Other current and non-current non-financial assets

12 Months Ended

Dec. 31, 2021

Disclosure of other non-financial assets [Abstract]

Disclosure of other non-financial assets [Text Block]

Note 16 Other current and non-current non-financial assets

As of December 31, 2021, and 2020, the detail of “Other Current and Non-current Assets” is as follows:

Other non-financial assets, current	As of December 31, 2021		As of December 31, 2020
	ThUS$		ThUS$
Domestic Value Added Tax		26,356		18,107
Foreign Value Added Tax		14,395		7,785
Prepaid mining licenses		1,233		1,025
Prepaid insurance		20,443		10,307
Other prepayments		659		946
Refund of Value Added Tax to exporters		-		14,316
Other taxes		6,030		4,499
Other assets		754		414
Total		69,870		57,399

Other non-financial assets, non-current	As of December 31, 2021		As of December 31, 2020
	ThUS$		ThUS$
Exploration and evaluation expenses (1)		26,752		17,883
Guarantee deposits		622		731
Other assets		6,113		3,428
Total		33,487		22,042

(1) Reconciliation of changes in assets for exploration and mineral resource evaluation, by type

Movements in assets for the exploration and evaluation of mineral resources as of December 31, 2021, and 2020:

Conciliation	As of December 31, 2021		As of December 31, 2020			As of December 31, 2019
	ThUS$		ThUS$			ThUS$
Opening balance		17,883		18,654			26,189
Change in assets for exploration and evaluation of mineral resources
Additions		8,071		-			-
Short term reclassifications		83		(526	)		(1,311	)
Increase (decrease) due to transfers and other charges		715		(245	)		(6,224	)
Total changes		8,869		(771	)		(7,535	)
Total		26,752		17,883			18,654

As of the presentation date, no reevaluations of assets for exploration and assessment of mineral resources have been conducted.

Mineral resource exploration and evaluation expenditure

Given the nature of operations of the Company and the type of exploration it undertakes, disbursements for exploration can be found in 4 stages: Execution, economically feasible, not economically feasible and in exploitation:

(a)       Not economically feasible: Exploration and evaluation disbursements, once finalized and concluded to be not economically feasible, will be charged to profit and loss. As of December 31, 2021, and 2020 there were no disbursements for this concept.

(b)       Execution: Disbursements for exploration and evaluation under implementation and therefore prior to determination of economic feasibility, are presented as part of property, plant and equipment as constructions in progress.

Explorations in execution	As of December 31, 2021		As of December 31, 2020
	ThUS$		ThUS$
Chile		12,915		14,265
Total		12,915		14,265

Reconciliation of explorations in execution	As of December 31, 2021			As of December 31, 2020
	ThUS$			ThUS$
Opening balance		14,265			18,654
Disbursements		11,964			-
Reclassifications		(13,314	)		(4,389	)
Total changes		(1,350	)		(4,389	)
Total		12,915			14,265

(c)       Economically feasible: Reimbursements for exploration and evaluation whose study concluded that its economic viability is viable are classified in “Other non-financial assets, non-current.”

Economically feasible	Type of Exploration	As of December 31, 2021		As of December 31, 2020
		ThUS$		ThUS$
Chile (1)	Metallic/Non-Metallic		18,154		10,872
Total			18,154		10,872

(1) The value presented for Chile is as of December 2021 for ThUS 5,622, corresponding to non-metallic exploration and evaluation and ThUS$ 12,367 associated with metallic exploration. In December 2020, the amounts of non-metallic exploration were ThUS$ 6,576 and metallic exploration were ThUS$ 4,296 Economically feasible metallic exploration is classified as advanced exploration.

F-124

Notes to the Consolidated Financial Statements 
December 31, 2021

Economically feasible metallic explorations are those classified as advanced exploration.

Economically feasible	As of December 31, 2021			As of December 31, 2020
	ThUS$			ThUS$
Opening balance		10,872			10,009
Additions		8,071			-
Reclassifications from Exploration in execution – Chile		1,906			863
Reclassifications to Exploration in Exploitation-Chile		(2,695	)		-
Total changes		7,282			863
Total		18,154			10,872

(d)       In Exploitation: Caliche exploration disbursements that are found in this area are amortized based on the material exploited, the portion that is expected to be exploited in the following 12 months is presented as “Current Assets” in the “Inventories in process” and the remaining portion is classified as “Other Non-current Non-Financial Assets”.

Short-Term Exploitation reconciliation	As of December 31, 2021			As of December 31, 2020
	ThUS$			ThUS$
Opening balance		1,318			1,367
Amortization		(1,359	)		(1,683	)
Reclassifications		1,276			1,634
Total changes		(83	)		(49	)
Total		1,235			1,318

Long-Term Exploitation conciliation	As of December 31, 2021		As of December 31, 2020
	ThUS$		ThUS$
Opening balance		7,011		8,645
Amortization		-		-
Reclassifications		1,587		(1,634	)
Total changes		1,587		(1,634	)
Total		8,598		7,011