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Inventories | 12 Months Ended
--- | ---
Dec. 31, 2023
Inventories |
Inventories | 8. Inventories
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Finished goods, net |  | 1,154 |  | 1,047
Products in process, net |  | 18,506 |  | 20,124
Spare parts and supplies, net |  | 56,867 |  | 67,174
​ |  | 76,527 |  | 88,345
​ See related accounting policies in Note 2.4(d). ​
| (b) | The provision for impairment of inventory had the following movements:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance |  | 29,842 |  | 30,774 |  | 31,117
Continuing operations: | ​ | ​ | ​ | ​ | ​ | ​
Finished and in progress goods, note 21(a) - |  | ​ |  | ​ |  | ​
Provision |  | 10,536 |  | 7,243 |  | 6,877
Reversal |  | (6,685) |  | (8,314) |  | (12,348)
​ | ​ | 3,851 |  | (1,071) |  | (5,471)
Spare parts and supplies, note 28(a) - |  | ​ | ​ | ​ | ​ | ​
Provision | ​ | 20,478 | ​ | 22,533 | ​ | 22,394
Reversal |  | (19,409) |  | (22,394) |  | (17,266)
​ |  | 1,069 |  | 139 |  | 5,128
Final balance |  | 34,762 |  | 29,842 |  | 30,774
​ In the opinion of Group’s management, the provision for impairment of inventory adequately covers the risk of obsolescence and the net realizable test as of the date of the consolidated statements of financial position.
Sociedad Minera Cerro Verde S.A.A. |
Inventories |
Inventories | 5. Inventories This item is made up as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​
Materials and supplies (a) |  | 449,168 |  | 411,656
Work-in-process (WIP) (b) |  | 170,918 |  | 200,969
Finished goods: | ​ | ​ | ​ | ​
Copper concentrate | ​ | 16,059 | ​ | 23,012
Copper cathode |  | 6,762 |  | 10,976
Molybdenum concentrate |  | 600 |  | 3,598
​ |  | 643,507 |  | 650,211
Non-current | ​ | ​ | ​ | ​
Work-in-process WIP (b) |  | 302,204 |  | 287,218
​ | ​ | ​ | ​ | ​
Total inventories |  | 945,711 |  | 937,429
| (a) | For the years ended December 31, 2023, 2022 and 2021 the Company recognized a net expense associated with materials and supplies obsolescence of US$12.5 million, US$4.1 and US$3.6 million respectively.
| (b) | WIP inventories represent mill and leach stockpiles that have been extracted from the open pit and are available for copper recovery. Based on the future mine plan production, the Company identifies the portion of inventory that is classified as current or non-current. For mill stockpiles, recovery is through milling and concentrating. For leach stockpiles, recovery is through exposure to acidic solutions that dissolve copper and deliver it in a solution to extraction processing facilities. For the year ended December 31, 2023, the Company recorded metal inventory adjustments totaling US$1.5 million associated with the write-off of leach stockpiles. For the year ended December 31, 2022, the Company recorded metal inventory adjustments totaling US$7.7 million associated with the write-off of certain long-term mill and leach stockpiles.

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