| | | December 31, | | December 31, | | ||
| | | 2017 | | 2016 | | ||
| | | US$(000) | | US$(000) | | ||
| Accounts receivable from related parties | | | | | | | |
| Parent Company | | | | | | | |
| FMC (a) | | | 372,327 | | | 345,609 | |
| Other related parties | | | | | | | |
| Sumitomo Metal Mining Company, Ltd. (b) | | | 19,900 | | | 23,552 | |
| Climax Molybdenum Marketing Corporation (c) | | | 19,570 | | | 6,145 | |
| | | | | | | | |
| Total accounts receivable from related parties | | | 411,797 | | | 375,306 | |
| | | | | | | | |
| Accounts payable to related parties | | | | | | | |
| Parent Company | | | | | | | |
| FMC (d) | | | 8,470 | | | 30,353 | |
| Other related parties | | | | | | | |
| Freeport-McMoRan Sales Company Inc. | | | 3,601 | | | 3,134 | |
| Minera Freeport-McMoRan South America Ltda | | | 1,248 | | | 779 | |
| Freeport Cobalt OY | | | 296 | | | - | |
| Minera Freeport-McMoRan South America S.A.C. | | | 66 | | | - | |
| | | | | | | | |
| Total accounts payable to related parties | | | 13,681 | | | 34,266 | |
| | | | | | | | |
| Less: accounts payable to related parties, long term | | | (8,147) | | | (7,132) | |
| | | | | | | | |
| Total accounts payable, short term | | | 5,534 | | | 27,134 | |
| (a) | Accounts receivable from FMC mainly correspond to sales of copper concentrate and copper cathode. The Company has a long-term agreement with FMC through which it has committed to sell between 70% and 80% of its annual copper concentrate production from January 1, 2017 to December 31, 2021. These amounts exclude adjustments for embedded derivatives (see Note 5). Terms of the contracts are reviewed annually. |
| (b) | The Company has a long-term agreement with Sumitomo through which it has committed to sell 21% of its annual copper concentrates production from January 1, 2017 to December 31, 2021. These amounts exclude adjustments for embedded derivatives (see Note 5). Terms of the contracts are reviewed annually. |
| (c) | The Company has a long-term agreement with Climax Molybdenum Marketing Corporation (a wholly owned subsidiary of FMC) through which it has committed to sell 100% of its annual molybdenum concentrate production, at a price based on the Metals Week Dealer Oxide price and under a delivery type known as CIF (cost, insurance and freight) from January 1, 2015 through December 31, 2020. These amounts exclude adjustments for embedded derivatives (see Note 5). |
| (d) | Accounts payable to FMC as of December 31, 2017, is related to stock option benefits for US$8.1 million. The balance as of December 31, 2016, includes US$22.3 million for the purchase of used shovels and US$7.1 million of stock option benefits. |