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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of derivative financial instruments [Line Items]

Schedule of hedged financial instruments

(a) This caption is made up as follows:

​

​	​	​	​	​
​		2021		2020
​	​	US$(000)	​	US$(000)
Copper prices hedge (b)		(6,332)		(15,804)
Interest rate hedge (c)		(644)		(2,635)
​		(6,976)		(18,439)

Schedule of detailed information about hedge derivatives financial instruments

The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2021:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Quotations			​	​
Quotation period		Concentrate		Metric tons		Fixed		Futures		Fair value
​	​	​	​	​	​	US$/DMT(*)	​	US$/ DMT(*)	​	US$(000)
January 2022		Copper		3,250		9,405		9,748		(1,112)
January 2022		Zinc		500		3,450		9,748		(65)
February 2022		Copper		2,000		9,444		9,740		(591)
March 2022		Copper		2,000		9,525		9,732		(413)
April 2022		Copper		2,700		9,103		9,719		(1,661)
May 2022		Copper		3,050		9,175		9,701		(1,601)
June 2022		Copper		1,000		9,425		9,686		(260)
July 2022		Copper		3,000		9,442		9,676		(701)
October 2022		Copper		1,500		9,762		9,631		196
December 2022		Copper		1,000		9,475		9,600		(124)
​	​	​	​	20,000	​	​	​	​	​	(6,332)

​

​

(*) DMT= Dry metric tonne.

​

The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2020:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Quotations			​	​
Quotation period		Concentrate		Metric tons		Fixed		Futures		Quotation period
​	​	​	​	​	​	US$/DMT	​	US$/ DMT	​	US$(000)
January 2021		Copper		1,250		6,500		7,758		(1,572)
February 2021		Copper		1,250		6,500		7,762		(1,577)
March 2021		Copper		2,250		6,633		7,767		(2,549)
April 2021		Copper		2,000		6,750		7,769		(2,036)
May 2021		Copper		3,000		6,897		7,769		(2,615)
June 2021		Copper		3,000		6,967		7,770		(2,408)
July 2021		Copper		2,000		7,025		7,768		(1,483)
August 2021		Copper		2,000		7,100		7,765		(1,327)
September 2021		Copper		2,000		7,500		7,762		(523)
October 2021		Copper		2,000		7,900		7,757		286
​	​	​	​	​	​	​	​	​	​	​
​		​		20,750	​	​	​	​		(15,804)

Schedule of composition of the operations to be settled that are part of the liability for hedging derivative instrument

The following is the composition of the operations to be settled that are part of the liability for hedging derivative instrument as of December 31, 2021:

​

​	​	​	​	​	​	​	​	​
​		​		LIBOR three months
Maturity	​	Amount	​	Fixed	​	Forwards	​	Fair value
​		US$(000)	​	​	​	​	​	US$(000)
October 2022		81,666		2.632	%	2.06% - 2.14	%	(191)
October 2022		74,167		2.632	%	2.06% - 2.14	%	(174)
October 2022		74,167		0.732	%	0.16% - 0.24	%	(174)
July 2022		45,000		2.632	%	2.06% - 2.14	%	(105)
​		275,000		​	​	​	​	(644)

​

The following is the composition of the operations to be settled that are part of the liability for hedging derivative instrument as of December 31, 2020:

​

​	​	​	​	​	​	​	​	​
​		​		LIBOR of three months
Maturity	​	Amount	​	Fixed	​	Forwards	​	Fair value
​		US$(000)	​	​	​	​	​	US$(000)
October 2022		81,666		2.632	%	2.06% - 2.14	%	(785)
October 2022		74,167		2.632	%	2.06% - 2.14	%	(712)
October 2022		74,167		0.732	%	0.16% - 0.24	%	(706)
July 2022		45,000		2.632	%	2.06% - 2.14	%	(432)
​		275,000		​	​	​	​	(2,635)

Sociedad Minera Cerro Verde S.A.A. [Member]

Disclosure of derivative financial instruments [Line Items]

Schedule of embedded derivatives

As discussed in Note 2(d), the Company’s sales create exposure to changes in the market prices of copper and molybdenum which are considered embedded derivatives. As of December 31, 2021 and 2020, information about the Company’s embedded derivatives is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	As of December 31, 2021	​	​	​	​
​	​	Pounds	​	​	​	Provisional	​	​	​	Fair value
​	​	payable	​	Maturity	​	pricing	​	Forward pricing	​	​
​		(000)		​		US$/Pound		US$/Pound	​	US$(000)	​
​	​	​	​	​	​	​	​	​	​	​	​
Copper Concentrate		284,566		January 2022 to May 2022		Between 4.174 and 4.584		Between 4.400 and 4.421		13,335	​
Copper Cathode		3,087		January 2022		4.318		4.421		318	​
Molybdenum		4,035		January 2022 to February 2022		Between 16.659 and 16.773		16.456		(860)	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​		12,793	(a)

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	As of December 31, 2020					​
​	​	Pounds	​	​	​	​	​	​	​	​	​
​	​	payable	​	Maturity	​	Provisional pricing	​	Forward pricing	​	Fair value	​
​		(000)		​		US$/Pound		US$/Pound		US$(000)
​	​	​	​	​	​	​	​	​	​	​	​
Copper Concentrate		267,872		January 2021 to May 2021		Between 2.908 and 3.545		Between 3.519 and 3.524		98,424
Copper Cathode		3,964		January 2021		Between 3.535 and 3.612		3.519		(235)
Molybdenum		3,382		January 2021 to February 2021		Between 7.360 and 7.884		8.658		3,245
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​		101,434	(a)

(a)   Embedded derivative adjustments are recorded on the statement of financial position in “Trade account receivable – related parties”.

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