| Sales |
| (a) | The Group’s sales are mostly from sales of gold and precious metals in the form of concentrates, including silver-lead, silver-gold, zinc and lead-gold-copper concentrates and ounces of gold. Set out below is the disaggregation of the Group’s revenue from contracts with customers: |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Revenues by geographic region: | | | | | | | Metal and concentrates sales - | | | | | | | Peru | | 1,095,510 | | 792,883 | | 530,103 | America - other than Peru | | 278,387 | | 206,721 | | 169,239 | Asia | | 93,683 | | 58,344 | | 59,308 | Europe | | 125,534 | | 96,029 | | 55,107 | | | 1,593,114 | | 1,153,977 | | 813,757 | Services - | | | | | | | Peru | | 11,305 | | 7,015 | | 12,884 | | | 1,604,419 | | 1,160,992 | | 826,641 |
| | | | | | | Revenues by type of good or services: | | | | | | | Sales by metal - | | | | | | | Silver | | 626,799 | | 415,399 | | 196,340 | Copper | | 588,441 | | 483,547 | | 466,558 | Gold | | 388,004 | | 326,742 | | 279,731 | Zinc | | 68,188 | | 63,125 | | 46,620 | Lead | | 34,304 | | 33,779 | | 21,401 | Manganese sulfate | | 9,114 | | 3,658 | | — | Antimony | | 309 | | — | | — | | | 1,715,159 | | 1,326,250 | | 1,010,650 | Commercial deductions, note 2.4(p) | | (122,045) | | (172,273) | | (196,893) | Sales of goods (b) | | 1,593,114 | | 1,153,977 | | 813,757 | Sales of services (b) | | 11,305 | | 7,015 | | 12,884 | Total revenue from contracts with customers | | 1,604,419 | | 1,160,992 | | 826,641 | | | | | | | | Revenues by type of recognition: | | | | | | | Goods transferred at a point in time | | 1,593,114 | | 1,153,977 | | 813,757 | Services transferred over time | | 11,305 | | 7,015 | | 12,884 | | | 1,604,419 | | 1,160,992 | | 826,641 |
See related accounting policies in Note 2.4(p). | (b) | Set out below, is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the consolidated statement of profit or loss: |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Contracts with customers for sale of goods (a) | | 1,593,114 | | 1,153,977 | | 813,757 | Hedge operations, note 33(a) | | — | | — | | 6,056 | Adjustments to prior period liquidations | | 43,584 | | 1,652 | | (450) | Fair value of accounts receivables | | 83,636 | | (8,039) | | (8,402) | | | | | | | | Sale of goods | | 1,720,334 | | 1,147,590 | | 810,961 | Sale of services, (a) | | 11,305 | | 7,015 | | 12,884 | | | 1,731,639 | | 1,154,605 | | 823,845 |
See related accounting policies in Note 2.4 (p). | (c) | Performance obligations - |
The performance obligation of the sale of goods is satisfied upon delivery of the goods and payment is generally due within 5 to 90 days from delivery. Performance obligation of services is satisfied over-time and payment is generally due upon completion and acceptance of service. | (d) | Concentration of sales - |
In 2025, the 4 customers with sales of more than 10 percent of total sales represented 35, 17, 13 and 10 percent from the total sales of Group (4 clients represented 41, 18, 14 and 10 percent from the total sales of Group during the year 2024 and 4 clients represented 29, 20, 19 and 12 percent during the year 2023). As December 31, 2025, 83 percent of the accounts receivable correspond to these customers (82 percent as of December 31, 2024). These customers are related to the mining business. The Group’s sales of gold and concentrates are delivered to investment banks and national and international well-known companies. Some of these customers have long-term sales contracts with the Group that guarantee supplying them the production from the Group’s mines.
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| Sales |
14. Revenues | (a) | This item is made up as follows: |
| | | | | | | | | | | | | | | For the year ended | | For the year ended | | For the year ended | | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | | | Pounds (000) | | US$(000) | | Pounds (000) | | US$(000) | | Pounds (000) | | US$(000) | | | | | | | | | | | | | | Copper in concentrate | | 805,113 | | 3,885,315 | | 873,977 | | 3,469,843 | | 891,451 | | 3,219,033 | Copper cathode | | 61,737 | | 282,809 | | 77,472 | | 323,073 | | 101,617 | | 394,809 | Other (primarily silver and molybdenum concentrate) | | | | 560,216 | | | | 445,406 | | | | 529,386 | | | | | | | | | | | | | | Total revenues | | | | 4,728,340 | | | | 4,238,322 | | | | 4,143,228 |
Revenues with related parties totaled US$4.6 billion, US$4.1 billion and US$4.0 billion for the years ended December 31, 2025, 2024 and 2023, respectively. The realized and unrealized gains (losses) recognized in revenues for commodity contracts, including embedded derivatives for the years ended December 31 follows: | | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Copper | | 382,973 | | 36,867 | | 27,215 | Molybdenum | | (25,348) | | (8,396) | | (84,243) |
| (b) | The following table shows sales by geographic region based on the final destination port: |
| | | | | | | | | For the year ended | | For the year ended | | For the year ended | | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Asia | | 3,591,199 | | 3,315,595 | | 3,083,051 | Europe | | 595,231 | | 320,612 | | 401,512 | North America | | 349,392 | | 416,291 | | 547,934 | South America (primarily Peru) | | 192,518 | | 185,824 | | 110,731 | | | | | | | | Total sales | | 4,728,340 | | 4,238,322 | | 4,143,228 |
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