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Investments in associates and joint venture (Tables)

12 Months Ended

Dec. 31, 2020

Investments in associates and joint ventures

Schedule of interests in associates and joint ventures

(a) This caption is made up as follows:

		Share in equity
		2020		2019		2020		2019
		%		%		US$(000)		US$(000)
Associates
Sociedad Minera Cerro Verde S.A.A.		19.58		19.58		1,209,126		1,155,359
Minera Yanacocha S.R.L.		43.65		43.65		157,835		230,000
Compañía Minera Coimolache S.A.		40.10		40.10		104,833		98,426
Tinka Resources Ltd.		19.30		—		12,862		—
						1,484,656		1,483,785
Joint venture (d)						2,254		2,627
Other minor investments						1,865		1,835
						1,488,775		1,488,247

Schedule of net share in profit (loss) of investments

(b) The table below presents the net share in profit (loss) of investments:

		2020		2019		2018
		US$(000)		US$(000)		US$(000)
Associates
Sociedad Minera Cerro Verde S.A.A.		53,767		76,451		23,444
Compañía Minera Coimolache S.A.		10,055		12,883		10,994
Minera Yanacocha S.R.L.		(72,219)		(41,580)		(35,582)
Tinka Resources Ltd.		(868)		—		—
		(9,265)		47,754		(1,144)
Joint venture		(252)		(44)		—
		(9,517)		47,710		(1,144)

Summary of fair values of the identifiable assets and liabilities of associates as at the date of acquisition

The fair values of the identifiable assets and liabilities of Tinka as at the date of acquisition were as follows:

		On acquisition
		US$(000)
Current assets		16,548
Non-current assets		53,769
Current liabilities		(612)
Total identifiable net assets at fair value		69,705
Consideration transferred		13,453

Schedule of financial position of associate under equity method

The table below presents the key financial data from the joint venture under IFRS:

		2020		2019
		US$(000)		US$(000)
Statements of financial position as of December 31:
Current assets		12,946		11,090
Non-current assets		93,847		100,106
Liabilities		87,005		88,608
Shareholders' equity, reported		19,788		22,588
Group interests		2,254		2,627
Statements of profit or loss for the years ended December 31:
Revenue		20,571		24,521
Interest income		—		101
Interest expense		(5,252)		(5,694)
Income tax expense or income		311		186
Net loss from continued operations		(2,800)		(665)
Share in results		(252)		(44)

Minera Yanacocha S.R.L. [Member]

Investments in associates and joint ventures

Schedule of financial position of associate under equity method

The table below presents key financial data from the financial statements of Yanacocha under IFRS:

		2020		2019
		US$(000)		US$(000)
Statements of financial position as of December 31:
Current assets		1,099,590		1,060,455
Non-current assets		1,213,848		1,251,617
Current liabilities		(282,986)		(190,577)
Non-current liabilities		(1,706,066)		(1,631,783)
Shareholders' equity, net		324,386		489,712
Groups’ interest		141,594		213,759
Goodwill		16,241		16,241
		157,835		230,000

Schedule of statements of profit or loss

		2020		2019		2018
		US$(000)		US$(000)		US$(000)
Statements of profit or loss for the years ended December 31:
Sales of goods		620,162		739,302		680,618
Other comprehensive profit (loss):		123		1,246		(91)
Net loss from continued operations		(165,449)		(95,257)		(81,517)
Share in results		(72,219)		(41,580)		(35,582)

Sociedad Minera Cerro Verde Saa [Member]

Investments in associates and joint ventures

Schedule of net share in profit (loss) of investments

		2020		2019		2018
		US$(000)		US$(000)		US$(000)
Statements of profit or loss for the years ended December 31:
Sales of goods		2,538,593		2,896,894		3,061,930
Profit for the year		274,544		390,377		119,710
Share in results		53,767		76,451		23,444

Schedule of financial position of associate under equity method

The table below presents the key financial data from the financial statements of Cerro Verde under IFRS:

		2020		2019
		US$(000)		US$(000)
Statements of financial position as of December 31:
Current assets		1,754,888		1,614,928
Non-current assets		6,012,571		6,194,496
Current liabilities		(450,680)		(420,786)
Non-current liabilities		(1,681,451)		(2,029,315)
Shareholders' equity, net		5,635,328		5,359,323
Group’s interest		1,101,363		1,047,596
Goodwill		107,763		107,763
		1,209,126		1,155,359

Compania Minera Coimolache S.A. [Member]

Investments in associates and joint ventures

Schedule of net share in profit (loss) of investments

		2020		2019		2018
		US$(000)		US$(000)		US$(000)
Statements of profit or loss for the years ended December 31:
Sales of goods		203,163		241,173		225,447
Net income from continued operations		22,786		28,459		25,584
Adjustments to conform to the accounting policies		2,293		3,674		1,837
Net income, adjusted		25,079		32,133		27,421
Share in results		10,055		12,883		10,994

Schedule of financial position of associate under equity method

The table below presents the key financial data from the financial statements of Coimolache under IFRS:

		2020		2019
		US$(000)		US$(000)
Statements of financial position as of December 31:
Current assets		205,893		145,692
Non-current assets		213,073		234,223
Current liabilities		(45,589)		(34,028)
Non-current liabilities		(104,873)		(91,069)
Shareholders' equity, net		268,504		254,818
Adjustments to conform to the accounting policies of the Group		(7,037)		(9,330)
Equity, adjusted		261,467		245,488
Group’s interest		104,833		98,426

Tinka Resources Ltd [Member]

Investments in associates and joint ventures

Schedule of financial position of associate under equity method

The table below presents the key financial data from the financial statements of Tinka under IFRS:

		2020
		US$(000)
Statements of financial position as of December 31:
Current assets		14,075
Non-current assets		50,464
Current liabilities		(876)
Shareholders’ equity, net		63,663
Adjustments to conform to the accounting policies of the Group		2,982
Shareholders’ equity, net, adjusted		66,645
Group’s interest		12,862

Schedule of statements of profit or loss

		2020
		US$(000)
Statements of profit or loss for the years ended December 31:
Sales of goods		—
Net loss from continued operations		(2,311)
Adjustments to conform to the accounting policies		(2,189)
Net loss, adjusted		(4,500)
Share in results		(868)

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