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Other non-financial assets (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other non financial assets [Line Items]

Schedule of other non-financial assets

(a)

Below is presented the movement:


		Balance as of				Balance as of		Additions				Balance as of
		January 1,				December 31,		and				December 31,
		2022		Additions		2022		transfers		Disposals		2023
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)

Cost:
Patents and industrial property (b)		15,001		215		15,216		72		—		15,288
Rights-of-use (c)		13,720		—		13,720		3,732		(475)		16,977
Software licenses		10,862		75		10,937		—		—		10,937
Goodwill (d)		—		—		—		34,023		—		34,023

		39,583		290		39,873		37,827		(475)		77,225
Accumulated amortization:
Rights-of-use (c)		8,883		705		9,588		980		(274)		10,294
Software licenses		5,504		936		6,440		672		—		7,112

		14,387		1,641		16,028		1,652		(274)		17,406

Cost, net		25,196				23,845						59,819

See related accounting policies in Note 2.4(w).

(b)

The copper plant project is a technological initiative of the Company to develop a viable technical and economic solution for the treatment of complex copper concentrates. This project comprises several stages of development from a laboratory level pilot to a demonstration stage.

(c)

Corresponds to the mineral servitude agreements signed with the communities surrounding the Group’s operations, through which the Group is authorized to carry out exploration, development, exploitation and general work activities.

(d) Corresponds to the higher value paid during the acquisition of the subsidiary El Brocal for US$34.0 million from previous years.

Sociedad Minera Cerro Verde S.A.A.

Disclosure of other non financial assets [Line Items]

Schedule of other non-financial assets


		December 31, 2023		December 31, 2022
		US$(000)		US$(000)

Current
Value added tax (VAT) credit		39,143		33,014

Non-current
Other receivables (a)		274,029		333,338
Uncertain tax positions (b)		18,252		16,635
Other taxes to be recovered		1,981		1,928
		294,262		351,901

Total other non-financial assets		333,405		384,915

(a)

As of December 31, 2023, represents disbursements made to SUNAT (National Superintendency of Customs and Tax Administration) under protest by the Company through year 2016 of US$192.6 million (US$ 262.3 million as of December 31, 2022), for the years 2015 through 2017 related to customs taxes of US$ 16.2 million (US$15.7 million as of December 31, 2022) and for the year 2018 related to social contributions to EsSalud (Social Health Insurance) of US$ 8.4 million (no balance as of December 31, 2022).

Additionally includes tax credits associated with completion of SUNAT audits through year 2016 of US$56.8 million as of December 31, 2023, and US$55.3 million as of December 31, 2022. According to current tax procedures and the timeframe for resolving these types of claims, management and its legal advisors expect resolution of this matter will be favorable to the Company and amounts will be recoverable (see Notes 13(c) and 13(e)).

(b)

The balance as of December 31, 2023, represents income tax benefits for the years 2017, 2019, 2020, 2022 and 2023 of US$18.3 million determined in accordance with the IFRIC 23, “Uncertainty over Income Tax Treatments” (US$16.6 million as of December 31, 2022, for the years 2017, 2019 and 2020).