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v3.23.1

Sales | 12 Months Ended
--- | ---
Dec. 31, 2022
Sale of goods [Line Items] |
Sales | 20. Sales
| (a) | The Group’s sales are mostly from sales of gold and precious metals in the form of concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. Set out below is the disaggregation of the Group’s revenue from contracts with customers:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by geographic region: | ​ | ​ | ​ | ​ | ​ | ​
Metal and concentrates sales - | ​ | ​ | ​ | ​ | ​ | ​
Peru |  | 533,765 |  | 702,962 |  | 389,854
America - other than Peru |  | 178,724 |  | 145,988 |  | 163,500
Asia |  | 36,796 | ​ | 23,637 | ​ | 42,210
Europe |  | 33,412 | ​ | 51,803 | ​ | 39,110
​ | ​ | 782,697 | ​ | 924,390 | ​ | 634,674
Services - | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | 22,095 |  | 20,936 |  | 20,173
America - other than Peru |  | 127 |  | 96 |  | 92
Europe |  | — | ​ | 20 | ​ | 20
​ | ​ | 22,222 |  | 21,052 |  | 20,285
Royalties - | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | 1,381 |  | 15,928 |  | 18,638
​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | 806,300 |  | 961,370 |  | 673,597
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by type of good or services: | ​ | ​ | ​ | ​ | ​ | ​
Sales by metal - | ​ | ​ | ​ | ​ | ​ | ​
Copper |  | 367,278 |  | 340,522 |  | 181,311
Gold |  | 299,747 | ​ | 262,676 | ​ | 229,590
Silver |  | 157,923 | ​ | 316,930 | ​ | 230,498
Zinc |  | 107,486 |  | 143,580 |  | 120,546
Lead |  | 32,951 |  | 51,907 |  | 48,426
Manganese sulfate |  | 361 |  | 4,976 |  | 4,051
Antimony |  | 28 |  | — |  | —
​ |  | 965,774 |  | 1,120,591 |  | 814,422
Commercial deductions, note 2.4(q) |  | (183,077) |  | (196,201) |  | (179,748)
Sales of goods, note 20(b) |  | 782,697 |  | 924,390 |  | 634,674
Sales of services, note 20(b) |  | 22,222 |  | 21,052 |  | 20,285
Royalties income, note 20(b) |  | 1,381 |  | 15,928 |  | 18,638
Total revenue from contracts with customers |  | 806,300 |  | 961,370 |  | 673,597
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by type of recognition: | ​ | ​ | ​ | ​ | ​ | ​
Goods transferred at a point in time |  | 782,697 |  | 924,390 |  | 634,674
Services transferred over time |  | 22,222 |  | 21,052 |  | 20,285
Royalties at a point of time |  | 1,381 |  | 15,928 |  | 18,638
​ |  | 806,300 |  | 961,370 |  | 673,597
​
| (b) | Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the consolidated statement of profit or loss:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Contracts with customers for sale of goods (a) |  | 782,697 | ​ | 924,390 | ​ | 634,674
Hedge operations, note 34(a) |  | 12,774 | ​ | (51,952) | ​ | (6,464)
Adjustments to prior period liquidations |  | (920) | ​ | (5,137) | ​ | 4,255
Fair value of accounts receivables |  | 6,648 | ​ | (3,831) | ​ | 5,154
Sale of goods |  | 801,199 |  | 863,470 |  | 637,619
Sale of services, note 20(a) |  | 22,222 |  | 21,052 |  | 20,285
Royalty income, note 20(a) |  | 1,381 |  | 15,928 |  | 18,638
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 824,802 |  | 900,450 |  | 676,542
​
| (c) | Performance obligations -
The performance obligation of the sale of goods is satisfied upon delivery of the goods and payment is generally due within 5 to 90 days from delivery. Performance obligation of services is satisfied over-time and payment is generally due upon completion and acceptance of service.
| (d) | Concentration of sales -
In 2022, the 4 customers with sales of more than 10% of total sales represented 32, 23, 22 and 10 from the total sales of Group. In 2021, the four customers with sales of more than 10% of total sales represented 37%, 19%, 17% and 15% from the total sales of the Group (four customers with sales of more than 10% of total sales represented 26%, 23%, 16% and 15% during 2020). As of December 31, 2022, 71% of the accounts receivable correspond to these customers (68% as of December 31, 2021). These customers are related to the mining business. The Group’s sales of gold and concentrates are delivered to investment banks and national and international well-known companies. Some of these customers have long-term sales contracts with the Group that guarantee supplying them the production from the Group’s mines.
Sociedad Minera Cerro Verde S.A.A. |
Sale of goods [Line Items] |
Sales | 14. Revenues
| (a) | This item is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2022 | ​ | December 31, 2021 | ​ | December 31, 2020
​ |  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Copper in concentrate |  | 866,703 |  | 3,120,448 |  | 794,205 |  | 3,421,871 |  | 743,274 |  | 2,088,167
Copper cathode |  | 101,368 |  | 404,115 |  | 91,802 |  | 394,256 |  | 83,870 |  | 241,808
Other (primarily silver and molybdenum concentrate) | ​ | ​ |  | 450,732 | ​ | ​ |  | 383,321 | ​ | ​ |  | 208,618
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | ​ |  | 3,975,295 | ​ | ​ |  | 4,199,448 | ​ | ​ |  | 2,538,593
​ Revenues with related parties totaled US$3.8 billion for the year ended December 31, 2022 (US$4.0 billion for the year ended December 31, 2021 and US$ 2.4 billion for the year ended December 31, 2020). As described in Note 2(d), the Company’s copper sales are provisionally priced at shipment. Adjustments to the provisional prices are recognized as gains and losses in sales of goods through the month of settlement. Adjustments to provisional priced copper and molybdenum sales resulted in an increase in revenues totaling US$ 78.2 million for the year ended December 31, 2022, decreases of US$ 88.6 million for the year ended December 31, 2021 and increases of US$ 64.7 million for the year ended December 31, 2020.
| (b) | The following table shows sales by geographic region based on the final destination port:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2022 | ​ | December 31, 2021 | ​ | December 31, 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Asia |  | 3,229,797 |  | 3,223,191 |  | 2,096,084
North America |  | 386,768 |  | 429,330 |  | 120,865
Europe |  | 192,859 |  | 314,425 |  | 207,954
South America (primarily Peru) | ​ | 165,871 | ​ | 232,502 | ​ | 106,489
Central America |  | — |  | — |  | 7,201
Total sales |  | 3,975,295 |  | 4,199,448 |  | 2,538,593
​
| (c) | Concentration of sales -
For the year ended December 31, 2022 and 2021, 95% of the Company’s sales were to related entities (FMC, Sumitomo Metal Mining Company and Climax Molybdenum). For the year ended December 31, 2020, 94% of the Company’s sales were to these related entities.

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