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Provisions, contingent liabilities and other liabilities (Tables) | 12 Months Ended
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Dec. 31, 2020
Provisions and contingent liabilities |
Schedule of detailed information about provisions | (a)This caption is made up as follows:
|  | As of |  |  |  |  |  |  |  |  |  | As of
|  | January 1, |  |  |  | Accretion |  |  |  | Sale of |  | December 31,
|  | 2020 |  | Changes |  | expense |  | Disbursements |  | mining unit |  | 2020
|  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000)
Closure of mining units and exploration projects (b) |  | 252,305 |  | 32,200 |  | 6,848 |  | (8,571) |  | (5,093) |  | 277,689
Bonus to employees and officers |  | 19,226 |  | 13,106 |  | — |  | (15,119) |  | — |  | 17,213
Environmental liabilities |  | 6,305 |  | (211) |  | — |  | (1,056) |  | — |  | 5,038
Safety contingencies |  | 5,205 |  | (598) |  | — |  | (71) |  | — |  | 4,536
Labor contingencies |  | 3,777 |  | 442 |  | — |  | (139) |  | — |  | 4,080
Obligations with communities |  | 3,509 |  | 96 |  | — |  | — |  | — |  | 3,605
Tax contingencies |  | 382 |  | 2,728 |  | — |  | — |  | — |  | 3,110
Environmental contingencies |  | 1,500 |  | 1,640 |  | — |  | (266) |  | — |  | 2,874
Board of Directors' participation |  | 1,594 |  | 1,493 |  | — |  | (1,500) |  | — |  | 1,587
Workers’ profit sharing payable |  | 69 |  | 57 |  | — |  | — |  | — |  | 126
Other provisions |  | 635 |  | (155) |  | — |  | — |  | — |  | 480
|  | 294,507 |  | 50,798 |  | 6,848 |  | (26,722) |  | (5,093) |  | 320,338
Classification by maturity: |  |  |  |  |  |  |  |  |  |  |  |
Current portion |  | 72,771 |  |  |  |  |  |  |  |  |  | 68,000
Non-current portion |  | 221,736 |  |  |  |  |  |  |  |  |  | 252,338
|  | 294,507 |  |  |  |  |  |  |  |  |  | 320,338
Closure Of Mining Units And Exploration Projects [Member] |
Provisions and contingent liabilities |
Schedule of detailed information about provisions | (b)Provision for closure of mining units and exploration projects - The table below presents the movement of the provision for closure of mining units and exploration projects:
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Beginning balance |  | 252,305 |  | 225,877
Additions in estimates |  |  |  |
Continuing mining units, note 11(a) |  | 31,500 |  | 26,722
Exploration projects, note 26(a) |  | 642 |  | 4,020
Discontinued mining units |  | 58 |  | 1,912
Accretion expense |  |  |  |
Continuing mining units, note 27(a) |  | 6,424 |  | 10,266
Exploration projects, note 27(a) |  | 248 |  | 124
Discontinued mining units, note 1(e) |  | 176 |  | 266
Sale of mining unit, note 1(e) |  | (5,093) |  | —
Disbursements |  | (8,571) |  | (16,882)
Final balance |  | 277,689 |  | 252,305
Classification by maturity: |  |  |  |
Current portion |  | 32,462 |  | 35,280
Non-current portion |  | 245,227 |  | 217,025
|  | 277,689 |  | 252,305
Minera Yanacocha SRL and subsidiary [Member] |
Provisions and contingent liabilities |
Schedule of detailed information about provisions | (a)This caption is made up as follows:
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Provisions |  |  |  |
Provision for mine closure and exploration projects (b) |  | 1,738,428 |  | 1,608,380
Provision of social responsibility (c) |  | 16,609 |  | 18,326
Other provisions |  | 7,352 |  | 6,162
|  | 1,762,389 |  | 1,632,868
Classification by maturity: |  |  |  |
Current portion |  | 101,786 |  | 45,317
Non-current portion |  | 1,660,603 |  | 1,587,551
|  | 1,762,389 |  | 1,632,868
Schedule of detailed information about provision for social responsibility | The movement of the provision for social responsibility for 2020, 2019 and 2018 is broken down as follows:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Opening balance |  | 18,326 |  | 18,010 |  | 21,689
Additional provisions |  | — |  | 888 |  | —
Payments |  | (6) |  | (572) |  | (3,679)
Corrections |  | (1,711) |  | — |  | —
Ending balance |  | 16,609 |  | 18,326 |  | 18,010
Classification by maturity |  |  |  |  |  |
Current portion |  | 1,728 |  | 761 |  | 8,351
Non-current portion |  | 14,881 |  | 17,565 |  | 9,659
|  | 16,609 |  | 18,326 |  | 18,010
Minera Yanacocha SRL and subsidiary [Member] | Closure Of Mining Units And Exploration Projects [Member] |
Provisions and contingent liabilities |
Schedule of detailed information about provision for closure of mining units and exploration projects | The movement of the provision for mine closure for 2020, 2019 and 2018 is broken down as follows:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Opening balance |  | 1,608,380 |  | 1,294,464 |  | 1,234,731
Additional provisions |  | 120,655 |  | 301,096 |  | 43,560
Payments |  | (22,656) |  | (23,889) |  | (19,842)
Unwinding of discount, note 22 |  | 32,049 |  | 36,709 |  | 36,015
Ending balance |  | 1,738,428 |  | 1,608,380 |  | 1,294,464
Classification by maturity |  |  |  |  |  |
Current portion |  | 92,706 |  | 39,156 |  | 19,325
Non-current portion |  | 1,645,722 |  | 1,569,224 |  | 1,275,139
|  | 1,738,428 |  | 1,608,380 |  | 1,294,464
Sociedad Minera Cerro Verde S.A.A. [Member] |
Provisions and contingent liabilities |
Schedule of detailed information about provisions |
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Current: |  |  |  |
Provision for social commitments (a) |  | 9,469 |  | 7,677
Provision for remediation and mine closure (b) |  | 156 |  | 241
Total current |  | 9,625 |  | 7,918
Non–current: |  |  |  |
Provision for remediation and mine closure (b) |  | 237,387 |  | 195,659
Provision for disputed mining royalties (c) |  | 44,982 |  | 62,797
Other long-term liabilities (d) |  | 22,455 |  | 12,117
Provision for legal contingencies (e) |  | 1,924 |  | 4,800
Provision for social commitments (a) |  | 1,226 |  | 3,046
Total non-current |  | 307,974 |  | 278,419
(a) The provision for social commitments is associated with repaving Alata-Congata Road (US$6.3 million) and an irrigation project in La Joya (US$4.4 million). (b) The Company’s mineral exploitation activities are subject to environmental protection standards. In order to comply with these standards, the Company has obtained the approval for the Environment Adequacy Program (PAMA) and for the Environmental Impact Studies (EIA), required for the operation of Cerro Verde’s production unit. On October 14, 2003, Law 28090 was enacted, which regulates the commitments and procedures that entities involved in mining activities must follow in order to prepare, file and implement a mine site closure plan, as well as the respective environmental guarantees that assure compliance with the plan in accordance with protection, conservation and restoration of the environment. On August 15, 2005, the regulations regarding this law were approved. During 2006, in compliance with the mentioned law, the Company completed the closure plans for its mine site, and presented it to the Ministry of Energy and Mines. The closure plans for its mine site was approved by Resolution No 302‑2009 MEM-AAM and its modifications were approved by Resolution No 207‑2012 MEM-AAM, Resolution No 186‑2014 MEM-DGAAM and its last modification, Resolution No 032‑2018 MEM-DGAAM. As of December 31, 2020, pursuant to legal requirements, the Company has issued a letter of credit to the Ministry of Energy and Mines totaling US$59.4 million to secure mine closure plans. The estimate of remediation and mine closure costs is based on studies prepared by independent consultants and based on current environmental regulations. This provision corresponds mainly to the activities to be performed in order to restore the areas affected by mining activities. The main tasks to be performed include ground removal, soil recovery, and dismantling of plant and equipment.
Schedule of detailed information about provision for closure of mining units and exploration projects | The table below presents the changes in the provision for remediation and mine closure:
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Beginning balance |  | 195,900 |  | 131,888
Accretion expense |  | 4,196 |  | 4,048
Additions (see Note 7) |  | 37,569 |  | 59,964
Progressive mine closure payments in hydrometallurgy process |  | (122) |  | —
Final balance |  | 237,543 |  | 195,900

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