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Related parties | 12 Months Ended
--- | ---
Dec. 31, 2018
Disclosure Of Related Party Explanatory [Abstract] |
Cerro Verde |
| 4. | Related parties
Accounts receivable from related parties and accounts payable to related parties are made up as follows:
|  | December 31 , 2018 |  |  | December 31 , 2017 |
|  | US$(000) |  |  | US$(000) |
Accounts receivable from related parties |  |  |  |  |  |  |  |
Parent Company |  |  |  |  |  |  |  |
FMC (a) |  |  | 409,688 |  |  |  | 372,327 |
Other related parties |  |  |  |  |  |  |  |
Sumitomo Metal Mining Company, Ltd. (b) |  |  | 12,918 |  |  |  | 19,900 |
Climax Molybdenum Marketing Corporation (c) |  |  | 10,038 |  |  |  | 19,570 |
Embedded derivatives |  |  |  |  |  |  |  |
Embedded derivatives (d) |  |  | (19,293 | ) |  |  | 65,622 |
Total accounts receivable from related parties |  |  | 413,351 |  |  |  | 477,419 |
Classification by measurement |  |  |  |  |  |  |  |
Accounts receivables from related parties (not subject to provisional pricing) |  |  | 67,050 |  |  |  | 2,305 |
Accounts receivables from related parties (subject to provisional pricing) |  |  | 365,594 |  |  |  | 409,492 |
Embedded derivatives (d) |  |  | (19,293 | ) |  |  | 65,622 |
|  |  | 413,351 |  |  |  | 477,419 |
Accounts payable to related parties |  |  |  |  |  |  |  |
Parent Company |  |  |  |  |  |  |  |
FMC (e) |  |  | 8,860 |  |  |  | 8,470 |
Other related parties |  |  |  |  |  |  |  |
Freeport-McMoRan Sales Company Inc. |  |  | 3,192 |  |  |  | 3,601 |
PT Freeport Indonesia |  |  | 2,301 |  |  |  | - |
Minera Freeport-McMoRan South America Ltda |  |  | 521 |  |  |  | 1,248 |
Freeport Cobalt OY |  |  | - |  |  |  | 296 |
Minera Freeport-McMoRan South America S.A.C. |  |  | - |  |  |  | 66 |
Total accounts payable to related parties |  |  | 14,874 |  |  |  | 13,681 |
Less: accounts payable to related parties, long term |  |  | (8,860 | ) |  |  | (8,147 | )
Total accounts payable, short term |  |  | 6,014 |  |  |  | 5,534 |
| (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. Terms of the contracts are reviewed annually.
| (b) | The Company has a long-term agreement with Sumitomo through which it has committed to sell 21% of its annual copper concentrates production through December 31, 2021. Terms of the contracts are reviewed annually.
| (c) | 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 the Metals Week Dealer Oxide price and under a delivery type known as CIF (cost, insurance and freight) through December 31, 2020.
| (d) | Reflects the embedded derivative adjustment of US$(19.3) million as of December 31, 2018, and US$65.6 million as of December 31, 2017, associated with accounts receivable from related parties (See Note 2(d) and 22).
| (e) | Accounts payable to FMC as of December 31, 2018, is related to stock option benefits for US$8.9 million (US$8.1 as of December 31, 2017).
Short-term and long-term employee benefits are recognized as expenses during the period earned. Benefits received by key management personnel represent 0.38% of total revenues for the year 2018 (0.35% for the year 2017). For the years 2018 and 2017, Freeport had granted stock option and/or restricted stock unit benefits to certain key management personnel, the amounts of which are not significant at those dates. As of December 31, 2018 and 2017, the Company does not have any other long-term benefits. 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 receivables from related parties. As of December 31, 2018 and 2017, the Company had not recorded any impairment of accounts receivable from related parties.

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