,400 | 235,555 | ||
Accounts payable - related parties | 3,174 | 3,426 | ||
Senior unsecured credit facility | 0 | 324,695 | ||
Lease liabilities | 63,125 | 70,120 | ||
Other accounts payable | 60,632 | 73,235 | ||
Trade and other payables. | 35,800 | 15,100 | ||
Total financial liabilities | 447,331 | 707,031 | ||
Sociedad Minera Cerro Verde S.A.A. | On Demands [Member] | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 0 | 0 | ||
Accounts payable - related parties | 0 | 0 | ||
Senior unsecured credit facility | 0 | |||
Lease liabilities | 0 | 0 | ||
Other accounts payable | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Sociedad Minera Cerro Verde S.A.A. | Not later than three months [member] | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 316,460 | 234,640 | ||
Accounts payable - related parties | 1,740 | 3,426 | ||
Senior unsecured credit facility | 0 | |||
Lease liabilities | 1,036 | 1,257 | ||
Other accounts payable | 15,293 | 66,818 | ||
Total financial liabilities | 334,529 | 306,141 | ||
Sociedad Minera Cerro Verde S.A.A. | Later than three months and not later than one year [member] | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 2,923 | 277 | ||
Accounts payable - related parties | 1,434 | 0 | ||
Senior unsecured credit facility | 324,695 | |||
Lease liabilities | 5,992 | 6,360 | ||
Other accounts payable | 45,339 | 6,417 | ||
Total financial liabilities | 55,688 | 337,749 | ||
Sociedad Minera Cerro Verde S.A.A. | Between 2 and 5 years [member] | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 1,017 | 638 | ||
Accounts payable - related parties | 0 | 0 | ||
Senior unsecured credit facility | 0 | |||
Lease liabilities | 45,033 | 41,085 | ||
Other accounts payable | 0 | 0 | ||
Total financial liabilities | 46,050 | 41,723 | ||
Sociedad Minera Cerro Verde S.A.A. | More than 5 years | ||||
Disclosure Of Financial risk management [Line Items] | ||||
Trade accounts payable | 0 | 0 | ||
Accounts payable - related parties | 0 | 0 | ||
Senior unsecured credit facility | 0 | |||
Lease liabilities | 11,064 | 21,418 | ||
Other accounts payable | 0 | 0 | ||
Total financial liabilities | $ 11,064 | $ 21,418 |
Financial - risk management _11
Financial - risk management objectives and policies - Additional information (Details) - $ / £ | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial risk management [Line Items] | |||
Decrease in exchange rate basis points | 10% | 10% | 10% |
Sociedad Minera Cerro Verde S.A.A. | Credit risk [member] | |||
Disclosure Of Financial risk management [Line Items] | |||
Credit risk collection period | 30 days | ||
Sociedad Minera Cerro Verde S.A.A. | Minimum | |||
Disclosure Of Financial risk management [Line Items] | |||
10% increase in copper price | 4.178 | 4.765 | 3.524 |
10% decrease in copper price | 3.418 | 3.899 | 2.884 |
Sociedad Minera Cerro Verde S.A.A. | Maximum | |||
Disclosure Of Financial risk management [Line Items] | |||
10% increase in copper price | 4.179 | 4.879 | 3.876 |
10% decrease in copper price | 3.419 | 3.992 | 3.172 |
Financial - risk management _12
Financial - risk management objectives and policies - Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial - risk management objectives and policies | ||||
Leases | $ 12,953 | $ 5,779 | ||
Less: cash and short-term deposits | $ (253,918) | $ (376,999) | $ (235,449) | $ (210,046) |
Fair value measurement - Hierar
Fair value measurement - Hierarchy of assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Disclosure of fair value measurement [line Items] | ||||
Fair value of account receivable (subject to provisional pricing) | $ 129,567 | $ 133,977 | ||
Contingent consideration liability | 16,905 | 17,718 | $ 22,100 | $ 16,410 |
Hedge instruments | 8,839 | 6,976 | ||
Bank loans | 0 | 50,000 | ||
Financial obligations | 672,110 | 1,059,236 | ||
Level 1 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement [line Items] | ||||
Fair value of account receivable (subject to provisional pricing) | 0 | 0 | ||
Contingent consideration liability | 0 | 0 | ||
Hedge instruments | 0 | 0 | ||
Bank loans | 0 | 0 | ||
Financial obligations | 0 | 0 | ||
Level 2 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement [line Items] | ||||
Fair value of account receivable (subject to provisional pricing) | 129,567 | 133,977 | ||
Contingent consideration liability | 16,905 | 0 | ||
Hedge instruments | 8,839 | 6,976 | ||
Bank loans | 0 | 50,000 | ||
Financial obligations | 672,110 | 1,059,236 | ||
Level 3 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement [line Items] | ||||
Fair value of account receivable (subject to provisional pricing) | 0 | 0 | ||
Contingent consideration liability | 0 | 17,718 | ||
Hedge instruments | 0 | 0 | ||
Bank loans | 0 | 0 | ||
Financial obligations | $ 0 | $ 0 |
Fair value measurement - Quanti
Fair value measurement - Quantitative information about the significant unobservable inputs used in level 3 fair value measurements (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2018 USD ($) | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||||
Contingent consideration liability at fair value | $ 16,905 | $ 17,718 | $ 22,100 | $ 16,410 |
Expected revenues annual average [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||||
Contingent consideration liability at fair value | $ 208,912 | |||
Possible increase in unobservable input, liabilities | 10% | |||
Amount of increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 1,700 | |||
Amount of increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | 1,700 | |||
Contingent consideration [member] | At fair value [member] | Rate before tax [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||||
Contingent consideration liability at fair value | $ 16,905 | |||
Range of inputs | 11.72 | |||
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |||
Percentage of reasonably possible decrease in unobservable input, liabilities | 11.72% | |||
Amount of increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 1,500 | |||
Amount of increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 1,500 |
Fair value measurement - Additi
Fair value measurement - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value measurement | ||
Transfer of assets between level 1 to level2 | $ 0 | $ 0 |
Transfers of assets between Level 2 to Level 1 | 0 | 0 |
Transfer of liabilities between level 1 to level2 | 0 | 0 |
Transfers of liabilities between Level 2 to Level 1 | $ 0 | $ 0 |
Reconciliation between net in_3
Reconciliation between net income and shareholders' equity determined under IFRS and U.S. GAAP (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | $ 602,935 | $ (262,804) | $ (150,339) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 602,935 | (262,804) | (150,339) | |
Equity | 3,162,941 | 2,538,531 | 2,799,857 | $ 2,968,200 |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | 3,162,941 | 2,538,531 | 2,799,857 | $ 2,968,200 |
Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | 925,353,000 | 1,191,474,000 | 274,544,000 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 925,353,000 | 1,191,474,000 | 274,544,000 | |
Stripping activity asset [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (170,012) | (100,662) | 31,419 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (170,012) | (100,662) | 31,419 | |
Equity | (538,270) | (368,258) | (267,596) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (538,270) | (368,258) | (267,596) | |
Reclamation and mine closure [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (485) | (148) | 23 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (485) | (148) | 23 | |
Equity | (6,113) | (5,627) | (5,480) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (6,113) | (5,627) | (5,480) | |
Inventories [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (1,077) | (23,831) | (906) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (1,077) | (23,831) | (906) | |
Inventoriess | Sociedad Minera Cerro Verde S.A.A. | ||||
Items increasing (decreasing) reported net profit: | ||||
Equity | (242,615) | (241,538) | (217,707) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (242,615) | (241,538) | (217,707) | |
Deferred workers' profit participation [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (1,244) | 27,749 | (24,255) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (1,244) | 27,749 | (24,255) | |
Equity | (60,910) | (59,666) | (87,415) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (60,910) | (59,666) | (87,415) | |
Lease Activity [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | 767 | 1,189 | 1,597 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 767 | 1,189 | 1,597 | |
Equity | 5,624 | 4,857 | 3,668 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | 5,624 | 4,857 | 3,668 | |
Deferred income tax [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | 62,941 | 38,164 | (2,411) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 62,941 | 38,164 | (2,411) | |
Equity | 294,280 | 231,339 | 193,176 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | 294,280 | 231,339 | 193,176 | |
Mine Equipment Main Components [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (11,089) | (13,596) | (13,516) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (11,089) | (13,596) | (13,516) | |
Equity | (38,201) | (27,112) | (13,516) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (38,201) | (27,112) | (13,516) | |
Stock-Based Compensation [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Items increasing (decreasing) reported net profit: | ||||
Equity | (10,807) | (11,740) | (11,535) | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (10,807) | (11,740) | (11,535) | |
Others [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (1,911) | (357) | (223) | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (1,911) | (357) | (223) | |
Equity | (1,853) | 58 | 415 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (1,853) | 58 | 415 | |
Water Truck Conversion [Member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | (7,769) | 0 | 0 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | (7,769) | 0 | 0 | |
Equity | (7,769) | 0 | 0 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | (7,769) | 0 | 0 | |
Effect of transition to IFRSs [member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | 925,353 | 1,191,474 | 274,544 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 925,353 | 1,191,474 | 274,544 | |
Equity | 6,651,427 | 6,127,006 | 5,635,328 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | 6,651,427 | 6,127,006 | 5,635,328 | |
Previous GAAP [member] | Sociedad Minera Cerro Verde S.A.A. | ||||
Disclosure Of Reconciliation between net income and Partners' Equity determined under IFRS and U.S. GAAP [Line Items] | ||||
Profit (loss) for the year | 795,474 | 1,119,982 | 266,272 | |
Items increasing (decreasing) reported net profit: | ||||
Profit for the year | 795,474 | 1,119,982 | 266,272 | |
Equity | 6,044,793 | 5,649,319 | 5,229,338 | |
Items increasing (decreasing) reported Partners' equity: | ||||
Equity | $ 6,044,793 | $ 5,649,319 | $ 5,229,338 |
Other accruals and liabilities
Other accruals and liabilities - Caption (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other accruals and liabilities | ||
Finance lease | $ 12,953 | $ 5,779 |