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
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    • ifrs-full:DisclosureOfRevenueExplanatory

    15.
    Sales of goods
     
    (a)
    This item is made up as follows:
     
     
     
     
    For the year ended
     
    For the year ended
     
    For the year ended
     
     
     
     
    December 31, 2017
     
    December 31, 2016
     
    December 31, 2015
     
     
     
     
    Pounds(000)
     
    US$(000)
     
    Pounds(000)
    US$(000)
     
    Pounds(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Copper in concentrate
     
     
    979,243
     
     
    2,702,508
     
     
    995,386
     
     
    1,967,052
     
     
    440,071
     
     
    794,197
     
    Copper cathode
     
     
    84,679
     
     
    241,725
     
     
    109,128
     
     
    247,431
     
     
    104,279
     
     
    259,830
     
    Other (primarily silver and molybdenum concentrate)
     
     
     
     
     
    267,033
     
     
     
     
     
    176,357
     
     
     
     
     
    65,343
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Subtotal Sales
     
     
     
     
     
    3,211,266
     
     
     
     
     
    2,390,840
     
     
     
     
     
    1,119,370
     
    Less: Royalty contributions (see Note 2(k))
     
     
     
     
     
    (8,335)
     
     
     
     
     
    (6,686)
     
     
     
     
     
    (3,753)
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total net sales
     
     
     
     
     
    3,202,931
     
     
     
     
     
    2,384,154
     
     
     
     
     
    1,115,617
     
     
    Sales to related parties totaled US$3.0 billion for the year ended December 31, 2017 (US$2.3 billion for the year ended December 31, 2016 and US$0.9 billion for the year ended December 31, 2015).
     
    As described in Note 2(d), the Company’s copper sales 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 an increase to net sales of goods totaling US$1.3 million for the year ended December 31, 2017, and an increase of US$86.3 million for the year ended December 31, 2016 and an increase of US$7.9 million for the year ended December 31, 2015.
     
    (b)
    The following table shows net sales by geographic region based on the final destination port:
     
     
     
    For the year ended
     
    For the year ended
     
    For the year ended
     
     
     
    December 31, 2017
     
    December 31, 2016
     
    December 31, 2015
     
     
     
    US$(000)
     
    US$(000)
     
    US$(000)
     
     
     
     
     
     
     
     
     
     
     
     
    Asia
     
     
    2,416,826
     
     
    1,865,346
     
     
    770,272
     
    Europe
     
     
    314,092
     
     
    161,844
     
     
    65,648
     
    North America
     
     
    287,174
     
     
    213,002
     
     
    79,244
     
    South America (primarily Peru)
     
     
    193,174
     
     
    150,648
     
     
    204,206
     
     
     
     
    3,211,266
     
     
    2,390,840
     
     
    1,119,370
     
    Less: Royalty contributions (see Note 2(k))
     
     
    (8,335)
     
     
    (6,686)
     
     
    (3,753)
     
     
     
     
     
     
     
     
     
     
     
     
    Total net sales
     
     
    3,202,931
     
     
    2,384,154
     
     
    1,115,617
     
     
    (c)
    Concentration of sales -
     
    For the year ended December 31, 2017, 94% of the Company’s sales were to related entities (FMC, Sumitomo Metal Mining Company and Climax Molybdenum). For the year ended December 31, 2016 and 2015, 95% and 80%, respectively, of the Company’s sales were to these related entities.