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Financial expenses and income

12 Months Ended

Dec. 31, 2022

Sociedad Minera Cerro Verde S.A.A.

Disclosure Of Financial Expenses [Line Items]

Financial expenses and income

18.  Financial expenses and income

Financial Expenses

This item is made up as follows expenses:

​

​	​	​	​	​	​	​
​		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)
​	​	​	​	​	​	​
Interest for leases (see Note 10(a))		3,912		4,371		4,875
Interest on senior unsecured credit facility (see Note 10(b))	​	3,196	​	10,127	​	22,351
Interest on advance payments of customers (a)		2,377		708		751
Interest on revolving credit facility (see Note 10(c))	​	1,880	​	—	​	—
Interest on excess of salary limit in workers profit sharing (See Note 9(a))		1,527		1,638		16,591
Amortization debt issuance costs	​	675	​	955	​	1,673
Extinguishment of debt - debt issuance costs	​	34	​	289	​	902
Other financial expenses		20		75		140
Capitalized Interest associated to capital projects		(3,084)		(1,997)		(2,544)
Interest on disputed mining royalties (b)	​	—	​	15,334	​	43,838
Tax contingencies (c)	​	—	​	—	​	54,098
​		10,537		31,500		142,675

(a)   Corresponds to the interest associated with the advance payments received from Sumitomo.

(b)   Represented charges of interest related to (i) the installment payment programs for disputed mining royalties for the period January 2009 through September 2011 and for the years 2012 and 2013 and SMT for the period October 2011 through December 2013 (US$14.6 million for the year ended December 31, 2021n and US$38.2 million for the year ended December 31, 2020), and (ii) other taxes related to disputed mining royalty (US$0.7 million for the year ended December 31, 2021, and US$5.6 million for the year ended December 31, 2020).

(c)   For the year ended December 31, 2020, primarily represents interest related to (i) the income tax assessment for the year 2013 of US$31.4 million, (ii) uncertain income tax treatments (IFRIC 23) associated primarily to tailing dam income tax of US$13.1 million, (iii) SUNAT assessments for prior years related to income and non-income tax contingencies in which the Company expected to obtain an unfavorable result of US$8.7 million.

​

Financial Income

This item is made up of the following income

​

​	​	​	​	​	​	​
​		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)
​	​	​	​	​	​	​
Gain in the fair value of market liquid investment (see Note 3(a))		11,215		803		1,816
Interest income on tax obligations (a)		4,921		1,107		—
Other Interest income		1,099		910		534
​	​	​	​	​	​	​
​		17,235		2,820		2,350

(a)   Mainly represent the net impact over interest on tax associated with the updated estimation associated with IFRIC 23, “Uncertainty over Income Tax Treatments” for years 2022 and 2021.

​

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