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Net sales | 12 Months Ended
--- | ---
Dec. 31, 2020
Sale of goods [Line Items] |
Net sales | 20. Sales (a)The Group’s revenues 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:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Revenues by geographic region: |  |  |  |  |  |
Metal and concentrates sales - |  |  |  |  |  |
Peru |  | 389,854 |  | 476,978 |  | 521,017
America - other than Peru |  | 163,500 |  | 171,769 |  | 370,624
Europe |  | 42,210 |  | 60,475 |  | 100,792
Asia |  | 39,110 |  | 105,645 |  | 120,519
|  | 634,674 |  | 814,867 |  | 1,112,952
Services - |  |  |  |  |  |
Peru |  | 20,173 |  | 23,501 |  | 23,712
America - other than Peru |  | 92 |  | 130 |  | 289
Europe |  | 20 |  | 30 |  | —
|  | 20,285 |  | 23,661 |  | 24,001
Royalties - |  |  |  |  |  |
Peru |  | 18,638 |  | 22,297 |  | 20,385
|  | 673,597 |  | 860,825 |  | 1,157,338
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Revenues by type of good or services: |  |  |  |  |  |
Sales by metal - |  |  |  |  |  |
Silver |  | 230,498 |  | 298,171 |  | 362,122
Gold |  | 229,590 |  | 254,194 |  | 411,877
Copper |  | 181,311 |  | 238,304 |  | 274,761
Zinc |  | 120,546 |  | 149,317 |  | 164,666
Lead |  | 48,426 |  | 89,141 |  | 85,555
Manganese sulfate |  | 4,051 |  | 6,046 |  | 6,655
|  | 814,422 |  | 1,035,173 |  | 1,305,636
Commercial deductions, note 2.4(q) |  | (179,748) |  | (220,306) |  | (192,684)
Sales of goods, note 20(b) |  | 634,674 |  | 814,867 |  | 1,112,952
Sales of Services, note 20(b) |  | 20,285 |  | 23,661 |  | 24,001
Royalties income, note 20(b) |  | 18,638 |  | 22,297 |  | 20,385
Total revenue from contracts with customers |  | 673,597 |  | 860,825 |  | 1,157,338
Revenues by type of recognition: |  |  |  |  |  |
Goods transferred at a point in time |  | 634,674 |  | 814,867 |  | 1,112,952
Services transferred over time |  | 20,285 |  | 23,661 |  | 24,001
Royalties at a point of time |  | 18,638 |  | 22,297 |  | 20,385
|  | 673,597 |  | 860,825 |  | 1,157,338
(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:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Contracts with customers for sale of goods (a) |  | 634,674 |  | 814,867 |  | 1,112,952
Fair value of accounts receivables |  | 5,154 |  | 2,347 |  | (6,013)
Adjustments to prior period liquidations |  | 4,255 |  | 394 |  | 788
Hedge operations, note 32(a) |  | (6,464) |  | 4,322 |  | (1,398)
Sale of goods |  | 637,619 |  | 821,930 |  | 1,106,329
Sale of services, note 20(a) |  | 20,285 |  | 23,661 |  | 24,001
Royalty income, note 20(a) |  | 18,638 |  | 22,297 |  | 20,385
|  | 676,542 |  | 867,888 |  | 1,150,715
(c)Performance obligations - The performance obligation of the sale of goods is satisfied upon delivery of the goods and payment is generally due within 30 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 2020, the four customers with sales of more than 10 percent of total sales represented 26, 23, 16 and 15 percent from the total sales of the Group (three customers by 25, 16 and 11 percent during 2019 and three customers by 32, 13 and 11 percent during 2018). As of December 31, 2020, 65 percent of the accounts receivable correspond to these customers (84 percent as of December 31, 2019). These customers are related to the mining business. The Group's sales of gold and concentrates are delivered to its customers (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. (e)Sales expenses - Sales expenses represent 3%, 3% and 2% of the total operating income for the years 2020, 2019 and 2018, respectively. Sales expenses corresponds mainly to transportation services and shipping costs. Transportation services represent 64%, 58% and 58% of the caption for the years 2020, 2019 and 2018, respectively. Shipping services and expenses represent 13%, 22% and 21% of the caption for the years 2020, 2019 and 2018.
Sociedad Minera Cerro Verde S.A.A. [Member] |
Sale of goods [Line Items] |
Net 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, 2020 |  | December 31, 2019 |  | December 31, 2018
|  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000)
Copper in concentrate |  | 743,274 |  | 2,088,167 |  | 912,974 |  | 2,294,249 |  | 962,113 |  | 2,458,088
Copper cathode |  | 83,870 |  | 241,808 |  | 88,875 |  | 244,277 |  | 86,346 |  | 251,908
Other (primarily silver and molybdenum concentrate) |  |  |  | 208,618 |  |  |  | 358,368 |  |  |  | 351,934
Total revenues |  |  |  | 2,538,593 |  |  |  | 2,896,894 |  |  |  | 3,061,930
Revenues with related parties totaled US$2.4 billion for the year ended December 31, 2020 (US$2.7 billion for the year ended December 31, 2019 and US$2.9 billion for the year ended December 31, 2018). 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 increases in revenues totaling US$64.7 million for the year ended December 31, 2020, US$56.8 million for the year ended December 31, 2019, and a decrease of US$88.8 million for the year ended December 31, 2018. (b)The following table shows sales by geographic region based on the final destination port:
|  | For the year ended |  | For the year ended |  | For the year ended
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Asia |  | 2,096,084 |  | 2,374,350 |  | 2,404,530
Europe |  | 207,954 |  | 77,716 |  | 209,894
North America |  | 120,865 |  | 265,599 |  | 295,448
South America (primarily Peru) |  | 106,489 |  | 168,077 |  | 136,400
Central America |  | 7,201 |  | 11,152 |  | 15,658
|  | 2,538,593 |  | 2,896,894 |  | 3,061,930
(c)Concentration of sales - For the year ended December 31, 2020, 94% of the Company’s sales were to related entities (FMC, Sumitomo Metal Mining Company and Climax Molybdenum). For the year ended December 31, 2019, 92%, and for the year ended December 31, 2018, 94% of the Company’s sales were to these related entities.
Minera Yanacocha SRL and subsidiary [Member] |
Sale of goods [Line Items] |
Net sales | 17. Revenue from contracts with customers (a)The Company’s revenues are mainly from sales of gold ounces. The table below presents the sales to customers by geographic region:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Sales and services by geographic region: |  |  |  |  |  |
Metal sales |  |  |  |  |  |
Europe (Switzerland) |  | 590,002 |  | 734,526 |  | 518,664
America |  | 1,135 |  | — |  | 139,989
Singapore |  | 1,257 |  | — |  | —
|  | 592,394 |  | 734,526 |  | 658,653
(b)Other operating revenue is made up as follows:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Copper and silver in concentrate |  | 27,765 |  | 4,098 |  | 20,442
Others |  | 3 |  | 678 |  | 1,523
|  | 27,768 |  | 4,776 |  | 21,965
For the year ended December 31, 2020, 2019 and 2018, the amount of the subsequent changes in fair value of the trade receivable were US $583, US $176 and US $15, respectively and are presented as part of the caption “Copper and silver in concentrate”. (c)Concentration of sales – In 2020, the 100% of Dore sales were performed to Royal Bank of Canada consigned to Argor Hereaus (Switzerland), the 100% of concentrate sales performed to Ocean Partners, and, during the last quarter of 2020, carbon fines sales to Trafigura. As of December 31, 2019, 100% of sales was performed to Royal Bank of Canada consigned to Argor Hereaus (Switzerland) and no copper concentrate sales performed during the period. The Company's sales of gold and silver and copper concentrates are delivered to investment banks and national and international well-known companies. Some of these clients have long-term sales contracts with the Company for the supply of the production from the Company’s mines.

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