BUENAVENTURA MINING CO INC | CIK:0001013131 | 3

  • Filed: 4/30/2018
  • Entity registrant name: BUENAVENTURA MINING CO INC (CIK: 0001013131)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1013131/000114420418023941/0001144204-18-023941-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1013131/000114420418023941/cik0001013131-20171231.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001013131
  • Open this page in separate window: Click

    • ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory

    18.
    Subsidiaries with material non-controlling interest
     
    (a)
    Financial information of subsidiaries that have material non-controlling interest are provided below:
     
     
     
    Country of 
    incorporation
    and operation
     
    2017
     
    2016
     
    2015
     
     
     
     
     
    %
     
    %
     
    %
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Equity interest held by non-controlling interests:
     
     
     
     
     
     
     
     
     
     
     
     
    Sociedad Minera El Brocal S.A.A.
     
    Peru
     
     
    38.58
     
     
    38.67
     
     
    45.93
     
    S.M.R.L. Chaupiloma Dos de Cajamarca
     
    Peru
     
     
    40.00
     
     
    40.00
     
     
    40.00
     
    Minera La Zanja S.R.L.
     
    Peru
     
     
    46.94
     
     
    46.94
     
     
    46.94
     
     
     
     
     
     
    2017
     
    2016
     
    2015
     
     
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    Accumulated balances of material non-controlling interest:
     
     
     
     
     
     
     
     
     
     
     
     
    Sociedad Minera El Brocal S.A.A.
     
    Peru
     
     
    165,032
     
     
    167,986
     
     
    172,542
     
    Minera La Zanja S.R.L.
     
    Peru
     
     
    48,642
     
     
    55,613
     
     
    53,271
     
    S.M.R.L. Chaupiloma Dos de Cajamarca
     
    Peru
     
     
    1,693
     
     
    1,906
     
     
    2,357
     
    Apu Coropuna S.R.L.
     
    Peru
     
     
    223
     
     
    678
     
     
    -
     
    Other minor
     
    Chile
     
     
    -
     
     
    (61)
     
     
    -
     
     
     
     
     
     
    215,590
     
     
    226,122
     
     
    228,170
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Profit (loss) allocated to material non-controlling interest:
     
     
     
     
     
     
     
     
     
     
     
     
    S.M.R.L. Chaupiloma Dos de Cajamarca
     
    Peru
     
     
    5,827
     
     
    6,950
     
     
    9,244
     
    Sociedad Minera El Brocal S.A.A.
     
    Peru
     
     
    4,246
     
     
    (13,426)
     
     
    (34,991)
     
    Minera La Zanja S.R.L.
     
    Peru
     
     
    (6,006)
     
     
    2,342
     
     
    (32,486)
     
    Apu Coropuna S.R.L.
     
    Peru
     
     
    (454)
     
     
    (157)
     
     
    (102)
     
    Other minor
     
    Chile
     
     
    (1)
     
     
    (31)
     
     
    -
     
     
     
     
     
     
    3,612
     
     
    (4,322)
     
     
    (58,335)
     
     
    During 2017, purchases of shares in the subsidiary Sociedad Minera El Brocal S.A.A. were made for US$621,000, which resulted in an increase in its shares and a dilution of non-controlling shareholders of 0.09%. During 2016, the Company, through the Lima Stock Exchange, made capital contributions to its subsidiary Sociedad Minera El Brocal S.A.A. for S/63.9 million (equivalent to US$18.6 million) and US$45.2 million, which resulted in an increase in its shares and a dilution of non-controlling shareholders for US$5.4 million equivalents to 7.26%.
     
    (b)
    The summarized financial information of these subsidiaries, before inter-company eliminations, is presented below:
     
    Statements of financial position as of December 31, 2017:
     
     
     
    Sociedad
    Minera El
    Brocal
    S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos de
    Cajamarca
     
    Minera
    La Zanja
    S.R.L.
     
    Apu
    Coropuna
    S.R.L.
     
    Other
    minor
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Current assets
     
     
    146,865
     
     
    6,640
     
     
    134,758
     
     
    1,440
     
     
    665
     
     
    290,368
     
    Non-current assets
     
     
    645,729
     
     
    -
     
     
    55,873
     
     
    189
     
     
    30
     
     
    701,821
     
    Current liabilities
     
     
    (159,190)
     
     
    (2,407)
     
     
    (38,807)
     
     
    (143)
     
     
    (29)
     
     
    (200,576)
     
    Non-current liabilities
     
     
    (229,709)
     
     
    -
     
     
    (48,201)
     
     
    (740)
     
     
    (2)
     
     
    (278,652)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total shareholders’ equity, net
     
     
    403,695
     
     
    4,233
     
     
    103,623
     
     
    746
     
     
    664
     
     
    512,961
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to:
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Shareholders of the parent
     
     
    239,925
     
     
    2,540
     
     
    54,981
     
     
    523
     
     
    664
     
     
    298,633
     
    Non-controlling interests
     
     
    165,032
     
     
    1,693
     
     
    48,642
     
     
    223
     
     
    -
     
     
    215,590
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    404,957
     
     
    4,233
     
     
    103,623
     
     
    746
     
     
    664
     
     
    514,223
     
     
    Statements of financial position as of December 31, 2016:
     
     
     
    Sociedad
    Minera El
    Brocal
    S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos de
    Cajamarca
     
    Minera
    La Zanja
    S.R.L.
     
    Apu
    Coropuna
    S.R.L.
     
    Other
    minor
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Current assets
     
     
    120,291
     
     
    7,439
     
     
    155,659
     
     
    2,301
     
     
    81
     
     
    285,771
     
    Non-current assets
     
     
    642,790
     
     
    -
     
     
    90,447
     
     
    88
     
     
    500
     
     
    733,825
     
    Current liabilities
     
     
    (184,324)
     
     
    (2,684)
     
     
    (40,411)
     
     
    (129)
     
     
    -
     
     
    (227,548)
     
    Non-current liabilities
     
     
    (168,589)
     
     
    -
     
     
    (89,278)
     
     
    -
     
     
    (2)
     
     
    (257,869)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total shareholders’ equity, net
     
     
    410,168
     
     
    4,755
     
     
    116,417
     
     
    2,260
     
     
    579
     
     
    534,179
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to:
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Shareholders of the parent
     
     
    242,182
     
     
    2,849
     
     
    60,804
     
     
    1,582
     
     
    640
     
     
    308,057
     
    Non-controlling interests
     
     
    167,986
     
     
    1,906
     
     
    55,613
     
     
    678
     
     
    (61)
     
     
    226,122
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    410,168
     
     
    4,755
     
     
    116,417
     
     
    2,260
     
     
    579
     
     
    534,179
     
     
    Statements of profit or loss for the year ended December 31, 2017:
     
     
     
    Sociedad
    Minera El
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos
    de Cajamarca
     
    Minera
    La Zanja
    S.R.L.
     
    Apu
    Coropuna
    S.R.L.
     
    Other
    minor
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenues
     
     
    322,653
     
     
    20,739
     
     
    165,319
     
     
    -
     
     
    -
     
     
    508,711
     
    Cost of sales
     
     
    (254,390)
     
     
    -
     
     
    (153,230)
     
     
    -
     
     
    -
     
     
    (407,620)
     
    Administrative expenses
     
     
    (13,061)
     
     
    (90)
     
     
    (2,814)
     
     
    (92)
     
     
    (24)
     
     
    (16,081)
     
    Sales expenses
     
     
    (10,914)
     
     
    -
     
     
    (881)
     
     
    -
     
     
    -
     
     
    (11,795)
     
    Exploration in non-operating areas
     
     
    (1,975)
     
     
    -
     
     
    (2,871)
     
     
    (680)
     
     
    -
     
     
    (5,526)
     
    Other operating expense, net
     
     
    (2,923)
     
     
    (1)
     
     
    (969)
     
     
    (744)
     
     
    -
     
     
    (4,637)
     
    Provision for contingencies
     
     
    -
     
     
    -
     
     
    (1,370)
     
     
    1
     
     
    -
     
     
    (1,369)
     
    Impairment loss of long-lived assets
     
     
    (13,573)
     
     
    -
     
     
    (21,620)
     
     
    -
     
     
    -
     
     
    (35,193)
     
    Finance income
     
     
    179
     
     
    7
     
     
    670
     
     
    -
     
     
    -
     
     
    856
     
    Finance costs
     
     
    (12,017)
     
     
    (2)
     
     
    (1,918)
     
     
    (1)
     
     
    -
     
     
    (13,938)
     
    Net gain (loss) for exchange difference
     
     
    310
     
     
    (41)
     
     
    48
     
     
    1
     
     
    410
     
     
    728
     
    Profit (loss) before income tax
     
     
    14,289
     
     
    20,612
     
     
    (19,636)
     
     
    (1,515)
     
     
    386
     
     
    14,136
     
    Income tax
     
     
    (3,903)
     
     
    (6,044)
     
     
    6,841
     
     
    -
     
     
    -
     
     
    (3,106)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net profit (loss)
     
     
    10,386
     
     
    14,568
     
     
    (12,795)
     
     
    (1,515)
     
     
    386
     
     
    11,030
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to non-controlling interests
     
     
    4,246
     
     
    5,827
     
     
    (6,006)
     
     
    (454)
     
     
    (1)
     
     
    3,612
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Dividends paid to non-controlling interests
     
     
    -
     
     
    6,036
     
     
    -
     
     
    -
     
     
    -
     
     
    6,036
     
     
    Statements of profit or loss for the year ended December 31, 2016:
     
     
     
    Sociedad
    Minera El
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos
    de Cajamarca
     
    Minera
    La Zanja
    S.R.L.
     
    Apu
    Coropuna
    S.R.L.
     
    Other
    minor
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenues
     
     
    230,611
     
     
    24,339
     
     
    178,922
     
     
    -
     
     
    -
     
     
    433,872
     
    Cost of sales
     
     
    (234,594)
     
     
    (16)
     
     
    (150,039)
     
     
    -
     
     
    -
     
     
    (384,649)
     
    Administrative expenses
     
     
    (11,802)
     
     
    (112)
     
     
    (1,980)
     
     
    (4)
     
     
    -
     
     
    (13,898)
     
    Sales expenses
     
     
    (10,650)
     
     
    -
     
     
    (938)
     
     
    -
     
     
    -
     
     
    (11,588)
     
    Exploration in non-operating areas
     
     
    (1,939)
     
     
    -
     
     
    (4,619)
     
     
    (524)
     
     
    -
     
     
    (7,082)
     
    Other operating expense, net
     
     
    309
     
     
    11
     
     
    4,237
     
     
    -
     
     
    (410)
     
     
    4,147
     
    Finance income
     
     
    256
     
     
    -
     
     
    87
     
     
    -
     
     
    -
     
     
    343
     
    Finance costs
     
     
    (12,554)
     
     
    (2)
     
     
    (2,614)
     
     
    -
     
     
    -
     
     
    (15,170)
     
    Net gain (loss) for exchange difference
     
     
    (270)
     
     
    (93)
     
     
    65
     
     
    5
     
     
    -
     
     
    (293)
     
    Profit (loss) before income tax
     
     
    (40,633)
     
     
    24,127
     
     
    23,121
     
     
    (523)
     
     
    (410)
     
     
    5,682
     
    Income tax
     
     
    7,851
     
     
    (6,761)
     
     
    (18,256)
     
     
    -
     
     
    -
     
     
    (17,166)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net profit (loss)
     
     
    (32,782)
     
     
    17,366
     
     
    4,865
     
     
    (523)
     
     
    (410)
     
     
    (11,484)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to non-controlling interests
     
     
    (13,426)
     
     
    6,950
     
     
    2,342
     
     
    (157)
     
     
    (31)
     
     
    (4,322)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Dividends paid to non-controlling interests
     
     
    -
     
     
    7,400
     
     
    -
     
     
    -
     
     
    -
     
     
    7,400
     
     
    Statements of profit or loss for the year ended December 31, 2015:
     
     
     
    Sociedad
    Minera El
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos
    de Cajamarca
     
    Minera
    La Zanja
    S.R.L.
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenues
     
     
    171,294
     
     
    32,414
     
     
    161,007
     
     
    364,715
     
    Cost of sales
     
     
    (204,556)
     
     
    (54)
     
     
    (213,372)
     
     
    (417,982)
     
    Administrative expenses
     
     
    (19,168)
     
     
    (106)
     
     
    (2,251)
     
     
    (21,525)
     
    Sales expenses
     
     
    (9,056)
     
     
    -
     
     
    (1,207)
     
     
    (10,263)
     
    Exploration in non-operating areas
     
     
    (2,366)
     
     
    -
     
     
    (8,954)
     
     
    (11,320)
     
    Impairment loss of long-lived assets
     
     
    -
     
     
    -
     
     
    (3,803)
     
     
    (3,803)
     
    Other operating expense, net
     
     
    (2,657)
     
     
    -
     
     
    (687)
     
     
    (3,344)
     
    Finance income
     
     
    154
     
     
    -
     
     
    16
     
     
    170
     
    Finance costs
     
     
    (10,096)
     
     
    (4)
     
     
    (3,684)
     
     
    (13,784)
     
    Net gain (loss) for exchange difference
     
     
    (3,847)
     
     
    45
     
     
    (1,973)
     
     
    (5,775)
     
    Profit (loss) before income tax
     
     
    (80,298)
     
     
    32,295
     
     
    (74,908)
     
     
    (122,911)
     
    Income tax
     
     
    4,109
     
     
    (9,186)
     
     
    5,702
     
     
    625
     
    Net profit (loss)
     
     
    (76,189)
     
     
    23,109
     
     
    (69,206)
     
     
    (122,286)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to non-controlling interests
     
     
    (34,991)
     
     
    9,244
     
     
    (32,486)
     
     
    (58,335)
     
    Dividends paid to non-controlling interests
     
     
    -
     
     
    10,488
     
     
    -
     
     
    10,488
     
     
    Statements of cash flow for the year ended December 31, 2017:
     
     
     
    Sociedad
    Minera El |
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos de
    Cajamarca
     
    Minera La
    Zanja S.R.L.
     
    Apu Coropuna
    S.R.L.
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Operating activities
     
     
    60,525
     
     
    15,093
     
     
    139,155
     
     
    (185)
     
     
    214,588
     
    Investing activities
     
     
    (64,343)
     
     
    -
     
     
    (17,326)
     
     
    -
     
     
    (81,669)
     
    Financing activities
     
     
    18,096
     
     
    (15,090)
     
     
    (32,077)
     
     
    1,477
     
     
    (27,594)
     
    Increase in cash and cash equivalents in the year
     
     
    14,278
     
     
    3
     
     
    89,752
     
     
    1,292
     
     
    105,325
     
     
    Statements of cash flow for the year ended December 31, 2016:
     
     
     
    Sociedad
    Minera El
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos de
    Cajamarca
     
    Minera La
    Zanja S.R.L.
     
    Apu Coropuna
    S.R.L.
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Operating activities
     
     
    (9,151)
     
     
    18,178
     
     
    11,839
     
     
    (1,895)
     
     
    18,971
     
    Investing activities
     
     
    (37,935)
     
     
    -
     
     
    (14,994)
     
     
    -
     
     
    (52,929)
     
    Financing activities
     
     
    48,021
     
     
    (18,500)
     
     
    -
     
     
    2,717
     
     
    32,238
     
    Increase (decrease) in cash and cash equivalents in the year
     
     
    935
     
     
    (322)
     
     
    (3,155)
     
     
    822
     
     
    (1,720)
     
     
    Statements of cash flow for the year ended December 31, 2015:
     
     
     
    Sociedad
    Minera El
    Brocal S.A.A.
     
    S.M.R.L.
    Chaupiloma
    Dos de
    Cajamarca
     
    Minera La
    Zanja S.R.L.
     
    Total
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Operating activities
     
     
    (1,523)
     
     
    26,474
     
     
    30,743
     
     
    55,694
     
    Investing activities
     
     
    (28,375)
     
     
    -
     
     
    (26,761)
     
     
    (55,136)
     
    Financing activities
     
     
    31,867
     
     
    (26,220)
     
     
    -
     
     
    5,647
     
    Increase in cash and cash equivalents in the year
     
     
    1,969
     
     
    254
     
     
    3,982
     
     
    6,205