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Property, plant, equipment and development costs (Tables)

12 Months Ended

Dec. 31, 2022

Property, plant, equipment and development costs

Schedule of property, plant and equipment, net

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		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

​

Schedule of estimates prices for the current and long-term periods

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

​

Schedule of net assets for right in use

​

​	​	​	​	​
​	​	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

​

Summary of recovery amounts of long lived assets

​

​	​	​	​	​	​	​
​		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

​

Schedule of 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

​

Schedule of distribution of depreciation expenses

​

​	​	​	​	​	​	​
​		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

Sociedads Minera Cerro Verde S.A.A.

Property, plant, equipment and development costs

Schedule of 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).

Schedule of net assets for right in use

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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- Definition

The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2022-03-24
-Paragraph 53
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2022-en-r&anchor=para_53&doctype=Standard
-URIDate 2022-03-24

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- Details

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