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Finance costs and finance income | 12 Months Ended
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Dec. 31, 2022
Finance costs and finance income |
Finance costs and finance income | 29. Finance costs and finance income
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance revenues: | ​ | ​ | ​ | ​ | ​ | ​
Interest on time deposits |  | 3,521 |  | 338 |  | 1,074
Interests on third party loans | ​ | 449 | ​ | 203 | ​ | 355
Interest on loans to related parties, note 32(a) |  | 94 |  | 89 |  | 114
Interest from financial instruments | ​ | 74 | ​ | 114 | ​ | —
Interest on tax claims |  | — |  | 75 |  | 352
Other finance revenues |  | 565 |  | 303 |  | 155
​ |  | 4,703 |  | 1,122 |  | 2,050
Reversal of the amortized cost of the syndicated loan, note 16(g) | ​ | 8,855 | ​ | — | ​ | —
Unrealized change of the fair value related to contingent consideration liability (b) |  | 813 |  | 4,382 |  | —
Accrual of other account receivable |  | 72 |  | 448 |  | —
Financial obligations amortized costs, note 16(g) | ​ | — | ​ | — | ​ | 361
Total finance revenues | ​ | 14,443 | ​ | 5,952 | ​ | 2,411
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance costs: | ​ | ​ | ​ | ​ | ​ | ​
Interest related to senior notes, note 16 |  | 31,771 |  | 13,343 |  | —
Interest on borrowings and loans, note 16 | ​ | 10,865 | ​ | 17,166 | ​ | 23,178
Settlement of hedging financial instruments, note 34(c) |  | 818 |  | 1,547 |  | 146
Tax on financial transactions |  | 189 |  | 193 |  | 107
Interest on loans |  | 26 |  | 43 |  | 55
Commissions for bond letters issued to SUNAT | ​ | — | ​ | 12,124 | ​ | —
Interest on commercial obligations | ​ | — | ​ | — | ​ | 626
Other finance costs |  | — |  | — |  | 37
​ |  | 43,669 |  | 44,416 |  | 24,149
Accretion expense for mine closure and exploration projects, note 15(b) |  | 5,070 |  | 5,598 |  | 6,672
Accrual of debt issuance costs, note 16(g) |  | 2,820 |  | 885 |  | 976
Accrual of costs for bond issuance, note 16(g) |  | 1,963 |  | 717 |  | —
Amortized cost of financial obligations, note 16(g) | ​ | 515 | ​ | 8,837 | ​ | —
Accretion expense for leases related to rights in use, note 16(g) | ​ | 99 | ​ | 176 | ​ | 180
Unrealized change of the fair value related to contingent consideration liability (b) |  | — |  | — |  | 5,690
Other finance costs | ​ | — | ​ | — | ​ | 155
​ | ​ | 54,136 | ​ | 60,629 | ​ | 37,822
​
| (b) | Contingent consideration -
On August 18, 2014, Buenaventura acquired from Minera Gold Fields Peru S.A. (Gold Fields) 51% of the voting shares of Canteras del Hallazgo S.A.C., which represent the whole interest of Gold Fields in the equity of such entity. Through the merger with Canteras del Hallazgo S.A.C, the Group is the owner of the Chucapaca project, which is located in the Ichuña district, in the General Sanchez Cerro province, in the Moquegua department, Peru. According to previously performed studies, there is evidence of the existence of gold, silver, copper and antimony in the area, specifically in the Canahuire deposit. The purchase and sale agreement considered a contingent consideration of US$23,026,000, which corresponds to the present value of the future royalty payments equivalent to 1.5% over the future sales of the minerals arising from the mining properties acquired. The fair value of the future royalty payments was determined using the income approach. Significant increase (decrease) in the future sales of mineral would result in higher (lower) fair value of the contingent consideration liability, while significant increase (decrease) in the discount rate would result in lower (higher) fair value of the liability. Changes in the fair value of this contingent consideration have been recognized through profit or loss in the consolidated statement of profit or loss. As of December 31, 2022 and 2021, it is highly probable that the Group reaches the projected future sales. The fair value of the contingent consideration determined as of December 31, 2022 and 2021 reflects this assumption and changes in metal prices.
| (b) | A reconciliation of fair value measurement of the contingent consideration liability is provided below:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance |  | 17,718 |  | 22,100 |  | 16,410
​ | ​ | ​ | ​ | ​ | ​ | ​
Variation of the fair value in profit and loss |  | (813) |  | (4,382) |  | 5,690
Ending balance |  | 16,905 |  | 17,718 |  | 22,100
​ Significant unobservable valuation inputs are provided below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​
Annual average of future sales of mineral (US$000) |  | 208,912 |  | 193,972
Useful life of mining properties |  | 14 |  | 14
Pre-tax discount rate (%) |  | 13.2 |  | 9.7
​ The Group has the preferential right of acquisition of the royalty in case Gold Fields decides to sell it.

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