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Basis for preparation, consolidation and accounting policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Basis for preparation, consolidation and accounting policies |
Schedule of useful lives of assets | Depreciation of assets in mining units with short useful lives or used for administrative purposes is calculated using the straight-line method of accounting. The useful lives are the following:
|  | Years
Buildings, construction and other |  | 6 to 20
Machinery and equipment |  | 5 to 10
Transportation units |  | 5
Furniture and fixtures |  | 10
Computer equipment |  | 4
Minera Yanacocha SRL and subsidiary [Member] |
Basis for preparation, consolidation and accounting policies |
Schedule of assets and liabilities originally denominated in Soles | As of December 31, 2020 and 2019, the Company presents the following assets and liabilities originally denominated in Soles by its equivalent in U.S. dollars:
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Assets |  |  |  |
Cash and cash equivalents |  | 6,242 |  | 5,140
Trade and other receivables |  | 7,584 |  | 27,990
Value added tax credit |  | 25,214 |  | 32,831
Total assets |  | 39,040 |  | 65,961
Liabilities |  |  |  |
Trade and other payables |  | 48,200 |  | 13,085
Income tax payable |  | 37,779 |  | 23,153
Provisions, other accruals and liabilities |  | 25,774 |  | 29,633
Total liabilities |  | 111,753 |  | 65,871
Net asset (liability) position |  | (72,713) |  | 90
Schedule of useful lives of assets | The useful lives as follows:
Land improvements | Between 2 and 4 years
Buildings and constructions | Between 5 and 10 years
Machinery and equipment | Between 3 and 10 years
Vehicles | Between 3 and 4 years
Furniture and fixtures | Between 3 and 4 years
Other equipment | Between 3 and 4 years
Computer equipment | Between 3 and 4 years
Leach pads and assets retirement and mine closure | Useful life of the mine and (or) process facilities
Schedule of reclassifications of comparative information |
|  | 2019 |  |  |  | 2019
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of financial position |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Trade and other payables |  | 76,484 |  | (3,678) |  | 72,806
Provision |  | 90,940 |  | (45,623) |  | 45,317
Other accruals and liabilities |  | — |  | 49,301 |  | 49,301
Non-current liabilities |  |  |  |  |  |
Provision |  | 1,587,856 |  | (305) |  | 1,587,551
Other accruals and liabilities |  | — |  | 305 |  | 305
|  | 2019 |  |  |  | 2019
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of cash flows |  |  |  |  |  |
Operating activities |  |  |  |  |  |
Provisions |  | 30,082 |  | (20,031) |  | 10,051
Trade and other payables |  | (6,980) |  | (1,251) |  | (8,231)
Other accruals and liabilities |  | — |  | 21,282 |  | 21,282
Value added tax credit and other taxes |  | (3,003) |  | (13,488) |  | (16,491)
Income tax collected (paid) |  | 19,239 |  | (19,239) |  | —
Income tax payable |  | 32,201 |  | (32,201) |  | —
Current income tax expense |  | — |  | 64,928 |  | 64,928
Net cash and cash equivalents provided by operating activities |  | 34,419 |  | — |  | 34,419
|  | 2018 |  |  |  | 2018
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of cash flows |  |  |  |  |  |
Operating activities |  |  |  |  |  |
Provision |  | (2,494) |  | (123) |  | (2,617)
Trade and other payables |  | 1,708 |  | 320 |  | 2,028
Other accruals and liabilities |  | — |  | (197) |  | (197)
Current income tax expense |  | — |  | 29,297 |  | 29,297
Value added tax credit and other taxes |  | 13,856 |  | (6,240) |  | 7,616
Income tax payable |  | 8,897 |  | (8,897) |  | —
Income tax collected (paid) |  | 14,160 |  | (14,160) |  | —
Net cash and cash equivalents provided by operating activities |  | 78,519 |  | — |  | 78,519
Schedule of income tax payable | Company reclassified Provision for US$3.6 million, now it is presented in the item Trade and other payable.
|  | 2019 |  |  |  | 2019
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of financial position |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Trade and other payables |  | 76,484 |  | (3,678) |  | 72,806
Provision |  | 90,940 |  | (45,623) |  | 45,317
Other accruals and liabilities |  | — |  | 49,301 |  | 49,301
Non-current liabilities |  |  |  |  |  |
Provision |  | 1,587,856 |  | (305) |  | 1,587,551
Other accruals and liabilities |  | — |  | 305 |  | 305
In addition, the Company reclassified Other accruals and liabilities for US$21 million and US$0.2 million in the statement of cash flows and also a reclassification to present in other line the income tax expense:
|  | 2019 |  |  |  | 2019
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of cash flows |  |  |  |  |  |
Operating activities |  |  |  |  |  |
Provisions |  | 30,082 |  | (20,031) |  | 10,051
Trade and other payables |  | (6,980) |  | (1,251) |  | (8,231)
Other accruals and liabilities |  | — |  | 21,282 |  | 21,282
Value added tax credit and other taxes |  | (3,003) |  | (13,488) |  | (16,491)
Income tax collected (paid) |  | 19,239 |  | (19,239) |  | —
Income tax payable |  | 32,201 |  | (32,201) |  | —
Current income tax expense |  | — |  | 64,928 |  | 64,928
Net cash and cash equivalents provided by operating activities |  | 34,419 |  | — |  | 34,419
|  | 2018 |  |  |  | 2018
|  | As previously reported |  | Reclassifications |  | Modified
|  | US$(000) |  | US$(000) |  | US$(000)
Consolidated Statements of cash flows |  |  |  |  |  |
Operating activities |  |  |  |  |  |
Provision |  | (2,494) |  | (123) |  | (2,617)
Trade and other payables |  | 1,708 |  | 320 |  | 2,028
Other accruals and liabilities |  | — |  | (197) |  | (197)
Current income tax expense |  | — |  | 29,297 |  | 29,297
Value added tax credit and other taxes |  | 13,856 |  | (6,240) |  | 7,616
Income tax payable |  | 8,897 |  | (8,897) |  | —
Income tax collected (paid) |  | 14,160 |  | (14,160) |  | —
Net cash and cash equivalents provided by operating activities |  | 78,519 |  | — |  | 78,519
Sociedad Minera Cerro Verde S.A.A. [Member] |
Basis for preparation, consolidation and accounting policies |
Schedule of useful lives of assets |
| Years
Buildings and other constructions | Between 5 and 35
Machinery and equipment | Between 2 and 30
Transportation units | Between 5 and 7
Furniture and fixtures | Between 7 and 10
Other equipment | Between 3 and 25
Schedule of estimated useful lives of right of use assets |
|  | Years
Land |  | 10
Buildings and other constructions |  | Between 1 and 14
Machinery and equipment |  | Between 3 and 14

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