| Investments in associates and joint venture |
10.Investments in associates and joint venture | (a) | This caption is made up as follows: |
| | | | | | | | | | | Share in equity | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | % | | % | | US$(000) | | US$(000) | | | | | | | | | | Associates: | | | | | | | | | Sociedad Minera Cerro Verde S.A.A. | | 19.58 | | 19.58 | | 1,596,018 | | 1,436,122 | Compañía Minera Coimolache S.A. | | 40.10 | | 40.10 | | 133,282 | | 100,637 | Tinka Resources Ltd. | | 12.16 | | 19.99 | | 5,734 | | 8,616 | | | | | | | 1,735,034 | | 1,545,375 | Joint venture (c) | | | | | | 2,209 | | 1,851 | Other minor investments | | | | | | 1,165 | | 1,166 | | | | | | | 1,738,408 | | 1,548,392 |
See related accounting policies in Note 2.4(f). | (b) | The table below presents the net share in profit (loss) of investments: |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | Associates | | | | | | | Sociedad Minera Cerro Verde S.A.A. | | 267,610 | | 186,539 | | 152,552 | Compañía Minera Coimolache S.A. | | 42,935 | | 3,999 | | 1,072 | Tinka Resources Ltd. | | (2,881) | | (817) | | (1,320) | | | 307,664 | | 189,721 | | 152,304 | Joint venture | | 256 | | 126 | | (79) | | | 307,920 | | 189,847 | | 152,225 |
Investment in Sociedad Minera Cerro Verde S.A.A. (Cerro Verde) - Cerro Verde is engaged in the extraction, production and marketing of cathodes and copper concentrate from its mining unit that is in Uchumayo, Arequipa, Peru. Key financial data - The table below presents the key financial data from the financial statements of Cerro Verde under IFRS accounting standards: | | | | | | | 2025 | | 2024 | | | US$(000) | | US$(000) | | | | | | Statements of financial position as of December 31: | | | | | Current assets | | 2,797,636 | | 1,875,841 | Non-current assets | | 6,426,984 | | 6,158,620 | Current liabilities | | (661,849) | | (527,450) | Non-current liabilities | | (961,766) | | (723,526) | | | | | | Equity | | 7,601,005 | | 6,783,485 | | | | | | Group’s interest | | 1,488,255 | | 1,328,359 | Goodwill | | 107,763 | | 107,763 | | | 1,596,018 | | 1,436,122 |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | Statements of profit or loss for the years ended December 31: | | | | | | | | | | | | | | Sales of goods | | 4,728,340 | | 4,238,322 | | 4,143,228 | | | | | | | | Net profit from continued operations | | 1,367,129 | | 953,177 | | 778,964 | | | | | | | | Group’s share in results | | 267,610 | | 186,539 | | 152,552 |
The Company has significant influence although it holds less than 20 percent of the voting rights in Cerro Verde. The Group’s management determined that there was no objective evidence that its investment in Cerro Verde is impaired as of December 31, 2025 and 2024. 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 accounting standards: | | | | | | | 2025 | | 2024 | | | US$(000) | | US$(000) | | | | | | Statements of financial position as of December 31: | | | | | Current assets | | 383,351 | | 255,331 | Non-current assets | | 147,869 | | 129,851 | Current liabilities | | (73,415) | | (53,580) | Non-current liabilities | | (125,383) | | (80,600) | | | | | | Equity | | 332,422 | | 251,002 | | | | | | Group’s interest | | 133,282 | | 100,637 |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Statements of profit or loss for the years ended December 31: | | | | | | | Sales of goods | | 245,238 | | 119,527 | | 136,949 | | | | | | | | Net profit | | 107,084 | | 9,975 | | 2,673 | | | | | | | | Group’s share in results | | 42,935 | | 3,999 | | 1,072 |
The Group’s management determined that there was no objective evidence that its investment in Coimolache is impaired as of December 31, 2025 and 2024. Investment in Tinka Resources Ltd. (Tinka) - Tinka is a Canadian junior exploration and development mining company with its flagship property being the project of Ayawilca. Ayawilca is carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, in Cerro de Pasco, 200 kilometers northeast of Lima. Tinka is listed on the Canada Stocks Exchanges (TSX Venture Exchange). Key financial data - The table below presents the key financial data from the financial statements of Tinka under IFRS accounting standards in 2025 (financial statements as of September 30, 2025) and in 2024 financial statements as of September 30, 2024): | | | | | | | 2025 | | 2024 | | | US$(000) | | US$(000) | Statements of financial position: | | | | | Current assets | | 4,885 | | 1,640 | Non-current assets | | 50,457 | | 50,456 | Current liabilities | | (252) | | (323) | Equity | | 55,090 | | 51,773 | | | | | | Group’s interest | | 5,705 | | 8,616 |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | Statements of profit or loss for the years ended September 30: | | | | | | | Net loss | | (729) | | (5,363) | | (6,832) | | | | | | | | Group’s share in results | | (2,911) | | (817) | | (1,320) |
In 2025, the effect on profit or loss includes the decrease in ownership interest. For the years 2025, 2024, and 2023, Management has used the latest available financial statements of its associate Tinka, with the difference between the reporting period of the associate and the issuance date 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, 2025, and 2024. The Group’s Management evaluated the indications of impairment and concluded that there was no objective evidence that its investment in Tinka was impaired as of December 31, 2025, and 2024. Despite holding less than 20 percent of the voting rights in the associate, the Company has significant influence. | (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. |
| (d) | Changes in this caption are as follows: |
| | | | | | | 2025 | | 2024 | | | US$(000) | | US$(000) | | | | | | As of January 1, | | 1,548,392 | | 1,527,123 | Net share in profit of associates and joint venture | | 307,920 | | 189,847 | Equity contributions granted and paid, note 31(a) | | — | | 400 | Dividends declared and collected, note 31(a) | | (118,004) | | (168,890) | Translation adjustments and other | | 100 | | (88) | As of December 31, | | 1,738,408 | | 1,548,392 |
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