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Transactions with related companies and joint venture | 12 Months Ended
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Dec. 31, 2023
Transactions with related companies and joint venture |
Transactions with related companies and joint venture | 32. Transactions with related companies and joint venture
| (a) | The Group has carried out the following transactions with its related companies and joint venture in the years 2023, 2022 and 2021:
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​
Associates - |  |  |  |  |  |
Revenues from: |  |  |  |  |  |
Energy |  | 3,669 |  | 3,415 |  | 3,255
Royalties |  | — |  | 1,381 |  | 15,928
Supplies, note 28(a) |  | 1,104 |  | 179 |  | 169
Mineral |  | — |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase of: |  | ​ |  | ​ |  |
Supplies |  | 81 |  | 57 |  | 53
​ | ​ | ​ | ​ | ​ | ​ | ​
Services rendered to: |  | ​ |  | ​ |  |
Administrative and Management services |  | — |  | 816 |  | 802
Operation and maintenance services related to energy transmission |  | — |  | 310 |  | 262
Services of energy transmission | ​ | — | ​ | 183 | ​ | 153
Constructions services |  | — |  | — |  | 8
​ | ​ | ​ | ​ | ​ | ​ | ​
Contributions granted and paid from: | ​ | ​ | ​ | ​ | ​ | ​
Tinka Resources Ltd. | ​ | — | ​ | 1,676 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends received and collected from: |  | ​ |  | ​ |  |
Sociedad Minera Cerro Verde S.A.A. |  | 146,884 |  | 78,338 |  | 137,091
Compañía Minera Coimolache S.A. |  | 402 |  | 802 |  | 11,320
​ | ​ | 147,286 | ​ | 79,140 | ​ | 148,411
Joint Venture - | ​ | ​ | ​ | ​ | ​ | ​
Interest income: |  | ​ |  | ​ |  |
Transportadora Callao S.A., note 29(a) |  | 23 |  | 94 |  | 89
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-controlling shareholders - | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to: |  | ​ |  | ​ |  |
Newmont Peru Limited - Succursal del Perú |  | — |  | 2,647 |  | 6,160
​
| (b) | As a result of the transactions indicated in the paragraph (a), the Group had the following accounts receivable and payable from/to associates:
​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Trade and other receivables, note 7(a) |  |  |  |
Minera Yanacocha S.R.L. |  | — |  | 312
Compañía Minera Coimolache S.A. |  | 421 |  | 55
​ |  | 421 |  | 367
Other receivables, note 7(a) |  |  |  |
Transportadora Callao S.A. |  | 2,486 |  | 1,612
Compañía Minera Coimolache S.A. |  | — |  | 1,025
Ferrocarril Central Andino S.A. |  | — |  | 150
Banco Pichincha |  | — |  | 55
​ | ​ | 2,486 | ​ | 2,842
​ | ​ | 2,907 | ​ | 3,209
Trade and other payables, note 14(a) |  |  |  |
Compañía Minera Coimolache S.A. |  | 454 |  | 163
​ | ​ | ​ | ​ | ​
Other payables, note 14(a) |  |  |  |
Other minor |  | ​ |  | ​
​ |  | 14 |  | 20
​ |  | 468 |  | 183
​ As of December 31, 2023 and 2022, there is no allowance for expected credit losses related to related parties accounts.
| (c) | S.M.R.L. Chaupiloma Dos de Cajamarca -
Until February 7, 2022, Minera Yanacocha S.R.L. (hereinafter “Yanacocha”) paid the Group a 3% royalty based on quarterly production sold at current market prices, after deducting refinery and transportation costs in accordance with mining lease, amended and effective on January 1, 1994. As of that date, the subsidiary transferred all its mining concessions to Yanacocha, see note 1(d), receiving as consideration an amount similar to a percentage of Yanacocha’s sold production, as well as the production of future concessions.
| (d) | Key officers -
As of December 31, 2023 there were no loans to employees, directors and key personnel. As December 31, 2022, amounted to US$1,000, respectively, which are payable monthly and earn interest at market rates. There are no loans to the Group’s directors and key personnel guaranteed with Buenaventura or any of its subsidiaries’ shares. The Group’s key executives’ compensation (including the related income taxes assumed by the Group) for the years ended 2023 and 2022 are presented below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Accounts payable: | ​ | ​ | ​ | ​
Bonus to officers | ​ | 7,750 | ​ | 14,861
Directors’ remuneration |  | 2,027 | ​ | 3,455
Salaries |  | 847 | ​ | 933
​ | ​ | ​ | ​ | ​
Total |  | 10,624 | ​ | 19,249
​ | ​ | ​ | ​ | ​
Payments: | ​ | ​ | ​ | ​
Salaries | ​ | 10,487 | ​ | 10,230
Directors’ remuneration | ​ | 3,376 | ​ | 2,956
Total | ​ | 13,863 | ​ | 13,186
​ | ​ | ​ | ​ | ​
Expenses: | ​ | ​ | ​ | ​
Salaries |  | 11,335 | ​ | 11,163
Directors’ remuneration |  | 2,027 | ​ | 3,455
Total |  | 13,362 | ​ | 14,618
​
| (e) | The account receivable from Consorcio Transportadora Callao corresponds to the disbursements made between 2011 and 2013 by the subsidiary El Brocal in order to participate in the joint venture (see note 10(c)). This account receivable generates interest at an annual fixed rate of 5.82% and it is estimated that it will be collected from the year 2023.

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