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Investments in associates and joint venture | 12 Months Ended
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Dec. 31, 2022
Investments in associates and joint venture |
Investments in associates and joint venture | 10. Investments in associates and joint venture
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Share in equity | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
​ | ​ | % | ​ | % | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sociedad Minera Cerro Verde S.A.A. |  | 19.58 |  | 19.58 |  | 1,408,260 |  | 1,305,377
Compañía Minera Coimolache S.A. |  | 40.10 |  | 40.10 |  | 98,388 |  | 101,683
Tinka Resources Ltd. | ​ | 19.32 | ​ | 19.30 |  | 10,678 |  | 11,573
​ | ​ | ​ | ​ | ​ | ​ | 1,517,326 | ​ | 1,418,633
Joint venture (d) | ​ | ​ | ​ | ​ |  | 2,486 |  | 2,497
Other minor investments | ​ | ​ | ​ | ​ |  | 1,165 |  | 1,165
​ | ​ | ​ | ​ | ​ |  | 1,520,977 |  | 1,422,295
​
| (b) | The table below presents the net share in profit (loss) of investments:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Associates | ​ | ​ | ​ | ​ | ​ | ​
Sociedad Minera Cerro Verde S.A.A. |  | 181,221 |  | 233,342 |  | 53,767
Compañía Minera Coimolache S.A. |  | (2,493) |  | 8,170 |  | 10,055
Tinka Resources Ltd. | ​ | (2,447) | ​ | (1,098) | ​ | (868)
​ | ​ | 176,281 | ​ | 240,414 | ​ | 62,954
Joint venture | ​ | (11) | ​ | 36 | ​ | (252)
​ |  | 176,270 |  | 240,450 |  | 62,702
​ Investment in Sociedad Minera Cerro Verde S.A.A. (Cerro Verde) - Cerro Verde is engaged in the extraction, production and marketing of cathodes and copper concentrate from its mining unit that is located in Uchumayo, Arequipa, Peru. Key financial data - The table below presents the key financial data from the financial statements of Cerro Verde under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 1,946,762 |  | 2,157,182
Non-current assets |  | 6,047,101 |  | 5,967,382
Current liabilities |  | (564,058) |  | (1,252,095)
Non-current liabilities |  | (778,378) |  | (745,463)
​ | ​ | ​ | ​ | ​
Equity |  | 6,651,427 |  | 6,127,006
​ | ​ | ​ | ​ | ​
Group’s interest | ​ | 1,300,497 | ​ | 1,197,614
Goodwill | ​ | 107,763 | ​ | 107,763
​ | ​ | 1,408,260 | ​ | 1,305,377
​ |  | ​ |  | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Statements of profit or loss for the years ended December 31: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Sales of goods |  | 3,975,295 |  | 4,199,448 |  | 2,538,593
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit from continued operations |  | 925,353 |  | 1,191,474 |  | 274,544
​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share in results |  | 181,221 |  | 233,342 |  | 53,767
​ The Group’s management determined that there was no objective evidence that its investment in Cerro Verde is impaired as of December 31, 2022 and 2021. Market capitalization: As of December 31, 2022 and 2021, total market capitalization of shares maintained by the Group in Cerro Verde was US$2,043 million and US$2,552 million, respectively (market capitalization value by each share of US$29.80 and US$37.23, respectively). Investment in Compañía Minera Coimolache S.A. (Coimolache) - Coimolache is involved in the production and the sales of gold and silver from its open-pit mining unit located in Cajamarca, Peru. Key financial data - The table below presents the key financial data from the financial statements of Coimolache under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 208,382 |  | 216,581
Non-current assets |  | 157,203 |  | 184,635
Current liabilities |  | (21,565) |  | (36,521)
Non-current liabilities |  | (95,822) |  | (106,129)
​ | ​ | ​ | ​ | ​
Equity |  | 248,198 |  | 258,566
​ | ​ | ​ | ​ | ​
Adjustments to conform to the accounting policies of the Group |  | (2,804) |  | (4,954)
​ | ​ | ​ | ​ | ​
Equity, adjusted |  | 245,394 |  | 253,612
​ | ​ | ​ | ​ | ​
Group’s interest |  | 98,388 |  | 101,683
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of profit or loss for the years ended December 31: | ​ | ​ | ​ | ​ | ​ | ​
Sales of goods |  | 159,003 |  | 215,481 |  | 203,163
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) from continued operations |  | (8,368) |  | 18,294 |  | 22,786
Adjustments to conform to the accounting policies |  | 2,150 |  | 2,083 |  | 2,293
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss), adjusted |  | (6,218) |  | 20,377 |  | 25,079
​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share in results |  | (2,493) |  | 8,170 |  | 10,055
​ The Group’s management determined that there was no objective evidence that its investment in Coimolache is impaired as of December 31, 2022 and 2021. Investment in Tinka Resources Ltd. (Tinka) - Tinka is a Canadian junior exploration and development mining company with its flagship property being the project of Ayawilca. Ayawilca is carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, in Cerro de Pasco, 200 kilometers northeast of Lima. Tinka is listed on the Lima and Canada Stocks Exchanges. Key financial data - The table below presents the key financial data from the financial statements of Tinka under IFRS in 2022 (financial statements as of September 30, 2022) and in 2021 and 2020 (financial statements as of November 30, 2021 and 2020, respectively): ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000)
Statements of financial position: |  | ​ | ​ |
Current assets |  | 13,007 | ​ | 8,667
Non-current assets |  | 50,454 | ​ | 50,461
Current liabilities |  | (473) | ​ | (211)
Equity |  | 62,988 | ​ | 58,917
​ | ​ | ​ | ​ | ​
Adjustments to conform to the accounting policies of the Group |  | (7,719) | ​ | 1,042
​ | ​ | ​ | ​ | ​
Equity, adjusted |  | 55,269 | ​ | 59,959
​ | ​ | ​ | ​ | ​
Group’s interest |  | 10,678 | ​ | 11,573
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 | ​ | 2020
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Statements of profit or loss for the years: |  | ​ | ​ | ​ | ​ |
Sales of goods |  | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss from continued operations |  | (4,383) | ​ | (1,109) | ​ | (2,311)
Adjustments to conform to the Group accounting policies |  | (8,283) | ​ | (4,583) | ​ | (2,189)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss, adjusted |  | (12,666) | ​ | (5,692) | ​ | (4,500)
​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share in results |  | (2,447) | ​ | (1,098) | ​ | (868)
​ For the years 2022, 2021 and 2020, the Group has used the latest financial statements available from its associate Tinka, the difference between the period reported by the associate and the date of issuance of these financial statements being less than 3 months. There have been no significant transactions or events between the reporting date of the associate’s financial statements and the consolidated financial statements as of December 31, 2022, 2021 and 2020. The Group’s management determined that there was no objective evidence that its investment in Tinka is impaired as of December 31, 2022 and 2021. Market capitalization: As of December 31, 2022 and 2021, total market capitalization of shares maintained by the Group was US$11.0 million respectively (market capitalization value by each share of US$0.14 and US$0.16, respectively).
| (c) | The Group, through its subsidiary El Brocal, has an interest of 8% in Transportadora Callao S.A., a joint venture whose objective was the construction of a fixed conveyor belt of minerals and deposits in the Port of Callao. In May 2014, Transportadora Callao started operations and currently its main activity is the operation of that terminal.
The table below presents the key financial data from the joint venture under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 14,760 |  | 19,898
Non-current assets |  | 77,435 |  | 87,634
Current liabilities |  | (17,608) |  | (14,403)
Non-current liabilities |  | (53,768) |  | (72,444)
Equity | ​ | 20,819 | ​ | 20,685
​ | ​ | ​ | ​ | ​
Adjustments to conform to the Group accounting policies | ​ | 10,256 | ​ | 10,528
​ | ​ | ​ | ​ | ​
Equity, adjusted | ​ | 31,075 | ​ | 31,213
​ | ​ | ​ | ​ | ​
Group’s share in results | ​ | 2,486 | ​ | 2,497
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 |  | 2021 |  | 2020
​ |  | US$(000) |  | US$(000) |  | US$(000)
Statements of profit or loss for the years ended December 31: |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue |  | 27,538 |  | 22,937 |  | 18,560
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) from continuing operations |  | 322 |  | 191 |  | (2,554)
Adjustments to conform to the Group accounting policies |  | (459) |  | 259 |  | (596)
Net profit (loss), adjusted |  | (137) |  | 450 |  | (3,150)
Group interests |  | (11) |  | 36 |  | (252)
​
| (d) | Changes in this caption are as follows:
​
​ | ​ | ​ | ​ | ​
​ | ​ | 2022 |  | 2021
​ |  | US$(000) |  | US$(000)
​ | ​ | ​ | ​ | ​
As of January 1, |  | 1,422,295 |  | 1,488,775
Net share in profit of associates and joint venture |  | 176,270 |  | 240,450
Equity contributions granted and paid, note 32(a) |  | 1,677 |  | —
Dividends declared and collected, note 32(a) |  | (79,140) |  | (148,411)
Unrealized results on investments |  | (101) |  | (335)
Reclassification of share of the year in losses of Yanacocha to discontinued operations, note 1(e) |  | — |  | (422,394)
Reclassification to held for sale of the investment in Yanacocha, note 1(e) |  | — |  | 264,838
Equity reduction of minor investments |  | — |  | (580)
Translation adjustments and other |  | (24) |  | (48)
As of December 31, |  | 1,520,977 |  | 1,422,295
​

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