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Provisions (Tables) | 12 Months Ended
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Dec. 31, 2023
Provisions |
Schedule of detailed information about provisions |
| (a) | This caption is made up as follows:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | ​ | ​ | ​ | ​ | Reclassifications | ​ | ​ | ​ | As of | ​ | ​ | ​ | ​ | ​ | Reclassifications | ​ | ​ | ​ | As of
​ | ​ | January 1, | ​ | ​ | ​ | Accretion | ​ | and | ​ | ​ | ​ | December 31, | ​ | ​ | ​ | Accretion | ​ | and | ​ | ​ | ​ | December 31,
​ |  | 2022 |  | Changes |  | expense | ​ | others |  | Disbursements |  | 2022 |  | Changes |  | expense |  | others |  | Disbursements |  | 2023
​ | ​ | US$(000) | ​ | US$(000) |  | US$(000) |  | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000) |  | US$(000) | ​ | US$(000) | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Closure of mining units and projects (b) |  | 271,987 | ​ | (8,872) | ​ | 5,129 | ​ | 992 | ​ | (14,989) | ​ | 254,247 | ​ | 11,076 | ​ | 12,067 | ​ | — | ​ | (18,024) | ​ | 259,366
Environmental liabilities |  | 19,956 | ​ | (228) | ​ | 59 | ​ | (992) | ​ | (2,534) | ​ | 16,261 | ​ | 7,097 | ​ | — | ​ | 3,671 | ​ | (4,763) | ​ | 22,266
Environmental contingencies |  | 5,164 | ​ | 3,459 | ​ | — | ​ | 246 | ​ | (453) | ​ | 8,416 | ​ | (1,868) | ​ | — | ​ | 97 | ​ | (2,956) | ​ | 3,689
Safety contingencies |  | 5,632 | ​ | 870 | ​ | — | ​ | 258 | ​ | (44) | ​ | 6,716 | ​ | (1,702) | ​ | — | ​ | 7 | ​ | (58) | ​ | 4,963
Labor contingencies |  | 4,421 | ​ | 489 | ​ | — | ​ | 233 | ​ | (12) | ​ | 5,131 | ​ | (1,343) | ​ | — | ​ | 36 | ​ | — | ​ | 3,824
Tax contingencies |  | 3,409 | ​ | 1,596 | ​ | — | ​ | — | ​ | — | ​ | 5,005 | ​ | (2,014) | ​ | — | ​ | — | ​ | — | ​ | 2,991
Obligations with communities | ​ | 2,595 | ​ | (637) | ​ | — | ​ | 147 | ​ | — | ​ | 2,105 | ​ | (290) | ​ | — | ​ | 23 | ​ | — | ​ | 1,838
Other provisions |  | 163 | ​ | 377 | ​ | — | ​ | 97 | ​ | — | ​ | 637 | ​ | 1,126 | ​ | — | ​ | — | ​ | — | ​ | 1,763
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 313,327 | ​ | (2,946) | ​ | 5,188 | ​ | 981 | ​ | (18,032) | ​ | 298,518 | ​ | 12,082 | ​ | 12,067 | ​ | 3,834 | ​ | (25,801) | ​ | 300,700
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Classification by maturity: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current portion |  | 81,039 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 94,171 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 107,491
Non-current portion |  | 232,288 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 204,347 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 193,209
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 313,327 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 298,518 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 300,700
Closure of mining units and exploration projects [Member] |
Provisions |
Schedule of detailed information about provisions |
| (b) | Provision for closure of mining units and exploration projects -
The table below presents the movement of the provision for closure of mining units and exploration projects: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Beginning balance |  | 254,247 |  | 271,987
​ | ​ | ​ | ​ | ​
Additions (reversals) in estimates and reclassifications: | ​ | ​ | ​ | ​
Continuing mining units, note 11(a) |  | 11,879 |  | (21,869)
Continuing mining units, note 28(a) | ​ | — | ​ | (302)
Discontinued mining units, note 1(e) |  | 6,991 |  | 660
Exploration projects, note 28(a) |  | (7,794) |  | 13,631
​ | ​ | 11,076 | ​ | (7,880)
Accretion expense: | ​ | ​ | ​ | ​
Continuing mining units, note 29(a) |  | 11,249 |  | 4,932
Exploration projects, note 29(a) |  | 589 |  | 138
Discontinued mining units, note 1(e) |  | 229 |  | 59
​ | ​ | 12,067 | ​ | 5,129
​ | ​ | ​ | ​ | ​
Disbursements |  | (18,024) |  | (14,989)
​ | ​ | ​ | ​ | ​
Ending balance |  | 259,366 |  | 254,247
​ | ​ | ​ | ​ | ​
Classification by maturity: | ​ | ​ | ​ | ​
Current portion |  | 80,548 |  | 60,644
Non-current portion |  | 178,818 |  | 193,603
​ | ​ | ​ | ​ | ​
​ |  | 259,366 |  | 254,247
Sociedad Minera Cerro Verde S.A.A. |
Provisions |
Schedule of detailed information about provisions | ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Current: |  |  |  |
Provision for legal contingencies (a) |  | 2,139 |  | 465
Provision for social commitments (b) |  | 400 |  | 3,096
Provision for remediation and mine closure (c) |  | 234 |  | 423
Total current |  | 2,773 |  | 3,984
​ | ​ | ​ | ​ | ​
Non–current: |  |  |  |
Provision for remediation and mine closure (c) |  | 259,610 |  | 209,237
Provision for social commitments (b) |  | 9,983 |  | 7,303
Provision for legal contingencies (a) | ​ | 1,087 | ​ | 2,211
Provision for uncertainty over income tax treatments (d) |  | 2,140 |  | 615
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Total non-current |  | 272,820 |  | 219,366
(a) The provision for legal contingencies is associated with OSINERGMIN (Supervisory Agency for Investment in Energy and Mining) and SUNAFIL (National Superintendence of Labor Inspection) fines, which have been appealed by the Company. (b) The provision for social commitments is associated with repaving Alata-Congata Road (US$6.1 million as of December 31, 2023 and 2022) and an irrigation project in La Joya (US$4.3 million as of December 31, 2023 and 2022). (c) The Company’s mineral exploitation activities are subject to environmental protection standards. In order to comply with these standards, the Company has obtained the approval for the Environment Adequacy Program (PAMA) and for the Environmental Impact Studies (EIA), required for the operation of Cerro Verde’s production unit.
Schedule of detailed information about provision for closure of mining units and exploration projects | The table below presents the changes in the provision for remediation and mine closure: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | US$(000) | ​ | US$(000)
​ | ​ | ​ | ​ | ​
Beginning balance |  | 209,660 |  | 222,910
Accretion expense |  | 9,917 |  | 4,566
Changes in estimates (see Note 7) |  | 40,425 |  | (17,812)
Progressive mine closure payments in hydrometallurgy process |  | (149) |  | —
Exchange rate effect | ​ | (9) | ​ | (4)
​ | ​ | ​ | ​ | ​
Final balance |  | 259,844 |  | 209,660
​

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