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Related parties | 12 Months Ended
--- | ---
Dec. 31, 2020
Sociedad Minera Cerro Verde S.A.A. [Member] |
Disclosure of transactions between related parties [line items] |
Related parties | 4. Related parties Accounts receivable from related parties and accounts payable to related parties are made up as follows:
|  | December 31, 2020 |  | December 31, 2019
|  | US$(000) |  | US$(000)
Accounts receivable from related parties |  |  |  |
Parent Company |  |  |  |
FMC (a) |  | 462,304 |  | 401,211
Other related parties |  |  |  |
Sumitomo (b) |  | 16,352 |  | 10,760
Climax Molybdenum Marketing Corporation (c) |  | 14,319 |  | 5,022
Embedded derivatives |  |  |  |
Embedded derivatives (d) |  | 101,434 |  | 36,077
Total accounts receivable from related parties |  | 594,409 |  | 453,070
Classification by measurement |  |  |  |
Accounts receivables from related parties (not subject to provisional pricing) |  | 116,740 |  | 121,995
Accounts receivables from related parties (subject to provisional pricing) |  | 376,235 |  | 294,998
Embedded derivatives (d) |  | 101,434 |  | 36,077
|  | 594,409 |  | 453,070
|  | December 31, 2020 |  | December 31, 2019
|  | US$(000) |  | US$(000)
Accounts payable to related parties |  |  |  |
Parent Company |  |  |  |
FMC |  | — |  | 367
Other related parties |  |  |  |
Freeport-McMoRan Sales Company Inc. |  | 2,883 |  | 3,086
Minera Freeport-McMoRan South America Ltda |  | 402 |  | 561
Freeport Cobalt OY |  | 161 |  | —
Total accounts payable, short term |  | 3,446 |  | 4,014
(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 contract 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 concentrate production through December 31, 2021. Terms of the contract are reviewed annually. (c)The Company has a new 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 MWDO and under a delivery type known as CIF (cost, insurance and freight) from February 1, 2020, through January 31, 2022. (d)Reflects the embedded derivative adjustment associated with accounts receivable from related parties (see Note 2(d) and 21). Short-term and long-term employee benefits are recognized as expenses during the period earned. Benefits received by key management personnel represent 0.45% of total revenues for the year 2020 (0.42% for the year 2019). For years, 2020, 2019 and 2018, Freeport granted stock-based compensation to certain key management personnel, see Note 12(d). As of December 31, 2020 and 2019, the Company did 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 account receivables from related parties. As of December 31, 2020, 2019 and 2018, the Company had not recorded any expected credit loss in accounts receivable from related parties. The following is a summary of the transactions with related entities that affected results (not including copper and molybdenum sales described in Note 14) for the year ended December 31, 2020 and 2019:
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Revenues |  |  |  |  |  |
Supplies |  | 768 |  | — |  | —
Demurrage |  | 226 |  | 688 |  | 524
Reimbursement |  | — |  | 491 |  | 76
|  | 994 |  | 1,179 |  | 600
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Expenses |  |  |  |  |  |
Reimbursement of information technology services |  | 15,900 |  | 11,533 |  | 11,836
Commissions |  | 7,801 |  | 8,953 |  | 8,292
Stock-based compensation (a) |  | 2,259 |  | 1,560 |  | 1,174
Management fee |  | 2,159 |  | 2,923 |  | 2,743
Supplies |  | 492 |  | 908 |  | 1,133
Fixed assets and spare parts |  |  |  |  |  | 14,265
|  | 28,611 |  | 25,877 |  | 39,443
(a)As indicated in the table above, during 2020, 2019 and 2018 stock-based compensation expense totaled US$2.3 million, US$1.6 million and US$1.2 million and the related payments/vesting totaled US$0.8 million, US$0.4 million and US$0.5 million respectively (net impact in “Other capital contributions” of US$1.5 million, US$1.2 million and US$0.7 million in 2020, 2019 and 2018, respectively).

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