Transactions with associates companies

12 Months Ended

Dec. 31, 2018

Hierarchy and fair value of financial instruments [Line Items]

Transactions with associates companies [Text Block]

30.

Transactions with associates companies

(a)

The Group has carried out the following transactions with its associates in the years 2018, 2017 and 2016:

	2018		2017		2016
	US$(000)		US$(000)		US$(000)

Revenues from:
Royalties		20,385		20,739		24,339

Revenues from sale of:
Energy		3,002		2,137		1,679
Mineral		1,321		1,414		1,271
Mining concessions, property, plant and equipment		30		336		-
Supplies		27		4		1

Purchase of:
Supplies		44		27		21

Services rendered to:
Services of energy transmission		393		559		-
Engineering services		348		1,119		1,001
Operation and maintenance services		290		593		1,247
Administrative and Management services		214		149		200
Constructions services		-		1,332		1,152

Dividends received and collected from:
Sociedad Minera Cerro Verde S.A.A.		39,169		-		-
Compañía Minera Coimolache S.A.		7,623		9,823		11,390
Minera Yanacocha S.R.L.		-		-		130,950

Loans collected to:
Sociedad Minera Cerro Verde S.A.A.		-		124,800		-

Interest income:
Transportadora Callao S.A.		92		-		-
Sociedad Minera Cerro Verde S.A.A.		-		1,685		4,161
Compañía Minera Coimolache S.A.		-		-		3

Dividends paid to non-controlling shareholders:
Newmont Peru Limited - Sucursal del Perú		5,560		6,036		7,400

(b)

As a result of the transactions indicated in the paragraph (a), the Group had the following accounts receivable and payable from/to associates:

	2018		2017
	US$(000)		US$(000)

Trade and other receivables
Minera Yanacocha S.R.L.		6,791		6,740
Compañía Minera Coimolache S.A.		386		592
Sociedad Minera Cerro Verde S.A.A.		-		16
		7,177		7,348
Other receivables
Transportadora Callao S.A. (e)		2,471		-
Compañía Minera Coimolache S.A.		1,234		732
		3,705		732
		10,882		8,080

Trade and other payables
Compañía Minera Coimolache S.A.		36		15

Other payables
Compañía Minera Coimolache S.A.		-		42
Other		20		20
		20		62
		56		77

(c)

S.M.R.L. Chaupiloma Dos de Cajamarca -

In accordance with mining lease, amended and effective on January 1, 1994, Minera Yanacocha S.R.L. pays the Group a 3% royalty based on quarterly production sold at current market prices, after deducting refinery and transportation costs. The royalty agreement expires in 2032.

(d)

Key officers -

As of December 31, 2018 and 2017, loans to employees, directors and key personnel amounts to US$19,000 and US$47,000, respectively, are paid 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 2018 and 2017 are presented below:

	2018		2017
	US$(000)		US$(000)

Accounts payable:
Directors’ remuneration		2,192		1,641
Salaries		1,057		1,257
Directors’ compensations		2,628		1,200
Provision for bonus to officers		6,345		1,899

Total		12,222		5,997

Disbursements:
Salaries		12,908		10,530

(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, whose objective was the construction of a fixed conveyor belt of minerals and deposits in the Port of Callao. This account receivable generates interest at an annual rate of 6.25 percent plus Libor at 3 months and it is estimated that it will be collected from the year 2023.

Minera Yanacocha SRL and subsidiary [Member]

Hierarchy and fair value of financial instruments [Line Items]

Transactions with associates companies [Text Block]

22.

Transactions with related parties

(a)

The main transactions carried out by the Company with its related parties in the years 2018, 2017, and 2016 were:

	2018		2017		2016
	US$(000)		US$(000)		US$(000)

Royalties paid:
S.M.R.L. Chaupiloma Dos de Cajamarca, note 16 and 1(a)		20,385		20,739		24,339

Services rendered by:
Newmont Peru S.R.L. (management services)		12,837		8,985		10,420
Newmont USA Limited		5,381		5,607		6,438
Newmont International Services		5,181		281		571

(b)

As a result of the transactions indicated in the paragraph (a), the Company had the following accounts receivable and payable from and (or) to affiliates:

	2018		2017
	US$(000)		US$(000)

Balance receivable from related parties, note 6
NVL, USA Limited, Delaware		321		79
Newmont USA Limited		207		1,523
Newmont International Services Limited		194		-
Newmont Global Employment Limited		22		-
Newmont Peru S.R.L.		22		10
Suriname Gold Company LLC		18		567
Newmont USA Limited – Carlin		10		-
Others		-		6

		794		2,185

Balance payable for related parties, note 11
S.M.R Chaupiloma Dos de Cajamarca		5,461		5,144
Newmont International Service Limited		2,059		42
Newmont Peru S.R.L.		1,460		1,263
Newmont USA Limited.		1,067		2,548
Newmont Technologies Limited.		634		960
Newmont US Carlin Limited		163		-
Others		2		5

		10,846		9,962

The sales to and purchases from related parties are made on term equivalent to those that prevail in arm’s length transactions. All the balances above are of current maturity, have no specific guarantees and are not interest

bearing.