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Mining concessions, development costs, right-of-use asset, property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items]

Schedule of property, plant and equipment, net

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Balance as of		​		​		​		​		Balance as of		​		​		​		​		Balance as of
​	​	January 1,	​	​	​	​	​	Sales	​	Reclassifications	​	December 31,	​	​	​	​	​	​	​	Reclassifications	​	December 31,
​	​	2020	​	Additions	​	Disposals	​	(note 1(e))	​	and transfers	​	2020	​	Additions	​	Disposals	​	Sales	​	and transfers	​	2021
​		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Lands		17,517		133		—		—		—		17,650		—		—		—		53		17,703
Mining concessions (f)		151,873		—		—		—		—		151,873		—		—		—		—		151,873
Development costs		788,044		33,233		—		(8,657)		612		813,232		31,749		—		—		—		844,981
Buildings, constructions and other		1,359,841		99		(132)		(45,624)		28,876		1,343,060		31		(11)		—		7,315		1,350,395
Machinery and equipment		912,704		4		(419)		(42,319)		13,222		883,192		5		(393)		(249)		19,842		902,397
Transportation units		8,892		—		—		(577)		94		8,409		70		(152)		(934)		269		7,662
Furniture and fixtures		12,010		3		(74)		(408)		206		11,737		33		(98)		—		98		11,770
Units in transit		3,754		—		(373)		—		—		3,381		—		(506)		—		—		2,875
Work in progress		50,365		27,322		(325)		(30)		(42,398)		34,934		40,768		(1,838)		—		(27,577)		46,287
Stripping activity asset(g)		154,090		10,752		(11,633)		—		(612)		152,597		17,653		(6,763)		—		—		163,487
Right-of-use asset (e)	​	11,352	​	6,221	​	(1,314)	​	—	​	—	​	16,259	​	2,973	​	—	​	—	​	—	​	19,232
Mine closure costs		310,884		31,558		—		(6,788)		—		335,654		—		(3,272)		—		—		332,382
​		3,781,326		109,325		(14,270)		(104,403)		—		3,771,978		93,282		(13,033)		(1,183)		—		3,851,044
Accumulated depreciation and amortization:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Mining concessions (f)		40,259		11		—		—		—		40,270		7		—		—		—		40,277
Development costs		328,517		21,139		—		(8,657)		—		340,999		20,582		—		—		—		361,581
Buildings, construction and other		667,319		74,719		(53)		(44,096)		435		698,324		66,445		(3)		—		928		765,694
Machinery and equipment		667,937		60,034		(265)		(40,805)		(435)		686,466		56,384		(340)		(170)		—		742,340
Transportation units		7,026		607		—		(550)		—		7,083		604		(143)		(894)		—		6,650
Furniture and fixtures		9,604		614		(46)		(348)		—		9,824		601		(97)		—		—		10,328
Stripping activity asset		88,923		22,532		—		—		—		111,455		14,039		—		—		6,665		132,159
Right-of-use asset (e)	​	5,167	​	5,145	​	(1,231)	​	—	​	—	​	9,081	​	4,813	​	—	​	—	​	—	​	13,894
Mine closure costs		183,844		14,785		—		(6,789)		—		191,840		14,819		—		—		7,173		213,832
​		1,998,596		199,586		(1,595)		(101,245)		—		2,095,342		178,294		(583)		(1,064)		14,766		2,286,755
Provision for impairment of long-lived assets:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Mine closure costs		15,290		(2,083)		—		—		—		13,207		—		(3,828)		—		(7,173)		2,206
Development costs		10,153		—		—		—		—		10,153		—		—		—		(6,665)		3,488
Property, plant and other		2,915		—		—		—		—		2,915		19,874		(1,136)		—		(928)		20,725
​		28,358		(2,083)		—		—		—		26,275		19,874		(4,964)		—		(14,766)		26,419
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net cost		1,754,372	​	​	​	​	​	​	​	​		1,650,361	​	​	​	​	​	​	​	​		1,537,870

Schedule of estimates prices for the current and long-term periods

Estimates prices for the current and long-term periods that have been used to estimate future cash flows are as follows:

​

As of December 31, 2021

​

​	​	​	​	​
​	​	2022		2023-2025
​		US$		US$
​	​	​	​	​
Gold		1,700 /Oz		1,764 /Oz
Silver		24.00 /Oz		27.30 /Oz
Copper		8,500 /MT		8,705/MT
Lead		2,600 /MT		2,600 /MT

​

As of December 31, 2020

​

​	​	​	​	​
​		2021		2022-2024
​	​	US$	​	US$
​	​	​	​	​
Gold		1,800/Oz		1,747/Oz
Silver		23.00/Oz		21.20/Oz
Copper		7,250/TM		7,083/TM
Lead		1,850/TM		2,056/TM

​

Schedule of net assets for right in use

​

​	​	​	​	​
​	​	2021		2020
​	​	US$(000)	​	US$(000)
Transportation units	​	2,501		3,330
Buildings	​	2,088		3,370
Machinery and equipment	​	749		478
​	​	​	​	​
​	​	5,338		7,178

Schedule of distribution of depreciation expenses

​

​	​	​	​	​
​		2021		2020
​	​	US$(000)	​	US$(000)
​	​	​	​	​
Cost of sales		159,481		172,150
Inventories		14,089		20,708
Administrative expenses		3,730		3,752
Fixed assets		980		850
Discontinued operations, note 1(e)		14		2,126
​	​	​	​	​
​		178,294		199,586

Minera Yanacocha S.R.L. [Member]

Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items]

Schedule of property, plant and equipment, net

(a) Below is presented the movement in cost:

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Opening		​		​		​	​	Transfer/Other		Final
​	​	balance	​	Additions	​	Sales and deductions	​	Reversal of impairment	​	changes	​	balances
​	​	US$(000)	​	US$(000)	​	US$(000)	​	US$(000)	​	US$(000)	​	US$(000)
​	​	​	​	​	​	​	​	​	​	​	​	​
Year 2021								​	​
Cost-								​	​
Land		17,322		—		—		3,009	​	—		20,331
Land improvements		28,982		—		—		3,750	​	—		32,732
Building and constructions		276,064		—		—		58,232	​	2,162		336,458
Machinery and equipment		210,215		—		(9,161)		64	​	33,132		234,250
Leach pads		1,829,479		—		—		13,399	​	34,422		1,877,300
Vehicles		10,255		—		(950)		—	​	1,861		11,166
Furniture and fixtures		2,556		—		—		—	​	—		2,556
Other equipment		61,494		—		—		—	​	—		61,494
Work in progress		510,359		207,986		(174,475)		—	​	(113,990)		429,880
Mining rights		37,521		—		—		11,848	​	—		49,369
Right of use asset	​	1,045	​	—	​	—	​	—	​	—	​	1,045
Asset retirement and mine closure		689,240		—		(7,927)		—	​	—		681,313
Stripping activity asset		186,539		—		—		—	​	40,298		226,837
Mine development		824,156		—		—		4,293	​	(283)		828,166
​	​	​	​	​	​	​	​	​	​	​	​	​
​		4,685,227		207,986		(192,513)		94,595	​	(2,398)		4,792,897
​	​	​	​	​	​	​	​	​	​	​	​	​
Accumulated depreciation and amortization								​	​
Land improvements		28,395		74		—		—	​	—		28,469
Building and constructions		233,110		7,171		—		—	​	—		240,281
Machinery and equipment		181,674		13,776		(9,162)		—	​	—		186,288
Leach pads		1,734,485		35,624		—		—	​	—		1,770,109
Vehicles		8,779		397		(948)		—	​	—		8,228
Furniture and fixtures		2,564		4		—		—	​	—		2,568
Other equipment		56,423		2,366		—		—	​	—		58,789
Mining rights		29,457		—		—		—	​	—		29,457
Right of use asset	​	729	​	268	​	—	​	—	​	—	​	997
Asset retirement and mine closure		540,708		80,129		—		—	​	—		620,837
Stripping activity asset		149,494		2,888		—		—	​	—		152,382
Mine development		679,830		7,014		—		—	​	—		686,844
​	​	​	​	​	​	​	​	​	​	​	​	​
​		3,645,648		149,711		(10,110)		—	​	—		3,785,249
​	​	​	​	​	​	​	​	​	​	​	​	​
Net cost		1,039,579						​	​			1,007,648

​

​	​	​	​	​	​	​	​	​	​	​
​		Opening		​		​		Transfer/Other		Final
​	​	balance	​	Additions	​	Sales and deductions	​	changes	​	balances
​	​	US$(000)	​	US$(000)	​	US$(000)	​	US$(000)	​	US$(000)
​	​	​	​	​	​	​	​	​	​	​
Year 2020
Cost-
Land		17,053		—		—		269		17,322
Land improvements		28,982		—		—		—		28,982
Building and constructions		271,554		—		—		4,510		276,064
Machinery and equipment		216,872		—		(20,844)		14,187		210,215
Leach pads		1,817,226		—		—		12,253		1,829,479
Vehicles		9,402		—		(98)		951		10,255
Furniture and fixtures		2,556		—		—		—		2,556
Other equipment		59,262		—		—		2,232		61,494
Work in progress		436,699		143,489		—		(69,829)		510,359
Mining rights		37,521		—		—		—		37,521
Right of use asset	​	1,045	​	—	​	—	​	—	​	1,045
Asset retirement and mine closure		693,365		—		(4,125)		—		689,240
Stripping activity asset		151,494		—		—		35,045		186,539
Mine development		824,156		—		—		—		824,156
​	​	​	​	​	​	​	​	​	​	​
​		4,567,187		143,489		(25,067)		(382)		4,685,227
​	​	​	​	​	​	​	​	​	​	​
Accumulated depreciation and amortization
Land improvements		28,315		80		—		—		28,395
Building and constructions		226,129		6,981		—		—		233,110
Machinery and equipment		184,030		18,029		(20,385)		—		181,674
Leach pads		1,694,288		40,197		—		—		1,734,485
Vehicles		8,828		49		(98)		—		8,779
Furniture and fixtures		2,560		4		—		—		2,564
Other equipment		54,132		2,291		—		—		56,423
Mining rights		29,457		—		—		—		29,457
Right of use asset	​	461	​	268	​	—	​	—	​	729
Asset retirement and mine closure		478,826		61,882		—		—		540,708
Stripping activity asset		147,725		1,769		—		—		149,494
Mine development		674,142		5,688		—		—		679,830
​	​	​	​	​	​	​	​	​	​	​
​		3,528,893		137,238		(20,483)		—		3,645,648
​	​	​	​	​	​	​	​	​	​	​
Net cost		1,038,294								1,039,579

​

Schedule of estimates prices for the current and long-term periods

Estimated prices for the long-term period used to estimate future revenues were as follows:

​

​	​	​
2021		Long-term
​	​	US$
​	​	​
Gold (per ounce)		1,800
Silver (per ounce)		23
Copper (per pound)		3.05

​

​	​	​
2020		Long-term
​	​	US$
​	​	​
Gold (per ounce)	​	1,500
Silver (per ounce)	​	16
Copper (per pound)		3.00

Sociedad Minera Cerro Verde S.A.A.

Disclosure of Mining concessions, development costs, property, plant and equipment, net [Line Items]

Schedule of property, plant and equipment, net

Property, plant and equipment consist of owned and leased assets (right-of-use assets), and cost and accumulated depreciation accounts as of December 31, 2021 and 2020 are shown below:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,	​	​	​	​	​	​	​	​	​	December 31,	​	​	​	​	​	​	​	​	​	December 31,
​		2019		Additions		Adjustments		Disposals		Transfers		2020		Additions		Adjustments		Disposals		Transfers		2021
​		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cost	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Land		24,905		—		—		—		—		24,905		—		—		—		5,477		30,382
Buildings and other constructions		2,548,124		—		(1)		(14)		40,895		2,589,004		—		430		(913)		7,885		2,596,406
Machinery and equipment		4,854,613		—		1		(12,814)		143,949		4,985,749		—		(430)		(14,967)		128,007		5,098,359
Transportation units		26,365		—		—		—		3,733		30,098		—		—		(1,132)		4,416		33,382
Furniture and fixtures		949		—		—		—		—		949		—		—		(377)		—		572
Other equipment		25,100		—		—		—		5,865		30,965		—		—		(92)		4,522		35,395
Construction in progress and in-transit units		158,068		161,059	(a)	(6,255)		—		(194,442)		118,430		158,599	(a)	(195)		—		(150,307)		126,527
Stripping activity asset (see Note 2(i))		852,747		92,890		—		—		—		945,637		214,192		—		—		—		1,159,829
Asset retirement costs (see Note 11(b))		166,998		37,569		—		—		—		204,567		—		(18,271)		—		—		186,296
Right-of-use assets (b)	​	95,441	​	3,328	​	—	​	(2,318)	​	—	​	96,451	​	4,099	​	—	​	(1,650)	​	—	​	98,900
​		8,753,310		294,846		(6,255)		(15,146)		—		9,026,755		376,890		(18,466)		(19,131)		—		9,366,048
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Accumulated depreciation	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Buildings and other constructions		393,910		62,317		—		(14)		—		456,213		66,846		236		(914)		—		522,381
Machinery and equipment		2,040,819		277,384		—		(12,635)		—		2,305,568		279,531		(236)		(14,891)		—		2,569,972
Transportation units		15,872		1,826		—		—		—		17,698		1,969		—		(1,040)		—		18,627
Furniture and fixtures		881		23		—		—		—		904		23		—		(376)		—		551
Other equipment		19,745		1,495		—		—		—		21,240		2,942		—		(92)		—		24,090
Stripping activity asset		553,732		124,309		—		—		—		678,041		113,530		—		—		—		791,571
Asset retirement costs		26,915		4,611		—		—		—		31,526		5,388		—		—		—		36,914
Right-of-use assets (b)	​	10,585	​	11,320	​	—	​	(2,316)	​	—	​	19,589	​	12,459	​	—	​	(1,640)	​	—	​	30,408
​		3,062,459		483,285		—	​	(14,965)		—		3,530,779		482,688		—	​	(18,953)		—	​	3,994,514
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net cost		5,690,851	​	​	​	​	​	​	​	​		5,495,976	​	​	​	​	​	​	​	​		5,371,534

(a) As of December 31, 2021, additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$ 30.1 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$ 28.9 million), (iii) the purchase of stators for ball mills (US$ 18.7 million), (iv) the purchase of mine support equipment (US$ 17.3 million), (v) major maintenance on shovels (US$ 9.2 million), (vi) the purchase of rollers (US$ 9.0 million), (vii) belt replacement projects (US$ 7.9 million), (viii) major components of the primary crusher (US$ 4.3 million), (ix) haul trucks beds (US$ 3.2 million) and (x) projects for the optimization of the Company’s operating processes (US$ 2.5 million).

As of December 31, 2020, additions to construction in progress and in-transit units primarily relate to (i) the purchase of a new shovel and the rebuild of another shovel (US$ 37.9 million), (ii) the purchase of haul trucks (US$ 24.6 million), (iii) projects associated with the capitalization of main components of the mine heavy equipment (US$ 17.6 million), (iv) projects for the optimization of the Company’s operating processes (US$ 14.8 million), (v) the mine maintenance truck shop (US$ 13.4 million), (vi) the purchase of rollers (US$ 11.0 million), (vii) tailing dam projects related to drain expansion and jacking header extension (US$ 10.4 million) and (viii) the purchase of stators for ball mills (US$ 7.0 million).

Schedule of net assets for right in use

As of December 31, 2021, additions to construction in progress include capitalized interest with an average rate of 2.88% primarily related to (i) capital projects for the maintenance truck shop (US$ 1.0 million), (ii) tailings dam projects (US$ 0.4 million), (iii) the purchase of stators for ball mills (US$ 0.2 million) and (iv) other projects (US$ 0.3 million).

As of December 31, 2020, additions to construction in progress include capitalized interest with an average rate of 3.23% primarily related to projects for the mine maintenance truck shop (US$ 1.4 million), tailing dam drain expansion and jacking header extension (US$ 0.4 million), the purchase of stators for ball mills (US$ 0.2 million) and other projects (US$ 0.5 million).

(b)Set out below are the carrying amounts of right-of-use assets recognized and the movements as of December 31, 2021 and 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December

​

​

December

​

​

​

​

December

​

​

31, 2019

​

Additions

​

Disposals

​

31, 2020

​

Additions

​

Disposals

​

31, 2021

​

​

US$(000)

​

US$(000)

​

US$(000)

​

US$(000)

​

US$(000)

​

US$(000)

​

US$(000)

Cost

​

​

​

​

​

​

Land

9,851

—

—

​

9,851

​

789

​

—

10,640

Buildings and other constructions

55,936

2,880

(2,222)

​

56,594

​

2,195

​

(873)

57,916

Machinery and equipment

29,654

448

(96)

​

30,006

​

1,115

​

(777)

30,344

​

​

​

​

​

​

​

​

​

​

​

​

95,441

3,328

(2,318)

​

96,451

​

4,099

​

(1,650)

98,900

​

​

​

​

​

​

​

​

​

​

​

Accumulated depreciation

​

​

​

​

​

​

​

​

Land

1,255

1,642

—

​

2,897

​

1,732

​

—

4,629

Buildings and other constructions

6,269

6,526

(2,220)

​

10,575

​

7,480

​

(865)

17,190

Machinery and equipment

3,061

3,152

(96)

​

6,117

​

3,247

​

(775)

8,589

​

10,585

11,320

(2,316)

​

19,589

​

12,459

​

(1,640)

​

30,408

​

​

​

​

​

​

​

​

​

​

​

Net cost

84,856

​

​

76,862

​

​

​

​

68,492

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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