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Cash and cash equivalents | 12 Months Ended
--- | ---
Dec. 31, 2023
Cash and cash equivalents |
Cash and cash equivalents | 6. Cash and cash equivalents
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Cash on hand |  | 122 |  | 134
Balances with banks (b) |  | 63,979 |  | 43,633
Short-term deposits (c) |  | 155,689 |  | 210,151
​ |  | 219,790 |  | 253,918
​ See related accounting policies in Note 2.4(c). ​
| (b) | Bank accounts earn interest at floating rates based on market rates.
| (c) | As of December 31, 2023 and 2022, time deposits were kept in prime financial institutions, which generated interest at annual market rates and have current maturities, lower than 90 days, according to the immediate cash needs of the Group.
Sociedad Minera Cerro Verde S.A.A. |
Cash and cash equivalents |
Cash and cash equivalents | 3. Cash and cash equivalents This item is made up as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Cash in banks |  | 15,560 |  | 18,839
Cash equivalents (a) |  | 494,056 |  | 534,925
​ | ​ | ​ | ​ | ​
​ |  | 509,616 |  | 553,764
| (a) | Cash equivalents as of December 31, 2023 and 2022, includes a portfolio of investments in highly marketable liquid investments (mainly investments classified as “AAA” by Standard & Poor’s and Moody’s) which yield variable returns, and are classified as cash equivalents because they are readily convertible to known amounts of cash and management plans to use them for its short-term cash needs. Because of the short maturity of these investments (i.e., less than 90 days), the carrying amount of these investments corresponds to their fair value at the date of the financial statements. Changes in the fair value of these investments are presented in the “Financial income” caption (see Note 18).

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