Property, plant, equipment and development costs (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Property, plant, equipment and development costs |
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| Schedule of property, plant and equipment, net |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance as of | | | | | | | | | | | | Balance as of | | | | | | | | | | | | Balance as of | | | January 1, | | | | | | | | Changes in | | Reclassifications | | December 31, | | Additions, net | | | | | | Changes in | | Reclassifications | | December 31, | | | 2024 | | Additions | | Disposals | | Sales | | estimations | | and transfers | | 2024 | | (g) | | Disposals | | Sales | | estimations | | and transfers | | 2025 | | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | Lands | | 18,765 | | — | | — | | — | | — | | — | | 18,765 | | — | | (89) | | — | | — | | — | | 18,676 | Mining concessions | | 77,567 | | — | | — | | (3) | | — | | (7) | | 77,557 | | — | | — | | — | | — | | (4) | | 77,553 | Development costs | | 993,802 | | 101,876 | | — | | — | | — | | 1,782 | | 1,097,460 | | 155,427 | | (16,816) | | — | | — | | — | | 1,236,071 | Buildings, constructions and other | | 1,375,600 | | — | | — | | (313) | | — | | 79,815 | | 1,455,102 | | — | | (2,868) | | (590) | | — | | 288,060 | | 1,739,704 | Machinery and equipment | | 889,211 | | — | | (1,466) | | (10,567) | | — | | 24,904 | | 902,082 | | — | | (43,563) | | (7,806) | | — | | 103,557 | | 954,270 | Transportation units | | 5,530 | | — | | (68) | | (483) | | — | | 113 | | 5,092 | | — | | (327) | | (1,337) | | — | | 755 | | 4,183 | Furniture and fixtures | | 11,531 | | — | | — | | (1) | | — | | 1,166 | | 12,696 | | — | | (1,497) | | (7) | | — | | 35 | | 11,227 | Units in transit | | 52,138 | | 33,521 | | — | | — | | — | | 247 | | 85,906 | | 50,967 | | — | | — | | — | | (95,439) | | 41,434 | Work in progress | | 186,123 | | 242,841 | | (7,496) | | — | | — | | (100,177) | | 321,291 | | 289,758 | | — | | (125) | | — | | (297,070) | | 313,854 | Stripping activity asset | | 199,109 | | — | | — | | — | | — | | 1 | | 199,110 | | — | | — | | — | | — | | — | | 199,110 | Right-of-use asset (e) | | 33,928 | | — | | — | | — | | 7,842 | | (7,842) | | 33,928 | | — | | — | | — | | 2,433 | | 106 | | 36,467 | Mine closure costs | | 322,392 | | — | | — | | — | | 73,090 | | (2) | | 395,480 | | — | | — | | — | | 66,177 | | — | | 461,657 | | | 4,165,696 | | 378,238 | | (9,030) | | (11,367) | | 80,932 | | — | | 4,604,469 | | 496,152 | | (65,160) | | (9,865) | | 68,610 | | — | | 5,094,206 | Accumulated depreciation and amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | Development costs | | 412,290 | | 33,236 | | — | | — | | — | | 7,461 | | 452,987 | | 18,444 | | (14,820) | | — | | — | | — | | 456,611 | Buildings, construction and other | | 879,837 | | 67,469 | | — | | (313) | | — | | (7,124) | | 939,869 | | 55,859 | | (2,763) | | (590) | | — | | — | | 992,375 | Machinery and equipment | | 777,144 | | 31,398 | | (938) | | (10,541) | | — | | 6,602 | | 803,665 | | 31,958 | | (43,927) | | (7,089) | | — | | — | | 784,607 | Transportation units | | 4,643 | | 249 | | (41) | | (483) | | — | | (141) | | 4,227 | | 351 | | (319) | | (1,337) | | — | | — | | 2,922 | Furniture and fixtures | | 10,672 | | 501 | | — | | (1) | | — | | (303) | | 10,869 | | 469 | | (1,489) | | (6) | | — | | — | | 9,843 | Stripping activity asset | | 205,052 | | — | | — | | — | | — | | (5,942) | | 199,110 | | — | | — | | — | | — | | — | | 199,110 | Right-of-use asset (e) | | 22,172 | | 5,737 | | — | | — | | — | | (553) | | 27,356 | | 24 | | — | | — | | 2,258 | | — | | 29,638 | Mine closure costs | | 247,046 | | 18,826 | | — | | — | | — | | — | | 265,872 | | 28,067 | | — | | — | | — | | — | | 293,939 | | | 2,558,856 | | 157,416 | | (979) | | (11,338) | | — | | — | | 2,703,955 | | 135,172 | | (63,318) | | (9,022) | | 2,258 | | — | | 2,769,045 | Provision for impairment of long-lived assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | Mine closure costs | | 2,206 | | — | | — | | — | | — | | — | | 2,206 | | — | | — | | — | | — | | — | | 2,206 | Development costs | | 3,488 | | — | | — | | — | | — | | (3) | | 3,485 | | — | | — | | — | | — | | — | | 3,485 | Property, plant and other | | 851 | | — | | — | | — | | — | | 3 | | 854 | | — | | — | | — | | — | | — | | 854 | Machinery and equipment | | — | | 4,184 | | — | | — | | — | | — | | 4,184 | | — | | — | | — | | — | | — | | 4,184 | | | 6,545 | | 4,184 | | — | | — | | — | | — | | 10,729 | | — | | — | | — | | — | | — | | 10,729 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net cost | | 1,600,295 | | | | | | | | | | | | 1,889,785 | | | | | | | | | | | | 2,314,432 |
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| Schedule of estimates prices for the current and long-term periods |
As of December 31, 2025 - | | | | | | | 2026 | | 2027-2047 | | | US$ | | US$ | | | | | | Gold | | 3,500 / Oz | | 4,146 / Oz | Silver | | 40 / Oz | | 53 / Oz | Copper | | 10,500 / MT | | 13,334 / MT | Zinc | | 2,900 / MT | | 3,416 / MT | Lead | | 1,900 / Oz | | 2,622 / Oz |
As of December 31, 2024 - | | | | | | | 2025 | | 2026-2028 | | | US$ | | US$ | | | | | | Gold | | 2,000 / Oz | | 2,304 / Oz | Silver | | 26.00 / Oz | | 30.00 / Oz | Copper | | 8,900 / MT | | 10,175 / MT | Zinc | | 2,500 / MT | | 2,721 / MT | Lead | | 1,900 / Oz | | 2,185 / Oz |
(*)OZ= Ounces, MT = Metric Ton.
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| Schedule of discount rate |
| | | | | | | 2025 | | 2024 | | | % | | % | | | | | | Tambomayo | | N/A | | 12.73 | Orcopampa | | N/A | | 12.73 | El Brocal | | 15.17 | | N/A | La Zanja | | N/A | | 15.18 |
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| Schedule of net assets for right in use |
| | | | | | | 2025 | | 2024 | | | US$(000) | | US$(000) | | | | | | Buildings | | 4,486 | | 5,150 | Transportation units | | 1,191 | | 1,340 | Machinery and equipment | | 1,152 | | 82 | | | | | | | | 6,829 | | 6,572 |
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| Schedule of distribution of depreciation expenses |
| | | | | | | | | 2025 | | 2024 | | 2023 | | | US$(000) | | US$(000) | | US$(000) | | | | | | | | Cost of sales of goods | | 126,256 | | 149,954 | | 164,543 | Unabsorbed cost due to production stoppage | | 9 | | 8 | | 10,420 | Cost of sales of services | | 2,442 | | 2,783 | | 9,037 | Administrative expenses | | 2,409 | | 1,758 | | 2,065 | Property, plant, equipment and development costs | | 3,864 | | 2,400 | | 1,799 | Exploration in non-operating areas | | 35 | | 163 | | 98 | Selling expenses | | 103 | | 198 | | 103 | Other, net | | 54 | | 152 | | 51 | | | 135,172 | | 157,416 | | 188,116 |
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| Sociedad Minera Cerro Verde S.A.A. |
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| Property, plant, equipment and development costs |
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| Schedule of property, plant and equipment, net |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Adjustments | | | | | | | | | | Adjustments | | | | | | | | | January 1, | | | | and changes in | | Disposals | | | | December 31, | | | | and changes in | | Disposals | | | | December 31, | | | 2024 | | Additions | | estimates | | and/or sales | | Transfers | | 2024 | | Additions | | estimates | | and/or sales | | Transfers | | 2025 | | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | | | | | | | | | | | | | | | | | | | | | | | Cost | | | | | | | | | | | | | | | | | | | | | | | Land | | 33,562 | | — | | — | | — | | — | | 33,562 | | — | | — | | — | | 1,782 | | 35,344 | Buildings and other constructions | | 2,673,262 | | — | | 716 | | (3,901) | | 11,132 | | 2,681,209 | | — | | 538 | | (7,501) | | 15,932 | | 2,690,178 | Machinery and equipment | | 5,342,285 | | — | | (716) | | (77,827) | | 226,320 | | 5,490,062 | | — | | (780) | | (16,981) | | 250,865 | | 5,723,166 | Transportation units | | 40,632 | | — | | — | | (306) | | 5,449 | | 45,775 | | — | | — | | (3,719) | | 1,583 | | 43,639 | Furniture and fixtures | | 572 | | — | | — | | — | | — | | 572 | | — | | — | | — | | — | | 572 | Other equipment | | 36,404 | | — | | — | | (436) | | 273 | | 36,241 | | — | | — | | (14,624) | | 35 | | 21,652 | Construction in progress and in-transit units (a) | | 185,068 | | 358,684 | | — | | — | | (243,174) | | 300,578 | | 373,171 | | — | | — | | (266,944) | | 406,805 | Stripping activity asset (see note 2(i)) | | 1,808,081 | | 312,608 | | — | | — | | — | | 2,120,689 | | 381,615 | | — | | — | | — | | 2,502,304 | Asset retirement costs (see note 11(c)) | | 208,909 | | — | | (36,885) | | — | | — | | 172,024 | | — | | (8,167) | | — | | — | | 163,857 | Right-of-use assets (b) | | 99,779 | | 1,478 | | — | | (1,410) | | — | | 99,847 | | 84,435 | | — | | (10,481) | | (3,253) | | 170,548 | | | 10,428,554 | | 672,770 | | (36,885) | | (83,880) | | — | | 10,980,559 | | 839,221 | | (8,409) | | (53,306) | | — | | 11,758,065 | | | | | | | | | | | | | | | | | | | | | | | | Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | Buildings and other constructions | | 658,105 | | 75,268 | | 418 | | (3,889) | | — | | 729,902 | | 73,940 | | 183 | | (4,365) | | — | | 799,660 | Machinery and equipment | | 3,031,301 | | 293,826 | | (418) | | (77,224) | | — | | 3,247,485 | | 298,541 | | (183) | | (16,312) | | 261 | | 3,529,792 | Transportation units | | 23,181 | | 3,159 | | — | | (261) | | — | | 26,079 | | 3,396 | | — | | (3,166) | | — | | 26,309 | Furniture and fixtures | | 572 | | — | | — | | — | | — | | 572 | | — | | — | | — | | — | | 572 | Other equipment | | 30,286 | | 3,088 | | — | | (436) | | — | | 32,938 | | 2,195 | | — | | (14,624) | | — | | 20,509 | Stripping activity asset | | 1,059,567 | | 191,070 | | — | | — | | — | | 1,250,637 | | 255,247 | | — | | — | | — | | 1,505,884 | Asset retirement costs | | 47,148 | | 5,441 | | — | | — | | — | | 52,589 | | 4,175 | | — | | — | | — | | 56,764 | Right-of-use assets (b) | | 49,731 | | 11,152 | | — | | (1,342) | | — | | 59,541 | | 14,202 | | — | | (10,454) | | (261) | | 63,028 | | | 4,899,891 | | 583,004 | | — | | (83,152) | | — | | 5,399,743 | | 651,696 | | — | | (48,921) | | — | | 6,002,518 | | | | | | | | | | | | | | | | | | | | | | | | Net cost | | 5,528,663 | | | | | | | | | | 5,580,816 | | | | | | | | | | 5,755,547 |
| (a) | As of December 31, 2025, additions to construction in progress and in-transit units primarily relate to (i) tailings dam projects (US$108.9 million) (ii) projects associated with the construction of a new in-pit crusher and improvements to existing crushers (US$107.7 million), (iii) mine support equipment (US$67.8 million) (iv) projects associated with the capitalization of main components of the mine’s heavy equipment (US$45.3 million), and (v) belt replacement projects (US$8.3 million). |
As of December 31, 2024, additions to construction in progress and in-transit units primarily relate to (i) mine support equipment (US$109.3 million), (ii) projects associated with the construction of new in-pit crusher and improvements to existing crushers (US$71.8 million), (iii) tailings dam projects (US$74.2 million), (iv) projects associated with the capitalization of main components of the mine’s heavy equipment (US$49.9 million), (v) belt replacement projects (US$10.8 million) and (vi) expansion of a leach pad (US$7.9 million). (b)Set out below are the carrying amounts of right-of-use assets recognized and the movements for the years ended December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | January 1, | | | | | | December 31, | | | | | | | | December 31, | | | 2024 | | Additions | | Disposals | | 2024 | | Additions | | Disposals | | Transfers | | 2025 | | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | Cost | | | | | | | | | | | | | | | | | Land | | 10,491 | | 59 | | — | | 10,550 | | 16,891 | | (9,851) | | — | | 17,590 | Buildings and other constructions | | 58,213 | | 741 | | (873) | | 58,081 | | 302 | | (630) | | — | | 57,753 | Machinery and equipment | | 31,075 | | 678 | | (537) | | 31,216 | | 67,242 | | — | | (3,253) | | 95,205 | | | 99,779 | | 1,478 | | (1,410) | | 99,847 | | 84,435 | | (10,481) | | (3,253) | | 170,548 | | | | | | | | | | | | | | | | | | Accumulated depreciation | | | | | | | | | | | | | | | | | Land | | 7,874 | | 1,673 | | — | | 9,547 | | 1,609 | | (9,851) | | — | | 1,305 | Buildings and other constructions | | 27,364 | | 6,210 | | (804) | | 32,770 | | 6,037 | | (603) | | — | | 38,204 | Machinery and equipment | | 14,493 | | 3,269 | | (538) | | 17,224 | | 6,556 | | — | | (261) | | 23,519 | | | 49,731 | | 11,152 | | (1,342) | | 59,541 | | 14,202 | | (10,454) | | (261) | | 63,028 | | | | | | | | | | | | | | | | | | Net cost | | 50,048 | | | | | | 40,306 | | | | | | | | 107,520 |
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| Schedule of net assets for right in use |
| | | | | | | | | | | | | | | | | | | January 1, | | | | | | December 31, | | | | | | | | December 31, | | | 2024 | | Additions | | Disposals | | 2024 | | Additions | | Disposals | | Transfers | | 2025 | | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | | US$(000) | Cost | | | | | | | | | | | | | | | | | Land | | 10,491 | | 59 | | — | | 10,550 | | 16,891 | | (9,851) | | — | | 17,590 | Buildings and other constructions | | 58,213 | | 741 | | (873) | | 58,081 | | 302 | | (630) | | — | | 57,753 | Machinery and equipment | | 31,075 | | 678 | | (537) | | 31,216 | | 67,242 | | — | | (3,253) | | 95,205 | | | 99,779 | | 1,478 | | (1,410) | | 99,847 | | 84,435 | | (10,481) | | (3,253) | | 170,548 | | | | | | | | | | | | | | | | | | Accumulated depreciation | | | | | | | | | | | | | | | | | Land | | 7,874 | | 1,673 | | — | | 9,547 | | 1,609 | | (9,851) | | — | | 1,305 | Buildings and other constructions | | 27,364 | | 6,210 | | (804) | | 32,770 | | 6,037 | | (603) | | — | | 38,204 | Machinery and equipment | | 14,493 | | 3,269 | | (538) | | 17,224 | | 6,556 | | — | | (261) | | 23,519 | | | 49,731 | | 11,152 | | (1,342) | | 59,541 | | 14,202 | | (10,454) | | (261) | | 63,028 | | | | | | | | | | | | | | | | | | Net cost | | 50,048 | | | | | | 40,306 | | | | | | | | 107,520 |
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