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v3.24.4

Sales | 12 Months Ended
--- | ---
Dec. 31, 2023
Sale of goods [Line Items] |
Sales | 20. Sales
| (a) | The Group’s sales are mostly from sales of gold and precious metals in the form of concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. Set out below is the disaggregation of the Group’s revenue from contracts with customers:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by geographic region: | ​ | ​ | ​ | ​ | ​ | ​
Metal and concentrates sales - | ​ | ​ | ​ | ​ | ​ | ​
Peru |  | 530,103 |  | 533,765 |  | 702,962
America - other than Peru |  | 169,239 |  | 178,724 |  | 145,988
Asia |  | 59,308 | ​ | 36,796 | ​ | 23,637
Europe |  | 55,107 | ​ | 33,412 | ​ | 51,803
​ | ​ | 813,757 | ​ | 782,697 | ​ | 924,390
Services - | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | 12,884 |  | 22,095 |  | 20,936
America - other than Peru |  | — |  | 127 |  | 96
Europe |  | — | ​ | — | ​ | 20
​ | ​ | 12,884 |  | 22,222 |  | 21,052
Royalties - | ​ | ​ | ​ | ​ | ​ | ​
Peru | ​ | — |  | 1,381 |  | 15,928
​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | 826,641 |  | 806,300 |  | 961,370
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by type of good or services: | ​ | ​ | ​ | ​ | ​ | ​
Sales by metal - | ​ | ​ | ​ | ​ | ​ | ​
Copper |  | 466,558 |  | 367,278 |  | 340,522
Gold |  | 279,731 | ​ | 299,747 | ​ | 262,676
Silver |  | 196,340 | ​ | 157,923 | ​ | 316,930
Zinc |  | 46,620 |  | 107,486 |  | 143,580
Lead |  | 21,401 |  | 32,951 |  | 51,907
Manganese sulfate |  | — |  | 361 |  | 4,976
Antimony |  | — |  | 28 |  | —
​ |  | 1,010,650 |  | 965,774 |  | 1,120,591
Commercial deductions, note 2.4(q) |  | (196,893) |  | (183,077) |  | (196,201)
Sales of goods, note 20(b) |  | 813,757 |  | 782,697 |  | 924,390
Sales of services, note 20(b) |  | 12,884 |  | 22,222 |  | 21,052
Royalties income, note 20(b) |  | — |  | 1,381 |  | 15,928
Total revenue from contracts with customers |  | 826,641 |  | 806,300 |  | 961,370
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues by type of recognition: | ​ | ​ | ​ | ​ | ​ | ​
Goods transferred at a point in time |  | 813,757 |  | 782,697 |  | 924,390
Services transferred over time |  | 12,884 |  | 22,222 |  | 21,052
Royalties at a point of time |  | — |  | 1,381 |  | 15,928
​ |  | 826,641 |  | 806,300 |  | 961,370
​ See related accounting policies in Note 2.4(p). ​
| (b) | Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the consolidated statement of profit or loss:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Contracts with customers for sale of goods (a) |  | 813,757 | ​ | 782,697 | ​ | 924,390
Hedge operations, note 34(a) |  | 6,056 | ​ | 12,774 | ​ | (51,952)
Adjustments to prior period liquidations |  | (450) | ​ | (920) | ​ | (5,137)
Fair value of accounts receivables |  | (8,402) | ​ | 6,648 | ​ | (3,831)
Sale of goods |  | 810,961 |  | 801,199 |  | 863,470
Sale of services, note 20(a) |  | 12,884 |  | 22,222 |  | 21,052
Royalty income, note 20(a) |  | — |  | 1,381 |  | 15,928
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 823,845 |  | 824,802 |  | 900,450
​ See related accounting policies in Note 2.4 (p). ​
| (c) | Performance obligations -
The performance obligation of the sale of goods is satisfied upon delivery of the goods and payment is generally due within 5 to 90 days from delivery. Performance obligation of services is satisfied over-time and payment is generally due upon completion and acceptance of service.
| (d) | Concentration of sales -
In 2023, the 4 customers with sales of more than 10% of total sales represented 28%, 20%, 19% and 12% from the total sales of Group (4 clients represented 32%, 23%, 22% and 10% from the total sales of Group during the year 2022 and 4 clients represented 37%, 19%, 17% and 15% during the year 2021). As December 31, 2023, 79% of the accounts receivable correspond to these customers (71% as of December 31, 2022). These customers are related to the mining business. The Group’s sales of gold and concentrates are delivered to investment banks and national and international well-known companies. Some of these customers have long-term sales contracts with the Group that guarantee supplying them the production from the Group’s mines.
Sociedad Minera Cerro Verde S.A.A. |
Sale of goods [Line Items] |
Sales |
14. Revenues
| (a) | This item is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000) |  | Pounds (000) |  | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Copper in concentrate |  | 891,451 |  | 3,219,033 |  | 866,703 |  | 3,120,448 |  | 794,205 |  | 3,421,871
Copper cathode |  | 101,617 |  | 394,809 |  | 101,368 |  | 404,115 |  | 91,802 |  | 394,256
Other (primarily silver and molybdenum concentrate) | ​ | ​ |  | 529,386 | ​ | ​ |  | 450,732 | ​ | ​ |  | 383,321
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues | ​ | ​ |  | 4,143,228 | ​ | ​ |  | 3,975,295 | ​ | ​ |  | 4,199,448
​ Revenues with related parties totaled US$4.0 billion for the year ended December 31, 2023 (US$3.8 billion for the year ended December 31, 2022 and US$4.0 billion for the year ended December 31, 2021). As described in Note 2(d), the sale of copper, molybdenum and silver in concentrate are provisionally priced at shipment. Adjustments to the provisional prices are recognized as gains and losses in sales of goods through the month of settlement. Adjustments to provisional priced copper and molybdenum sales resulted in decreases in revenue totaling US$53.6 million for the year ended December 31, 2023, an increases of US$ 78.2 million for the year ended December 31, 2022 and a decrease of US$ 88.6 million for the year ended December 31, 2021.
| (b) | The following table shows sales by geographic region based on the final destination port:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended |  | For the year ended |  | For the year ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Asia |  | 3,083,051 |  | 3,229,797 |  | 3,223,191
North America |  | 547,934 |  | 386,768 |  | 429,330
Europe |  | 401,512 |  | 165,871 |  | 314,425
South America (primarily Peru) | ​ | 110,731 | ​ | 192,859 | ​ | 232,502
​ | ​ | ​ | ​ | ​ | ​ | ​
Total sales |  | 4,143,228 |  | 3,975,295 |  | 4,199,448
​
| (c) | Concentration of sales -
For the year ended December 31, 2023, 97%, of the Company’s sales were to related entities (FMC, Sumitomo Metal Mining Company and Climax Molybdenum). For the year ended December 31, 2022 and 2021, 95% of the Company’s sales were to these related entities.

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