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Related parties | 12 Months Ended
--- | ---
Dec. 31, 2023
Sociedad Minera Cerro Verde S.A.A. |
Disclosure of transactions between related parties [line items] |
Related parties | 4. Related parties ​ Accounts receivable from related parties and accounts payable to related parties are made up as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Accounts receivable from related parties | ​ | ​ | ​ | ​
Parent Company | ​ | ​ | ​ | ​
FMC (a) |  | 531,978 |  | 555,150
Other related parties | ​ | ​ | ​ | ​
Sumitomo (b) |  | 9,902 |  | 21,098
Climax Molybdenum Marketing Corporation (c) |  | 1,663 |  | 27,069
Sociedad Contractual Minera el Abra |  | 7 |  | —
Embedded derivatives | ​ | ​ | ​ | ​
Embedded derivatives (d) |  | 37,435 |  | 91,011
​ | ​ | ​ | ​ | ​
Total accounts receivable from related parties |  | 580,985 |  | 694,328
​ | ​ | ​ | ​ | ​
Classification by measurement | ​ | ​ | ​ | ​
Accounts receivables from related parties (subject to provisional pricing) | ​ | 434,820 | ​ | 509,660
Accounts receivables from related parties (not subject to provisional pricing) |  | 108,730 |  | 93,657
Embedded derivatives (d) |  | 37,435 |  | 91,011
​ | ​ | ​ | ​ | ​
​ |  | 580,985 |  | 694,328
​
​ | ​ | ​ | ​ | ​
Accounts payable to related parties |  | ​ |  | ​
Parent Company | ​ | ​ | ​ | ​
FMC |  | 330 |  | 324
Other related parties | ​ | ​ | ​ | ​
Freeport-McMoRan Sales Company Inc. |  | 2,938 |  | 2,687
Minera Freeport-McMoRan South America Ltda |  | 182 |  | 163
Minera Freeport-McMoRan South America SAC |  | 18 |  | —
​ | ​ | ​ | ​ | ​
Total accounts payable to related parties |  | 3,468 |  | 3,174
| (a) | Accounts receivable from FMC mainly correspond to sales of copper concentrate and copper cathode. The Company has a long-term agreement with FMC through which it has committed to sell between 70% and 80% of its annual copper concentrate production through December 31, 2021, and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually.
| (b) | The Company has a long-term agreement with Sumitomo through which it has committed to sell 21% of its annual copper concentrate production through December 31, 2021, and will continue in force until one of the parties communicates its intention to terminate with an advance written notice of at least 24 months. Terms of the contract are reviewed annually.
| (c) | The Company has a long-term agreement with Climax Molybdenum Marketing Corporation (a wholly owned subsidiary of FMC) through which it has committed to sell 100% of its annual molybdenum concentrate production, at a price based on MWDO and under incoterm CIF from February 1, 2020, through January 31, 2022. A new agreement with the same terms began on February 1, 2022, until January 31, 2023, and will continue in force until one of the parties communicates its intentions to terminate with and written notice.
| (d) | Reflects the embedded derivative adjustment associated with accounts receivable from related parties (see Note 2(d) and 21).
Short-term and long-term employee benefits are recognized as expenses during the period earned. Benefits received by key management personnel represent 0.27% of total revenues for the year ended December 31, 2023 (0.29% for year ended December 31, 2022 and 0.25% for year ended December 31, 2021). For the years ended December 31, 2023, 2022 and 2021, Freeport granted stock-based compensation to certain key management personnel (see Note 12(d)). Terms and transactions with related parties - Transactions with related parties are made at normal market prices. Outstanding balances are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided or received for any accounts receivable from related parties. As of December 31, 2023, 2022 and 2021, the Company had not recorded any expected credit loss in accounts receivable from related parties. The following is a summary of the transactions with related entities that affected results (not including copper and molybdenum sales described in Note 14) for the years ended December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues |  |  |  |  |  | ​
Reimbursement of expenses | ​ | 344 | ​ | 747 | ​ | 65
Supplies |  | — |  | 2 |  | —
​ |  | 344 |  | 749 |  | 65
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses |  |  |  |  |  | ​
Reimbursement of information technology services |  | 25,055 |  | 22,023 |  | 16,941
Commissions |  | 11,347 |  | 10,550 |  | 8,484
Management fee (See Note 15) | ​ | 3,098 | ​ | 2,540 | ​ | 2,352
Stock-based compensation (a) |  | 2,776 |  | 2,502 |  | 2,894
Supplies |  | 6 |  | 7 |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 42,282 |  | 37,622 |  | 30,671
​
| (a) | As indicated in the table above, during 2023, 2022 and 2021 the expense for stock-based compensation amounted to US$2.8 million, US$2.5 million and US$2.9 million, respectively. The related payments / settlements totaled US$2.8 million, US$3.4 million and US$2.7 million respectively. This activity resulted in a net decrease of US$0.9 million for the year ended December 31, 2022 and US$0.2 million for the year ended December 31, 2021 in “Other equity contributions” in the statements of changes in shareholders’ equity.

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