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Finance costs and finance revenues | 12 Months Ended
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Dec. 31, 2017
Finance costs and revenues [Line Items] |
Disclosure of finance income (cost) [text block] |
26. | Finance costs and finance revenues
| (a) | These captions are made up as follows:
|  | 2017 |  | 2016 |  | 2015 |
|  | US$(000) |  | US$(000) |  | US$(000) |
Finance revenues: |  |  |  |  |  |  |  |  |  |
Interests on loans to associates, note 29(a) |  |  | 1,685 |  |  | 4,164 |  |  | 2,286 |
Interest on time deposits |  |  | 1,050 |  |  | 358 |  |  | 419 |
Interests on third parties loans |  |  | 813 |  |  | 489 |  |  | 492 |
Interests on tax claims |  |  | 153 |  |  | 487 |  |  | 1,297 |
Income from financial instruments |  |  | - |  |  | 743 |  |  | - |
Dividends income |  |  | - |  |  | 589 |  |  | 500 |
Other finance revenues |  |  | 43 |  |  | - |  |  | - |
|  |  | 3,744 |  |  | 6,830 |  |  | 4,994 |
Unrealized variation of the fair value related to contingent consideration liability (b) |  |  | 1,773 |  |  | - |  |  | 6,032 |
Total finance revenues |  |  | 5,517 |  |  | 6,830 |  |  | 11,026 |
Finance costs: |  |  |  |  |  |  |  |  |  |
Interest on borrowings |  |  | 27,052 |  |  | 18,668 |  |  | 17,875 |
Interest on loans |  |  | 1,056 |  |  | 4,643 |  |  | 5,565 |
Banking expenses |  |  | 552 |  |  | 319 |  |  | 366 |
Increase in debt issuance costs, note 16(g) |  |  | 480 |  |  | - |  |  | - |
Tax on financial transactions |  |  | 180 |  |  | 159 |  |  | 312 |
Interest on commercial obligations |  |  | 5 |  |  | 496 |  |  | 120 |
Other finance costs |  |  | 7 |  |  | 830 |  |  | 41 |
|  |  | 29,332 |  |  | 25,115 |  |  | 24,279 |
Accrual of debt issuance costs, note 16(g) |  |  | 909 |  |  | - |  |  | - |
Accrual of the present value for mine and exploration project closure, note 15(b) |  |  | 4,382 |  |  | 4,116 |  |  | 3,293 |
Unrealized variation of the fair value related to contingent consideration liability (b) |  |  | - |  |  | 2,349 |  |  | - |
Total finance costs |  |  | 34,623 |  |  | 31,580 |  |  | 27,572 |
| (b) | Contingent consideration -
On August 18, 2014, Buenaventura acquired from Minera Gold Fields Peru S.A. (“Gold Fields”) 51 percent 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. Canteras del Hallazgo is a privately-held entity incorporated in 2009 and 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$23,026,000, which corresponds to the present value of the future royalty payments equivalent to 1.5 percent over the future sales of the minerals arising from the mining properties acquired. The fair value has been determined using the income approach. Significant increase (decrease) in the future sales of mineral would result in higher (lower) fair value of the contingent consideration liability, while significant increase (decrease) in the discount rate would result in lower (higher) fair value of the liability. Changes in the fair value of this contingent consideration have been recognized through profit or loss in the consolidated statement of profit or loss. As of December 31, 2017, it is highly probable that the Group reaches the projected future sales. The fair value of the contingent consideration determined as of December 31, 2017 reflects this assumption and changes in metal prices. A reconciliation of fair value measurement of the contingent consideration liability is provided below:
|  | 2017 |  | 2016 |  | 2015 |
|  | US$(000) |  | US$(000) |  | US$(000) |
Beginning balance |  |  | 19,343 |  |  | 16,994 |  |  | 23,026 |
Variation of the fair value in results |  |  | (1,773) |  |  | 2,349 |  |  | (6,032) |
Final balance |  |  | 17,570 |  |  | 19,343 |  |  | 16,994 |
Significant unobservable valuation inputs are provided below:
|  | 2017 |  | 2016 |
Annual average of future sales of mineral (US$000) |  |  | 193,588 |  |  | 233,278 |
Useful life of mining properties |  |  | 13 |  |  | 13 |
Discount rate (%) |  |  | 10 |  |  | 10 |
The Group has the preferential right of acquisition of the royalty in case Gold Fields decides to sell it.
Minera Yanacocha SRL and subsidiary [Member] |
Finance costs and revenues [Line Items] |
Disclosure of finance income (cost) [text block] |
19. | Finance costs
Financial costs for the year ended December 31, 2017 are mainly related to the unwinding of the discount of the reclamation and mine closure liability amounting to US$21,769,000 (US$14,104,000, and US$22,075,000 for the years ended December 31, 2016 and 2015, respectively). See note 12(b).
Sociedad Minera Cerro Verde S.A.A. [Member] |
Finance costs and revenues [Line Items] |
Disclosure of finance income (cost) [text block] |
19. | Financial expenses
This item is made up as follows:
|  | For the year ended |  | For the year ended |  | For the year ended |
|  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015 |
|  | US$(000) |  | US$(000) |  | US$(000) |
Interest on mining royalties (a) |  |  | 144,815 |  |  | - |  |  | - |
Interest on senior unsecured credit facility (Note 11(a)) |  |  | 44,678 |  |  | 51,155 |  |  | 35,255 |
Other financial expenses (b) |  |  | 10,934 |  |  | 1,880 |  |  | 7,366 |
Interest on shareholder loans (Note 11(b)) |  |  | 7,992 |  |  | 19,836 |  |  | 1,181 |
Extinguishment debt - debt issuance cost |  |  | 6,266 |  |  | - |  |  | - |
Amortization debt issuance cost |  |  | 4,479 |  |  | 8,901 |  |  | 5,927 |
Capitalized Interest |  |  | (2,252) |  |  | (1,334) |  |  | (33,719) |
|  |  | 216,912 |  |  | 80,438 |  |  | 16,010 |
| (a) | Represents financial expenses related to interest on royalties, interest paid on the royalty installment payment program and interest on royalty penalties for the period December 2006 through the year 2008 of US$141.7 million and interest on ITAN 2012 of US$3.1 million (see Note 14(d)).
| (b) | Primarily represents interest and interest on penalties on income and non-income tax contingencies related to SUNAT assessments for prior years in which the Company expects to obtain an unfavorable result.

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