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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of derivative financial instruments [Line Items]

Schedule of hedged financial instruments

(a) This caption is made up as follows:

​

​	​	​	​	​
​		2022		2021
​	​	US$(000)	​	US$(000)
Copper and Zinc prices hedge (b)		8,839		(6,332)
Interest rate hedge (c)		—		(644)
​		8,839		(6,976)

​

Schedule of detailed information about hedge derivatives financial instruments

The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2022:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Quotations			​	​
Quotation period		Concentrate		Metric tons		Fixed		Futures		Fair value
​	​	​	​	​	​	US$/DMT(*)	​	US$/DMT(*)	​	US$(000)
January 2023		Copper		2,000		10,185		8,344		4,332
February 2023		Copper		1,500		10,109		8,350		1,867
March 2023		Copper		1,500		10,153		8,353		2,640
​		​		5,000	​	​	​	​		8,839

​

(*) DMT= Dry metric tonne.

​

The table below presents the composition of open transactions designated as hedging derivative financial instruments as of December 31, 2021:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Quotations			​	​
Quotation period		Concentrate		Metric tons		Fixed		Futures		Fair value
​	​	​	​	​	​	US$/DMT(*)	​	US$ DMT(*)	​	US$(000)
January 2022		Copper		3,250		9,405		9,748		(1,112)
January 2022		Zinc		500		3,450		9,748		(65)
February 2022		Copper		2,000		9,444		9,740		(591)
March 2022		Copper		2,000		9,525		9,732		(413)
April 2022		Copper		2,700		9,103		9,719		(1,661)
May 2022		Copper		3,050		9,175		9,701		(1,601)
June 2022		Copper		1,000		9,425		9,686		(260)
July 2022		Copper		3,000		9,442		9,676		(701)
October 2022		Copper		1,500		9,762		9,631		196
December 2022		Copper		1,000		9,475		9,600		(124)
​	​	​	​	20,000	​	​	​	​	​	(6,332)

​

(*) DMT= Dry metric tonne.

​

Schedule of composition of the operations to be settled that are part of the liability for hedging derivative instrument

​

As of December 31, 2022, the Company did not have hedginge derivative instruments. The following is the composition of the operations to be settled that are part of the liability for hedging derivative instrument as of December 31, 2021:

​

​	​	​	​	​	​	​	​	​
​		​		LIBOR three months
Maturity	​	Amount	​	Fixed	​	Forwards	​	Fair value
​		US$(000)	​	​	​	​	​	US$(000)
October 2022		81,666		2.632	%	2.06% - 2.14	%	(191)
October 2022		74,167		2.632	%	2.06% - 2.14	%	(174)
October 2022		74,167		0.732	%	0.16% - 0.24	%	(174)
July 2022		45,000		2.632	%	2.06% - 2.14	%	(105)
​		275,000		​	​	​	​	(644)

​

Sociedad Minera Cerro Verde S.A.A.

Disclosure of derivative financial instruments [Line Items]

Schedule of embedded derivatives

As discussed in Note 2(d), the Company’s sales create exposure to changes in the market prices of copper and molybdenum which are considered embedded derivatives. As of December 31, 2022 and 2021, information about the Company’s embedded derivatives is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	As of December 31, 2022
​	​	Pounds	​	​	​	Provisional	​	​	​	​
​	​	payable	​	Maturity	​	pricing	​	Forward pricing	​	Fair value
​		(000)		​		US$/Pound		US$/Pound	​	US$(000)	​
​	​	​	​	​	​	​	​	​	​	​	​
Copper Concentrate		320,095		January 2023 to May 2023		Between 3.448 and 3.807		Between 3.798 and 3.799		63,335	​
Copper Cathode		4,187		January 2023		Between 3.808 and 3.817		3.798		(61)	​
Molybdenum		2,425		January 2023 to February 2023		Between 16.677 y 16.935		28.267		27,737	​
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​		91,011	(a)

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	As of December 31, 2021					​
​	​	Pounds	​	​	​	​	​	​	​	​	​
​	​	payable	​	Maturity	​	Provisional pricing	​	Forward pricing	​	Fair value	​
​		(000)		​		US$/Pound		US$/Pound		US$(000)
​	​	​	​	​	​	​	​	​	​	​	​
Copper Concentrate		284,566		January 2022 to May 2022		Between 4.174 and 4.584		Between 4.400 and 4.421		13,335
Copper Cathode		3,087		January 2022		4.318		4.421		318
Molybdenum		4,035		January 2022 to February 2022		Between 16.659 and 16.773		16.456		(860)
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​		12,793	(a)

(a)   Embedded derivative adjustments are recorded on the statement of financial position in “Trade account receivable – related parties”.

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