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Property, plant, equipment and development costs | 12 Months Ended
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Dec. 31, 2022
Property, plant, equipment and development costs |
Property, plant, equipment and development costs | 11. Property, plant, equipment and development costs
| (a) | Below is presented the movement:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance as of |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Balance as of |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Balance as of
​ | ​ | January 1, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Changes in | ​ | Reclassifications | ​ | December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Changes in | ​ | Reclassifications | ​ | December 31,
​ | ​ | 2021 | ​ | Additions | ​ | Disposals | ​ | Sales | ​ | estimations | ​ | and transfers | ​ | 2021 | ​ | Additions | ​ | Disposals | ​ | Sales | ​ | estimations | ​ | and transfers | ​ | 2022
​ |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) | ​ | US$(000) |  | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lands |  | 17,650 |  | — |  | — |  | — |  | — |  | 53 |  | 17,703 |  | — |  | — |  | — |  | — | ​ | 1,062 |  | 18,765
Mining concessions (f) |  | 151,873 |  | — |  | — |  | — |  | — |  | — |  | 151,873 |  | — |  | — |  | — |  | — | ​ | — |  | 151,873
Development costs |  | 813,232 |  | 31,749 |  | — |  | — |  | — |  | — |  | 844,981 |  | 59,702 |  | — |  | — |  | — | ​ | — |  | 904,683
Buildings, constructions and other |  | 1,343,060 |  | 31 |  | (11) |  | — |  | — |  | 7,315 |  | 1,350,395 |  | — |  | (123) |  | — |  | — | ​ | 3,510 |  | 1,353,782
Machinery and equipment |  | 883,192 |  | 5 |  | (393) |  | (249) |  | — |  | 19,842 |  | 902,397 |  | 10 |  | (41,053) |  | (34) |  | — | ​ | 12,695 |  | 874,015
Transportation units |  | 8,409 |  | 70 |  | (152) |  | (934) |  | — |  | 269 |  | 7,662 |  | 15 |  | (277) |  | (1,816) |  | — | ​ | 73 |  | 5,657
Furniture and fixtures |  | 11,737 |  | 33 |  | (98) |  | — |  | — |  | 98 |  | 11,770 |  | — |  | (702) |  | (4) |  | — | ​ | 7 |  | 11,071
Units in transit |  | 3,381 |  | — |  | (506) |  | — |  | — |  | — |  | 2,875 |  | 12,811 |  | — |  | — |  | — | ​ | — |  | 15,686
Work in progress |  | 34,934 |  | 40,768 |  | (1,838) |  | — |  | — |  | (27,577) |  | 46,287 |  | 65,577 |  | (3,049) |  | — |  | — | ​ | (17,347) |  | 91,468
Stripping activity asset (g) |  | 152,597 |  | 17,653 |  | (6,763) |  | — |  | — |  | — |  | 163,487 |  | 26,669 |  | — |  | — |  | — | ​ | — |  | 190,156
Right-of-use asset (e) | ​ | 16,259 | ​ | — | ​ | — | ​ | — | ​ | 2,973 | ​ | — | ​ | 19,232 | ​ | — | ​ | — | ​ | — | ​ | 11,712 | ​ | — | ​ | 30,944
Mine closure costs |  | 335,654 |  | — |  | — |  | — |  | (3,272) |  | — |  | 332,382 |  | — |  | — |  | — |  | (21,869) | ​ | — |  | 310,513
​ |  | 3,771,978 |  | 90,309 |  | (9,761) |  | (1,183) |  | (299) |  | — |  | 3,851,044 |  | 164,784 |  | (45,204) |  | (1,854) |  | (10,157) | ​ | — |  | 3,958,613
Accumulated depreciation and amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mining concessions (f) |  | 40,270 |  | 7 |  | - |  | - |  | — |  | — |  | 40,277 |  | 6 |  | — |  | — |  | — | ​ | — |  | 40,283
Development costs |  | 340,999 |  | 20,582 |  | - |  | - |  | — |  | — |  | 361,581 |  | 26,907 |  | — |  | — |  | — | ​ | — |  | 388,488
Buildings, construction and other |  | 698,324 |  | 66,445 |  | (3) |  | - |  | — |  | 928 |  | 765,694 |  | 58,345 |  | (121) |  | — |  | — | ​ | — |  | 823,918
Machinery and equipment |  | 686,466 |  | 56,384 |  | (340) |  | (170) |  | — |  | — |  | 742,340 |  | 42,698 |  | (40,355) |  | (34) |  | — | ​ | — |  | 744,649
Transportation units |  | 7,083 |  | 604 |  | (143) |  | (894) |  | — |  | — |  | 6,650 |  | 478 |  | (153) |  | (1,803) |  | — | ​ | — |  | 5,172
Furniture and fixtures |  | 9,824 |  | 601 |  | (97) |  | - |  | — |  | — |  | 10,328 |  | 548 |  | (651) |  | (4) |  | — | ​ | — |  | 10,221
Stripping activity asset |  | 111,455 |  | 14,039 |  | - |  | - |  | — |  | 6,665 |  | 132,159 |  | 21,769 |  | — |  | — |  | — | ​ | — |  | 153,928
Right-of-use asset (e) | ​ | 9,081 | ​ | 4,813 | ​ | - | ​ | - | ​ | — | ​ | — | ​ | 13,894 | ​ | 4,290 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 18,184
Mine closure costs |  | 191,840 |  | 14,819 |  | - |  | - |  | — |  | 7,173 |  | 213,832 |  | 18,198 |  | — |  | — |  | — | ​ | — |  | 232,030
​ |  | 2,095,342 |  | 178,294 |  | (583) |  | (1,064) |  | — |  | 14,766 |  | 2,286,755 |  | 173,239 |  | (41,280) |  | (1,841) |  | — | ​ | — |  | 2,416,873
Provision for impairment of long-lived assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mine closure costs |  | 13,207 |  | — |  | (3,828) |  | — |  | (7,173) |  | (7,173) |  | 2,206 |  | — |  | — |  | — | ​ | — | ​ | — |  | 2,206
Development costs |  | 10,153 |  | — |  | — |  | — |  | (6,665) |  | (6,665) |  | 3,488 |  | — |  | — |  | — | ​ | — | ​ | — |  | 3,488
Property, plant and other |  | 2,915 |  | 19,874 |  | (1,136) |  | — |  | (928) |  | (928) |  | 20,725 |  | — |  | (19,874) |  | — | ​ | — | ​ | — |  | 851
​ |  | 26,275 |  | 19,874 |  | (4,964) |  | — |  | (14,766) |  | (14,766) |  | 26,419 |  | — |  | (19,874) |  | — | ​ | — | ​ | — |  | 6,545
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cost |  | 1,650,361 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,537,870 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1,535,195
​ ​
| (b) | Impairment of long-lived assets
In accordance with its accounting policies and processes, each asset or CGU is evaluated at each reporting date and annually at year-end, to determine whether there are any indications of impairment. If any such indications of impairment exist, a formal estimate of the recoverable amount is performed. In assessing whether impairment is required, the carrying value of the asset or CGU is compared with its recoverable amount. The recoverable amount is the higher of (i) the CGU’s fair value less costs of disposal (FVLCD) and (ii) its value in use (VIU). Given the nature of the Group’s activities, information on the fair value of an asset is usually difficult to obtain unless negotiations with potential purchasers or similar transactions are taking place. Consequently, the recoverable amount for each CGU is estimated based on discounted future estimated cash flows expected to be generated from the continued use of the CGUs using market-based commodity price and exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements, and its eventual disposal, based on the latest life of mine (LOM) plans. Capital and operating expenditure associated with the Group’s climate change initiatives are, to the extent necessary, taken into account when determining the recoverable amount of each CGU. The Group Buenaventura practice responsible mining that promotes economic growth and sustainable development, creating value in the regions where it operates. The Group’s environmental management has as an objective to innovate in water management and mine closure, looking forward to supporting the sustainability of operations. The use of clean technologies to reduce fresh water consumption and waste generation, together with the application of adequate environmental protection standards and procedures in the management of operations are essential for Buenaventura. The challenges that come from higher environmental and social expectations of the environment are being addressed appropriately, encouraging research to improve the prevention and control of the environmental impacts of the Group’s activities. These cash flows were discounted using a real post-tax discount rate that reflected current market assessments of the time value of money and the risks specific to the CGU. The estimates of quantities of recoverable minerals, production levels, operating costs and capital requirements are obtained from the planning process, including the LOM plans, one-year budgets and CGU-specific studies. During 2022, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount in Orcopampa, Uchucchacua and La Zanja mining units. The Group recognized a recovery of impairment of long-lived assets for US$19.9 million in Río Seco. The main factors considered in the impairment analysis were changes in estimates of proven and probable reserves, market forward prices and remaining mine useful lives. During 2021, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount of said units based on their value in use for Orcopampa, Uchucchacua, and La Zanja. As a result of the analysis of the recoverable amount as of December 31, 2021 in Río Seco, the Group recognized an impairment of assets for US$19.9 million. In addition, the La Zanja unit mining recognized a reversal of impairment of US$5.0 million, (net effect of US$14.9 million). The main factors considered in the impairment analysis were changes in estimates of reserves and resources, market forward prices and remaining mine useful lives. During 2020, the Group identified impairment indicators in its Julcani, Orcopampa, Uchucchacua, El Brocal and La Zanja. The Group evaluated and concluded that there is no impairment as a result of the analysis of the recoverable amount of said units based on their value in use. The main factors considered in the impairment analysis were changes in estimates of reserves and resources, market forward prices and remaining mine useful lives. As a result of the analysis of the recoverable amount as of December 31, 2020, Buenaventura recognized a reversal for impairment of long-lived assets for US$2.1 million derived from the evaluation of its Julcani mining unit.The main factors considered in the impairment analysis were the increase in metal price projections and the life of mine plans. The recoverable amounts of the Julcani mining unit are based on management’s estimations of the value in use. Below are the amounts of the recovery amounts as of December 2022, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$ | ​ | US$ | ​ | US$
​ | ​ | ​ | ​ | ​ | ​ | ​
Uchucchacua |  | 146,114 |  | 196,545 |  | 244,795
Río Seco |  | 50,808 |  | 18,671 |  | N/A
Orcopampa |  | 51,911 |  | 43,128 |  | 57,650
La Zanja |  | 35,011 |  | 51,044 |  | 20,736
Julcani |  | N/A |  | N/A |  | 40,642
El Brocal |  | N/A |  | N/A |  | 761,081
​ Key assumptions The determination of value in use is most sensitive to the following key assumptions:
| - | Production volumes
| - | Commodity prices
| - | Discount rate
| - | Residual value
Production volumes: Estimated production volumes are based on detailed life-of-mine plans and take into account development plans for the mines agreed by management as part of planning process. Production volumes are dependent on a number of variables, such as: the recoverable quantities; the production profile; the cost of the development of the infrastructure necessary to extract the reserves; the production costs; the contractual duration of mining rights; and the selling price of the commodities extracted. As each producing mining unit has specific reserve characteristics and economic circumstances, the cash flows of the mines are computed using appropriate individual economic models and key assumptions established by management. The production profiles used were consistent with the reserves and resource volumes approved as part of the Group’s process for the estimation of proven and probable reserves and resource estimates. Commodity prices: Forecast commodity prices are based on management’s estimates and are derived from forward price curves and long-term views of global supply and demand, building on experience of the industry and consistent with external sources. These prices were adjusted to arrive at appropriate consistent price assumptions for the different qualities and type of commodities, or, where appropriate, contracted prices were applied. These prices are reviewed at least annually. Estimated prices for the current and long-term periods that have been used to estimate future cash flows are as follows: ​ As of December 31, 2022 - ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2024-2026
​ |  | US$ |  | US$
​ | ​ | ​ | ​ | ​
Gold |  | 1,750 / Oz |  | 1,735 / Oz
Silver |  | 21.00 / Oz |  | 23.17 / Oz
Copper |  | 7,900 / MT |  | 9,625 / MT
Zinc | ​ | 3,000 / MT | ​ | 2,648 / MT
Lead |  | 1,900 / MT |  | 2,181 / MT
​ 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
Zinc |  | 2,600 / MT |  | 2,616 / MT
Lead | ​ | 2,000 / MT | ​ | 2,313 / MT
​ (*)OZ= Ounces, MT = Metric Tonne. Discount rate: In calculating the value in use, as of December 31, 2022 and 2021 the following discount rates were applied to the post-tax cash flows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021
​ | ​ | Post-Tax | ​ | Pre-Tax | ​ | Post-Tax | ​ | Pre-Tax
​ | ​ | % | ​ | % | ​ | % | ​ | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Uchucchacua |  | 8.12 |  | 12.52 |  | 6.04 |  | 9.31
Orcopampa |  | 8.12 |  | 12.52 |  | 6.04 |  | 9.31
Río Seco |  | 10.60 |  | 16.34 |  | 7.86 |  | 12.12
La Zanja |  | 9.13 |  | 14.08 |  | 7.01 |  | 10.81
​ These discount rates are derived from the Group’s post-tax weighted average cost of capital (WACC), with appropriate adjustments made to reflect the risks specific to the CGU. The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on its interest-bearing borrowings the Group is obliged to service. The Beta factors are evaluated annually based on publicly available market data.
| (c) | The book value of assets held under finance leases, and assets under trustworthy equity, amounted to US$250.5 million as of December 31, 2022 (US$270.8 million as of December 31, 2021) and is presented in various items of the “Property, plant, equipment and development cost” caption. During 2022 and 2021, no acquisitions of assets under lease agreements were made. Leased assets are pledged as security for the related finance lease liabilities.
| (d) | During 2022, 2021 and 2020, no borrowing costs were capitalized.
| (e) | Right-of-use assets
The net assets for right-of-use assets maintained by the Group correspond to the following: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000)
Buildings | ​ | 10,484 |  | 2,088
Transportation units | ​ | 1,380 |  | 2,501
Machinery and equipment | ​ | 896 |  | 749
​ | ​ | ​ | ​ | ​
​ | ​ | 12,760 |  | 5,338
​ During 2022, the additions to the right-of-use assets were US$11.7 million and no disposals were made (additions of US$3.0 million and no disposals were made during 2021).
| (f) | Mining concessions includes goodwill of El Brocal for an amount to US$34.0 million as of December 31, 2022 and 2021.
| (g) | During June 2021, as a result of its reserves review, the subsidiary El Brocal wrote off the phase 6 for a total of 1,181,280 DMT at a value of US$6,763,000. The write-off corresponds to a new estimation of reserves of the open pit as a result of the topographical information. The balance as of December 31, 2021 of this phase is 5,730 DMT valued in US$118,000 which were comsumed during 2022.
In December 2020, as a result of the review of the mineral reserve balances, the subsidiary El Brocal wrote off the phase 9 for a total of 1,102,117 DMT at a value of US$11,633,000. The write-off corresponds to a loss of reserves due to variation in technical and economic parameters such as: decrease in estimated prices; increased cut-off; percentage decrease in payable items; and new block model.
| (h) | Below is the distribution of depreciation expenses of the year:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales of goods |  | 147,032 |  | 159,652 | ​ | 174,103
Unabsorbed cost due to production stoppage |  | 14,877 |  | 4,569 | ​ | 10,764
Cost of sales of services |  | 8,153 |  | 8,109 | ​ | 8,461
Administrative expenses |  | 1,886 |  | 4,741 | ​ | 3,142
Property, plant, equipment and development costs | ​ | 1,039 | ​ | 963 | ​ | 833
Exploration in non-operating areas | ​ | 101 | ​ | 114 | ​ | 111
Selling expenses | ​ | 93 | ​ | 84 | ​ | —
Other, net | ​ | 49 | ​ | 48 | ​ | 46
Discontinued operations, note 1(e) |  | 9 |  | 14 | ​ | 2,126
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 173,239 |  | 178,294 | ​ | 199,586
​
Sociedad Minera Cerro Verde S.A.A. |
Property, plant, equipment and development costs |
Property, plant, equipment and development costs | 7. 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, 2022 and 2021 are shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | ​ | ​ | Adjustments | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | ​ | ​ | Adjustments | ​ | ​ | ​ | ​ | ​ | December 31,
​ |  | 2020 |  | Additions |  | and changes in |  | Disposals |  | Transfers |  | 2021 |  | Additions |  | and changes in |  | Disposals |  | Transfers |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | estimates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | estimates | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 |  | — |  | — |  | — |  | 5,477 |  | 30,382 |  | — |  | — |  | — |  | 2,820 |  | 33,202
Buildings and other constructions |  | 2,589,004 |  | — |  | 430 |  | (913) |  | 7,885 |  | 2,596,406 |  | — |  | 1,041 |  | (61) |  | 11,063 |  | 2,608,449
Machinery and equipment |  | 4,985,749 |  | — |  | (430) |  | (14,967) |  | 128,007 |  | 5,098,359 |  | — |  | (1,041) |  | (54,732) |  | 155,044 |  | 5,197,630
Transportation units |  | 30,098 |  | — |  | — |  | (1,132) |  | 4,416 |  | 33,382 |  | — |  | — |  | — |  | 2,995 |  | 36,377
Furniture and fixtures |  | 949 |  | — |  | — |  | (377) |  | — |  | 572 |  | — |  | — |  | — |  | — |  | 572
Other equipment |  | 30,965 |  | — |  | — |  | (92) |  | 4,522 |  | 35,395 |  | — |  | — |  | (58) |  | 885 |  | 36,222
Construction in progress and in-transit units |  | 118,430 |  | 158,599 | (a) | (195) |  | — |  | (150,307) |  | 126,527 |  | 227,216 | ​ | (19) |  | — |  | (169,459) |  | 184,265
Stripping activity asset (see Note 2(i)) |  | 945,637 |  | 214,192 |  | — |  | — |  | — |  | 1,159,829 |  | 304,198 |  | — |  | — |  | — |  | 1,464,027
Asset retirement costs (see Note 11(b)) |  | 204,567 |  | — |  | (18,271) |  | — |  | — |  | 186,296 |  | — |  | (17,812) |  | — |  | — |  | 168,484
Right-of-use assets (b) | ​ | 96,451 | ​ | 4,099 | ​ | — | ​ | (1,650) | ​ | — | ​ | 98,900 | ​ | 4,941 | ​ | — | ​ | (3,137) | ​ | (3,348) | ​ | 97,356
​ |  | 9,026,755 |  | 376,890 |  | (18,466) |  | (19,131) |  | — |  | 9,366,048 |  | 536,355 |  | (17,831) |  | (57,988) |  | — |  | 9,826,584
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Buildings and other constructions |  | 456,213 |  | 66,846 |  | 236 |  | (914) |  | — |  | 522,381 |  | 72,899 |  | 655 |  | (14) |  | — |  | 595,921
Machinery and equipment |  | 2,305,568 |  | 279,531 |  | (236) |  | (14,891) |  | — |  | 2,569,972 |  | 272,528 |  | (655) |  | (54,519) |  | 141 |  | 2,787,467
Transportation units |  | 17,698 |  | 1,969 |  | — |  | (1,040) |  | — |  | 18,627 |  | 2,160 |  | — |  | — |  | — |  | 20,787
Furniture and fixtures |  | 904 |  | 23 |  | — |  | (376) |  | — |  | 551 |  | 21 |  | — |  | — |  | — |  | 572
Other equipment |  | 21,240 |  | 2,942 |  | — |  | (92) |  | — |  | 24,090 |  | 3,136 |  | — |  | (58) |  | — |  | 27,168
Stripping activity asset |  | 678,041 |  | 113,530 |  | — |  | — |  | — |  | 791,571 |  | 134,186 |  | — |  | — |  | — |  | 925,757
Asset retirement costs |  | 31,526 |  | 5,388 |  | — |  | — |  | — |  | 36,914 |  | 4,770 |  | — |  | — |  | — |  | 41,684
Right-of-use assets (b) | ​ | 19,589 | ​ | 12,459 | ​ | — | ​ | (1,640) | ​ | — | ​ | 30,408 | ​ | 12,708 | ​ | — | ​ | (3,124) | ​ | (141) | ​ | 39,851
​ |  | 3,530,779 |  | 482,688 |  | — | ​ | (18,953) |  | — |  | 3,994,514 |  | 502,408 |  | — | ​ | (57,715) |  | — | ​ | 4,439,207
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cost |  | 5,495,976 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 5,371,534 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 5,387,377
| (a) | As of December 31, 2022 additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$ 55.5 million), (ii) projects associated with the capitalization of main components of the mine’s heavy equipment (US$36.1 million), (iii) mine support equipment (US$32.6 million), (iv) belt replacement projects (US$11.1 million), (v) a direct flotation reactor technology project (US$11.0 million), (vi) the purchase of stators for ball mills (US$10.7 million), and (vii) installation of flotation recovery technology (US$8.5 million).
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, 2022, additions to construction in progress include capitalized interest with an average rate of 4.25% primarily related to (i) capital projects for the maintenance truck shop (US$1.5 million), (ii) tailings dam projects (US$1.2 million), (iii) the purchase of stators for ball mills (US$0.1 million) and (iv) other projects (US$0.3 million). As of December 31, 2021, additions to construction in progress include capitalized interest with an average rate of 2.88% primarily related to (i) capital projects for the maintenance truck shop (US$ 1.0 million), (ii) tailings dam projects (US$ 0.4 million), (iii) the purchase of stators (US$ 0.2 million) and (iv) other projects US$ 0.3 million). (b) Set out below are the carrying amounts of right-of-use assets recognized and the movements as of December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December |  |  |  | ​ | ​ | December | ​ | ​ | ​ | ​ |  | ​ | ​ | December
​ | ​ | 31, 2020 | ​ | Additions | ​ | Disposals | ​ | 31, 2021 | ​ | Additions | ​ | Disposals | ​ | Transfers | ​ | 31, 2022
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Cost |  |  |  |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |
Land |  | 9,851 |  | 789 |  | — | ​ | 10,640 | ​ | 216 | ​ | (365) |  | — | ​ | 10,491
Buildings and other constructions |  | 56,594 |  | 2,195 |  | (873) | ​ | 57,916 | ​ | 1,273 | ​ | (2,668) |  | — | ​ | 56,521
Machinery and equipment |  | 30,006 |  | 1,115 |  | (777) | ​ | 30,344 | ​ | 3,452 | ​ | (104) |  | (3,348) | ​ | 30,344
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 96,451 |  | 4,099 |  | (1,650) | ​ | 98,900 | ​ | 4,941 | ​ | (3,137) |  | (3,348) | ​ | 97,356
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Land |  | 2,897 |  | 1,732 |  | — | ​ | 4,629 | ​ | 1,949 | ​ | (365) |  | — | ​ | 6,213
Buildings and other constructions |  | 10,575 |  | 7,480 |  | (865) | ​ | 17,190 | ​ | 7,216 | ​ | (2,656) |  | — | ​ | 21,750
Machinery and equipment |  | 6,117 |  | 3,247 |  | (775) | ​ | 8,589 | ​ | 3,543 | ​ | (103) |  | (141) | ​ | 11,888
​ |  | 19,589 |  | 12,459 |  | (1,640) | ​ | 30,408 | ​ | 12,708 | ​ | (3,124) | ​ | (141) | ​ | 39,851
​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Net cost |  | 76,862 |  | ​ |  |  | ​ | 68,492 | ​ | ​ | ​ | ​ |  | ​ | ​ | 57,505
​

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