Inventories (Table)

12 Months Ended

Dec. 31, 2019

Disclosure Of Inventories Explanatory [Abstract]

Disclosure of detailed information about inventories [Text Block]

The composition of inventory at each period-end is as follows:

Type of inventory	As of December ‎ 31, 2019		As of December ‎ 31, 2018
	ThUS$		ThUS$
Raw material		7,287		6,764
Supplies for production		26,064		26,840
Products-in-progress		457,563		423,621
Finished product		492,424		456,449
Total		983,338		913,674

Disclosure of information about inventory reserves [Text Block]

The breakdown of inventory allowances is detailed as follows:

Type of inventory	As of December ‎ 31, 2019		As of December ‎ 31, 2018
	ThUS$		ThUS$
Raw material and supplies for production		2,488		1,838
Products-in-progress		71,468		82,673
Finished product		14,218		20,771
Total		88,174		105,282

Disclosure of movements in provisions for inventories [Text Block]

As of December 31, 2019 and

December 31, 2018,

movements in provisions are detailed as follows:

Conciliation	As of December 31, ‎ 2019			As of December 31, ‎ 2018			As of December 31, ‎ 2017
	ThUS$			ThUS$			ThUS$
Beginning balance		105,282			96,284			81,295
Increase (decrease) in lower value provision (1)		(6,987	)		7,845			19,515
Increase (decrease) in provision relating to differences of inventory (2)		(123	)		3,176			573
Increase / decrease in provision relating to eventual differences and others (3)		(6,262	)		2,436			(178	)
Provision used		(3,736	)		(4,459	)		(4,921	)
Total changes		(17,108	)		8,998			14,989
Final balance		88,174			105,282			96,284

(1)

There are three types of Lower Value Provisions: (a) Economic Realizable Lower Value, (b) Potential Inventory with Uncertain Future Use and (c) Reprocessing Costs of Off-Specification Products.

(2)

Provisions for Inventory Differences generated when physical differences are detected when taking inventory, which exceed the tolerance levels for this process, At least two annual inventories are taken in the production sites and in the port in Chile (“zero sum” systems have immediate potential adjustments).

(3)

This algorithm corresponds to the provision of diverse percentages based on the complexity in the measurement and rotation of stock, as well as standard differences based on previous results, as is the case with provisions relating to Commercial Offices.