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Investments in associates and joint venture | 12 Months Ended
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Dec. 31, 2023
Investments in associates and joint venture |
Investments in associates and joint venture | 10. Investments in associates and joint venture
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Share in equity | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | % | ​ | % | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Associates: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sociedad Minera Cerro Verde S.A.A. |  | 19.58 |  | 19.58 |  | 1,416,051 |  | 1,408,260
Compañía Minera Coimolache S.A. |  | 40.10 |  | 40.10 |  | 99,059 |  | 98,388
Tinka Resources Ltd. | ​ | 19.32 | ​ | 19.32 |  | 9,221 |  | 10,678
​ | ​ | ​ | ​ | ​ | ​ | 1,524,331 | ​ | 1,517,326
Joint venture (d) | ​ | ​ | ​ | ​ |  | 1,628 |  | 2,486
Other minor investments | ​ | ​ | ​ | ​ |  | 1,164 |  | 1,165
​ | ​ | ​ | ​ | ​ |  | 1,527,123 |  | 1,520,977
​ See related accounting policies in Note 2.4(f). ​
| (b) | The table below presents the net share in profit (loss) of investments:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Associates | ​ | ​ | ​ | ​ | ​ | ​
Sociedad Minera Cerro Verde S.A.A. |  | 152,552 |  | 181,221 |  | 233,342
Compañía Minera Coimolache S.A. |  | 1,072 |  | (2,493) |  | 8,170
Tinka Resources Ltd. | ​ | (1,320) | ​ | (2,447) | ​ | (1,098)
​ | ​ | 152,304 | ​ | 176,281 | ​ | 240,414
Joint venture | ​ | (79) | ​ | (11) | ​ | 36
​ |  | 152,225 |  | 176,270 |  | 240,450
​ Investment in Sociedad Minera Cerro Verde S.A.A. (Cerro Verde) - Cerro Verde is engaged in the extraction, production and marketing of cathodes and copper concentrate from its mining unit that is in Uchumayo, Arequipa, Peru. Key financial data - The table below presents the key financial data from the financial statements of Cerro Verde under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 1,789,427 |  | 1,946,762
Non-current assets |  | 6,141,483 |  | 6,047,101
Current liabilities |  | (460,991) |  | (564,058)
Non-current liabilities |  | (789,545) |  | (778,378)
​ | ​ | ​ | ​ | ​
Equity |  | 6,680,374 |  | 6,651,427
​ | ​ | ​ | ​ | ​
Group’s interest | ​ | 1,308,288 | ​ | 1,300,497
Goodwill | ​ | 107,763 | ​ | 107,763
​ | ​ | 1,416,051 | ​ | 1,408,260
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Statements of profit or loss for the years ended December 31: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Sales of goods |  | 4,143,228 |  | 3,975,295 |  | 4,199,448
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit from continued operations |  | 778,964 |  | 925,353 |  | 1,191,474
​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share in results |  | 152,552 |  | 181,221 |  | 233,342
​ On March 2, 2024, through Annual Shareholders General Meeting, the shareholders of Cerro Verde agreed to distribute dividends for an amount of US$29.3 million which were paid on April 26, 2024. The Group’s management determined that there was no objective evidence that its investment in Cerro Verde is impaired as of December 31, 2023 and 2022. The entity has significant influence although it holds less than 20 percent of the voting rights in Cerro Verde. Investment in Compañía Minera Coimolache S.A. (Coimolache) - Coimolache is involved in the production and the sales of gold and silver from its open-pit mining unit located in Cajamarca, Peru. Key financial data - The table below presents the key financial data from the financial statements of Coimolache under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 242,490 |  | 208,382
Non-current assets |  | 133,463 |  | 154,399
Current liabilities |  | (26,977) |  | (21,565)
Non-current liabilities |  | (101,909) |  | (95,822)
​ | ​ | ​ | ​ | ​
Equity |  | 247,067 |  | 245,394
​ | ​ | ​ | ​ | ​
Group’s interest |  | 99,059 |  | 98,388
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of profit or loss for the years ended December 31: | ​ | ​ | ​ | ​ | ​ | ​
Sales of goods |  | 136,949 |  | 159,003 |  | 215,481
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) |  | 2,673 |  | (6,218) |  | 20,377
​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share in results |  | 1,072 |  | (2,493) |  | 8,170
​ The Group’s management determined that there was no objective evidence that its investment in Coimolache is impaired as of December 31, 2023 and 2022. Investment in Tinka Resources Ltd. (Tinka) - Tinka is a Canadian junior exploration and development mining company with its flagship property being the project of Ayawilca. Ayawilca is carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, in Cerro de Pasco, 200 kilometers northeast of Lima. Tinka is listed on the Lima (BVL) and Canada Stocks Exchanges (TSX Venture Exchange). ​ Key financial data - The table below presents the key financial data from the financial statements of Tinka under IFRS in 2023 and 2022 (financial statements as of September 30, 2023 and 2022) and in 2021 (financial statements as of November 30, 2021): ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
Statements of financial position: |  | ​ | ​ |
Current assets |  | 5,591 | ​ | 13,007
Non-current assets |  | 42,475 | ​ | 42,735
Current liabilities |  | (350) | ​ | (473)
Equity |  | 47,716 | ​ | 55,269
​ | ​ | ​ | ​ | ​
Group’s interest |  | 9,221 | ​ | 10,678
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
Statements of profit or loss for the years: |  | ​ | ​ | ​ | ​ |
Net loss |  | (6,832) | ​ | (12,666) | ​ | (5,692)
​ | ​ | ​ | ​ | ​ | ​ | ​
Group's share in results |  | (1,320) | ​ | (2,447) | ​ | (1,098)
​ For the years 2023, 2022 and 2021, the Group has used the latest financial statements available from its associate Tinka, the difference between the period reported by the associate and the date of issuance of these financial statements being less than 3 months. There have been no significant transactions or events between the reporting date of the associate’s financial statements and the consolidated financial statements as of December 31, 2023, and 2022. The Group’s management determined that there was no objective evidence that its investment in Tinka is impaired as of December 31, 2023 and 2022. The entity has significant influence although it holds less than 20 percent of the voting rights in Tinka.
| (c) | The Group, through its subsidiary El Brocal, has an interest of 8% in Transportadora Callao S.A., a joint venture whose objective was the construction of a fixed conveyor belt of minerals and deposits in the Port of Callao. In May 2014, Transportadora Callao started operations and currently its main activity is the operation of that terminal.
​ The table below presents the key financial data from the joint venture under IFRS: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Statements of financial position as of December 31: | ​ | ​ | ​ | ​
Current assets |  | 17,375 |  | 14,760
Non-current assets |  | 67,589 |  | 87,692
Current liabilities |  | (12,896) |  | (17,608)
Non-current liabilities |  | (50,572) |  | (53,768)
Equity | ​ | 21,496 | ​ | 31,076
​ | ​ | ​ | ​ | ​
Group’s interest | ​ | 1,628 | ​ | 2,486
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 |  | 2021
​ |  | US$(000) |  | US$(000) |  | US$(000)
Statements of profit or loss for the years ended December 31: |  |  |  |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Net revenues |  | 98,270 |  | 27,538 |  | 22,937
​ | ​ | ​ | ​ | ​ | ​ | ​
Net profit (loss) |  | (148) |  | (137) |  | 450
Group’s share in results |  | (79) |  | (11) |  | 36
​
| (d) | Changes in this caption are as follows:
​
​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022
​ |  | US$(000) |  | US$(000)
​ | ​ | ​ | ​ | ​
As of January 1, |  | 1,520,977 | ​ | 1,422,295
Net share in profit of associates and joint venture |  | 152,225 |  | 176,270
Equity contributions granted and paid, note 32(a) |  | — |  | 1,677
Dividends declared and collected, note 32(a) |  | (147,286) |  | (79,140)
Unrealized results on investments |  | 3 |  | (101)
Translation adjustments and other |  | 1,204 | ​ | (24)
As of December 31, |  | 1,527,123 | ​ | 1,520,977
​

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