CODELCO: CORPORACION NACIONAL DEL COBRE DE CHILE 2020-05-08 T-10:59

Corporación Nacional del Cobre de Chile
Casa Matriz

Huérfanos 1270
Santiago
Región Metropolitana, Santiago

CODELCO www.codelco.com

PE-068/2020
Santiago, 08 mayo 2020

Señor

Joaquín Cortéz Huerta

Presidente

Comisión para el Mercado Financiero

Santiago

Ref.: HECHO ESENCIAL. Codelco Chile,
Inscripción Registro de Valores N* 785.

De nuestra consideración:

De conformidad a lo establecido en la Ley N*18.045 y en la Norma de Carácter General N*30 y
Circular N* 1072 de esa Comisión, adjunto acompaño “Formulario Hecho Esencial. Colocación
de Bonos en el Extranjero”, el cual complementa nuestras notas PE-061/2020 y PE-065/2020,
enviadas con fecha 4 y 5 de mayo de 2020, respectivamente.

Saluda atentamente a Ud.,

Oc:
( ¡Sara a Osés
P ds Ejecutivo

C.c: Bolsas
Banco de Chile
Comisión Clasificadora de Riesgo

Casa Matriz | Chuquicamata | Radomiro Tomic | Gabriela Mistral | Ministro Hales | Salvador | Ventanas | Andina | ElTeniente | VP
COMISIÓN PARA EL
MERCADO FINANCIERO

CHILE

1.0

2.0

3.0

3.1

3.2

3.3

3.4

3.4.1

3.4.2

3.4.3

3.4.4

3.4.5

3.4.6

FORMULARIO HECHO ESENCIAL

COLOCACIÓN DE BONOS EN EL EXTRANJERO

IDENTIFICACIÓN DEL EMISOR

1.1

1.2

1.3

1.4

1.5

1.6

1.7

Razón Social

Nombre fantasía

R.U.T.

N* Inscripción Reg. Valores

Dirección

Teléfono

Actividades y negocios

Corporación Nacional del Cobre de Chile
CODELCO-CHILE

61.704.000-K

785

Huérfanos Comuna de

Santiago

1270, Santiago,

22 690 3000

Ver Anexo 1.

ESTA COMUNICACIÓN SE HACE EN VIRTUD DE LO ESTABLECIDO EN EL ARTÍCULO 9* E
INCISO SEGUNDO DEL ARTICULO 10? DE LA LEY N” 18.045, Y SE TRATA DE UN HECHO
ESENCIAL RESPECTO DE LA SOCIEDAD, SUS NEGOCIOS, SUS VALORES DE OFERTA
PÚBLICA Y/O DE LA OFERTA DE ELLOS, SEGÚN CORRESPONDA.

CARACTERÍSTICAS EMISIÓN

Moneda de denominación

Moneda total emisión

Portador / a la orden

Series

| Dólares de los Estados Unidos de América (US$). ]

[US$ 131.000.000 ]

Bonos registrados a nombre de los tenedores en
los libros de DTC

Bonos 2023

Monto de la serie

US$ 131.000.000

N* de bonos

Ver 3.4.3

Valor nominal bono

US$200.000 mínimo. En caso de sumas
superiores, serán por múltiplos de US$1,000.

Tipo reajuste

N/A

Tasa de interés

4,500%

Fecha de emisión

08/05/2020

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3.4.7

Para cada serie llenar la siguiente tabla de desarrollo:

Bonos 2023:

El capital de los bonos será pagadero en su integridad a su vencimiento, el día 13 de
agosto de 2023.

Los bonos devengarán un interés de 4,500% anual, base de un año de 360 días, el
cual será pagadero en 7 cuotas los días 13 de febrero y 13 de agosto de cada año, a
partir del 13 de agosto de 2020.

N* Cuota |N* Cuota Fecha Intereses Amortización | Total Cuota | Saldo Capital
Interés | Amortiz.
1 – 13-ago-2020 2.947.500 – 2.947.500 131.000.000
2 – 13-feb-2021 2.947.500 – 2.947.500 131.000.000
3 – 13-ago-2021 2.947.500 – 2.947.500 131.000.000
4 – 13-feb-2022 2.947.500 – 2.947.500 131.000.000
5 – 13-ago-2022 2.947.500 – 2.947.500 131.000.000
6 – 13-feb-2023 2.947.500 – 2.947.500 131.000.000
7 – 13-ago-2023 2.947.500 131.000.000 133.947.500 0
3.5 Garantías
3.5.1 Tipo y montos de las garantías
No aplica.
3.6 Amortización Extraordinaria:
3.6.1 Procedimientos y fechas:
No aplica.
5.0 PAÍS DE COLOCACIÓN
5.1 Nombre Bonos vendidos a los Compradores Iniciales (“Initial
Purchasers”) domiciliados en los Estados Unidos de
América.
5.2 Normas para obtfebr autorización de transar
Regulation S de la US Securities
Act de 1933 de los Estados
Unidos de América.
6.0 INFORMACIÓN QUE PROPORCIONARÁ

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6.1 A futuros tenedores de bonos

Prospecto informativo (“Offering Memorandum”) de fecha de 06 de agosto
de 2013. Ver Anexo 2.

6.2 A futuros representantes de tenedores de bonos

Mismo documento mencionado en el punto 6.1 precedente.

7.0 CONTRATO DE EMISION
7.1 Características generales

Contrato de Suscripción (“Subscription
Agreement”) celebrado el día 30 de abril
de 2020 entre (A) Corporación Nacional
del Cobre de Chile, como emisor de los
bonos, y (B) Banco Santander S.A. Ver
Anexo 3.

El objeto del Subscription Agreement fue
la adquisición, por los Compradores
Iniciales (“Initial Purchasers”), de la
totalidad de los bonos emitidos por
Corporación Nacional del Cobre de Chile,
bajo los términos y condiciones que se
expresan en dicho contrato.

7.2 Derechos y obligaciones de los tenedores de bonos

Los bonos emitidos por Corporación Nacional del Cobre de Chile
constituyen obligaciones directas, no garantizadas y no subordinadas de
la compañía emisora. Los tenedores de bonos pueden declarar exigible
anticipadamente la totalidad del capital más intereses en ciertos casos
de incumplimiento por parte de Corporación Nacional del Cobre de Chile.

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8.0 OTROS ANTECEDENTES IMPORTANTES

Los bonos no han sido registrados en los Estados Unidos de América bajo la U.S.
Securities Act de 1933 y, por lo tanto, solamente podrán ser vendidos fuera de los
Estados Unidos de América, de acuerdo con lo señalado en la Regulation S de la
misma norma.

9.0 DECLARACION DE RESPONSABILIDAD

El suscrito, en su calidad de Presidente Ejecutivo de la Corporación Nacional del
Cobre de Chile (la “Sociedad”), ambos domiciliados en calle Huérfanos 1270,
Santiago, a fin de dar debido cumplimiento a lo dispuesto en la Circular N*1072 de
la Superintendencia de Valores y Seguros (hoy CMF), declara y da fe, bajo
juramento, en este acto y bajo su correspondiente responsabilidad legal, respecto
de la plena y absoluta veracidad y autenticidad de toda la información presentada y
adjuntada por la Sociedad a la CMF en el presente “Formulario de Hecho Esencial
Colocación de Bonos en el Extranjero”, con fecha 29 de abril de 2020.

NOMBRE CARGO C.N.l. FIRMA
Octavio Presidente 8088228-9
Araneda Ejecutivo

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ANEXO 1

MEMORIA ANUAL

https://www.codelco.com/prontus_codelco/site/artic/20200328/asocfile/20200328104056/memori2019 codelco.pdf

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ANEXO 2

OFFERING MEMORANDUM

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ANEXO 3

SUBSCRIPTION AGREEMENT

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Execution Version

CORPORACIÓN NACIONAL DEL COBRE DE CHILE
4.500% Notes due 2023

SUBSCRIPTION AGREEMENT
April 30, 2020

Banco Santander, S.A.
Ciudad Grupo Santander
Avda. Cantabria s/n
28660 Boadilla del Monte
Madrid, Spain

(the “Dealer_Manager”)

Ladies and Gentlemen:

Corporación Nacional del Cobre de Chile, a state-owned enterprise organized under the
laws of Chile (the “Issuer”), hereby confirms its agreement with the Dealer Manager with respect
to the establishment ofa program (the “Program”) for the issuance and sale by the Issuer of
U.S.$131,000,000 principal amount of its 4.500% Notes due 2023, representing an additional
issuance of the Issuers outstanding 4.500% Notes due 2023, which will be treated as a single
class with the U.S.$750,000,000 4.500% Notes due 2023 issued on August 13, 2013 (the
“Notes”). The Notes will be issued pursuant to the Fiscal and Agency Agreement, dated as of
August 13, 2013 (the “Base Fiscal and Agency Agreement”), among the Issuer, The Bank of
New York Mellon, as fiscal agent (the “Fiscal_Agent”), and The Bank of New York Mellon
SA/NV, Luxembourg Branch, as Luxembourg listing agent, paying agent and transfer agent (the
“Paying Agent”), as amended or supplemented from time to time, among the Issuer, Fiscal Agent
and Paying Agent and the other paying agents and transfer agents named therein (such
amendments or supplements, together with the Base Fiscal and Agency Agreement, the “Fiscal

and Agency Agreement”).

The Notes will be sold to the Dealer Manager in a transaction exempt from, or not subject
to, the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities
Act”.

The Issuer has prepared a offering memorandum dated August 6, 2013 (as amended or
supplemented from time to time, the “Offering Memorandum”) in accordance with applicable
laws and regulations, setting forth information concerning the Issuer and the Notes. The Issuer
hereby confirms that it has authorized the use of the Offering Memorandum and the General
Disclosure Package (as defined below) in connection with the offering and resale of the Notes by
the Dealer Manager in the manner contemplated by this Agreement.

The Notes will have the maturities, interest rates, redemption provisions, if any, and other
terms set forth in the Offering Memorandum as it may be amended or supplemented from time to
time. The Notes will be issued, and the terms and conditions thereof established, from time to
time by the Issuer in accordance with the Fiscal and Agency Agreement.

With respect to each issue of Notes, “Applicable Time” means such time on the date of
the applicable Final Terms (as defined below) as is specified therein as the Execution Time, and
“General Disclosure Package” means the Offering Memorandum as amended or supplemented
by the documents listed on Annex A hereto, taken together with the final pricing information
relating to such issuance of Notes substantially in the form of Annex B attached hereto (the
“Final_Terms”).

The Issuer hereby confirms its agreement with the Dealer Manager concerning the
purchase and resale of the Notes, as follows:

1. Purchase and Resale of the Notes.

(a) With respect to each issue of Notes, the Dealer Manager agrees with the
Issuer to purchase the Notes a purchase price of 103.692% of the principal amount of the Notes,
plus accrued interest from February 13, 2020 to the Closing Date (as defined below) (the
“Purchase Price”) and on the terms set forth in the Final Terms.

(b) The Issuer understands that the Dealer Manager intends to offer the Notes
pursuant to Regulation S under the Securities Act (“Regulation S”), as soon after the parties
hereto have executed and delivered this Agreement as in the judgment of the Dealer Manager is
advisable and initially on the terms set forth in the General Disclosure Package. The Dealer
Manager represents and warrants to, and agrees with, the Issuer that:

(1 it is a qualified institutional buyer within the meaning of
Rule 144A (a “QIB”) and an accredited investor within the meaning of Rule S501(a) of
Regulation D under the Securities Act (“Regulation D”;

(ii) it has not solicited offers for, or offered or sold, and will not solicit
offers for, or offer or sell, the Notes by means of any form of general solicitation or
general advertising within the meaning of Rule 502(c) of Regulation D or in any manner
involving a public offering within the meaning of Section 4(a)(2) of the Securities Act;
and

(iii) 1t has not solicited offers for, or offered or sold, and will not solicit
offers for, or offer or sell, the Notes as part of their initial offering outside of the U.S.
except in accordance with the selling restrictions set forth in Annex C hereto.

(c) The Dealer Manager acknowledges and agrees that the Issuer and, for
purposes of the opinion to be delivered to the Fiscal Agent pursuant to the Fiscal and Agency
Agreement, counsel to the Issuer may rely upon the accuracy of the representations and
warranties of the Dealer Manager, and compliance by the Dealer Manager with its
representations and agreements contained in this Section 1 and Section 5 hereof, and the Dealer
Manager hereby consents to such reliance.
(d) The Issuer acknowledges and agrees that (i) the purchase and sale of the
Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Issuer,
on the one hand, and the Dealer Manager, on the other hand, (ii) in connection with the offering
contemplated hereby and the process leading to such transaction, the Dealer Manager is, and has
been, acting solely as a principal and is not the agent or fiduciary of the Issuer directly or
indirectly, (ii) the Dealer Manager has not and will not assume an advisory or fiduciar y
responsibility in favor of the Issuer with respect to the offering contemplated hereby or the
process leading thereto (irrespective of whether such Dealer Manager has advised or is currently
advising the Issuer on other matters) and the Dealer Manager has no similar obligation to the
Issuer with respect to the offering of the Notes contemplated hereby except the obligations
expressly set forth in this Agreement, (iv) the Dealer Manager and its affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of the Issuer and (v)
the Dealer Manager has not provided any legal, accounting, regulatory or tax advice with respect
to the offering contemplated hereby, and the Issuer has consulted its own legal, accounting,
regulatory and tax advisors to the extent the Issuer deemed appropriate.

2. Payment and Delivery.

(a) Payment for and delivery of each issue of Notes will be made at the time
and date as the Dealer Manager and the Issuer agree to in writing. With respect to the Notes, the
time and date of such payment and delivery is referred to herein as the “Closing Date.” Delivery
of the Notes shall be made through the facilities of The Depository Trust Company (“DTC”) and
any other relevant clearing system unless the Dealer Manager shall otherwise instruct.

(b) The Notes to be purchased by the Dealer Manager hereunder will be
represented by one or more definitive global Notes in book-entry form (each, a “Global_Note”)
which will be registered in the name of a nominee of DTC for credit on the Closing Date to the
accounts of the Dealer Manager at DTC. The Issuer will cause the certificates representing the
Notes to be made available to the Dealer Manager for review at least 24 hours prior to the
Closing Date.

(c) On the Closing Date, the Issuer will deliver or cause the delivery of the
Global Note relating to each issuance of Notes, duly executed by the Issuer and authenticated by
the Fiscal Agent in accordance with the Fiscal and Agency Agreement to the Dealer Manager.
The Dealer Manager shall pay or cause to be paid to the Issuer the Purchase Price, with any
transfer taxes payable in connection with the initial sale of the Notes duly paid by the Issuer.

3. Representations, Warranties and Agreements of the Issuer.

The Issuer represents, warrants and agrees with the Dealer Manager that:

(a) Offering Memorandum and General Disclosure Package. (i) The Offering
Memorandum and any amendments or supplements thereto, as of their respective dates, did not
and will not; and (ii) with respect to each issue of Notes, the General Disclosure Package and any
amendments or supplements thereto, at the Applicable Time, will not, in each case contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not

misleading; provided, however, that the Issuer does not make any representation or warranty
with respect to any statements or omissions made in reliance upon and in conformity with
information furnished to the Issuer in writing by the Dealer Manager expressly for use in the
Offering Memorandum or the General Disclosure Package (it being understood and agreed that
the only such information is that described in Section 7(g) hereof).

(b) Additional Written Communications. The Issuer (including its agents and
representatives, other than the Dealer Manager in its capacity as such) has not prepared, made,
used, authorized, approved or referred to nor will prepare, make, use, authorize, approve or refer
to any Written Communication that constitutes an offer to sell or solicitation of an offer to buy
the Notes (each such communication by the Issuer or its agents and representatives (other than a
communication referred to in clauses (1) and (ii) below), an “Issuer Written Communication”)
other than (i) the Offering Memorandum, (ii) the General Disclosure Package and (iii) any
electronic road show or other Written Communications, in each case used in accordance with
Section 4(c) hereof. Each Issuer Written Communication, when taken together with the General
Disclosure Package, as of the Applicable Time and at the Closing Date, will not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Issuer does not make any representation or warranty
with respect to any statements or omissions made in reliance upon and in conformity with
information furnished to the Issuer in writing by the Dealer Manager expressly for use in an
Issuer Written Communication (it being understood and agreed that the only such information is
that described in Section 7(g) hereof).

(c) Financial Statements. The financial statements and the related notes
thereto included in the General Disclosure Package presents fairly the financial position of the
Issuer and its Consolidated Subsidiaries as of the dates shown and their results of operations and
statements of changes in cash flow and equity for the periods shown, and except as otherwise
disclosed in the General Disclosure Package, such financial statements have been prepared in
conformity with International Financial Reporting Standards as adopted by the International
Accounting Standards Board applied on a consistent basis.

(d) No Material Adverse Change. Since the dates as of which information is
given in the General Disclosure Package, nothing has occurred giving rise to a current or
prospective material adverse change in the condition (financial or otherwise), business or
properties of the Issuer and its Subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business, except (i) as set forth in or contemplated in the
General Disclosure Package (exclusive of any amendment or supplement thereto) and (ii) where
any such loss or interference would not, individually or in the aggregate, have a material adverse
effect on the condition (financial or otherwise), business or properties of the Issuer and its
Subsidiaries, taken as a whole, the Fiscal and Agency Agreement, the Notes or this Agreement (a
“Material_Adverse Effect”).

(e) Organization. The Issuer has been duly created and is validly existing as a
state-owned enterprise under the laws of Chile with corporate power and authority to enter into
the Fiscal and Agency Agreement, the Notes and this Agreement and to own its properties and
conduct its business as described in the General Disclosure Package and is duly qualified to do
business in all other jurisdictions in which its ownership or lease of property or the conduct of its
business requires such qualification, except where the failure to be so qualified or have power or
authority would not, individually or in the aggregate, have a Material Adverse Effect.

(5 Capitalization. The Issuer is wholly owned by the Republic of Chile.
There are no outstanding subscriptions, rights, warrants, calls, commitments of sale or options to
acquire, or instruments convertible into or exchangeable for, any equity or other ownership
interest of the Issuer.

(8) Base Fiscal and Agency Agreement; Supplemental Agreements. (i) The
Base Fiscal and Agency Agreement has been duly authorized, executed and delivered by the
Issuer, and constitutes a legal, valid and binding instrument enforceable against the Issuer in
accordance with its terms, subject to fraudulent transfer, reorganization, moratorium and other
similar laws of general applicability relating to or affecting creditors” rights generally and to
general equity principles (collectively, the “Enforceability Exceptions”);, and (ii) with respect to
each issue of Notes, any supplements or amendments related to the Base Fiscal and Agency
Agreement, as of the Closing Date, will be duly authorized, executed and delivered by the Issuer,
and will constitute a legal, valid and binding instrument enforceable against the Issuer in
accordance with its terms, subject to the Enforceability Exceptions.

(h) Notes. The issuance of the Notes has been duly authorized by the Issuer
(including, without limitation, by approval of its board of directors) and, when executed by the
Issuer, authenticated by the Fiscal Agent in accordance with the provisions of the Fiscal and
Agency Agreement and delivered and paid for by the Dealer Manager in accordance with the
terms of this Agreement and the Fiscal and Agency Agreement, will constitute valid and binding
obligations of the Issuer, entitled to the benefits provided by the Fiscal and Agency Agreement,
and enforceable against the Issuer in accordance with their terms, subject to the Enforceability
Exceptions.

(1) Subscription Agreement. This Agreement has been duly authorized,
executed and delivered by the Issuer.

0) No Conflicts. The execution, delivery and performance of the Fiscal and
Agency Agreement, the Notes and this Agreement, and the issuance and sale of the Notes and
compliance with the terms and provisions hereof and thereof will not result in a breach or
violation of any of the terms and provisions of, or constitute a default under, or result in the
creation of any claim, lien or encumbrance on any property of the Issuer or any Subsidiary of the
Issuer under (i) any provision of applicable Chilean law; (ii) the Decree Law No. 1,350 of 1976,
as amended from time to time, and the Issuer”s by-laws, as restated in Decree No. 3 of January
13, 2012 and published in the Official Gazette on July 4, 2012, or the Estatutos of the Issuer; (iii)
any statute, rule, regulation or order of any governmental agency or body or any court (Chilean
or foreign) having jurisdiction over the Issuer or any of its Subsidiaries or any of their properties;
or (iv) any agreement or instrument to which the Issuer is a party or by which the Issuer is bound
orto which any of the properties of the Issuer or any of its Subsidiaries is subject; and the Issuer
has full power and authority to authorize, issue and sell the Notes as contemplated by this
Agreement.
(k) No Consents. No consent, approval, authorization or order of, or filing
with, any governmental agency or body or any court is required for the consummation of the
transactions contemplated by the Fiscal and Agency Agreement, the Notes or this Agreement or
in connection with the issuance and sale of the Notes by the Issuer or the transactions
contemplated hereby and thereby, except for (1) the following authorizations and registrations
required by Chilean law, which have been obtained and remain in full force and effect: (A)
authorization granted by the President of Chile and by Decree of the Minister of Finance,
whether general or specific, pursuant to Article 4 of Decree Law No. 2,349 of 1978, and pursuant
to Decree No. 1,009 issued by the Ministry of Finance, published in the Official Gazette on
December 23, 1978, as renewed by Decree No. 1,554 dated October 28, 2019 and published in
the Official Gazette on December 18, 2019; (B) authorization granted by the Minister of Finance
to the Issuer to enter into negotiations relating to the issue of the Notes, pursuant to Decree Law
No. 1,350 of 1976, as amended and pursuant to Ordinary Resolution No. 734 issued by the
Ministry of Finance on April 7, 2020; and (C) the delivery to the Ministry of Finance and the
Ministry of Mining for approval and possible review of the proposed annual budget and a debt
amortization budget pursuant to Decree Law No. 1,350 of 1976, as amended; (ii) authorization
granted by the Minister of Finance to the Issuer to issue the Notes, pursuant to Decree Law No.
1,350 of 1976, as amended and pursuant to Ordinary Resolution No. 830 issued by the Ministry
of Finance on April 24, 2020; and (iii) such as may be required under the blue sky or securities
laws of any jurisdiction in connection with the purchase and distribution of the Notes by the
Dealer Manager in the manner contemplated herein and in the General Disclosure Package.
Pursuant to Article 52 of the Organic Law of the Central Bank of Chile and Decree Law No.
1,350 of 1976, as amended, the Issuer is exempt from the Central Bank of Chile”s regulations in
connection with the issuance, placement and payments upon the Notes. The Issuer is entitled to
make payments under the Notes with its own available foreign currency obtained from its export
operations and deposited with the Central Bank of Chile.

(1) Properties. The Issuer and each of its Subsidiaries have good and
marketable title to all real properties and all other properties and assets owned by them, in each
case free from liens, encumbrances and defects that would materially affect the value thereof or
materially interfere with the use made or to be made thereof by them; and the Issuer and each of
its Subsidiaries hold any leased real or personal property under valid and enforceable leases with
such exceptions as are not material to the Issuer and its Subsidiaries taken as a whole, and that
would not materially interfere with the use made or to be made thereof by them, except where
the failure to have such good and marketable title or valid and enforceable lease would not,
individually in the ageregate, have a Material Adverse Effect.

(m) Concessions and Licenses. The Issuer and each of its Subsidiaries possess
all concessions, licenses, certificates, authorizations, orders or permits issued by appropriate
governmental agencies or bodies necessary to conduct the business now operated by them and
have not received any notice of proceedings relating to the revocation, rescate or modification of
any such license, certificate, authorization, order or permit, that, if determined adversely to the
Issuer or any of its Subsidiaries, would, individually or in the aggregate, have a Material Adverse
Eftect.
(n) Labor Disputes. No labor dispute with the employees of the Issuer or any
of its Subsidiaries exists or, to the knowledge of the Issuer, is imminent that would, individually
or in the ageregate, have a Material Adverse Effect.

(0) Intellectual Property. The Issuer and each of its Subsidiaries owns, possess
or can acquire on reasonable terms, adequate trademarks, trade names and other rights to
inventions, know-how, patents, copyrights, confidential information and other intellectual
property (collectively, “intellectual property rights”) necessary to conduct the business now
operated by them, and have not received any notice of infringement of or conflict with asserted
rights of others with respect to any intellectual property rights that, if determined adversely to the
Issuer or any of its Subsidiaries, would, individually or in the aggregate, have a Material Adverse
Eftect.

(p) Environmental Laws. The Issuer and its Subsidiaries (i) are not in
violation of any statute, rule, regulation, decision or order of any governmental agency or body
or any court (Chilean or foreign) relating to the use, disposal or release of hazardous or toxic
substances or relating to the protection or restoration of the environment or human exposure to
hazardous or toxic substances (collectively, “Environmental Laws”), (11) do not own or operate
any real property contaminated with any substance that is subject to any Environmental Laws,
(iii) are not liable for any ofÉ-site disposal or contamination pursuant to any Environmental
Laws, or (iv) are not subject to any claim relating to any Environmental Laws, which violation,
contamination, liability or claim would, individually or in the aggregate, have a Material Adverse
Effect; and the Issuer is not aware of any pending investigation that would, individually or in the
aggregate, have a Material Adverse Effect.

(q) Legal Proceedings. There are no pending investigations, actions, suits or
proceedings against or affecting the Issuer or any of its Subsidiaries or any of their respective
properties that, if determined adversely to the Issuer or any Subsidiary, would, individually or in
the aggregate, have a Material Adverse Effect, or would materially and adversely affect the
ability of the Issuer to perform its obligations under the Fiscal and Agency Agreement, the Notes
or this Agreement, or which are otherwise material in the context of the issuance and sale of the
Notes; and no such investigations, actions, suits or proceedings are threatened or, to the Issuer”s
best knowledge, contemplated.

(1) Unlawful Payments. Neither the Issuer nor any of its Subsidiaries nor, to
the best knowledge of the Issuer, any current director, officer or employee of, or any person
acting on behalf of, the Issuer or any of its Subsidiaries, has violated or is in violation of, with
respect to the Issuer or any of its Subsidiaries, any provision of any Chilean law concerning
bribery or public corruption, the U.S. Foreign Corrupt Practices Act of 1977 or the UK Bribery
Act 2010, each as may be amended, or has made a material violation of any other similar law of
any other relevant jurisdiction, or the rules or regulations thereunder. The Issuer has instituted
and maintains and will continue to maintain policies and procedures designed to promote and
ensure, and which are reasonably expected to continue to ensure, continued compliance with all
applicable anti-bribery and anti-corruption laws.

(s) Money Laundering Laws. The operations of the Issuer and its Subsidiaries
are and have been conducted at all times in material compliance with applicable money
laundering statutes, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental or regulatory
authorities in Chile or, to the extent, if any, applicable, the financial recordkeeping and reporting
requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1970, as amended
(collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any
court or governmental or regulatory authorities or any arbitrator involving the Issuer or any ofits
Subsidiaries with respect to Money Laundering Laws is pending or, to the knowledge of the
Issuer, threatened. The Issuer has instituted and maintains policies and procedures reasonably
designed to promote and achieve compliance with all applicable Money Laundering Laws.

(t) Compliance with Sanctions. Neither the Issuer nor any of its Subsidiaries
nor, to the best of the Issuer’s knowledge, any of its or their directors, officers, agents,
employees or affiliates, is an individual or entity that is, or is owned or controlled by a person
that is, (1) currently the subject or target of any sanctions administered orenforced by the U.S.
Government (including, without limitation, the Office of Foreign Assets Control of the U.S.
Department of the Treasury, the U.S. Department of State, or the Bureau of Industry and
Security of the U.S. Department of Commerce), the European Union, Her Majesty’s Treasury of
the United Kingdom or the United Nations Security Council (collectively, “Sanctions” and each
such person, a “Sanctioned Person”) or (ii) is located or resident in a country or territory that is,
or whose government is, the subject of Sanctions (currently, the Crimea Region, Venezuela,
Cuba, Iran, Libya, North Korea and Syria) (each, a “Sanctioned_Country”). The Issuer will not,
directly or indirectly, use the proceeds of the offering of the Notes hereunder, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other
person or entity to fund or finance any activities or business of or with any Sanctioned Person or
in any Sanctioned Country in a manner that would result in a violation by any person (including
any person participating in the transaction, whether as underwriter, manager, initial purchaser,
advisor, investor or otherwise) of Sanctions.

(u) Taxes. The Issuer and its Subsidiaries have filed all tax and other similar
returns required to be filed through the date hereof and have paid all taxes required to be paid by
them and all other assessments, fines or penalties levied against them to the extent that any of the
foregoing have become due, except (i) for any such tax, assessment, fine or penalty that is being
contested in good faith and as to which appropriate reserves have been established or (ii) where
the failure to file such returns or pay such taxes, assessments, fines or penalties would not,
individually or in the ageregate, have a Material Adverse Effect; and the Issuer has no
knowledge of any tax deficiency that has been, or could reasonably be expected to be, asserted
against the Issuer, any of its Subsidiaries or any of their respective properties or assets, except (1)
for taxes that are being contested in good faith and as to which appropriate reserves have been
established or (ii) for a deficiency that would not, individually or in the aggregate, have a
Material Adverse Effect.

(v) Accounting Controls. The Issuer and its Consolidated Subsidiaries
maintain systems of internal accounting controls sufficient to provide reasonable assurance that
(1) transactions are executed in accordance with management’s general or specific authorization;
(ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted financial reporting standards and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; and (iv) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any
differences.

(w) Integration. Neither the Issuer nor any of its affiliates (as defined in Rule
501(b) of Regulation D) has directly, or through any agent, sold, offered for sale, solicited offers
to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) that is
or will be integrated with the sale of the Notes, in a manner that would require the registration of
the Notes under the Securities Act.

) General Solicitation and Directed Selling Efforts. None of the Issuer, any
affiliate of the Issuer or any person acting on its or their behalf (other than the Dealer Manager,
or any affiliate of the Dealer Manager, as to which no representation is made) has offered or sold
the Notes by means of any general solicitation or general advertising within the meaning of Rule
502(c) under the Securities Act, or by means of any directed selling efforts within the meaning of
Rule 902 under the Securities Act, and the Issuer, any affiliate of the Issuer and any person
acting on its or their behalf (other than the Dealer Manager, or any affiliate of the Dealer
Manager, as to which no representation is made) have complied with and will implement the
offering restrictions requirements of Regulation S.

(y) Securities Law Exemptions. Assuming the accuracy of the representations
and warranties of the Dealer Manager contained in Section 1 hereof and Section 5 hereof and
compliance by the Dealer Manager with its agreements set forth therein, it is not necessary in
connection with the offer, sale and delivery of the Notes by the Issuer to the Dealer Manager and
by the Dealer Manager to subsequent purchasers thereof in the manner contemplated by this
Agreement and the General Disclosure Package to register the Notes under the Securities Act or
to qualify the Fiscal and Agency Agreement under the U.S. Trust Indenture Act of 1939, as
amended.

(z) Investment Company Act. The Issuer is not and, after giving effect to the
offering and sale of the Notes and the application of the proceeds thereof as described in the
General Disclosure Package, will not be an “investment company” as defined in the U.S.
Investment Company Act of 1940, as amended.

(aa) Stamp, Transfer and Withholding Taxes. Except as disclosed in the
General Disclosure Package, there are no transaction, stamp or other issuance or transfer taxes or
duties or other similar fees or withholdings or charges required to be paid in connection with the
execution and delivery of this Agreement, the Fiscal and Agency Agreement, the issuance or sale
by the Issuer of the Notes or the enforcement of the Notes, other than (i) a 0.8% stamp tax on the
incurrence of the indebtedness evidenced by the Notes, which will be paid by the Issuer upon the
issuance of the Notes, (ii) a 4% withholding tax on interest payments, and all other payments
deemed to be interest payments, with respect to the Notes to the extent paid to a person
domiciled or residing outside of Chile (if thin capitalization rules apply, as described in the
General Disclosure Package, such interest payments would be subject to a 35% penalty tax that
would be payable by the Issuer; the withholding tax applicable to the interest payments made by
the Issuer can be credited against such 35% penalty tax) and (iii) an up to 35% withholding tax
on all other payments of fees, compensation or reimbursement of costs to be made by the Issuer.

(bb) Absence of Immunity. The Issuer has validly and irrevocably waived,
pursuant to Section 12 hereof, and will have validly and irrevocably waived pursuant to the
Fiscal and Agency Agreement and the Notes, for itself and its revenues and assets, to the extent
permitted by applicable law, any immunity from suit, jurisdiction, attachment in aid or execution
of a judgment or prior to a judgment, execution of a judgment or any other legal process with
respect to its obligations, respectively, under this Agreement, the Fiscal and Agency Agreement
and the Notes to which it may be entitled or become entitled whether or not claimed, including
sovereign immunity, except that (i) for the attachment and judicial sale of mining concessions
and installations and other goods permanently dedicated to exploration or extraction of minerals
relating to such mining concessions, except with respect to mortgages, the consent of the Issuer
will be required and shall be given in the same judicial proceeding in which the attachment and
sale is sought (as set forth in article 226 of the Mining Code of Chile); and (ii) pursuant to the
Chilean Constitution, the mining concessions corresponding to mining deposits exploited by the
Issuer upon its creation in 1976 cannot be subject to attachment nor to any act of disposition by
the Issuer. Each such waiver is binding under Chilean law and remains in full force and effect.

(cc) Stabilization. The Issuer has not taken, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or
manipulation of the price of the Notes.

(dd) Forward-Looking Statements. No forward-looking statement (within the
meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included in
the General Disclosure Package has been made or reaffirmed without a reasonable basis or has
been disclosed other than in good faith.

(ee) Independent Accountants. Deloitte Auditores y Consultores Ltda., who
have audited the consolidated financial statements of the Issuer as of and for the years ended
December 31, 2019, 2018 and 2017 included in the General Disclosure Package included in the
General Disclosure Package, are an independent audit firm with respect to the Issuer.

4. Further Agreements of the Issuer.
The Issuer covenants and agrees with the Dealer Manager that:

(a) Delivery of Copies. The Issuer will deliver to the Dealer Manager
electronic copies of the Offering Memorandum, the General Disclosure Package and any Issuer
Written Communication (including all amendments and supplements thereto) as the Dealer
Manager may reasonably request.

(b) General Disclosure Package, Amendments or Supplements. Before
making or distributing any amendment or supplement to the General Disclosure Package, the
Issuer will promptly inform and furnish to the Dealer Manager an electronic copy of any such
amendment or supplement for review, and will not distribute any such proposed amendment or
supplement to which the Dealer Manager reasonably objects.

(c) Additional Written Communications. Before making, preparing, using,
authorizing, approving, distributing or referring to any Issuer Written Communication, the Issuer

10
will furnish to the Dealer Manager a copy of such Written Communication for review and will
not make, prepare, use, authorize, approve or refer to any such written communication to which
the Dealer Manager reasonably objects.

(d) Notice to the Dealer Manager. The Issuer will advise the Dealer Manager
promptly, and confirm such advice in writing, (i) of the issuance by any governmental or
regulatory authority of any law, regulation, order or notice preventing or suspending the use of
the General Disclosure Package or any Issuer Written Communication or the initiation or
threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time
prior to the completion of each offering of the Notes as a result of which the General Disclosure
Package or any Issuer Written Communication as then amended or supplemented would include
any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances existing when such General Disclosure
Package or any Issuer Written Communication is delivered to a purchaser, not misleading; and
(iii) of the receipt by the Issuer of any notice with respect to any suspension of the qualification
of the Notes for offer and sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and the Issuer will use its reasonable efforts to prevent the issuance
of any such order preventing or suspending the use of the General Disclosure Package or any
Issuer Written Communication or suspending any such qualification of the Notes and, if any
such order is issued, will obtain as soon as possible the withdrawal thereof.

(e) General Disclosure Package. If at any time prior to the Closing Date, (i)
any event shall occur or condition shall exist as a result of which the General Disclosure Package
as then amended or supplemented would include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) it is necessary to amend or
supplement any General Disclosure Package to comply with applicable law, the Issuer will
immediately notify the Dealer Manager and forthwith prepare and, subject to Section 4(b)
hereof, furnish to the Dealer Manager such amendments or supplements to any General
Disclosure Package as may be necessary so that the statements in the General Disclosure
Package as so amended or supplemented will not, in light of the circumstances under which they
were made, be misleading or so that any General Disclosure Package will comply with
applicable law.

(5 Use of Proceeds. The Issuer will apply the net proceeds from the sale of
the Notes for general corporate purposes.

(2) Information Updates. For a period of one year following the Closing Date,
the Issuer will furnish to the Dealer Manager copies of such publicly available financial or other
information in respect of the Issuer as may reasonably be requested by the Dealer Manager from
time to time.

(h) DTC. The Issuer will assist the Dealer Manager in arranging for the Notes
to be eligible for clearance and settlement through DTC.

(1) No Resales by the Issuer. The Issuer will not, and will use its best efforts
to cause its affiliates (as defined in Rule 144 under the Securities Act) not to, resell any of the

11
Notes that have been acquired by any of them, except for Notes purchased by the Issuer or any of
its affiliates and resold in a transaction registered under the Securities Act.

G) No Integration. Neither the Issuer nor its affiliates will directly or through
any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any
security (as defined in the Securities Act) that is or will be integrated with the sale of the Notes
in a manner that would require registration of the Notes under the Securities Act.

(k) No General Solicitation or Directed Selling Efforts. Neither the Issuer nor
its affiliates nor any other person acting on its or their behalf (other than the Dealer Manager, as
to which no covenant or agreement is made) will (i) solicit offers for, or offer or sell, the Notes
by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D or in any manner involving a public offering within the meaning of
Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts within the
meaning of Regulation S, and all such persons will comply with the offering restrictions
requirements of Regulation S.

(0 No Stabilization. The Issuer will not take, directly or indirectly, any action
designed to or that could reasonably be expected to cause or result in any stabilization or
manipulation of the price of the Notes.

(m) Process Agent. For so long as the Notes remain outstanding, the Issuer
will maintain an authorized agent upon whom process may be served in any legal suit, action or
proceeding based on or arising under this Agreement, and promptly communicate in writing to
the Dealer Manager of any change of such authorized agent.

(n) Offer and Sale of Notes. The Issuer will arrange, if necessary, for the
qualification of the Notes for offering and sale under the securities laws of such jurisdictions as
the Dealer Manager may request and to comply with such laws so as to permit the continuance of
sales and dealings therein in such jurisdictions for as long as may be necessary to complete the
distribution of the Notes; provided that in connection therewith the Issuer shall not be required to
qualify to do business in any jurisdiction where it is not now so qualified or to file a general
consent to service of process in any jurisdiction where it is not now so subject.

(o) Stamp Tax. The Issuer will indemnify and hold harmless the Dealer
Manager against any documentary, stamp or similar issue tax, including any interest and
penalties, on the creation, issue and sale of the Notes and on the execution and delivery of this
Agreement.

5. Certain Representations, Agreements and Acknowledgements of the Dealer
Manager.

(a) The Dealer Manager hereby represents and agrees that it has not and will
not use, authorize the use of, refer to, or participate in the planning for use of, any Written
Communication that constitutes an offer to sell or the solicitation of an offer to buy the Notes
other than (i) the Offering Memorandum, (ii) the General Disclosure Package or any Written
Communication prepared pursuant to Section 4(c) hereof (including any electronic road show),

12
(ii) any Written Communication prepared by the Dealer Manager and approved by the Issuer in
advance in writing, (iv) any Bloomberg or other electronic communications providing certain
ratings or proposed terms of the Notes or relating to marketing, administrative or procedural
matters in connection with the offering of the Notes or (v) any Written Communication relating
to or that contains the terms of the Notes and/or other information that was included in the
Offering Memorandum.

(b) The Dealer Manager hereby represents and warrants to and agrees with the
Issuer that:

(1 Neither it, nor any of its affiliates nor any person acting on its or
their behalf has offered or sold, or will offer or sell, any of the Notes within the United
States or to, or for the account or benefit of, a U.S. person;

(11) Neither it, nor any of its affiliates nor any person acting on its or
their behalf has engaged or will engage in any directed selling efforts (within the meaning
of Regulation S) with respect to the Notes;

(1ii) It, its affiliates and any persons acting on its or their behalf has
complied and will comply with (x) the offering restrictions requirement of Regulation S,
and (y) all applicable laws and regulations in each jurisdiction in which it acquires,
offers, sells or delivers Notes or has in its possession or distributes the Offering
Memorandum, the General Disclosure Package or any such other Written
Communication, in all cases at its own expense;

(iv) All licenses, consents, approvals, authorizations, orders and
clearances of all regulatory authorities required by the Dealer Manager for or in
connection with the underwriting, subscription and/or distribution of the Notes and the
compliance by the Dealer Manager with the terms of any of the foregoing have been
obtained and are in full force and effect;

(v) The commission payable to the Dealer Manager in relation to each
issue of Notes may not be repaid or refunded by it by any means or in any form to the
Issuer or its related parties or its designated persons;

(vi) It has been and will be solely responsible for assessing the identity
and qualifications of the prospective investors in the Notes that purchase Notes from it
and ensuring that the Offering Memorandum is delivered to such investors, in each case
prior to the Applicable Time; and

(vii) It shall deliver the General Disclosure Package to the prospective
investors in the Notes on or before the Closing Date.

(c) The Dealer Manager acknowledges that the Notes have not been registered

in Chile with the Registro de Valores (National Securities Registry) maintained by the Comisión
para el Mercado Financiero (Financial Markets Commission) and that no action has been or will

13
be taken by the Issuer that would permit a public offering of the Notes in Chile, and that,
accordingly, the Notes may not be publicly offered or sold in Chile.

(d) With respect to each issue of Notes, the Dealer Manager agrees that it
shall subscribe the Notes in the amounts set forth in the Final Terms on the Closing Date, all on

the terms set forth herein.

6. Conditions of the Dealer Manager”s Obligations.

The obligation of the Dealer Manager to purchase Notes on the Closing Date as
provided herein is subject to the performance by the Issuer of its covenants and other obligations
hereunder and to the following additional conditions:

(a) Representations_and Warranties. The representations and warranties of the
Issuer contained herein will be true and correct at the Applicable Time and on and as of the
Closing Date; and the statements of the Issuer and its officers made in any certificates delivered
pursuant to this Agreement will be true and correct on and as of the Closing Date.

(b) No Downgrade. Subsequent to the earlier of (A) the Applicable Time and
(B) the execution and delivery of this Agreement, (i) none of Standard $ Poor’s Rating Services
(“S82P”) or Moody’s Investors Service, Inc. (“Moody’s”) will have downgraded any debt
securities issued by the Issuer and (ii) none of SéP or Moody”s will have announced that it has
under surveillance or review, or has changed its outlook with respect to, its rating of any debt
securities issued by the Issuer (other than an announcement with positive implications ofa
possible upgrading).

(c) Officer?s Certificate. The Dealer Manager shall have received on and as of
the Closing Date a certificate of a senior officer of the Issuer who has specific knowledge of the
Issuer’s financial matters and is satisfactory to the Manager (i) confirming that such officer has
carefully reviewed the General Disclosure Package and, to the knowledge of such officer, the
representations set forth in Section 3(a) hereof are true and correct, (ii) confirming that the other
representations and warranties of the Issuer in this Agreement are true and correct and that the
Issuer has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in Sections 3(j)
and 6(b) hereof.

(d) DTC. The Notes will be eligible for clearance and settlement through
DTC.

(e) Corporate Proceedings. All corporate proceedings and other legal matters
incident to the authorization, form and validity of each of the Fiscal and Agency Agreement, the
Notes and this Agreement and all other legal matters relating to this Agreement and the
transactions contemplated hereby and thereby will be reasonably satisfactory in all respects to
the Dealer Manager, and the Issuer will have furnished to the Dealer Manager all documents and
information that it may reasonably request to enable it to pass upon such matters, including but
not limited to (1) adoption of resolutions by the Directorio (the Board of Directors) of the Issuer
authorizing the Issuer to incur the indebtedness represented by the Notes; (ii) the authorization

14
granted by the Minister of Finance for the Issuer to enter into negotiations relating to the issue of
the Notes; and (ii) the authorization granted by the Minister of Finance to the Issuer to issue the
Notes.

7. Indemnification and Contribution.

(a) Indemnification of the Dealer Manager. The Issuer agrees to indemnify
and hold harmless the Dealer Manager, its affiliates, directors, officers, employees, agents and
each person, if any, who controls such Dealer Manager within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, reasonable and documented legal fees and
other expenses incurred by any such entity or person in connection with any suit, action or
proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that
arise out of, or are based upon, any untrue statement or alleged untrue statement of a material
fact contained in the Offering Memorandum, the General Disclosure Package or any Issuer
Written Communication (or any amendment or supplement thereto) or any omission or alleged
omission to state therein a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with
any information furnished to the Issuer in writing by the Dealer Manager expressly for use
therein (it being understood and agreed that the only such information is that described in
Section 7(g) hereof).

(b) Indemnification of the Issuer. The Dealer Manager agrees to indemnify
and hold harmless the Issuer, its directors, officers, employees and each person, if any, who
controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act to the same extent as the indemnity set forth in Section 7(a) hereof, but only with
respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and
in conformity with any information relating to such Dealer Manager furnished to the Issuer in
writing by the Dealer Manager expressly for use in the General Disclosure Package or any Issuer
Written Communication (or any amendment or supplement thereto) (it being understood and
agreed that the only such information is that described in Section 7(g) hereof), and will
reimburse any reasonable and documented legal fees and other expenses incurred by the Issuer in
connection with defending any such loss, claim, damage, liability or action, as such fees and
expenses are incurred.

(c) Notice and Procedures. If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against
any person in respect of which indemnification may be sought pursuant to either Section 7(a) or
Section 7(b) hereof, such person (the “Indennified Person”) shall promptly notify the person
against whom such indemnification may be sought (the “Indemnifying Person”) in writing;
provided that the failure to notify the Indemnifying Person will not relieve it from any liability
that it may have under this Section 7 except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Indemnifying Person will not relieve it from any liability that it may

15
have to an Indemnified Person otherwise than under this Section 7. If any such proceeding shall
be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying
Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others entitled to
indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such
proceeding and shall pay the reasonable and documented fees and expenses of such counsel
related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall
have the right to retain its own counsel, but the fees and expenses of such counsel will be at the
expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within
a reasonable time to retain counsel reasonably satisfactory to the Indemmified Person; (iii) the
Indemnified Person shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the Indemnifying Person; or (iv)
the named parties in any such proceeding (including any impleaded parties) include both the
Indemnifying Person and the Indemnified Person and representation of both parties by the same
counsel would be inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person will not, in connection with any proceeding
or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indennified Persons, and that all such
fees and expenses will be reimbursed as they are incurred. Any such separate firm for the Dealer
Manager, its affiliates, directors and officers and any control persons of such Dealer Manager
will be designated in writing by the Dealer Manager, and any such separate firm for the Issuer
and any control persons of the Issuer will be designated in writing by the Issuer. The
Indemnifying Person will not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Person agrees to indemnify each Indemmified Person from and against any loss
or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if
at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse
the Indemnified Person for fees and expenses of counsel as contemplated by this Section 7(c),
the Indemnifying Person will be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 30 days after receipt by the
Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed
the Indemnified Person in accordance with such request prior to the date of such settlement. No
Indemnifying Person shall, without the written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnification could have been sought hereunder by such
Indemnified Person, unless such settlement (x) includes an unconditional release of such
Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person,
from all liability on claims that are the subject matter of such proceeding and (y) does not
include any statement as to or any admission of fault, culpability ora failure to act by or on
behalf of any Indemnified Person.

(d) Contribution. If the indemnification provided for in Section 7(a) and
Section 7(b) hereof is unavailable to an Indemnified Person or insufficient in respect of any
losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under
such Sections, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to

16
the amount paid or payable by such Indemnified Person as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits
received by the Issuer on the one hand and the Dealer Manager on the other from the offering of
the Notes or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)
but also the relative fault of the Issuer on the one hand and the Dealer Manager on the other in
connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the Issuer on the one hand and the Dealer Manager on the other will be deemed to be in the
same respective proportions as the net proceeds (before deducting expenses) received by the
Issuer from the sale of the Notes and the total discounts and commissions received by the Dealer
Manager in connection therewith, as provided in this Agreement, bear to the aggregate offering
price of the Notes. The relative fault of the Issuer on the one hand and the Dealer Manager on the
other will be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Issuer or by the Dealer Manager and the parties” relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

(e) Limitation on Liability. The Issuer and the Dealer Manager agree that it
would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in Section 7(d) hereof. The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages and liabilities referred to in Section 7(d) hereof
will be deemed to include, subject to the limitations set forth above, any reasonable and
documented legal or other expenses incurred by such Indemnified Person in connection with any
such action or claim. Notwithstanding the provisions of this Section 7, in no event will the
Dealer Manager be required to contribute any amount in excess of the amount by which the total
discounts and commissions received by such Dealer Manager with respect to the offering of the
Notes exceeds the amount of any damages that such Dealer Manager has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Dealer Manager”s obligations to contribute pursuant to this
Section 7 are several in proportion to their respective purchase obligations hereunder and not
joint.

(5 Non-Exclusive Remedies. The remedies provided for in this Section 7 are
not exclusive and will not limit any rights or remedies that may otherwise be available to any
Indemnified Person at law or in equity.

(8) Dealer Manager Information. For purposes of this Section 7 and this
Agreement generally, it shall be understood and agreed that the only information furnished to the
Issuer in writing by the Dealer Manager expressly for use therein consists of the statements
concerning the Dealer Manager in (i) the single sentence following the second full paragraph
regarding the purchase price, (ii) the second sentence of the sixth paragraph regarding market
making activities, (iii) the seventh paragraph related to stabilization and syndicate covering

17
transactions and (iv) the third sentence of the ninth paragraph regarding hedging activity under
the heading “Plan of Distribution” in the Offering Memorandum.

8. Termination.

This Agreement may be terminated in the absolute discretion of the Dealer
Manager, by notice to the Issuer, if after the execution and delivery of this Agreement and on or
prior to the Closing Date (1) trading generally shall have been suspended or materially limited on
the New York Stock Exchange, the NASDAQ Stock Exchange, Bolsa de Comercio de Santiago
(Santiago Stock Exchange) or minimum prices shall have been established on any such exchange
by such exchange or by any regulatory body having jurisdiction over such exchange; (ii) trading
of any securities issued by any of the Issuer shall have been suspended on any exchange in
Santiago; (iii) a material disruption in securities settlement, payment or clearance services in the
United States, the European Union or Chile shall have occurred; (iv) a banking moratorium shall
have been declared in New York either by federal or New York state authorities, in Chile by the
Chilean Central Bank or other competent government regulator or other competent government
regulator; (v) there shall have occurred any outbreak or escalation of hostilities involving the
United States or Chile or any Chilean, U.S. or international calamity or crisis that in the
judgment of the Dealer Manager is so material and adverse as to make it impracticable or
inadvisable to proceed with the offering, sale or delivery of the Notes on the terms and in the
manner contemplated by this Agreement and the General Disclosure Package; or (vi) there shall
have been such a material adverse change in U.S., Chilean, European Union or international
monetary, general economic, political or financial conditions (including, without limitation, with
respect to currency exchange rates and exchange controls) as to make it, in the judgment of the
Dealer Manager, inadvisable to proceed with the payment for and delivery of the Notes.

9. Defaulting Dealer Manager. Nothing contained herein will relieve a defaulting
Dealer Manager of any liability it may have to the Issuer for damages caused by its default
hereunder.

10. Payment of Expenses.

(a) Whether or not the transactions contemplated by this Agreement are
consummated or this Agreement is terminated, the Issuer will, subject to Section 10(b) hereof,
pay or cause to be paid all fees, expenses and costs incident to the performance of its obligations
hereunder, including, without limitation, (1) the costs incident to the authorization, issuance, sale,
preparation and delivery of the Notes and any stamp, transfer or similar taxes payable in
connection therewith; (ii) the costs incident to the preparation and/or printing of the Offering
Memorandum, the General Disclosure Package and any Issuer Written Communication
(including any amendment or supplement thereto) and the distribution thereof; (iii) the
reasonable and documented fees and expenses of U.S. counsel to the Issuer; (iv) the fees and
expenses of the Fiscal Agent and any paying agent, registrar or transfer agent for the Notes
(including the reasonable and documented fees and expenses of any counsel thereto); and (v) all
expenses and application fees incurred in connection with the approval of the Notes for clearance
and settlement through DTC.

18
(b) Tf (3) the Issuer for any reason fails to tender the Notes for delivery to the
Dealer Manager or (ii) the Dealer Manager declines to purchase the Notes for any reason
permitted under this Agreement (other than under Section 8(i), (iii), (iv), (v) or (vi) hereof or
Section 9 hereof), the Issuer’s and the Dealer Manager”s respective obligations under Section
10(a) hereof shall continue to apply. If this Agreement is terminated pursuant to Section 9
hereof, the Issuer shall not be obligated to reimburse the Dealer Manager any travel expenses
incurred by the Dealer Manager’s representatives in connection with any road show presentation
referred to in Section 10(a)(vi) or the expenses referred to in Section 10(a)J(vil).

11. Persons Entitled_to Benefit of Agreement. This Agreement will inure to the
benefit of and be binding upon the parties hereto and their respective successors and any
controlling persons referred to herein, and the respective affiliates, officers and directors of the
Dealer Manager referred to in Section 7 hereof. Nothing in this Agreement is intended or will be
construed to give any other person any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision contained herein. No purchaser of Notes from the
Dealer Manager will be deemed to be a successor merely by reason of such purchase.

12. Submission to Jurisdiction. Each of the parties hereto irrevocably agrees that any
legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any U.S. federal or New York state court located in
The Borough of Manhattan, The City of New York and any competent court located in the
domicile of the Issuer or the Dealer Manager, with respect to actions brought against the Issuer
or the Dealer Manager as defendant, and irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of venue of any such
proceeding, waives any right to any other jurisdiction to which it may be entitled on account of
place of residence, domicile or any other reason and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding.

The Issuer acknowledges and accepts that the Fiscal and Agency Agreement, the Notes
and this Agreement are private and commercial rather than public or governmental acts. To the
extent that the Issuer may be entitled in any jurisdiction in which judicial proceedings may at any
time be commenced hereunder, to claim for itself or its revenues or assets any immunity,
including sovereign immunity, from suit, jurisdiction, attachment in aid of execution ofa
judgment or prior to a judgment, execution of a judgment or any other legal process with respect
to its obligations hereunder, and to the extent that in any such jurisdiction there may be attributed
to the Issuer such an immunity (whether or not claimed), the Issuer hereby irrevocably agrees not
to claim and irrevocably waives such immunity to the maximum extent permitted by law, except
that (1) for the attachment and judicial sale of mining concessions and installations and other
goods permanently dedicated to exploration or extraction of minerals relating to such mining
concessions, except with respect to mortgages, the consent of the Issuer will be required and
shall be given in the same judicial proceeding in which the attachment and sale is sought (as set
forth in article 226 of the Mining Code of Chile); and (ii) pursuant to the Chilean Constitution,
the mining concessions corresponding to mining deposits exploited by the Issuer upon its
creation in 1976 cannot be subject to attachment nor to any act of disposition by the Issuer. Each
such waiver is binding under Chilean law and remains in full force and effect. Notwithstanding
the foregoing, any action based on this Agreement may be instituted by the Dealer Manager in
any competent court in Chile.

19
13. Survival. The respective indemnities, rights of contribution, representations,
warranties and agreements of the Issuer, on the one hand, and the Dealer Manager, on the other
hand, contained in this Agreement or made by or on behalf of the Issuer or the Dealer Manager
pursuant to this Agreement or any certificate delivered pursuant hereto will survive the delivery
Of and payment for the Notes and will remain in full force and effect, regardless of any
termination of this Agreement or any investigation made by or on behalf of the Issuer or the
Dealer Manager.

14. Additional _Amounts. If the compensation (including a Dealer Managers
commission) or any other amounts to be received by the Dealer Manager under this Agreement
(including, without limitation, indemnification and contribution payments), as a result of entering
into, or the performance ofits obligations under, this Agreement, are subject to any present or
future taxes, assessments, deductions, withholdings or charges of any nature imposed or levied
by or on behalf of Chile or any political subdivision thereof or taxing authority therein (“Chilean
Taxes”), then the Issuer will pay to such Dealer Manager an additional amount so that the net
amount such Dealer Manager receives, after such withholding or deduction of such Chilean
Taxes, shall equal the amounts that would have been received if no such withholding or
deduction had been made; provided, however, that no such additional amounts shall be paid by
the Issuer on account of any tax imposed on such Dealer Manager by reason of any connection
between such Dealer Manager and Chile or any political subdivision thereof or therein other than
entering into this Agreement and receiving payments hereunder, or enforcement of rights under
this Agreement. If any Chilean Taxes are collected by deduction or withholding, the Issuer will
upon request provide to the Dealer Manager copies of documentation evidencing the transmittal
to the proper authorities of the amount of Chilean Taxes deducted or withheld.

15. Judgment Currency. To the fullest extent permitted under applicable law, the
Issuer will indemnify the Dealer Manager against any loss incurred by it as a result of any
judgment or order against the Issuer, being given or made and expressed and paid in a currency
(“Judgment Currency”) other than U.S. dollars and as a result of any variation as between (1) the
rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the
purpose of such judgment or order and (ii) the spot rate of exchange in New York, New York at
which such Manager on the date of payment of such judgment or order is able to purchase U.S.
dollars with the amount of the Judgment Currency actually received by such Manager. The
foregoing indemnity will constitute a separate and independent obligation of the Issuer and will
continue in full force and effect notwithstanding any such judgment or order as aforesaid. The
term “spot rate of exchange” will include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, U.S. dollars.

16. Certain Defined Terms. For purposes of this Agreement, (a) except where
otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the
Securities Act; (b) the term “business_day” means any day other than a Saturday, a Sunday ora
legal holiday ora day on which banking institutions in The City of New York, New York,

United States, Santiago, Chile or London, United Kingdom, are authorized or required by law,
regulation or executive order to close; (c) the term “Consolidated _Subsidiary” means, at any date,
any Subsidiary or other entity the accounts of which would be consolidated with those of the
Issuer in accordance with IFRS in its consolidated financial statements if such statements were
prepared as of such date; (d) the term “Subsidiary” has the meaning set forth in Rule 405 under

20
the Securities Act; and (e) the term “Written Communication” has the meaning set forth in Rule
405 under the Securities Act.

17. Waiver_of Jury Trial. Each of the parties hereto irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

18. Miscellaneous.

(a) Recognition of the U.S. Special Resolution Regimes. In the event that the
Dealer Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Dealer Manager of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United
States. In the event that the Dealer Manager that is a Covered Entity or a BHC Act Affiliate of
such Dealer Manager becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against such Dealer Manager are
permitted to be exercised to no greater extent than such Default Rights could be exercised under
the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United
States or a state of the United States. For purposes of this Section 18(a):

“BHC Act Affiliate” has the meanmg assigned to the term “affiliate” im, and shall be
interpreted in accordance with, 12 U.S.C. $1841(k).

“Covered Entity” means any of the following: (1) a “covered entity” as that term is
defined im, and interpreted in accordance with, 12 C.F.R. $252.82(b); (ii) a “covered bank” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. $47.3(b); or (11) a “covered
FST” as that term is defined in, and interpreted in accordance with, 12 C.F.R. $382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. $8252.81, 47.2 or 382.1, as applicable.

“U.S. Special Resolution Regime” means each of (1) the Federal Deposit Insurance Act
and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.

(b) Notices. All notices and other communications hereunder will be in
writing and will be deemed to have been duly given if mailed or transmitted and confirmed by
any standard form of telecommunication. Notices to the Dealer Managers will be given to it c/o
Banco Santander, S.A. (fax no.: +34 91 759 48 36), Ciudad Grupo Santander Avda. Cantabria
sn, 28660 Boadilla del Monte, Madrid, Spain. Notices to the Issuer will be given to it at
Corporación Nacional del Cobre de Chile, c/o Lorena Ferreiro Vidal, General Counsel,
Huérfanos 1270, Santiago, Chile, Facsimile: +562-2690-3021, Attention: Legal Department.

(c) Governing_ Law. This Agreement will be governed by, and construed in
accordance with, the laws of the State of New York.

21
(d) Counterparts. This Agreement may be signed in counterparts (which may
include counterparts delivered by any standard form of telecommunication), each of which will
be an original and all of which together will constitute one and the same instrument.

(e) Amendments or Waivers. No amendment or waiver of any provision of
this Agreement, nor any consent or approval to any departure therefrom, will in any event be
effective unless the same shall be in writing and signed by the parties hereto.

(5 Headings. The headings herein are included for convenience of reference
only and are not intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

(2 USA Patriot Act. In accordance with the requirements ofthe USA Patriot
Act (Title TIT of Pub. L. 107-56 (signed into law October 26, 2001)), the Dealer Manager may be
required to obtain, verify and record information that identifies its clients, including the Issuer,
which information may include the name and address of their respective clients, as well as other
information that will allow the Dealer Manager to properly identify its clients.

[Signature pages follow]

22
If the foregoing is in accordance with your understanding, please indicate your
acceptance of this Agreement by signing in the space provided below.

Very truly yours,
CORPORACIÓN NACIONAL DEL COBRE DE

—AS3S

Name: Alejandro Sanhueza Diaz
Title: Head of Finance

By.

[Signature to the Subscription Agreement |
CONFIRMED AND ACCEPTED,
as of the date first above written:

Banco Santander, S.A.

/

¿ió AN hos

HATTHISS D’Meve
BA
Name: Matthias Willem Francoise Gera Dhaene
Title: Executive Director

A
y IN
C 4 E ht

By.
Name: Eric Bellanger
Title: Executive Director

[Signature Page to Subscription Agreement]
ANNEX A

ADDITIONAL GENERAL DISCLOSURE PACKAGE ITEMS

CODELCO Audited Consolidated Financial Statements for the period ending and as of December
31, 2019

CODELCO Audited Consolidated Financial Statements for the period ending and as of December
31, 2018 and 2017

CODELCO Management’s Discussion and Analysis of Financial Condition and Results of
Operation and Business description relating to the period ending September 30, 2019
ANNEX B

FINAL TERMS

[Attached]

B-1
Corporación Nacional del Cobre de Chile
U.S.$131,000,000 4.500% Notes due 2023

Pricing Term Sheet

Issuer: Corporación Nacional del Cobre de Chile
Security Description: 4.500% Notes due 2023 (the “Notes”)

Type of Offering: Regulation S

Reopening Principal Amount: U.S.$131,000,000

Reopening: The Notes will constitute a further issuance of

and will form a single series with the Issuer”s
4.500% Notes due 2023 that were issued on
August 13, 2013 in the aggregate principal
amount of U.S.$750,000,000 (the “Original
Notes”) (for a total ageregate principal amount
of U.S.$881,000,000). The Notes will have
substantially identical terms as the Original
Notes and will become fully fungible with the
Original Notes following the termination of
certain U.S. selling restrictions. During the
periods subject to certain U.S. selling
restrictions, the Notes offered pursuant to
Regulation S will have temporary CUSIPs and

ISINs.
Maturity Date: August 13, 2023
Coupon: 4.500%
Reoffer Price to Public: 103.812% of principal amount, plus accrued

interest in the amount of U.S.$10.625 per
U.S.$1,000 principal amount of Notes for the
period from and including February 13, 2019 up
to but excluding May 8, 2020.

Yield to Maturity: 3.258%

Spread to Benchmark Treasury: +302.3 bps

Benchmark Treasury: 0.25% due April 15, 2023
Gross Proceeds to Issuer (excluding accrued
interest):

Interest Payment Dates:

Trade Date:
Settlement Date:

Tax Redemption:

Additional Amounts:

Day Count Convention:
Minimum Denominations:
Issuer Ratings*:

Dealer Manager:
Regulation S CUSIP /ISIN:

Temporary Regulation S CUSIP /ISIN for the
40-day distribution period:

U.S.$135,993,720

February 13 and August 13 of each year,
commencing August 13, 2020.

April 30, 2020

May 8, 2020 (T+5)

In the event of certain changes in the
withholding tax treatment relating to payments
on the Notes, redeemable in whole but not in
part, at 100% of their principal amount, plus
accrued and unpaid interest to the date of
redemption, and any additional amounts due
thereon.

In the event of withholding on account of certain
taxes imposed by Chile, Issuer will pay
additional amounts.

30 /360

U.S.$200,000 / U.S.$1,000

A3, stable / A, negative (Moody’s / S£P)
Banco Santander, S.A.

P3143NARS /USP3143NAR54

P3143NBL7 /USP3143NBL75

*A rating is not a recommendation to buy, sell or hold securities and may be subject to revision or

withdrawal at any time.

This communication is intended for the sole use of the person to whom it is provided by the sender.

The Notes will be offered to non-U.S. persons in offshore transactions outside the United
States in accordance with Regulation S of the Securities Act. The Notes have not been and
will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), or under the securities laws of any state in the United States, and may not be offered or
sold in the United States absent a registration or an applicable exemption from the
registration requirements under the Securities Act. This document is not a prospectus or a
registration statement.

These confidential materials have been provided solely to you by Banco Santander, S.A.
(“Santander”) in connection with an actual or potential mandate or engagement and may not be
used or relied upon by any other person or for any purpose other than as specifically contemplated
by a written agreement with Santander. Except as provided below, these materials may not be
disclosed, in whole or in part, summarized, referred to or otherwise distributed to any person except
as agreed in writing by Santander.

The information used in preparing these materials was obtained from or through you or your
representatives or from public sources. Santander assumes no responsibility for independent
verification of such information and has relied on such information being complete and accurate.
To the extent such information includes estimates and forecasts of future financial performance
(including estimates of potential cost savings and synergies) prepared by or reviewed or discussed
with the managements of your company and/or other potential transaction participants or obtained
from public sources, we have assumed that such estimates and forecasts have been reasonably
prepared on bases reflecting the best currently available estimates and judgments of such
managements (or, with respect to estimates and forecasts obtained from public sources, represent
reasonable estimates). Santander expressly disclaims any and all liability that may be based on any
information contained herein, errors therein or omissions therefrom. The information, analysis and
opinions contained herein constitute our present judgment which is subject to change at any time
without notice, and Santander assumes no obligation to update, correct or otherwise revise these
materials.

These materials have been prepared for informational purposes to assist you in making your own
evaluation of a potential transaction and with the express understanding that they will be used for
only such purpose. Nothing on these materials is intended by Santander to be construed as legal,
accounting or tax advice. These materials are not intended to be used and cannot be used to avoid
tax penalties under the U.S. Internal Revenue Code. For all purposes you should obtain your own
independent advice regarding the legal, accounting and tax effects of the proposals outlined in these
materials based on your particular circumstances. Santander does not warrant or guarantee the

legal, accounting or tax results of these proposals.

You (and each of your employees, representatives, or other agents) may disclose to any and all
persons, without limitation of any kind, the U.S. tax treatment and the U.S. tax structure of any
structure described herein and all materials of any kind (including opinions or other U.S. tax
analyses) that are provided to you relating to such U.S. tax treatment and U.S. tax structure.

The provision of this document shall not be regarded as creating any form of adviser/client
relationship, and Santander may only be regarded by you as acting on your behalf as financial
adviser or otherwise following the execution of an engagement letter on mutually satisfactory
terms. This is not a recommendation, offer or solicitation to purchase or sell any security,
commodity, currency or other instrument. These materials are not an agreement by Santander to
underwrite, place or purchase any securities of any entity or to provide any financing to any entity.
ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR BELOW IS NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH
DISCLAIMER OR NOTICE WAS AUTOMATICALLY GENERATED AS A RESULT OF
THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER E-MAIL
SYSTEM.

B-5
ANNEX C

RESTRICTIONS ON OFFERS AND SALES OUTSIDE THE UNITED STATES
In connection with offers and sales of Notes outside the United States:

(a) The Dealer Manager acknowledges that the Notes have not been registered
under the Securities Act and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not
subject to, the registration requirements of the Securities Act.

(b) The Dealer Manager represents, warrants and agrees that:

(1) Such Dealer Manager has offered and sold the Notes, and will offer
and sell the Notes, (A) as part of their distribution at any time and (B) otherwise until 40
days after the later of the commencement of the offering of the Notes and the Closing
Date, only in accordance with Regulation S under the Securities Act (“Regulation S”) or
any other available exemption from registration under the Securities Act.

(1i) None of such Dealer Manager or any of its affiliates or any other
person acting on its or their behalf has engaged or will engage in any directed selling
efforts with respect to the Notes, and all such persons have complied and will comply
with the offering restrictions requirements of Regulation $S.

(tii) Such Dealer Manager has not and will not enter into any contractual
arrangement with any distributor with respect to the distribution of the Notes, except with
its affiliates or with the prior written consent of the Issuer.

Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement
have the meanings given to them by Regulation S.
IMPORTANT NOTICE

THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QUALIFIED INSTITUTIONAL BUYERS (“QIBs”)
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)) OR (2)
NON-US PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) OUTSIDE THE U.S.

IMPORTANT: You must read the following before continuing. The following applies to the Offering Memorandum following this page, and
you are advised to read this carefully before reading, accessing or making any other use of the Offering Memorandum. In accessing the Offering
Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any
information from us as a result of such access.

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE
IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT,
OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE
OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE LAWS OF OTHER JURISDICTIONS.
THE OFFERING MEMORANDUM AND THE OFFER OF THE NOTES ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS IN
MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF
ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (DIRECTIVE 2003/71/EC) AND RELATED IMPLEMENTATION MEASURES IN
MEMBER STATES ((QUALIFIED INVESTORS”). IN ADDITION, IN THE UNITED KINGDOM THE OFFERING MEMORANDUM IS
ONLY BEING DISTRIBUTED TO PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS
FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER
2005, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER
REFERRED TO AS “RELEVANT PERSONS”). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS OFFERING
MEMORANDUM RELATES IS AVAILABLE ONLY TO (1) IN THE UNITED KINGDOM, RELEVANT PERSONS, AND (II) IN ANY
MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OTHER THAN THE UNITED KINGDOM, QUALIFIED INVESTORS, AND
WILL BE ENGAGED IN ONLY WITH SUCH PERSONS. IN ADDITION, NO PERSON MAY COMMUNICATE OR CAUSE TO BE
COMMUNICATED ANY INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY, WITHIN THE MEANING OF
SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE “FSMA”), RECEIVED BY IT IN CONNECTION WITH
THE ISSUE OR SALE OF THE NOTES OTHER THAN IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT
APPLY TO US.

THE FOLLOWING OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY
NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS
DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A
VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.

Confirmation of your Representation: In order to be eligible to view this Offering Memorandum or make an investment decision with respect
to the securities, investors must be either (1) QIBs or (2) non-US persons (within the meaning of Regulation S under the Securities Act) outside
the U.S. This Offering Memorandum is being sent at your request and by accepting the e-mail and accessing this Offering Memorandum, you
shall be deemed to have represented to us that (1) you and any customers you represent are either (a) QIBs or (b) non-U.S. persons (within the
meaning of Regulation S under the Securities Act), and (2) that you consent to delivery of such Offering Memorandum by electronic transmission.

You are reminded that this Offering Memorandum has been delivered to you on the basis that you are a person into whose possession this Offering
Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you
authorized to, deliver this Offering Memorandum to any other person.

The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or
solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Initial Purchasers or
any affiliate of the Initial Purchasers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the Initial Purchasers
or such affiliate on behalf of the issuer in such jurisdiction.

This Offering Memorandum has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered
or changed during the process of electronic transmission, and consequently neither the Initial Purchasers, nor any person who controls them nor any of
their directors, officers, employees nor any of their agents nor any affiliate of any such person accept any liability or responsibility whatsoever in respect
of any difference between this Offering Memorandum distributed to you in electronic format and the hard copy version available to you on request
from the Initial Purchasers.
OFFERING MEMORANDUM Strictly confidential

U.S.$ 750,000,000

CODELCO

Corporación Nacional del Cobre de Chile
4.500% Notes due 2023

The notes will bear interest at the rate of 4.500% per year and will mature on August 13, 2023. The interest on the notes will be
payable semi-annually in arrears on February 13 and August 13 of each year, beginning on February 13, 2014. The notes will not be
redeemable prior to maturity except in the event of certain developments affecting taxation. See “Description of Notes—Tax
Redemption.”

The notes will be direct, unsecured and unsubordinated obligations of Corporación Nacional del Cobre de Chile (“CODELCO” or
the “Company”) and will rank pari passu with all other unsecured and unsubordinated obligations of CODELCO. See “Description
of Notes—General.”

Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF
market of the Luxembourg Stock Exchange; however, the notes have not yet been listed. Currently, there is no public market for the
notes.

See “Risk Factors” beginning on page 13 for a discussion of certain risks that you should consider in connection with an
investment in the notes.

Neither the U.S. Securities and Exchange Commission (“SEC”) nor any other regulatory body has approved or disapproved
of these securities or passed upon the adequacy or accuracy of this offering memorandum. Any representation to the
contrary is a criminal offense.

The notes have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws, and are being offered and sold only to (1) qualified institutional buyers under Rule 144A under the Securities Act and
(ii) persons outside the United States under Regulation S under the Securities Act. For a description of certain restrictions on
transfer of the notes, see “Transfer Restrictions” and “Plan of Distribution.”

The notes will be delivered in book-entry form only through the facilities of The Depository Trust Company (“DTC”) and its direct
and indirect participants, including Euroclear Bank S.A./N.V. (“Euroclear”), as operator of the Euroclear system, and Clearstream
Banking, société anonyme, Luxembourg (“Clearstream”) against payment on or about August 13, 2013.

Issue price: 99.864% plus accrued interest, if any, from August 13, 2013.

Joint Book-Running Managers

HSBC BofA Merrill Lynch Mitsubishi UFJ Securities

The date of this offering memorandum is August 6, 2013.

Radomiro Tomic
El Abra
Chuquicamata

Gabriela Mistrar Ministro Hales

Salvador

Ventanas

Santiago
(Headquarters)

El Teniente

(Illustrative map of continental Chile)
We have not authorized anyone to provide any information other than that contained in this offering
memorandum. We take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. We are not, and the initial purchasers are not, making an offer of
these securities in any jurisdiction where the offer is not permitted. Prospective investors should not assume
that the information contained in this offering memorandum is accurate as of any date other than the date on
the front of this offering memorandum.

After having made all reasonable inquiries, we confirm that the information contained in this offering
memorandum is true and accurate in all material respects, that the opinions and intentions expressed herein are
honestly held, and that there are no other facts the omission of which would make this offering memorandum as a
whole or any of such information or the expression of any such opinions or intentions misleading. CODELCO
accepts responsibility accordingly.

Unless otherwise indicated or the context otherwise requires, all references in this offering memorandum to
“CODELCO,” the “Company,” “we,” “our,” “ours,” “us” or similar terms refer to Corporación Nacional del Cobre
de Chile (CODELCO) together with its subsidiaries.

TABLE OF CONTENTS

Note Regarding Forward Looking Statements … y
Enforceability of Civil Liabilities…………………
Presentation of Financial and Statistical Information
Summary.
Summary Consolidated Financial Data .
Risk Factors
Use of Proceeds .
Capitalization..
Exchange Rates .
Selected Consolidated Financial Data
Selected Operating Data ooo…
Management’s Discussion and Analysis of Financial Condition and Results of Operations ..
Business and Properties…………
Overview of the Copper Market…
Regulatory Framework
Management
Related Party Transactions
Foreign Investment and Exchange Controls in Chile
Description of Notes
Taxation
Plan of Distribution .
Transfer Restrictions
Validity of the Notes
Independent Auditors ..
Glossary of Certain Mining Terms.
General Informati0N …ooniinncn..
Unaudited Interim Consolidated Financial Statements….
Consolidated Financial Statements for the Years Ended December 31, 2011 and 2012
Consolidated Financial Statements for the Years Ended December 31, 2009 and 2010…

The notes may not be offered or sold, directly or indirectly, in the Republic of Chile (“Chile”) or to any
resident of Chile, except as permitted by applicable Chilean law.

This offering memorandum has been prepared by CODELCO solely for use in connection with the
proposed offering of the securities described herein. This offering memorandum is personal to each offeree and
does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire
securities. We and the initial purchasers reserve the right to reject for any reason any offer to purchase any of the
notes.

This offering memorandum may only be used for the purposes of this offering.

The initial purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this offering memorandum. Nothing contained in this offering
memorandum is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past or
future. CODELCO has furnished the information contained in this offering memorandum. The initial purchasers
have not independently verified any of the information contained herein (financial, legal or otherwise) and assume
no responsibility for the accuracy or completeness of any such information.

In making an investment decision, prospective investors must rely on their own examination of CODELCO
and the terms of the offering, including the merits and risks involved. Prospective investors should not construe
anything in this offering memorandum as legal, business or tax advice. Each prospective investor should consult its
own advisors as needed to make its investment decision and to determine whether it is legally permitted to purchase
the securities under applicable legal investment or similar laws or regulations. Investors should be aware that they
may be required to bear the financial risks of this investment for an indefinite period of time.

This offering memorandum contains summaries believed to be accurate with respect to certain documents,
but reference is made to the actual documents for complete information. All such summaries are qualified in their
entirety by such reference. Copies of documents referred to herein will be made available to prospective investors
upon request to CODELCO or the initial purchasers, and at the office of the Luxembourg paying agent.

IN CONNECTION WITH THIS OFFERING, HSBC SECURITIES (USA) INC., MERRILL
LYNCH, PIERCE, FENNER €: SMITH INCORPORATED OR MITSUBISHI UFJ SECURITIES (USA),
INC., OR ANY PERSON ACTING FOR ANY OF THEM, MAY OVER-ALLOT OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES ATA
LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD
AFTER THE ISSUE DATE. HOWEVER, THERE IS NO OBLIGATION FOR HSBC SECURITIES (USA)
INC., MERRILL LYNCH, PIERCE, FENNER 8 SMITH INCORPORATED OR MITSUBISHI UFJ
SECURITIES (USA), INC., OR ANY PERSON ACTING FOR ANY OF THEM, TO DO THIS. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND MUST BE
BROUGHT TO AN END AFTER A LIMITED PERIOD.

You must (1) comply with all applicable laws and regulations in force in any jurisdiction in connection
with the possession or distribution of this offering memorandum and the purchase, offer or sale of the notes and (2)
obtain any consent, approval or permission required to be obtained by you for the purchase, offer or sale by you of
the notes under the laws and regulations applicable to you in force in any jurisdiction to which you are subject or in
which you make such purchases, offers or sales; neither we nor the initial purchasers shall have any responsibility
therefor. See “Transfer Restrictions” for information concerning some of the transfer restrictions applicable to the
notes.

ii
You acknowledge that:

e you have been afforded an opportunity to request from us, and to review, all additional information
considered by you to be necessary to verify the accuracy of, or to supplement, the information
contained in this offering memorandum;

* you have not relied on the initial purchasers or any person affiliated with the initial purchasers in
connection with your investigation of the accuracy of such information or your investment decision;
and

e noperson has been authorized to give any information or to make any representation concerning us or
the notes, other than as contained in this offering memorandum and, if given or made, any such other
information or representation should not be relied upon as having been authorized by us or the initial
purchasers.

This offering memorandum is only being distributed to and is only directed at (i) persons who are outside
the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons
to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons
together being referred to as “relevant persons”). Any notes will only be available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on this offering memorandum or any of its contents.

To the extent that the offer of the notes is made in any European Economic Area (“EEA”) Member State
that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member
State, the “Prospectus Directive”) before the date of publication of a prospectus in relation to the notes which has
been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or,
where appropriate, published in accordance with the Prospectus Directive and notified to the competent authority in
that Member State in accordance with the Prospectus Directive), the offer (including any offer pursuant to this
document) is only addressed to qualified investors in that Member State within the meaning of the Prospectus
Directive or has been or will be made otherwise in circumstances that do not require the Company to publish a
prospectus pursuant to the Prospectus Directive.

See “Risk Factors” beginning on page 13 for a description of certain risks you should consider before
investing in the notes.

NOTICE TO NEW HAMPSHIRE RESIDENTS

NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES ANNOTATED, OR THE RSA, WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT
THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE
OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF THE STATE
OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE
AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR
EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE OF THE STATE OF NEW HAMPSHIRE HAS PASSED IN ANY WAY UPON
THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY
PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PRUCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

tii
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This offering memorandum contains forward-looking statements. We may from time to time make
forward-looking statements in our annual report, in prospectuses, press releases and other written materials and in
oral statements made by our officers, directors or employees to analysts, institutional investors, representatives of
the media and others. Examples of these forward-looking statements include:

* projections of revenues, net income (loss), capital expenditures, dividends, capital structure or other
financial items or ratios;

* statements of our plans, objectives or goals, including those relating to anticipated trends, competition,
regulation and rates;

e statements about our future economic performance or that of Chile or other countries in which we have
investments; and

+. statements of assumptions underlying these statements.

»”<“ »<, »< »< ” Words such as “believe,” “could,” “may,” “will,” “anticipate,” “plan,” “expect,” “intend,” “target,”
“estimate,” “project,” “potential,” “predict,” “forecast,” “guideline,” “should” and similar expressions are intended

to identify forward-looking statements, but are not the exclusive means of identifying these statements.

»< Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in these forward-looking statements. These factors, some of which are discussed under
“Risk Factors,” include economic and political conditions and government policies in Chile or elsewhere, inflation
rates, exchange rates, regulatory developments and changes in Chilean law, customer demand, competition,
unanticipated mining and production problems, commodity prices, relations with employees and contractors,
variances in ore grade, adverse weather conditions and natural disasters. We caution you that the foregoing list of
factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially from those
in forward-looking statements.

You are cautioned not to place undue reliance on these forward-looking statements which reflect our views
only as of the date they are made, and we do not undertake any obligation to update them or publicly to release the
result of any revisions to these forward-looking statements in light of new information or future developments after
the date of this offering memorandum.

lv
ENFORCEABILITY OF CIVIL LIABILITIES

CODELCO is a state-owned enterprise organized under the laws of Chile. All of its directors and
executive officers and certain experts named in this offering memorandum reside outside the United States
(principally in Chile) and all or a substantial portion of the assets of CODELCO and of such persons are located
outside the United States. As a result, it may not be possible for investors to effect service of process within the
United States on, or bring actions or enforce foreign judgments against, CODELCO or such persons in U.S. courts.
In addition, CODELCO has been advised by its Chilean counsel, Carey y Cía. Ltda., that no treaty exists between
the United States and Chile for the reciprocal enforcement of foreign judgments. There is also doubt as to the
enforceability in Chilean courts of judgments of U.S. courts obtained in actions predicated upon the civil liability
provisions of the U.S. federal securities laws. Chilean courts, however, have enforced judgments rendered in the
United States by virtue of the legal principles of reciprocity and comity, subject to the review in Chile of the U.S.
Judgment in order to ascertain whether certain basic principles of due process and public policy have been respected,
without reviewing the merits of the subject matter of the case. Lastly, CODELCO has been advised by Carey y Cía.
Ltda. that there is doubt as to the enforceability in original actions in Chilean courts of liabilities predicated solely
upon U.S. federal securities laws.

The notes, the Fiscal and Paying Agency Agreement and the Purchase Agreement will provide that
CODELCO will appoint the Chilean consul in New York City as its agent upon whom process may be served in any
action arising out of or based upon, respectively, the notes, the Fiscal and Paying Agency Agreement, the Purchase
Agreement or the transactions contemplated thereby, which may be instituted in any federal or state court having
“subject matter” jurisdiction. See “Description of Notes.”

Pursuant to the Chilean Mining Code, mining concessions as well as certain raw materials and other
property or assets permanently dedicated to the exploration or extraction of minerals cannot be subject to an order of
attachment, except with respect to mortgages, in the case that the debtor consents to the attachment in the same
enforcement proceeding or when the debtor is a stock corporation. In addition, pursuant to the Chilean Constitution,
mining concessions corresponding to mining deposits exploited by CODELCO upon its creation in 1976 cannot be
subject to attachment nor to any act of disposition by CODELCO. As a result, the rights of holders to attach
property of CODELCO in the event of a default under the notes would be limited by such provisions. See
“Regulatory Framework—Mining Regulations.”
PRESENTATION OF FINANCIAL AND STATISTICAL INFORMATION

In this offering memorandum, references to “U.S.$,” “$,” “U.S. dollars” and “dollars” are to United States
dollars, references to “cents” are to United States cents (U.S.$0.01), references to “pesos” or “Ch$” are to Chilean
pesos and references to “UF” are to “Unidades de Fomento.” The UF is an inflation-indexed Chilean monetary unit
which is linked to, and which is adjusted daily to reflect changes in, the Chilean consumer price index during the
preceding 30 days.

Pursuant to Oficio Circular 368 of October 2006, as amended, of the Superintendencia de Valores y
Seguros (“SVS”), or the Chilean Superintendency of Securities and Insurance, beginning in 2010, all companies
with publicly traded securities in Chile are required to prepare and report consolidated financial statements in
accordance with International Financial Reporting Standards (“IFRS”) as adopted by the International Accounting
Standards Board (IASB). As of January 1, 2010, CODELCO no longer prepares financial statements in accordance
with generally accepted accounting principles in Chile (“Chilean GAAP”). CODELCO*s first results reported under
IFRS were the unaudited interim financial statements as of and for the three-month period ended March 31, 2010.
Financial results for the fiscal year ended December 31, 2009 have been reconstructed according to IFRS in order to
make them comparable to our 2010, 2011 and 2012 financial statements.

The audited consolidated statements of financial position as of December 31, 2009, 2010, 2011 and 2012,
the opening consolidated statement of financial position as of January 1, 2010 and the consolidated statements of
comprehensive income for the years ended December 31, 2009, 2010, 2011 and 2012 included herein (the “Year-
end Consolidated Financial Statements”), are presented in accordance with IFRS as issued by the IASB. The
consolidated financial statements for the years ended December 31, 2011 and 2012 are referred to as the “2011-2012
Year-end Consolidated Financial Statements.”

The unaudited interim consolidated statements of financial position as of March 31, 2013 and the unaudited
consolidated statements of comprehensive income, changes in equity and cash flows for the three month periods
ended March 31, 2012 and 2013 (the “Unaudited Interim Consolidated Financial Statements”) included in this
offering memorandum are presented in accordance with IFRS. The Unaudited Interim Consolidated Financial
Statements and the Year-end Consolidated Financial Statements are referred to together as the “Consolidated
Financial Statements.”

The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial
Statements are consistent with those applied in the preparation of the Year-end Consolidated Financial Statements
for the year ended December 31, 2012, except for the adoption of certain new standards and interpretations effective
from January 1, 2013, which required retroactive restatement of certain figures for the three months ended March
31,2012. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—New
Accounting Standards” for the details of the restatement and Section 11.3 to the Unaudited Interim Consolidated
Financial Statements. Therefore, the amounts reported at and for the three months ended March 31, 2013 are
presented based on the new accounting standards and are not fully comparable to amounts presented in our Year-end
Consolidated Financial Statements.

Unless otherwise indicated, the Consolidated Financial Statements and other financial information
concerning CODELCO included herein are presented in U.S. dollars in conformity with Decree Law 1.350 of 1976,
as amended by Law 20.392 published in the Official Gazette on November 14, 2009, and for periods after
January, 1, 2009, in accordance with IFRS. Decree Law 1.350 is the Chilean law pursuant to which CODELCO was
created and which provides for its governance.

Because the notes offered hereby have not been and will not be registered with the SEC, the Consolidated
Financial Statements do not and are not required to comply with the applicable requirements of the Securities Act,
and the related rules and regulations adopted by the SEC, which would apply if the notes offered hereby were being
registered with the SEC.

The U.S. dollar is the currency used in the primary economic environment in which CODELCO operates.

Nevertheless, as an international company operating primarily in Chile as well as in several other Latin American
countries, a portion of CODELCO*s business is transacted in Chilean pesos and other non-dollar currencies.

vi
Adjusted EBITDA data is included in this offering memorandum because such data is used by certain
investors to measure a company”s ability to service debt and fund capital expenditures, and it is included herein for
convenience only. Adjusted EBITDA is calculated by adding finance income (expense), net, income tax expense,
depreciation and amortization plus export taxes to net income, in each case determined in accordance with IFRS as
issued by the IASB. Adjusted EBITDA is presented because it is a widely accepted indicator of funds available to
service debt, although it is not an IFRS-based measure of liquidity or performance. The Company believes that
Adjusted EBITDA, while providing useful information, should not be considered in isolation or as a substitute for
net income as an indicator of operating performance, or as an alternative to cash flow as a measure of liquidity.
Additionally, the Company”s calculation of Adjusted EBITDA may be different than the calculation used by other
companies and therefore, comparability may be affected.

Under IFRS, gross profit is calculated before provision for the 10% special export tax payable by
CODELCO under Law 13.196, as well as a mining tax at progressive rates of between 5% and 14% that became
effective in January 2006 pursuant to a modification of Chilean Income Tax Law 824 (Decreto Ley 824). See also
“Risk Factors—Risks Relating to CODELCO”s Relationship with the Chilean Government—CODELCO is subject
to special taxes and distributions” for information related to the mining tax rate effective in 2012.

Certain figures included in this offering memorandum and in the Consolidated Financial Statements have
been rounded for ease of presentation. Percentage figures included in this offering memorandum have in some cases
been calculated on the basis of such figures prior to rounding. For this reason, certain percentage amounts in this
offering memorandum may vary from those obtained by performing the same calculations using the figures in the
Consolidated Financial Statements. Certain other amounts that appear in this offering memorandum may not sum
due to rounding.

The Observed Exchange Rate (as defined herein under “Exchange Rates”) reported by the Central Bank of
Chile as of December 28, 2012 was Ch$478.60 = U.S.$1.00, as of March 28, 2013 was Ch$472.54 = U.S.$1.00 and
as of August 5, 2013 was Ch$513.63= U.S.$1.00. The Federal Reserve Bank of New York does not report a noon
buying rate for Chilean pesos. See “Exchange Rates.”

All tonnage information in this offering memorandum is expressed in metric tons and all references to
ounces are to troy ounces, in each case, unless otherwise specified. Tonnage information in this offering
memorandum does not include CODELCO”s share of the El Abra deposit, which is mined by Sociedad Contractual
Minera El Abra, owned 49% by CODELCO and 51% by Cyprus El Abra Corporation (a subsidiary of Freeport
McMoRan Copper á Gold, Inc. (“Freeport McMoRan”)) or CODELCO*s indirect 20% share of Anglo American
Sur S.A. (“Anglo American Sur”), unless otherwise specified. See “Business and Properties—Associations, Joint
Ventures and Partnerships—SCM El Abra” and “Business and Properties—Associations, Joint Ventures and
Partnerships—Anglo American Sur” for a description of these joint ventures. Certain terms relating to the copper
mining business are defined in “Glossary of Certain Mining Terms.”

Market information regarding CODELCOS*s share of copper production, reserves and relative cost position
has been derived by CODELCO from third-party sources, including reports of Brook Hunt $ Associates, and from
CODELCO*s own industry research. Brook Hunt $ Associates publishes periodic reports containing global copper
production data and cost analysis by mine site. While CODELCO believes that its estimates are reliable, such
estimates have not been confirmed by independent sources. The Consolidated Financial Statements do not reflect
the value of CODELCO”s mining concessions or its resources and reserves.

As used in this offering memorandum, “cash cost” is calculated in accordance with the methodology
specified by Brook Hunt $ Associates for determination of C1 cost (cash cost) and includes all direct cash costs of
mining, including costs associated with extraction, leaching, smelting and further processing of copper ores into
refined metal, as well as labor, transportation and physical plant costs associated with those processes, net of income
from sales of by-products. Cash cost figures are given as nominal dollar amounts, usually expressed as cents per
pound, and exclude provisions, amortization, depreciation and central office costs. Cash cost is presented because it
is a widely used measure of costs, although it is not an IFRS or U.S. GAAP-based measure of cost. The Company
believes that cash cost, while providing useful information, should not be considered in isolation or as a substitute
for costs of sales, costs of selling and administrative expenses, or as an indicator of costs.

vii
As used in this offering memorandum, “Chuquicamata,” “Radomiro Tomic,” “Gabriela Mistral,” “El
Teniente,” “Andina,” “Salvador”, “Mina Ministro Hales” and “Ventanas” refer to the divisions of CODELCO, not
the mines having those names, unless otherwise required by context.

As used in this offering memorandum, the term “billion” means one thousand million (1,000,000,000).

viii

SUMMARY

This summary must be read as an introduction to this offering memorandum and any decision to invest in
the notes should be based on a consideration of the offering memorandum as a whole.

The following summary is qualified in its entirety by the more detailed information and financial statements
appearing elsewhere in this offering memorandum. Unless otherwise indicated, financial information with respect
to CODELCO provided in this offering memorandum has been presented in U.S. dollars and prepared in
accordance with IFRS.

CODELCO is the world’s largest copper producer and the largest company in Chile in terms of revenues
(U.S.$15.86 billion in 2012). As of December 31, 2012, CODELCOSs total assets and equity amounted to
U.S.$31.64 billion and U.S.$12.18 billion, respectively, without including the value of CODELCO” mining
concessions and ore deposits (as of March 31, 2013, such amounts were U.S.$31.00 billion and U.S.$12.40 billion,
respectively).

CODELCO engages primarily in the exploration, development and extraction of ores bearing copper and
by-products, the processing of ore into refined copper and the international sale of refined copper and by-products.
CODELCO is 100% owned by Chile and controls approximately 9% of the world”s proved and probable copper
reserves, as such terms are defined by the U.S. Geological Survey.

In 2012, CODELCO had an estimated 10% share of total world copper production, with production of
approximately 1.76 million metric tons including CODELCO s share of the El Abra deposit, which is mined by
Sociedad Contractual Minera El Abra (owned 49% by CODELCO and 51% by Cyprus El Abra Corporation, a
subsidiary of Freeport McMoRan) and CODELCO*s share of Anglo American Sur (of which CODELCO owns a
20% indirect share), and an estimated 8% share of the world”s molybdenum production, with production of
approximately 19,676 metric tons.

CODELCO*s main commercial product is Grade A cathode copper. In 2012, CODELCO derived 91% of
its total sales from copper and 9% ofits total sales from by-products of its copper production. For the three-month
period ended March 31, 2013, CODELCO derived 93% ofiits total sales from copper and 7% of’its total sales from
by-products of its copper production.

CODELCOSs sales of copper in 2012 were geographically diversified, with approximately 60% of sales
made to Asia, including 41% to China, 17% to Europe, 21% to North and South America, and the remainder to
Oceania and Africa. CODELCOS”s top ten customers purchased approximately 32% of its total copper sales volume
in 2012.

CODELCOSs copper operations are divided into eight divisions. In September 2010, CODELCO created
the Mina Ministro Hales Division, which operates the Mina Ministro Hales ore body. In December 2010,
CODELCO divided the former CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions.
CODELCOSs divisions consist of the following:

+ The Chuquicamata Division operates the Chuquicamata mine, one of the largest copper producing
mines in the world, which began its operations in 1915 and currently includes smelting and refining
capacities. In 2012, this division produced 355,901 metric tons of copper cathodes, or 20.3% of
CODELCOSs total copper output (including CODELCO*s share of the El Abra deposit and Anglo
American Sur), with a cash cost of 193.4 cents per pound, compared to 110.9 cents per pound in 2011,
and a total cash cost of U.S.$1,503 million, compared to U.S.$1,078 million in 2011. For the first
three months of 2013, this division had a cash cost of 193.4 cents per pound and a total cash cost of
U.S.$311 million.

+ The Radomiro Tomic Division operates the Radomiro Tomic mine, which began its first full year of
production in 1998 and is the world”s largest producer of copper using the SX-EW technology. In
2012, this division produced 427,791 metric tons of copper cathodes, or 24.3% of CODELCOS*s total

copper output (including CODELCO*s share of the El Abra deposit and Anglo American Sur), with a
cash cost of 130.9 cents per pound, compared to 100.3 cents per pound in 2011, and a total cash cost of
U.S.$1,223 million, compared to U.S.$1,028 million in 2011. For the first three months of 2013, this
division had a cash cost of 121.7 cents per pound and a total cash cost of U.S.$292 million.

On January 1, 2013, CODELCO created the Gabriela Mistral Division. The Gabriela Mistral Division
operates the Gabriela Mistral mine, which uses SX-EW technology. The Gabriela Mistral mine
produced its first copper cathodes in May 2008 after a 26-month construction period with total
construction costs of U.S.$1.03 billion. In 2012, this division produced 133,000 metric tons of copper,
or 7.6% of CODELCO*s total copper output (including CODELCO*s share of the El Abra deposit and
Anglo American Sur), with a cash cost of 199.6 cents per pound, compared to 165.8 cents per pound in
2011, and a total cash cost of U.S.$585 million, compared to U.S.$432 million in 2011. For the first
three months of 2013, this division had a cash cost of 221.5 cents per pound and a total cash cost of
U.S.$158 million.

The El Teniente Division is the operator of El Teniente mine, which is the world”s largest underground
copper mine and has been in operation for more than 100 years. The El Teniente Division includes the
Caletones smelter. In 2012, this division produced 417,244 metric tons of copper, or 23.7% of
CODELCOSs total copper output (including CODELCO*s share of the El Abra deposit and Anglo
American Sur), with a cash cost of 128.8 cents per pound, compared to 92.4 cents per pound in 2011,
and a total cash cost of U.S.$1,175 million, compared to U.S.$810 million in 2011. For the first three
months of 2013, this division had a cash cost of 162.6 cents per pound and a total cash cost of
U.S.$347 million.

The Andina Division operates the Andina and Sur-Sur mines with production split among open-pit and
underground mines. It does not have independent smelting capacity. Andina has been in operation
since 1970. In 2012, this division produced 249,861 metric tons of copper, or 14.2% of CODELCO”s
total copper output (including CODELCO*s share of the El Abra deposit and Anglo American Sur),
with a cash cost of 136.3 cents per pound, compared to 128.0 cents per pound in 2011, and a total cash
cost of U.S.$725 million, compared to U.S.$639 million in 2011. For the first three months of 2013,
this division had a cash cost of 131.0 cents per pound and a total cash cost of U.S.$162 million.

The Salvador Division includes the Salvador mine and concentrator and the smelter/refinery complex
at Potrerillos, which has a capacity to treat 671,000 metric tons of concentrate. In 2012, this division
produced 62,728 metric tons of copper cathodes, or 3.6% of CODELCOS*s total copper output
(including CODELCOSs share of the El Abra deposit and Anglo American Sur), with a cash cost of
268.9 cents per pound, compared to 175.3 cents per pound in 2011, and a total cash cost of U.S.$372
million, compared to U.S.$267 million in 2011. For the first three months of 2013, this division had a
cash cost of 245.7 cents per pound and a total cash cost of U.S.$68 million. CODELCO’”s Board of
Directors has decided to phase out mining operations at the Salvador mine by 2016, or by 2021 if
warranted by market and operational conditions. The Potrerillos smelter and refinery will continue to
operate upon any cessation of the mining operations at Salvador.

The Ventanas Division was created in connection with the acquisition of the Ventanas smelter/refinery
complex from Chile”s state-owned mining company Empresa Nacional de Minería (“ENAMT”) in May
2005. The Ventanas smelter has a capacity to treat 400,000 metric tons of concentrate. In 2012, this
division refined 398,116 metric tons of copper. Pursuant to the terms of the acquisition, CODELCO is
required to provide on market terms the necessary smelting and refining capacity for the treatment of
copper concentrate delivered by the small- and medium-sized mining industry that ENAMI serves.

The Mina Ministro Hales Division was created in September 2010 for the operation of the Mina
Ministro Hales ore body, which is expected to begin operations at the end of 2013 and expected to
produce an average of 183,000 tons of copper per year and 300 tons of silver per year.

For a description of CODELCOSs associations with other companies, see “Business and Properties—
Copper Production—Associations, Joint Ventures and Partnerships.”

Competitive Strengths
CODELCO believes it has certain distinguishing competitive strengths:

e Copper Reserves. CODELCO controls approximately 9% of the world”s proved and probable copper
reserves. In 2012, CODELCO*s proved and probable reserves represented at least 35 years of future
production at current levels. According to the U.S. Geological Survey, CODELCO”s proved and
probable reserves increased from 60.5 million tons in 2011 to 63.6 million tons in 2012.

e Market Presence. CODELCO is the largest copper producer in the world, with an estimated 10%
share of the total world copper production, with 1.76 million metric tons (including CODELCO*s share
of the El Abra deposit and Anglo American Sur) of production in 2012. CODELCO is also one of the
largest producers of molybdenum in the world, with an estimated 8% share of total world molybdenum
production, producing 19,676 metric tons in 2012. CODELCO believes its significant market presence
gives the Company certain advantages in the marketing of its products.

e Low Cost Producer. For many years, CODELCO has been one of the world”s lowest cost producers of
copper, and has been within the first and second quartile in industry costs. This position is principally
attributable to the quality of its ore bodies, its economies of scale, and the experience of its workforce
and management. The Company intends to make every effort through investment and management to
return to the first quartile of the industry”s cost curve in the long term. In 2012, CODELCOSs total
costs and expenses were 264.5 cents per pound, compared to 205.6 cents per pound, in 2011 and 197.6
cents per pound in 2010. For the first three months of 2013, CODELCOS*s total costs and expenses
were 245.0 cents per pound compared to 219.2 cents per pound for the same period in 2012. In 2012,
CODELCOSs total costs and expenses were U.S.$9,601 million. For the first three months of 2013,
CODELCOSs total costs and expenses were U.S.$2,077 million compared to U.S.$1,800 million for
the same period in 2012. In 2012, CODELCO*s cash cost of production was 163.5 cents per pound,
compared to 116.4 cents per pound in 2011 and 104.4 cents per pound in 2010. For the first three
months of 2013, CODELCO*s cash cost of production was 170.0 cents per pound, compared to 130.2
cents per pound for the first three months of 2012. In 2012, CODELCO”S total cash cost was
U.S.$5,864 million. For the first three months of 2013, CODELCOS*s total cash cost was U.S.$1,424
million, as compared to U.S.$1,058 million for the first three months of 2012. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Overview.”

e Research and Technological Innovation. CODELCO remains competitive by developing and
incorporating new technologies into its production processes, which aim to improve overall operations,
including mining processes, efficiency, productivity, environmental protection, and worker safety.

e Stable, Long-term and Geographically Diverse Client Base. CODELCO has developed long-term
relationships with the majority of its clients, including some of the leading manufacturers in the world.

e Financial Strength. In 2012, CODELCO’s earnings before interest expense, taxes (including income
and export taxes), depreciation and amortization (Adjusted EBITDA) amounted to U.S.$9.5 billion;
total debt to capitalization as of December 31, 2012 was 44.8% and the ratio of total debt to Adjusted
EBITDA was 1.04. As of March 31, 2013, Adjusted EBITDA amounted to U.S.$1.4 billion; total debt
to capitalization as of March 31, 2013 was 44.5%.

+ Management Efficiency and Flexibility. CODELCO”s copper reserves are concentrated in Chile and
can therefore be managed efficiently. CODELCO believes that it has a highly experienced workforce
and executive team with a proven track record of managing long-life copper reserves that is able to
respond to market changes by adjusting the allocation of its resources and operations among several
different methods of production and ore deposits.

e ALeading Company in Chile. CODELCO is the largest company in Chile in terms of sales as of
December 31, 2012, and is a key contributor to the Chilean government budget. In 2012, CODELCO
contributed U.S.$3.18 billion to the Chilean Treasury and accounted for approximately 18% of Chiles
total exports. For the first three months of 2013, CODELCO contributed U.S.$409 million to the
Chilean Treasury. See “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources—Distributions to the Chilean Treasury” and
“Regulatory Framework.”

Business Strategy

CODELCOS”s mission is to maximize the value of its mineral resources for the benefit of its shareholder,
the Chilean state, by fully developing its vast mining resources on a timely basis, leveraging the Company”s
experienced workforce, utilizing its advanced technological assets in key areas and by executing the following key
strategic initiatives:

e Capital Expenditure Program. The Company seeks to maintain and improve its competitive position
in the industry through its capital expenditure program. Following the completion of a number of
significant projects in recent years, such as the development of sulfide ores at the Radomiro Tomic
mine, the expansion at the Andina mine and the development of the Pilar Norte area at El Teniente
mine, CODELCO intends to continue its development program. Accordingly, the Company intends to
make capital expenditures of approximately U.S.$26.5 billion over the next five years on major
projects, transforming its main mining operations with a view towards the long-term development of
its resources. The Company”s expansion and development projects for the next five years include:

O the development of the Mina Ministro Hales ore body, which is expected to begin operations at the
end of 2013 (U.S.$1.2 billion investment over the next five years to produce an expected total
average of 183,000 tons of copper per year and 300 tons of silver per year);

O the expansion of the existing sulfide operation in the Radomiro Tomic mine (U.S.$4.6 billion
investment over the next five years to enable the Radomiro Tomic mine to produce an expected
average of 343,000 tons of copper per year starting in 2017);

O the development of a new production level in the existing El Teniente underground mine
(U.S.$2.9 billion investment over the next five years to maintain El Teniente”s current annual
copper production of approximately 434,000 tons of copper per year starting in 2017;
environmental approvals were obtained in March 2011);

O the gradual transfer of the Chuquicamata mine from an open pit mine to an underground operation
(U.S.$2.7 billion investment over the next five years to enable Chuquicamata to produce an
expected total average of 366,000 tons of copper and 18,000 tons molybdenum per year starting in
2018; environmental approvals were obtained in September 2010); and

O the expansion of the existing Andina mine (U.S.$1.0 billion investment over the next five years to
enable Andina to produce an expected average of an additional 350,000 tons of copper per year for
a total expected average of approximately 600,000 tons of copper per year starting in 2021).

For a complete list of planned capital expenditures, see “Business and Properties—Copper Production—
Operations.”

e Improvement in Operations. A number of improvement initiatives are underway to adopt best industry
practices, most notably in the areas of labor productivity, asset utilization rates and process efficiency.
Together with its capital expenditure program, these initiatives are expected to enhance CODELCO”s
competitive position. The Company operates in a cyclical business and CODELCOSs strategy is to
ensure that it is able to take full advantage of high copper prices. The Company is developing a

number of plans to achieve production targets in the coming years. These plans mainly focus on
reducing the risk of disruptions to production and on providing increased flexibility to its operations.

e Exploration Effort. CODELCO controls the largest copper reserves worldwide, the Company”s single
most important long-term competitive advantage. The discovery of new mining resources and
improving its ability to locate existing ore bodies and prospects are critical to maintain this preeminent
position in the industry. Accordingly, the Company”s exploration program will continue to be a key
part of its business strategy.

e Investment in Human Capital. The successful execution of CODELCO*s business strategy relies on
continuing to attract and retain a world-class management team and professionals of the highest
caliber. Against the background of increased competition for talent in the mining industry, the
Company will continue to improve career development opportunities for its staff and the overall
attractiveness of CODELCO as a preferred employer.

e Mining Association with Third Parties. CODELCO seeks to continue to develop and operate assets in
association with third parties in situations where these associations will add value to CODELCO”s
business. An example of the Company”s willingness and ability to do so is the association with Freeport
McMoRan in the El Abra copper mine (CODELCO owns 49%) and the association with Anglo American
plc (“Anglo American”), Mitsui 8 Co., Ltd. (“Mitsui”) and Mitsubishi Corporation (“Mitsubishi
Corporation”) in Anglo American Sur (CODELCO owns an indirect 20% interest). CODELCO believes its
large mining reserve is a strong platform from which to establish such associations.

Recent Developments
Appointment of New Directors

On September 25, 2012, the President of Chile selected and appointed Augusto González Aguirre to fill a
vacant position on our Board of Directors left since May 2012, after Ignacio Torres Cabello voluntarily resigned.
On May 24, 2013, the President of Chile renewed the mandate of Gerardo Jofré Miranda and reappointed him as
Chairman of the Board of Directors. The President of Chile also selected and appointed Blas Tomic Errázuriz in
May 2013, replacing Jorge Bande Bruck. See “Management.”

Corporate Information
CODELCOSs principal executive offices are located at Huérfanos 1270, Santiago, Chile, and its telephone

number is (56) 2 2 690-3000. CODELCO was established by Decree Law 1.350, published in the Official Gazette
of February 28, 1976, as amended by Decree Law 20.392, published in the Official Gazette on November 14, 2009.

Issue Price…

Interest onccinnn….

Maturity …

Withholding Tax

Tax Redemption

The Offering

Corporación Nacional del Cobre de Chile.

U.S.$750,000,000 aggregate principal amount of
4.500% notes due 2023.

The issue price of the notes is 99.864%, plus
accrued interest, if any, from August 13, 2013.

4.500% per year.

The interest on the notes will be payable semi-
annually in arrears on February 13 and August 13
of each year, beginning on February 13, 2014. See
“Description of Notes.”

August 13, 2023.

Interest will be paid after withholding for or on
account of certain taxes imposed by Chile. Under
current Chilean law and regulations, payments of
interest to holders of the notes that are not residents
of Chile for purposes of Chilean taxation will
generally be subject to Chilean withholding tax at a
rate of 4%. Subject to specified exceptions and
limitations, CODELCO will pay Additional
Amounts (as defined in “Description of Notes—
Payment of Additional Amounts”) in respect of
such withholding tax on interest payments. See
“Description of Notes —Payment of Additional
Amounts” and “Taxation—Chilean Taxation.”

The notes are redeemable at the option of
CODELCO in whole (but not in part), at any time at
the principal amount thereof plus accrued and
unpaid interest and any Additional Amounts due
thereon if, as a result of changes in the laws or
regulations affecting Chilean taxation, CODELCO
becomes obligated to pay Additional Amounts on
interest payments on the notes in respect of
withholding or deduction of Chilean tax at a rate in
excess 0f 4%. See “Description of Notes—Tax

Redemption,” “Taxation—Chilean Taxation” and
“Risk Factors—Risks Relating to the Offering.”

Form and DenoMinatiOM …oococcicicncncnnononnnnnnnnanonnnncnononncnnncnoncno

Payments; TTanSÍOIS concccccncnnnnnnnnnnnonanoninncnnnonoronnonona nora cncnonono

Certain Covenants..

Transfer

¡ISO ÓN

The notes will be issued in book-entry form only in
denominations of U.S.$200,000 and integral
multiples of U.S.$1,000 in excess thereof. The
notes will be represented by one or more Global
Notes registered in the name of a nominee of The
Depository Trust Company (“DTC”), as depositary,
for the accounts of its direct and indirect
participants, including Euroclear Bank S.A./N.V.
(“Euroclear”), as operator of the Euroclear system,
and Clearstream Banking, société anonyme,
Luxembourg (“Clearstream”). See “Description of
Notes.”

Payment of interest and principal with respect to
interests in Global Notes will be credited by DTC,
Euroclear or Clearstream, as the case may be, to the
account of the holders of such interests with DTC,
Euroclear or Clearstream, as the case may be.
Transfers of interests in notes held through DTC,
Euroclear or Clearstream will be conducted in
accordance with the rules and operating procedures
of the relevant system. There will be a
Luxembourg paying agent.

The notes will be the direct, unsecured and
unsubordinated obligations of CODELCO ranking
pari passu with all other unsecured and
unsubordinated obligations of CODELCO, other
than certain obligations granted preferential
treatment pursuant to Chilean law.

The notes will contain no restrictions on the amount
of additional indebtedness which may be incurred
by CODELCO or its subsidiaries; however, as set
forth under “Description of Notes—Limitation on
Liens,” the notes will contain certain restrictions on
the ability of CODELCO and its subsidiaries to
incur secured indebtedness. See “Description of
Notes.”

The notes will contain certain covenants, including,
but not limited to, covenants with respect to

(i) limitations on liens, (ii) limitations on sale and
lease-back transactions and (iii) limitations
regarding consolidation, merger, conveyance, sale
or lease transactions. See “Description of Notes—
Limitation on Liens,” “—Limitation on Sale and
Lease-Back Transactions” and “—Consolidation,
Merger, Conveyance, Sale or Lease.”

The notes have not been and will not be registered
under the Securities Act and are subject to
restrictions on resales. See “Transfer Restrictions.”

Further Issues..

LiStiB.cccocinncncnnnonnnnnnnnanocinncnnnn nooo cnononono coca on ona nora oa onana nara rnananono

Governing Law; Submission to Jurisdicti0M……oonncinnu.n..

Expected RatidgS ..oococnconnncnnnnonononononnnnonononononnonononcnn nr onononannnos

¡IN

Fiscal

Luxembourg Listing Agent, Paying Agent and Transfer

and Paying AYlMbococccccncinococonononononnnnononoronannononcnnnncnon

In accordance with the terms of the Fiscal and
Paying Agency Agreement, CODELCO may issue
additional notes of the same series as the notes
offered hereby at a future date. See “Description of
Notes—Further Issues of Notes.”

Application has been made to list the notes on the
Official List of the Luxembourg Stock Exchange
and for trading on the Euro MTF Market in
accordance with its rules and regulations. The
notes are not yet listed. Ifany European or national
legislation is adopted and is implemented or takes
effect in Luxembourg in a manner that would
impose requirements on us that we, in our
discretion, determine are impracticable or unduly
burdensome, we may de-list the notes. In these
circumstances, there can be no assurance that we
would obtain an alternative admission to listing,
trading and/or quotation for the notes by another
listing authority, exchange and/or system within or
outside the European Union. For information
regarding the notice requirements associated with
any delisting decision, see “Description of Notes—
Notices.”

The notes will be governed by the laws of the State
of New York. CODELCO will submit to the
jurisdiction of the United States federal and state
courts located in the Borough of Manhattan in the
City of New York in respect of any action arising
out of or based on the notes. See “Description of
Notes—Governing Law; Submission to
Jurisdiction; Sovereign Immunity.”

The notes offered hereby will be assigned a rating
by Moody”s Investors Service, Inc. (“Moody’s”)
and by Standard 4 Poor’s rating group (“SéP”).
CODELCO currently has a Foreign Currency Long
Term Debt rating by Moody”s of Al (negative) and
a Long Term Foreign Issuer Credit rating by S£P
of AA- (stable). A securities rating is not a
recommendation to buy, sell or hold securities, is
subject to revision or withdrawal at any time by the
assigning rating organization and should be
evaluated independently of any other rating.

The net proceeds from the offering of the notes will
be used to finance partially capital expenditures,
cancel short-term indebtedness and for general
corporate purposes.

The Bank of New York Mellon.

The Bank of New York Mellon (Luxembourg) S.A.

13.

Risk Factors

Before investing, you should carefully consider the risks set forth under “Risk Factors” beginning on page

SUMMARY CONSOLIDATED FINANCIAL DATA

The following tables present CODELCO”s summary consolidated financial data and other data as ofand
for the periods indicated. This data is qualified in its entirety by reference to, and should be read together with,
CODELCOS*s Consolidated Financial Statements and notes thereto, included elsewhere in this offering
memorandum, from which all such data (other than the average London Metal Exchange (“LME”) copper prices)
has been derived. The data should also be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.” The Year-end Consolidated Financial Statements for 2009, 2010, 2011 and
2012, and the Unaudited Interim Consolidated Financial Information for the three month periods ended March 31,
2012 and 2013, and other financial information included in this offering memorandum are presented in accordance
with IFRS. The unaudited interim information for the three-month periods ended March 31, 2012 and 2013 includes
all adjustments, consisting of only normal recurring adjustments, that in the opinion of management are necessary
for the fair presentation of such information. The unaudited results of operations for the three months ended March
31, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013 or any
other period.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013*
(in thousands of U.S.$) (unaudited)

CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Revenues ……. . $12,379,137 $16,065,946 $17,515,296 $15,860,432 | |$ 3,963,855 $ 3,277,676
Cost of sales” (7,666,010) (9,088,740) (10,283,026) (10,851,680) (2,307,848) (2,250,103)
Gross profit 4,713,127 6,977,206 7,232,270 5,008,752 1,656,007 1,027,573
Other income 308,363 141,473 726,185 4,092,339 25,568 31,975
Distribution cost……. (19,157) (14,994) (11,114) (12,654) (3,533) 3,373
Administrative expenses (323,836) (390,234) (452,217) (543,531) (112,103) (127,283)
Other expenses” …. (1,458,441) (2,058,867) (2,307,326) (2,275,945) (352,329) (301,424)
Other gains …. 14,749 28,040 38,709 35,400 8,504 10,759
Finance income 27,666 35,559 44,701 59,023 10,129 11,757
Finance cost… (318,757) (331,132) (294,496) (406,278) (69,594) (89,245)
Share of profit of associates and joint

ventures accounted for using the equity

method… 310,651 303,395 353,440 457,230 116,129 99,223
Exchange differences …. (266,531) (202,524) 216,998 (165,801) (72,971) (60,158)
Profit for the period before tax 2,987,834 4,487,922 5,547,150 6,248,526 1,205,807 599,804
Income tax expense”. (1,813,643) (2,611,601) (3,491,798) (2,373,206) (723,485) (342,314)
Profit for the period 1,174,191 1,876,321 2,055,352 3,875,320 482,322 257,490
Profit attributable to owners of parent 1,176,226 1,877,659 2,056,414 3,867,960 482,521 246,594
Profit (loss), attributable to non-controlling

interests….. (2,035) (1,338) (1,062) 7,360 (199) 10,896
Profit for the period $ 1,174,191 $ 1,876,321. $2,055,352 $ 3,875,320 ||[S 482,322 $ 257,490

As of As of As of As of As of As of
STATEMENTS OF FINANCIAL January 1, December31, December31, December31, December31, March31,
POSITION INFORMATION 2009 2009 2010 2011 2012 2013*
(unaudited)

Total current assets …………….

Total property, plant and
equipment…

Investments accounted for

S 3,729,946 $ 4,995,564 $ 6,623,885 $ 5,906,920 $ 6,534,627|| $ 5,680,779

10,507,650 11,210,433 12,351,430 13,437,764 17,044,931 17,463,983

using the equity method” 1,084,470 1,100,156 588,365 945,055 7,644,612] 7,452,599
Non-current receivables.. 149,234 198,102 198,785 132,721 171,699] 169,856
All other assets 263,493 749,625 516,576 412,484 249,164 237,568

Total assets.
Total current liab

$ 15,734,793 $ 18,253,880 $ 20,279,041 $ 20,834,944 $ 31,645,033|| $ 31,004,785
3,022,841 4,096,615 5,243,827 4,416,082 4,138,972 3,318,778
8,147,686 9,714,038 10,504,002 10,353,832 15,328,281 15,281,830

$ 11,170,527 $ 13,810,653 $ 15,747,829 $ 14,769,914 $ 19,467,253|| $ 18,600,608

2,951 2,007 1,994 2,020 2,099,406 2,109,799

Total non-current liabilities
Total liabilities …………….
Non-controlling interests ….
Equity attributable to owners
of parent Lo 4,561,315 4,441,220 4,529,218 6,063,010 10,078,374 10,294,378
Total equity …. $ 4,564,266 $ 4,443,227 $ 4,531,212 $ 6,065,030 $ 12,177,780|| $ 12,404,177

$ 15,734,793 $ 18,253,880 $ 20,279,041 $ 20,834,944 $ 31,645,033|| $ 31,004,785

Total liabilities and equity ..

10

For the three months ended
OTHER ITEMS For the year ended December 31, March 31,

2009 2010 2011 2012 2012” 2013″

(in thousands of U.S.$, except ratios and copper prices)

(unaudited)

Depreciation and amortization of
ASSOS coccocnrcononon
Interest income (expense), net ….
Ratio of earnings to fixed charges
Average LME copper price (U.S. £

$ 1,082,086 $ 1,304,600 $ 1,485,357 $ 1,606,165 ||S 392,802 $ 397,036
$ (291,091) $ (295,573) $ (249,795) $ (347,255)||S (59,465) $ (77,488)
10.4 14.6 19.8 16.4 18.3 77

per pound)’%. 234.22 341.98 399.66 360.59 376.94 359.77
Adjusted EBITDA” S 5,368,583 $ 7,434,387 $ 8,812,554 $ 9,530,877 [|S 1,973,262 $ 1,354,091
Ratio of debt to Adjuste: 0.9 0.9 0.8 1.0 = =
Adjusted EBITDA coverage ratio’* 18.4 25.2 35.3 27.4 33.2 17.5

* The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial Statements are consistent with those

applied in the preparation of the Year-end Consolidated Financial Statements for the year ended December 31, 2012, except for the
adoption of new standards and interpretations effective from January 1, 2013, which required retroactive restatement of certain figures as of
March 31, 2012. The amounts reported at and for the three months ended March 31, 2013 are not fully comparable to amounts presented in
the Year-end Consolidated Financial Statements. See “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—New Accounting Standards” for the details of the restatement and Section 11.3 to the Unaudited Interim Consolidated Financial
Statements.

(1) Cost of sales for any period includes direct and indirect costs, depreciation and amortization associated with the production of copper and
by-products, as well as purchase costs of third-party copper, sold by CODELCO in that period.

(2) Other expenses is comprised principally of costs related to retirement plan and severance indemnities, costs of environmental exit,

restoration and similar liabilities and the 10% special export tax paid by the Company that is required by Law 13.196. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.”

(3) CODELCO was subject to a 5% mining tax calculated on its operating income for the fiscal years 2010 and 2011. Effective for its 2012
fiscal year, CODELCO is subject to a mining tax on operating income at progressive rates of between 5% and 14%. The tax is imposed on
operating income generated during the operating year. The effective rate of the mining tax was 5.7% for CODELCO in 2011 and 5.0% in
2012. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—
Distributions to the Chilean Treasury” and “Regulatory Framework.” See also “Risk Factors—Risks Relating to CODELCO”s Relationship
with the Chilean Government—CODELCO is subject to special taxes and distributions” for information related to the mining tax rate
effective in 2012. In addition, CODELCO is subject to the corporate income tax rate of 20% (a 17% historic corporate tax rate applied to
income earned in and prior to 2011) and a 40% tax on net earnings applicable to state-owned enterprises as specified by Decree Law 2.398,
Art. 2. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—
Distributions to the Chilean Treasury.”

(4) See Note 8 to the Unaudited Interim Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”

(5) For the purpose of calculating CODELCOSs ratio of earnings to fixed charges, (i) earnings consist of profit (loss) and finance cost and (ii)
fixed charges consist of finance cost.

(6) Average price on the LME for Grade A cathode copper during period.

(7) Adjusted EBITDA is calculated by adding finance income (expense), net, income tax expense, depreciation and amortization (EBITDA)
plus export taxes (Adjusted EBITDA) to net income, in each case determined in accordance with IFRS as issued by the IASB. Adjusted
EBITDA is presented because it is a widely accepted indicator of funds available to service debt, although it is not an IFRS-based measure
of liquidity or performance. The Company believes that Adjusted EBITDA, while providing useful information, should not be considered
in isolation or as a substitute for net income as an indicator of operating performance, or as an alternative to cash flow as a measure of
liquidity. Additionally, the Company”s calculation of Adjusted EBITDA may be different than the calculation used by other companies and
therefore, comparability may be affected.

(8) Adjusted EBITDA coverage ratio is the ratio of Adjusted EBITDA to finance cost net of finance income.

11

The following table shows CODELCO””s Adjusted EBITDA and reconciles its Adjusted EBITDA with profit under
IFRS for the periods indicated.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$)

(unaudited)
Profit for the period. $ 1,174,191 $ 1,876,321 $ 2,055,352 $3,875,320 | [$ 482,322 $ 257,490
Income tax expense, . 1,813,643 2,611,601 3,491,798 2,373,206 723,485 342,314

Depreciation and amortization

of assets… 1,082,086 1,304,600 1,485,357 1,606,165 392,802 397,036
Export taxes . 979,906 1,310,733 1,485,551 1,269,908 305,059 268,006
Finance cost . 318,757 331,132 294,496 69,594 75,682 89,245
Adjusted EBITDA ….ucccooccn….. $ 5,368,583 $7,434,387 $8,812,554 $9,530,877 ! 1$ 1,973,262 $ 1,354,091

The following table shows CODELCO”s earnings, ratio of earnings to fixed charges and reconciliation of
earnings to profit under IFRS for the periods indicated.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$, except ratios)
(unaudited)
Profit for the peri0d ..oooocioninnionicns. $ 1,174,191 $ 1,876,321 $ 2,055,352 $ 3,875,320] $ 482,322 $ 257,490
Income tax expense, 1,813,643 2,611,601 3,491,798 2,373,206 723,485 342,314
Finance cost…….. 318,757 331,132 294,496 406,278 69,594 89,245

EBITO S 3,306,591 $ 4,819,054 $ 5,841,646 $ 6,654,804] |$ 1,275,401 S 689,049
Ratio of earnings to fixed
charges”… 10.4 14.6 19.8 16.4 18.3 7.7

(1) EBIT is calculated by adding finance cost and income tax expense, each determined in accordance with IFRS as issued by the IASB, to
profit for the period. EBIT, while not a financial performance measure under IFRS, is presented as an indicator of funds available to service
debt. The Company believes that EBIT, while providing useful information, should not be considered in isolation as a substitute for profit
for the period, as an indicator of operating performance, or as an alternative to cash flow as a measure of liquidity. Additionally, the
Company”s calculation of EBIT may be different than the calculation used by other companies and therefore, comparability may be
affected.

(2) Fixed charges consist of finance cost. The ratio of earnings to fixed charges is calculated by dividing earnings by finance cost.

The following table shows CODELCO”s debt and ratio of debt to Adjusted EBITDA and Adjusted
EBITDA coverage ratio under IFRS for the periods indicated.

For the three months

For the year ended December 31, ended March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$, except ratios)
(unaudited)

$ 6,346,437 $7,049,274 $9,902,678 || $7,114,672 $9,962,651

0.9 0.8 1.0 = =

35,559 44,701 59,023 10,129 11,757

25.2 35.3 27.4 33.2 17.5

(1) Adjusted EBITDA coverage ratio is the ratio of Adjusted EBITDA to finance cost net of finance income.

12

RISK FACTORS

Prospective purchasers of the notes offered hereby should carefully consider all the other information
contained herein, including the risk factors set forth below. As a general matter, investing in the securities of an
issuer, substantially all of whose operations are in a developing country such as Chile, involves a higher degree of
risk than investing in securities of issuers with substantially all of their operations in the United States and other
jurisdictions.

Risks Relating to CODELCO”s Operations
CODELCOS*s business is highly dependent upon the price of copper.

CODELCOSs financial performance is significantly affected by the market prices of copper. These prices
have been historically subject to wide fluctuations and are affected by numerous factors beyond the control of
CODELCO, including international economic and political conditions, levels of supply and demand, the availability
and costs of substitutes, inventory levels maintained by producers and others, and actions of participants in the
commodities markets. To a lesser extent, copper prices are also subject to the effects of inventory carrying costs and
currency exchange rates. In addition, the market prices of copper have occasionally been subject to rapid short-term
changes. See “Overview of the Copper Market.”

In the first three months of 2013, copper prices averaged 359.77 cents per pound, down from 376.94 cents
per pound in the same period in 2012, which may be attributed in part to the European financial crisis and
uncertainty in the demand for copper in China. China has been the main driver of copper consumption over the last
few years, and in 2010, 2011 and 2012, 42.8%, 37.7% and 41.0%, respectively, of CODELCO”s sales were made to
China. If economic conditions deteriorate in China, the market price of copper could fall. A decline in copper
prices would have an adverse impact on CODELCO*s revenues and financial results. In 2012, each one-cent change
in CODELCO” average annual copper price per pound caused a variation in operating profit of approximately
U.S.$39 million. In the event of a sustained decline in prices, CODELCO has in the past and could again determine
to curtail operations or suspend certain of its mining and processing operations. See “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.”

CODELCO faces competition in the copper market from other copper producers.

CODELCO faces competition from other copper mining companies and producers of copper around the
world. Although CODELCO is currently among the lowest cost copper producers in the world mining industry and
continues to focus on reducing costs, there can be no assurance that competition from lower cost producers will not
have a material adverse effect on the business, financial condition, results of operations or prospects of CODELCO.

The mining industry has experienced significant consolidation in recent years, including consolidation
among some of CODELCO”s main competitors, as a result of which an increased percentage of copper production is
from companies that also produce other products and are, consequently, more diversified. There can be no
assurance that the result of current or further consolidation in the industry will not have a material adverse effect on
the business, financial condition, results of operations or prospects of CODELCO.

Most of CODELCOS*s copper output is dependent upon production from three of its main mining complexes.

Three of CODELCO*s mining complexes produced over 68.3% of its copper output in 2012 (including
CODELCOSs share in El Abra and Anglo American Sur). The Chuquicamata mine produced an aggregate of
355,901 metric tons of copper in 2012, and the Radomiro Tomic mine produced an aggregate of 427,791 metric tons
of copper in the same period. The El Teniente Division, including the Caletones smelter, produced 417,244 metric
tons of copper in 2012. Ifoperations in any of these three mining complexes were significantly reduced, interrupted
or curtailed, CODELCO” financial condition and its ability to make the required payments on the notes could be
materially and adversely affected. CODELCO cannot assure you that production interruptions will not occur or that
any such incident would not materially adversely affect its production. See “Business and Properties—Operations—

13
Chuquicamata Division,” “Business and Properties—Operations—Radomiro Tomic Division,” and “Business and
Properties—Operations—El Teniente Division.”

The business of mining is subject to risks, some of which are not completely insurable.

The business of mining, smelting and refining copper is generally subject to a number of risks and hazards,
including industrial accidents, labor disputes, unexpected geological conditions, mine collapses, changes in the
regulatory environment, environmental hazards, weather and other natural phenomena, such as earthquakes, fires
and floods. Such occurrences could result in damage to, or destruction of, mineral properties or production
facilities, human exposure to pollution, personal injury or death, environmental and natural resource damage, delays
in mining, monetary losses and possible legal liability. CODELCO maintains insurance typical in the copper mining
industry and in amounts that it believes to be adequate, but which may not provide complete coverage in certain
circumstances. Insurance against certain risks (including certain liabilities for environmental pollution and other
hazards as a result of exploration and production) is not generally available to CODELCO or to other companies
within the industry.

Under each of CODELCO”s copper sales agreements, CODELCO or its customer may suspend or cancel
delivery of copper during a period of force majeure. Events of force majeure under the agreements include acts of
nature, strikes, fires, floods, wars, transportation delays, government actions or other events that are beyond the
control of the parties. Any suspension or cancellation of deliveries under copper sales agreements that are not
replaced by delivery under new contracts or sales on the spot market could have a material adverse effect on the
business, financial condition, results of operations or prospects of CODELCO.

CODELCOSs business is dependent on the availability of water for the production of copper and subject to
environmental regulations regarding water usage. In the past, Chile has experienced droughts severe enough to
adversely affect the energy sector of the economy in the central and southern regions of Chile. If Chile were to
experience a drought or CODELCO was otherwise unable to obtain adequate water supplies, CODELCO” ability to
conduct its operations could be impaired.

CODELCO*s compliance with environmental, health and safety laws may require increased costs, including
capital commitments, and non-compliance may subject it to significant penalties.

Chile has adopted environmental, health and safety regulations requiring industrial companies operating in
Chile, including CODELCO, to undertake programs to reduce, control or eliminate various types of pollution and to
protect natural resources, including water and air, among other requirements. If the environmental authority declares
an area to be polluted or potentially polluted, a prevention or decontamination plan is required. Either type of plan
may contain measures that may increase the costs of developing new facilities or expanding existing ones in the
designated area. Some of the areas where CODELCO operates have been declared polluted. The measures currently
included in the decontamination or prevention plans that govern these areas are subject to change and may become
more stringent if compliance with the quality standards is not achieved. CODELCO must comply with certain air
quality environmental regulations regarding particulate matter (PM;p) and sulfur dioxide (SO,) in the areas
surrounding the Potrerillos, Caletones, Ventanas and Chuquicamata smelting plants. The Potrerillos, Caletones and
Ventanas smelting plants have decontamination plans for such pollutants. In the area surrounding the Chuquicamata
smelter, there is a decontamination plan for PM;y under review, and a pollution prevention plan for SO, is under
development. CODELCO is unable to fully assess yet what may be required of the Company or the cost of
compliance with the revised PM;o pollution reduction plan, the SO, prevention plan or any future changes to the
other plans covering the areas where CODELCO operates. To date, the impact of operating in latent and saturated
zones has not been material for CODELCO; however, it could have a material effect in the future. A new air
emission standard for smelters is under review by the Ministry of the Environment. This standard may involve
arsenic (As), SO, PM¡p and mercury (Hg) emissions. CODELCO is currently unable to estimate fully the costs of
complying with these new regulations should they become effective, but expects that compliance costs could be
significant. See “Regulatory Framework—Environmental Regulations.”

Environmental, health and safety laws and regulations are complex, change frequently and have tended to

become increasingly stringent over time. For example, changes to current environmental laws and regulations and
additional environmental laws and regulations have recently been adopted, including mine closure legislation that

14
would require financial guarantees, and additional changes are pending and may be adopted in Chile, particularly
those regarding water quality standards (including regulations to develop water quality standards for the Loa,
Aconcagua and Cachapoal rivers) and the mentioned air emission standard for smelters. Each of these laws and
regulations could result in significant additional environmental compliance costs. At March 31, 2013, CODELCO
had total provisions of U.S.$1,497 million for mine closure expenses (asset retirement and decommissioning).
CODELCO is currently unable to estimate the costs of complying with potential new regulations regarding smelter
emissions, but such costs could be material. CODELCO*s operations outside of Chile are also subject to extensive
international, national and local environmental, health and safety laws and regulations.

CODELCO is developing and implementing environmental management systems at each of its divisions to
monitor and achieve compliance with applicable environmental laws and regulations. While CODELCO has
budgeted for future capital and operating expenditures to maintain compliance with these laws and regulations, there
is no guarantee that current levels of expenditures and capital commitments will be sufficient to achieve future
compliance. There also can be no assurance that CODELCO has been or will be at all times in complete compliance
with environmental laws and regulations, or that proceedings or civil actions will not be brought, or that fines and
other sanctions will not be imposed for such non-compliance in the future. In addition, there can be no assurance
that more stringent enforcement of, or changes in, existing laws and regulations, the adoption of additional laws and
regulations, or the discovery of new facts resulting in increased liabilities would not have a material adverse effect
on CODELCOSSs business, financial condition, results of operations or prospects.

For further information on environmental matters, and current and proposed environmental laws and
regulations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources—Environmental” and “Regulatory Framework—Environmental Regulations.”

Earthquake damage to CODELCOS*s properties and operations could negatively affect CODELCO*s results.

Chile is located in a seismic area that exposes CODELCO”s operations to the risk of earthquakes. Chile
has been adversely affected by powerful earthquakes in the past, including, most recently, in February 2010 when a
severe earthquake struck the southern central region of Chile. The earthquake and its aftershocks, as well as
tsunamis from adjacent coastal waters, caused severe damage to Chile”s infrastructure, including roads, bridges,
ports and Santiago”s international airport.

Although the February 2010 earthquake did not have any substantial effect on CODELCO or its results of
operations, and although CODELCO”s mining operations are subject to, and designed to withstand, damage from
significant seismic events, an earthquake occurring closer to CODELCO”s operations in northern Chile could cause
damage to its mining operations that would not be covered by insurance, except to the extent that its production
ceased for more than 30 days. Any such damages caused by an earthquake that were not covered by insurance could
have an adverse effect on CODELCO”s results of operations, earnings and cash flow.

Future compliance with a changing and complex regulation scheme may require changes in CODELCO”s
business.

CODELCOSs exploration, mining, milling, smelting and refining activities are also subject to
non-environmental Chilean laws and regulations (including certain industry technical standards), which change from
time to time. Matters subject to regulation include, but are not limited to, concession fees, transportation,
production, reclamation, export, taxation and labor standards.

While CODELCO does not believe that compliance with such laws and regulations will have a material
adverse effect on its business, financial condition, results of operations or prospects, there can be no assurance that
more stringent enforcement of, or change in, existing laws and regulations, the adoption of additional laws and
regulations, or the discovery of new facts resulting in increased liabilities or costs would not have a material adverse
effect on CODELCO”s business, financial condition, results of operations or prospects.

15
CODELCOS*s business plans are based on estimates of the volume and grade of CODELCOSs ore deposits that
could be incorrect.

CODELCOSs ore deposits (its resources and reserves) described in this offering memorandum constitute
estimates based on standard evaluation methods generally used in the international mining industry and on
assumptions as to production costs and market prices. The actual ore deposits may not conform to geological,
metallurgical or other expectations, and the volume and grade of ore recovered may be below the estimated levels.
Lower market prices, as well as increased production costs, reduced recovery rates and other factors, may render
CODELCOSs ore deposits uneconomic to exploit and may result in revision of its reserve and resource estimates
from time to time. Reserve and resource data are not indicative of future results of operations. See “Business and
Properties—Resources and Reserves.”

CODELCOSs business requires substantial capital expenditures.

CODELCOSs business is capital intensive. Specifically, the exploration and exploitation of copper
reserves, mining, smelting and refining costs, the maintenance of machinery and equipment and compliance with
applicable laws and regulations require substantial capital expenditures. CODELCO must continue to invest capital
to maintain or to increase the amount of copper reserves that it exploits and the amount of copper that it produces.
CODELCO expects to make capital expenditures of approximately U.S.$26.5 billion over the next five years on
major projects, which it intends to finance through depreciation, amortization, deferred taxes, debt financing and,
subject to approval each year by the Ministries of Finance and Mining, retention in the range of 10% to 15% of’its
pre-tax profit in each year over the next five years. See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations —Liquidity and Capital Resources—Capital Expenditure Program.” There can
be no assurance that CODELCO will be able to maintain its production levels or generate sufficient cash flow,
capitalize a sufficient amount of its net income or have access to sufficient investments, loans or other financing
alternatives to finance its capital expenditure program at a level necessary to continue its exploration, exploitation
and refining activities at or above its present levels.

Future performance of the Company depends on the results of current and future innovation and exploration.

CODELCO has a two-pronged exploration program that is focused on increasing reserves of its existing
divisions and exploring for new deposits outside of its current operations. As the ore quality of CODELCO”s
reserves continue to decline over time, innovation and exploration is increasingly important to CODELCO”s
success. While initial results have been favorable, there can be no guarantee that CODELCO*s exploration program
will continue to be successful. In addition, there may be some degree of execution risk associated with the
expansion of operations into deeper mines or mines at higher altitudes. CODELCO”s expansion program could also
experience delays or be negatively impacted by higher costs. For a description of CODELCO”s current
development programs, see “Business and Properties—Resource Development.”

CODELCO has experienced high energy costs and may experience higher energy costs in the future.

Energy represents a material portion of the production costs for CODELCO. The main energy sources for
CODELCOSs operations are electricity, liquid fuels (such as diesel, fuel oil and gasoline) and natural gas. Since
2004, there has been a restricted supply of natural gas from Argentina. CODELCO*s production costs have
increased due to these shortages, as it must rely on electricity generated from more expensive sources, such as
diesel, oil or coal, and such increased costs have adversely affected CODELCO s results. CODELCO has taken
certain actions to secure the sources from which it can procure energy, including the participation in the construction
of liquefied natural gas (“LNG”) re-gasification terminals and entering into electrical and liquid fuels contracts
which are expected to meet its energy requirements. See “Business and Properties —Production Costs of Copper.”
If CODELCO is unable to procure sufficient energy at reasonable prices in the future or its energy suppliers do not
perform as expected, CODELCO*s profits and cash flow could be adversely affected.

16
Labor disruptions involving CODELCO*s employees or the employees of its independent contractors could affect
CODELCOSs production levels and costs.

On December 31, 2012, CODELCO employed 19,019 employees, approximately 86.1% of whom were
covered by collective bargaining agreements with labor unions. Most of these collective bargaining agreements
have terms of two to four years. Although management believes its present labor relations are good, CODELCO has
experienced material work slowdowns, work stoppages and strikes in the past.

CODELCO was involved in negotiating seven collective bargaining agreements in 2012, all of which were
negotiated before the termination of the contracts, without conflict or work stoppage: one in the Chuquicamata
Division, two in the Ventanas Division, three in the Andina Division and one in the Headquarters, covering a total of
8,242 employees. In 2013, three collective bargaining agreements should be negotiated in the second half of the
year involving the El Teniente Division supervisors and two workers” unions in Salvador, covering 1,502
employees.

There can be no assurance that a work slowdown or work stoppage will not occur prior to or upon the
expiration of the current collective bargaining agreements, and management is unable to estimate the effect of any
such work slowdown, stoppage or strike on CODELCO”s production levels. Work slowdowns, stoppages or other
labor-related developments affecting CODELCO could have a material adverse effect on the business, financial
condition, results of operations or prospects of CODELCO.

On July 11, 2011, a one-day strike was called by the Federation of Copper Workers (“FTC”), which
resulted in an approximately 5,000 metric ton decrease in production. CODELCO and the FTC subsequently signed
a framework agreement to regulate relations within the Company between management and workers and to foster a
dialogue concerning the competiveness of the Company.

On April 9, 2013, an illegal one-day strike was called by the FTC, which resulted in an approximately
4,700 metric ton decrease in production. CODELCO and the FTC subsequently established a dialogue to address
issues concerning labor stability.

As of March 31, 2013, there were 41,172 employees of regular independent operating contractors and
21,819 employees of contractors involved in the development of CODELCO*s investment projects. At the end of
July 2007, a small portion of contract workers that provide services to CODELCO in various divisions went on a
strike that lasted 37 days. During 2007, a framework agreement was signed establishing programs to improve the
benefits for the workers. Nevertheless, there was another strike in April and May of 2008 by workers of
CODELCOSs contractors that lasted 12 days at El Teniente and 20 days at Salvador, reducing production by 30,000
metric tons. A similar strike occurred in May 2011 that lasted 55 days in El Teniente, which resulted in an
approximately 17,000 metric ton decrease in production. This strike was resolved through dialogue and agreement
between representatives of the workers and the association of contractor companies (Asociación Gremial de
Empresas para la Minería y Rubros Asociados (“AGEMA”)). While none of the strikes had a material effect on
CODELCOSs results of operations, CODELCO has experienced material and more protracted work disruptions in
the past.

In August 201 1, the AGEMA and the Confederation of Copper Workers (“CTC”) signed an agreement to
prevent strikes such as the one at El Teniente in April and May of 2008 for the benefit of employees of contractors
that permanently service various CODELCO divisions and production facilities, including Gabriela Mistral. The
agreement provided for the payment of a bonus by the contractor companies to certain contract employees and
establishes better working practices.

On May 15, 2013, the AGEMA and the CTC signed a revision and extension of their previous agreement.
This agreement provides for the payment of one additional bonus by the contractor companies to certain contract
employees and establishes better working practices. There can be no assurance that a work slowdown or stoppage
will not occur prior to or upon the completion of the agreed bonus payment, and CODELCO is unable to estimate
the effect of any such events on CODELCOS*s production levels.

17
Work slowdowns, stoppages and other labor related events could increase CODELCO”s independent
contracting costs, which could have a material adverse effect on the business, financial condition, results of
operations or prospects of CODELCO. In addition, pursuant to the Labor Code of Chile (Código del Trabajo),
CODELCO could be held liable for the payment of labor and social security obligations owed to the employees of
independent contractors (or their subcontractors) if the independent contractors (or their subcontractors) do not
fulfill those payment obligations.

Law 20.123 governing subcontractors provides incentives for companies to ensure that contractors and
subcontractors comply with labor, health and safety regulations and standards with respect to their own employees.
Law 20.123 gives companies the right to request that contractors provide information on the status of their payment
of labor and social security obligations to their employees prior to the company”s payment of amounts due to
contractors. Additionally, companies have the right to withhold payments due if the contractors cannot provide
evidence that they have fulfilled their labor and social security obligations. Finally, companies are required to pay
contractors” pending labor and social security obligations with the amounts withheld from the contractors. It also
regulates the provision of temporary services by contractors and subcontractors, enabling the creation of specialized
and regulated companies for this specific purpose (Empresas de Servicios Transitorios) and defining the specific
events under which companies may hire for temporary services.

For further information on employee and independent contractor matters, see “Business and Properties—
Employees.”

CODELCO engages in hedging activity from time to time, particularly with respect to its copper production,
which may not be successful and may result in losses to CODELCO.

CODELCO from time to time hedges certain future copper delivery commitments and production in order
to manage the risk associated with copper price volatility. CODELCO currently does not have any production
hedging commitments. See Notes 26 and 27 to the Unaudited Interim Consolidated Financial Statements.

CODELCOSs production hedging activities could cause it to lose the benefit of an increase in copper prices
if copper prices increase over the level of CODELCO*”s hedge position, as occurred in 2012. The cash flows from
and the mark-to-market values of CODELCO”s production hedges can be affected by factors such as the market
price of copper, copper price volatility and interest rates, which are not under CODELCO*s control.

CODELCOSs production hedging agreements contain events of default and termination events that could
lead to early close-outs of CODELCO”s hedges. These include failure to pay, breach of the agreement,
misrepresentation, default under CODELCOSs loans or other hedging agreements and bankruptcy. In the event of
an early termination of CODELCO”s hedging agreements, the cash flows from the affected hedge instruments would
cease and CODELCO and the relevant hedge counterparty would settle all of CODELCOS*s obligations at that time.
In that event, there could be a lump sum payment to be made either to or by CODELCO. The magnitude and
direction of such a payment would depend upon, among other things, the characteristics of the particular hedge
instruments that were terminated and the market price of copper and copper price volatility and interest rates at the
time of termination.

In addition to its production hedging activities, CODELCO has hedged a portion of its exchange rate and
interest rate exposure by entering into forward exchange contracts to hedge against fluctuations in the UF to U.S.
dollar exchange rate for its outstanding UF-denominated bonds. CODELCO also periodically enters into futures
contracts at the request of customers with respect to certain sales of its own copper in order to provide its customers
with protection against fluctuation in the sale price paid in connection with such sales. No assurance can be given
that CODELCO will be adequately protected by its hedging activities.

See “Business and Properties—Marketing—Pricing and Hedging,” Notes 27 and 28 to the 2011-2012

Year-end Consolidated Financial Statements and Notes 26 and 27 to the Unaudited Interim Consolidated Financial
Statements for further information on CODELCO*s hedging activity.

18
Risks Relating to CODELCO*s Relationship with the Chilean Government

Important corporate governance matters, the annual budget and financing programs are determined by or
subject to the approval of the President of Chile and the Ministries of Finance and Mining.

CODELCO is a mining, industrial and commercial state-owned enterprise of indefinite duration with its
own legal personality and capital. CODELCOSs relationship with the Government of Chile is through the Ministry
of Mining, and is governed by Decree Law 1.350, as amended by Law 20.392, its bylaws and other applicable
legislation. The President of Chile is vested with the authority analogous to that of the shareholders of a corporation
(sociedad anónima) under Chilean law, which may be delegated in whole or in part to the Ministers of Finance and
Mining, jointly. Pursuant to such authority, the President of Chile names CODELCOS”s nine directors and approves
any amendments to CODELCO”s bylaws. Senior management and administration of the Company are vested in its
Board of Directors and further delegated to its Chief Executive Officer. Pursuant to Decree Law 1.350,
CODELCOS*s Board of Directors must submit its proposed annual budget to the Ministries of Finance and Mining
for approval and possible revision. In addition, Decree Law 1.350 requires CODELCO to include as part of its
proposed annual budget a debt amortization budget that includes interest and principal payments on CODELCO”s
debts, including the notes. CODELCO must also submit a three-year Business Development Plan (Plan de
Negocios de Desarrollo) (“BDP””), approved by the Company”s Board of Directors, to the Ministries of Finance and
Mining by March of each year. There is no guarantee that actions taken with respect to the appointment of
CODELCOSs directors, amendments to its bylaws, and revision and approval of its budget, including CODELCO”s
capitalization of net income, are or will be the same as they would be in a privately owned company. See
“Management” and “Regulatory Framework.”

CODELCOS*s use of net income is restricted and is subject to the approval of the Ministries of Finance and
Mining.

As a state-owned enterprise and according to its governing law, CODELCO s net income is required to be
transferred to the Chilean Treasury. Before June 30 of each year, the Ministries of Finance and Mining determine,
by means of a joint decree, the amount that the Company shall allocate to the creation of capitalization and reserve
funds. In June 2013, the Ministries of Finance and Mining approved the capitalization of 25.8% of 2012 net income,
or U.S.$1.0 billion, from retained earnings attributed to the fair value accounting related to the purchase of
CODELCOSs indirect interest in Anglo American Sur. Since 2007, the Government of Chile has authorized the
capitalization and retention of almost U.S.$4.2 billion within CODELCO. Although CODELCO currently expects
the Ministries of Finance and Mining to approve retention in the range of 10% to 15% of’its pre-tax profit in each
year over the next five years, there can be no assurance that such profit retention will be approved in those years or
in future years.

IfCODELCOS”s funding through capitalization and retention of profits, depreciation, amortization and
deferred taxes were to prove insufficient to fund capital expenditures, and if the Ministries of Finance and Mining do
not otherwise issue a joint decree permitting CODELCO to retain net income, CODELCO”s business could be
adversely affected if it is unable to otherwise finance planned expenditures. See “Management’s Discussion and
Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

CODELCO is subject to special taxes and distributions.

Law 13.196 of Chile currently requires the payment of a 10% special export tax on revenues from the
export of copper and related by-products produced by CODELCO. A bill is currently under discussion in the
Chilean Congress that proposed the repeal of Law 13.196, and if the bill were to be approved, effective as of
January 1 of the calendar year following such approval, CODELCO would no longer be subject to such special
export tax, and consequently, its pre-tax income and after-tax profit could increase.

In addition, CODELCO is subject to the corporate income tax rate of 20% (a 17% historic corporate tax

rate applied to income earned in and prior to 2011) and a 40% tax on net earnings applicable to state-owned
enterprises as specified by Decree Law 2.398, Art. 2.

19
CODELCO was subject to a 5% mining tax calculated on its operating income for the fiscal years 2010 and
2011. Effective for its 2012 fiscal year, CODELCO is subject to a mining tax on operating income at progressive
rates of between 5% and 14%. The tax is imposed on operating income generated during the operating year and will
be determined as provided in new articles 64 Il and 64 III of the Chilean Income Tax Law. For 2012, CODELCO
distributed a total of U.S.$3.18 billion (including income tax, and export tax payments and distributions) to the
Chilean Treasury. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—
Liquidity and Capital Resources —Distributions to the Chilean Treasury” and “Regulatory Framework.” The
effective rate of the mining tax was 5.0% for CODELCO in 2012 and it is estimated to be approximately 5.0% for
2013.

Constitutional amendments could be proposed that would allow private ownership of CODELCO.

CODELCO is 100% owned by Chile and a constitutional amendment approved by the Chilean Congress
would be required to allow private participation in CODELCO”s ownership. Although there has been no formal
governmental action to permit private investment in CODELCO, no assurance can be given that such a
constitutional amendment will not be proposed to the Chilean Congress in the future. See “Regulatory
Framework—Overview of the Regulatory Regime.”

Risks Relating to Chile

CODELCO*s growth and profitability depend on political stability and economic activity in Chile and other
emerging markets.

Almost all of CODELCO”s revenues are derived from its operations in Chile. Accordingly, CODELCO”s
results of operations and general financial condition depend in part on Chilean markets for labor and certain
materials and equipment, and on factors relating to Chilean political stability generally. While Chile has
experienced relative political stability in recent years, there can be no assurance that future developments in or
affecting the Chilean political situation, including economic or political instability in other emerging markets, will
not result in material and adverse effects on CODELCOS*s business, financial condition or results of operations.
CODELCO also could be adversely affected by legal or regulatory changes over which it has no control.

CODELCOS*s business performance is subject to the effects of inflation and changes in the value of the peso.

Although Chilean inflation has been reduced in recent years, Chile has experienced high levels of inflation
in the past. High levels of inflation in Chile could adversely affect the Chilean economy and have an adverse effect
on CODELCOSs results of operations if high inflation is not accompanied by a matching devaluation of the local
currency. There can be no assurance that Chilean inflation will not revert to prior levels in the future. In addition,
the measures taken by the Chilean Central Bank to control inflation have often included maintaining a tight
monetary policy with high interest rates, thereby restricting the availability of credit and economic growth.

The following table shows the annual rate of inflation (as measured by changes in the Chilean consumer
price index and as reported by the Instituto Nacional de Estadísticas, or the Chilean National Institute of Statistics)
during the last five years ended December 31, 2012 and in the first three months of 2013:

Year Inflation (CPI)
(in percentages)
2008. 7.1
2009. (1.4)
2010. 3.0
2011. 4.4
2012. 1.5
2013 (through March 31, 2013).. 0.7

Source: Chilean National Institute of Statistics

20
A significant portion of CODELCOS*s operating costs are denominated in pesos and could therefore be
significantly affected by the rate of inflation in Chile. Ifinflation in Chile were to increase without a corresponding
depreciation of the peso, or if the value of the peso were to appreciate relative to the U.S. dollar without the peso
experiencing corresponding deflation in Chile, the financial position and results of operations of CODELCO as well
as the value of the notes could be materially and adversely affected. See “Management’s Discussion and Analysis
of Financial Condition and Results of Operations —Liquidity and Capital Resources.”

The variation of the U.S. dollar against the peso constitutes the main exchange exposure of CODELCO.
The mismatch between assets and liabilities denominated in pesos amounts to a net asset for the Company of
U.S.$1,027 million (3.31% of the total amount of assets on a consolidated basis) as of March 31, 2013. In order to
cover this risk, CODELCO has and currently is engaged in hedging transactions to partially mitigate the effects of
the volatility of foreign exchange rates. See “Risk Factors—Risks Relating to CODELCO”s Operations—
CODELCO engages in hedging activity, particularly with respect to its copper production, which may not be
successful and may result in losses to CODELCO.”

Chile has different corporate disclosure and accounting standards than holders may be familiar with in the
United States.

The accounting, financial reporting and securities disclosure requirements in Chile differ from those in the
United States in some significant respects. Financial results from the first quarter of fiscal year ending December
31, 2010, onwards, were reported according to IFRS in compliance with Officio Circular 368, as amended,
promulgated by the SVS. Financial results for the fiscal year ended December 31, 2009 have been reconstructed
according to IFRS in order to compare to 2010 results. Thus, the Company”s financial statements are not directly
comparable to those reported according to U.S. GAAP.

The securities laws of Chile have as a principal objective promoting disclosure of all material corporate
information to the public. Chilean disclosure requirements, however, differ from those in the United States in some
important respects. In addition, although Chilean law imposes restrictions on insider trading and price manipulation,
applicable Chilean laws are different from those in the United States and in certain respects the Chilean securities
markets are not as highly regulated and supervised as the U.S. securities markets.

Risks Relating to the Offering

In case of a default under the notes, the ability of holders to attach property of CODELCO may be limited by
Chilean law.

CODELCOSs activities in Chile are dependent on concessions granted by the Chilean Ordinary Courts with
respect to CODELCO”s mining rights. These concessions are granted for indefinite terms in the case of exploitation
concessions and for two-year periods in the case of exploration concessions (renewable with certain limitations). As
a general matter, the Ordinary Courts, through legal proceedings brought by third parties (or by the Chilean Treasury
in case of noncompliance with the obligation to pay annual fees), have the legal right to terminate or annul the
concessions. Pursuant to the Chilean Mining Code, all mining concessions, as well as certain raw materials and
other property or assets permanently dedicated to the exploration or extraction of minerals, cannot be subject to an
order of attachment, except with respect to mortgages, where the debtor consents to the attachment in the relevant
legal proceeding or when the debtor is a stock corporation. In addition, pursuant to the Chilean Constitution, mining
concessions corresponding to mining deposits exploited by CODELCO upon its creation in 1976 cannot be subject
to attachment nor to any act of disposition by CODELCO. As a result, the rights of holders to attach property of
CODELCO in the event of a default under the notes would be limited by such provisions. See “Regulatory
Framework—Mining Regulations.”

CODELCO is permitted to incur additional indebtedness ranking equally to the notes or certain secured
indebtedness.

The notes contain no restrictions on the amount of additional indebtedness which may be incurred by
CODELCO or its subsidiaries; however, the notes contain restrictions on the ability of CODELCO and its

21
subsidiaries to incur certain secured indebtedness as set forth in “Description of Notes—Limitations on Liens”
below. As a result, CODELCO is permitted to issue additional unsecured debt that ranks on an equal and ratable
basis with the notes. If CODELCO incurs any additional unsecured debt that ranks on an equal and ratable basis
with the notes, the holders of that debt will be entitled to share ratably with the holders of the notes in any proceeds
distributed in connection with an insolvency, liquidation, reorganization, dissolution or other winding-up of
CODELCO subject to satisfaction of certain debt limitations. This may have the effect of reducing the amount of
proceeds paid to you under such an event.

If certain changes to tax law were to occur, CODELCO would have the option to redeem the notes.

Under current Chilean law and regulations, payments of interest to holders of the notes that are not
residents of Chile for purposes of Chilean taxation generally will be subject to Chilean withholding tax at a rate of
4%. Subject to certain exceptions, CODELCO will pay Additional Amounts (as defined in “Description of Notes—
Additional Amounts”) so that the amount received by the holder after Chilean withholding tax will equal the amount
that would have been received if no such taxes had been applicable. The notes are redeemable at the option of
CODELCO in whole (but not in part), at any time at the principal amount thereof plus accrued and unpaid interest
and any Additional Amounts due thereon if, as a result of changes in the laws or regulations after the date of this
offering memorandum affecting Chilean taxation, CODELCO becomes obligated to pay additional amounts with
respect to interest on the notes in respect of withholding or deduction of Chilean tax at a rate in excess of 4%.
CODELCO is unable to determine whether such an increase in the withholding tax rate will ultimately be presented
to or enacted by the Chilean Congress; however, if such an increase were enacted, the notes would be redeemable at
the option of CODELCO. See “Description of Notes—Tax Redemption” and “Taxation—Chilean Taxation.”

Our obligations under the notes will be subordinated to certain statutory liabilities.

Under Chilean bankruptcy law, the obligations under the notes are subordinated to certain statutory
preferences. In the event of a liquidation, such statutory preferences, including claims for salaries, wages, secured
obligations, social security, taxes and court fees and expenses, will have preference over any other claims, including
claims by any investor in respect of the notes.

The market value of the notes may depend on economic conditions in other countries over which CODELCO has
no control.

The market value of securities of Chilean companies, including CODELCO, is affected to varying degrees
by economic and market conditions in other emerging market countries. Although economic conditions in such
countries may differ significantly from economic conditions in Chile, investors” reactions to developments in any of
these other countries may have an adverse effect on the market value of securities of Chilean issuers. International
financial markets have in recent years experienced volatility due to a combination of international political and
economic events. There can be no assurance that deterioration of emerging market economies or other events in or
outside of the region will not adversely affect the market value of the notes.

The transferability of the notes may be limited by the absence of an active trading market and restrictions on
transfer under applicable securities law.

The notes have not been registered under the Securities Act or any state securities laws. CODELCO does
not intend to list the notes on any national securities exchange or to seek admission of the notes for trading on any
securities exchange in the United States; however, has been made to list the notes on the Luxembourg Stock
Exchange. Furthermore, CODELCO does not intend to exchange the notes for notes that are registered under the
Securities Act. The initial purchasers are not obligated to make a market in the notes. No assurance can be given
about the liquidity of any markets that may develop for the notes, the ability of holders to sell the notes or the prices
at which the notes could be sold. Future trading prices of the notes will depend on many factors, including
prevailing interest rates, CODELCO”s operating results and the market for similar securities. There can be no
assurance that any active trading market will develop for the notes or that you will be able to transfer or resell the
notes without registration under applicable securities laws.

22
We cannot assure you that the credit ratings for the notes will not be lowered, suspended or withdrawn by the
rating agencies.

The credit ratings of the notes may change after issuance. Such ratings are limited in scope, and do not
address all material risks relating to an investment in the notes, but rather reflect only the views of the rating
agencies at the time the ratings are issued. An explanation of the significance of such ratings may be obtained from
the rating agencies. CODELCO cannot assure you that such credit ratings will remain in effect for any given period
of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in the
Judgment of such rating agencies, circumstances so warrant. Any lowering, suspension or withdrawal of such
ratings may have an adverse effect on the market price and marketability of the notes.

Payments claimed in Chile on the notes, pursuant to a judgment or otherwise, may be in pesos.

In the event that proceedings are brought against CODELCO in Chile, either to enforce a judgment or as a
result of an original action brought in Chile, CODELCO would not be required to discharge those obligations in a
currency other than Chilean currency. Such obligation may be satisfied in Chilean currency at the rate of exchange
in effect on the date on which payments are made. As a result, you may suffer a U.S. dollar shortfall if you obtain a
Judgment in Chile.

23
USE OF PROCEEDS

The estimated total net proceeds from the offering of the notes is U.S.$743,265,100, after deducting
commissions to the initial purchasers, payment of a Chilean stamp tax of U.S.$3,000,000, and payment of legal fees
and all other expenses related to the offering. The net proceeds will be used to finance partially capital expenditures,
cancel short-term indebtedness consisting of CODELCO”s 5.50% notes due 2013 in the aggregate principal amount
of U.S.$595,632,000 and for general corporate purposes. See “Management’s Discussion and Analysis of Financial
Condition and Results of Operations —Liquidity and Capital Resources.”

24
CAPITALIZATION

The following table sets forth the capitalization of CODELCO in accordance with IFRS at March 31, 2013
and as adjusted to give effect to the offering of the notes and application of the net proceeds from the offering of the
notes as described in “Use of Proceeds.” This table is qualified in its entirety by reference to, and should be read
together with, CODELCO”s Consolidated Financial Statements, including the notes thereto, included elsewhere in
this offering memorandum.

As of March 31, 2013
Actual As Adjusted

(in thousands of U.S.$)
Short-term debt

Current portion of loans from financial institutions. $ 267,355 $ 267,355

Current portion of bonds(? …. 595,632 =
Current portions of others 42,895 42,895
Total short-term debt……oooooononicnnoncocconconnconoonncnnconncononnconnonn cono cono rnnonnoos $ 905,882 $ 310,250
Long-term debt
Bank debt $ 2,580,925 $ 2,580,925

4.750% Notes due 2014. 498,234 498,234
7.500% Notes due 2019 592,073 592,073
3.750% Notes due 2020 984,809 984,809
3.875% Notes due 2021 . 1,134,174 1,134,174
3.00% Notes due 2022 … 1,232,742 1,232,742
4.0% UF Notes due 20259 359,537 359,537
5.625% Notes due 2035 . 490,375 490,375
6.150% Notes due 2036 495,893 495,893
4.25% Notes due 2042 730,902 730,902
Long-term of others . 171,528 171,528
Notes offered hereby”? — 743,265

Total long-term deDt cococicnocicnonioninnoninnoncnnonconon conan cononcononconon conan coronas $ 9,271,192 $ 10,014,457

Non-controlling interest .. $ 2,109,799 $ 2,109,799
Equity

Issued capital $ 2,524,423 $ 2,524,423

Other reserves 3,287,301 3,287,301
Retained Earnings:
Retained earnings 4,482,654 4,482,654
Profits distributions to the Chilean Treasury. = =
Net income for the period .. 257,490 257,490

$ 10,294,378 $ 10,294,378
$ 22,581,251 $ 22,728,884

Equity attributable to equity holders of parent..
Total capitalization”

(1) The 5.500% notes due 2013 to be repaid with the proceeds of this offering are included in this item.

(2) The approximate U.S.$ equivalent of UF 6.9 million aggregate principal amount of the 4.0% UF notes due 2025 has been translated at an
exchange rate of U.S.$1.00 = UF 0.021 at March 31, 2013.

(3) Net of deferred financing costs, commissions to the initial purchasers, payment of a Chilean stamp tax and payment of legal fees and all
other expenses related to the offering.

(4) CODELCO has no convertible debt securities, warrants exercisable for debt securities or other similar securities outstanding.

25
EXCHANGE RATES

As a general matter, prior to 1989, Chilean law permitted the purchase and sale of foreign exchange only in
those cases explicitly authorized by the Central Bank. Law 18.840, the Ley Orgánica Constitucional del Banco
Central de Chile (the “Chilean Central Bank Act”) liberalized the rules that govern the purchase and sale of foreign
currency. The act empowers the Central Bank to determine that certain purchases and sales of foreign currency
specified by law must be carried out in the Mercado Cambiario Formal (the “Formal Exchange Market”). The
Formal Exchange Market is formed by the banks and other entities so authorized by the Central Bank. For more
information, see “Foreign Investment and Exchange Controls in Chile.” The observed exchange rate for any given
day equals the average exchange rate of the transactions conducted in the Formal Exchange Market on the
immediately preceding banking day, as certified by the Central Bank (the “Observed Exchange Rate”). Even though
the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its
transactions. Authorized transactions by other banks are generally carried out at the spot rate.

Purchases and sales of foreign exchange which may be effected outside the Formal Exchange Market can
be carried out in the Mercado Cambiario Informal (the “Informal Exchange Market”). There are no limits imposed
on the extent to which the rate of exchange in the Informal Exchange Market can fluctuate above or below the
Observed Exchange Rate.

The following table sets forth, for the periods indicated, the high, low, average and period-end Observed
Exchange Rate for U.S. dollars for each year beginning in 2008 as reported by the Central Bank of Chile. The
Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos.

Observed Exchange Rates
(Ch$ per U.S.$)

Period High Low” Average? Period-End*
2008… 676.75 431.22 522.46 636.45
2009. 643.87 491.09 559.61 507.10
2010… 549.17 468.01 510.25 468.01
2011… 533.74 455.91 483.67 519.20
2012. 519.69 469.65 486.75 478.60
2013:

479.96 470.67 472.67 471.40

473.60 470.67 472.29 473.30

474.82 471.10 472.48 472.54

477.74 466.50 472.14 471.54

492.80 469.64 479.58 492.80

514.38 492.59 502.89 503.86

514.34 497.79 504.96 514.34

515.42 513.63 514.49 513.63

(1) Rates shown are the actual low and high on a daily basis for periods indicated.

(2) The average annual rates represent the average of average monthly rates for the periods indicated. The average monthly rates represent the
average of the rates on each day for the periods indicated.

(3) Period ends on January 1 of the following year.
Source: Central Bank of Chile.

The Observed Exchange Rate reported by the Central Bank of Chile for August 5, 2013 was Ch$ =513.63
U.S.$1.00.

26
SELECTED CONSOLIDATED FINANCIAL DATA

The following tables present CODELCO”s summary consolidated financial data and other data as ofand
for each of the periods indicated. This data is qualified in its entirety by reference to, and should be read together
with, CODELCO”s Consolidated Financial Statements and notes thereto, included elsewhere in this offering
memorandum, from which all such data (other than the average LME copper prices) has been derived. The data
should also be read together with “Management’s Discussion and Analysis of Financial Condition and Results of
Operations.” The Year-end Consolidated Financial Statements for 2009, 2010, 2011 and 2012, the Unaudited
Interim Consolidated Financial Information for the three month periods ended March 31, 2012 and 2013, and other
financial information included in this offering memorandum are presented in accordance with IFRS. The unaudited
interim information for the three-month periods ended March 31, 2012 and 2013 includes all adjustments, consisting
of only normal recurring adjustments, that in the opinion of management are necessary for the fair presentation of
such information. The unaudited results of operations for the three months ended March 31, 2013 are not
necessarily indicative of the results to be expected for the year ending December 31, 2013 or any other period.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013″
(in thousands of U.S.$)

CONSOLIDATED STATEMENT OF (unaudited)
COMPREHENSIVE INCOME
Revenues … $ 12,379,137 $16,065,946 $17,515,296 $15,860,432 ||$ 3,963,855 $ 3,277,000
Cost of sales! (7,666,010) (9,088,740) (10,283,026) (10,851,680) (2,307,848) (2,250,103)
Gross profit… 4,713,127 6,977,206 7,232,270 5,008,752 1,656,007 1,027,573
Other income 308,363 141,473 726,185 4,092,339 25,568 31,975
Distribution cos: (19,157) (14,994) (11,114) (12,654) (3,533) (3,373)
Administrative expenses (323,836) (390,234) (452,217) (543,531) (112,103) (127,283)
Other expenses” (1,458,441) (2,058,867) (2,307,326) (2,275,945) (352,329) (301,424)
Other gains …. 14,749 28,040 38,709 35,400 8,504 10,759
Finance income 27,666 35,559 44,701 59,023 10,129 11,757
Finance cost… (318,757) (331,132) (294,496) (406,278) (69,594) (89,245)
Share of profit of associates and joint

ventures accounted for using the equity

method… 310,651 303,395 353,440 457,230 116,129 99,223
Exchange differences …. (266,531) (202,524) 216,998 165,801 (72,971) (60,158)
Profit for the period before tax 2,987,834 4,487,922 5,547,150 6,248,526 1,205,807 599,804
Income tax expense*”. (1,813,643) (2,611,601) (3,491,798) (2,273,206) (723,485) (342,314)
Profit for the period 1,174,191 1,876,321 2,055,352 3,875,320 482,322 257,490
Profit attributable to owners of parent 1,176,226 1,877,659 2,056,414 3,867,960 482,521 246,594
Profit (loss), attributable to non-

controlling interests……. 2 (2,035) (1,338) (1,062) 7,360 (199) 10,896
Profit for the period….. .. $ 1,174,191 $ 1,876,321 $ 2,055,352 $ 3,875,320 J|$ 482,322 S 257,000

27

As of As of As of As of As of As of
STATEMENTS OF FINANCIAL January 1, December December December December 31, March 31,
POSITION INFORMATION 2009 31, 2009 31, 2010 31, 2011 2012 2013*
(unaudited)

Total current assetS………mmmmenmersms» Y 3,729,946 $ 4,995,564 $ 6,623,885 $ 5,906,920 $ 6,534,627 [$ 5,680,779
Total property, plant and

equipment …. 10,507,650 11,210,433 12,351,430 13,437,764 17,044,931 [| 17,463,983
Investments accounted for using

the equity method” 1,084,470 1,100,156 588,365 945,055 7,644,612 7,452,599
Non-current receivables 149,234 198,102 198,785 132,721 171,699 169,856
All other assets 263,493 749,625 516,576 412,484 249,164 237,568
Total assets … $15,734,793 $18,253,880 $20,279,041 $20,834,944 $31,645,033 [[$31,004,785
Total current liabilities 3,022,841 4,096,615 5,243,827 4,416,082 4,138,972 3,318,778
Total non-current liabil 8,147,686 9,714,038 10,504,002 10,353,832 15,328,281 [| 15,281,830
Total liabilitie: $11,170,527 $13,810,653 $15,747,829 $14,769,914 $19,467,253 ||$18,600,608
Non-controlling intere: 2,951 2,007 1,994 2,020 2,099,406 2,109,799
Equity attributable to owners of

parent . 4,561,315 4,441,220 4,529,218 6,063,010 10,078,374 || 10,294,378
Total equity. $ 4,564,266 $ 4,443,227 $ 4,531,212 $ 6,065,030 $12,177,780 |[$12,404,177
Total liabilities and equity………………. $15,734,793 $18,253,880 $20,279,041 $20,834,944 $31,645,033 [[$31,004,785

For the three months ended
OTHER ITEMS For the year ended December 31, March 31,
2009 2010 2011 2012 2012″ 2013*
(in thousands of U.S.S, except ratios and copper prices)
(unaudited)

Depreciation and amortization of

ASSOÍS coccconncnnnnoon $ 1,082,086 $ 1,304,600 $ 1,485,357 $ 1,606,165 S 392,802 S 397,036
Interest income (expense), net $ (291,091 $ (295,573) $ (249,795) S (347,255) [[S (59465) $ (77,488)
Ratio of eamings to fixed charges 10.4 14.6 19.8 16.4 18.3 77
Average LME copper price (U.S. £

per pound)’” 234.22 341.98 399.66 360.59 376.94 359.77
Adjusted EBITDA” $ 5,368,583 $ 7,434,387 $ 8,812,554 $ 9,530,877 $ 1,973.262 $ 1,354,091
Ratio of debt to Adjusted EBITDA 0.9 0.9 0.8 1.0 = =
Adjusted EBITDA coverage ratio’* 18.4 25.2 35.3 27.4 33.2 17.5

*

0)

Q)

6)

(4)
(5)

(6)
(0)

The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial Statements are consistent with those
applied in the preparation of the Year-end Consolidated Financial Statements for the year ended December 31, 2012, except for the
adoption of new standards and interpretations effective from January 1, 2013, which required retroactive restatement of certain figures as of
March 31, 2012. The amounts reported at and for the three months ended March 31, 2013 are not fully comparable to amounts presented in
the Year-end Consolidated Financial Statements. See “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—New Accounting Standards” for the details of the restatement and Section 11.3 to the Unaudited Interim Consolidated Financial
Statements.

Cost of sales for any period includes direct and indirect costs, depreciation and amortization associated with the production of copper and
by-products, as well as purchase costs of third-party copper, sold by CODELCO in that period.

Other expenses is comprised principally of costs related to retirement plan and severance indemnities, costs of environmental exit,
restoration and similar liabilities and the 10% special export tax paid by the Company that is required by Law 13.196. See “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.”

CODELCO was subject to a 5% mining tax calculated on its operating income for the fiscal years 2010 and 2011. Effective for its 2012
fiscal year, CODELCO is subject to a mining tax on operating income at progressive rates of between 5% and 14%. The tax is imposed on
operating income generated during the operating year. The effective rate of the mining tax was 5.7% for CODELCO in 2011 and 5.0% in
2012. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—
Distributions to the Chilean Treasury” and “Regulatory Framework.” See also “Risk Factors—Risks Relating to CODELCO”s Relationship
with the Chilean Government—CODELCO is subject to special taxes and distributions” for information related to the mining tax rate
effective in 2013. In addition, CODELCO is subject to the corporate income tax rate of 20% (a 17% historic corporate tax rate applied to
income earned in and prior to 2011) and a 40% tax on net earnings applicable to state-owned enterprises as specified by Decree Law 2.398,
Art. 2. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—
Distributions to the Chilean Treasury.”

See Note 8 to the Unaudited Interim Consolidated Financial Statements and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”

For the purpose of calculating CODELCOS*s ratio of earnings to fixed charges, (i) earnings consist of profit (loss) and finance cost and (ii)
fixed charges consist of finance cost.

Average price on the LME for Grade A cathode copper during period.

Adjusted EBITDA is calculated by adding finance income (expense), net, income tax expense, depreciation and amortization (EBITDA)
plus export taxes (Adjusted EBITDA) to net income, in each case determined in accordance with IFRS as issued by the IASB. Adjusted

28
(8)

EBITDA is presented because it is a widely accepted indicator of funds available to service debt, although it is not an IFRS-based measure
of liquidity or performance. The Company believes that Adjusted EBITDA, while providing useful information, should not be considered
in isolation or as a substitute for net income as an indicator of operating performance, or as an alternative to cash flow as a measure of
liquidity. Additionally, the Company”s calculation of Adjusted EBITDA may be different than the calculation used by other companies and
therefore, comparability may be affected.

Adjusted EBITDA coverage ratio is the ratio of Adjusted EBITDA to finance cost net of finance income.

29
The following table shows CODELCO””s Adjusted EBITDA and reconciles its Adjusted EBITDA with
profit under IFRS for the periods indicated.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$)
(unaudited)
Profit for the period $ 1,174,191 $ 1,876,321 $ 2,055,352 $ 3,875,320|[S 482,322 $ 257,490
Income tax expense 1,813,643 2,611,601 3,491,798 2,373,206 723,485 342,314
Depreciation and amortization of
1,082,086 1,304,600 1,485,357 1,606,165 392,802 397,036
979,906 1,310,733 1,485,551 1,269,908 305,059 268,006
318,757 331,132 294,496 406,278 69,594 89,245
Adjusted EBITDA S 5,368,583 $ 7,434,387 S 8,812,554 $ 9,530,877 $ 1,973,262 $ 1,354,091

The following table shows CODELCO”s earnings, ratio of earnings to fixed charges and reconciliation of
earnings to profit under IFRS for the periods indicated.

For the three months ended

For the year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$, except ratios)

(unaudited)
Profit for the period . $ 1,174,191 $ 1,876,321 $ 2,055,352 $ 3,875,320 |] S 482,322 $ 257,490
Income tax expense 1,813,643 2,611,601 3,491,798 2,373,206 723,485 342,314
Finance cost……… e 318,757 331,132 294,496 406,278 69,594 89,245
EBIT Y .$ 3,306,591 $ 4,819,054 $ 5,841,646 $ 6,654,804 [[ $ 1,275,401 $ 689,049
Ratio of earnings to fixed charges 10.4 14.6 19.8 16.4 18.3 17

(1) EBIT is calculated by adding finance cost and income tax expense, each determined in accordance with IFRS as issued by the IASB, to
profit for the period. EBIT, while not a financial performance measure under IFRS, is presented as an indicator of funds available to service
debt. The Company believes that EBIT, while providing useful information, should not be considered in isolation as a substitute for profit
for the period, as an indicator of operating performance, or as an alternative to cash flow as a measure of liquidity. Additionally, the
Company”s calculation of EBIT may be different than the calculation used by other companies and therefore, comparability may be affected

(2) Fixed charges consist of finance cost. The ratio of earnings to fixed charges is calculated by dividing earnings by finance cost.

The following table shows CODELCOSs ratio of debt to Adjusted EBITDA and Adjusted EBITDA
coverage ratio under IFRS for the periods indicated.

For the three months

For the year ended December 31, ended March 31,
2009 2010 2011 2012 2012 2013
(in thousands of U.S.$, except ratios)
(unaudited)
Debt $ 4,667,954 $ 6,346,437 $ 7,049,274 $9,902,678 $ 7,114,672 $ 9,962,224
Ratio of debt to Adjusted EBITDA 0.9 0.9 0.8 1.0 = =
Finance income … 27,666 35,559 44,701 59,023 10,129 11,757
Adjusted EBITDA coverage ratiol* 18.4 25.2 35.3 27.4 33.2 17.5

(1) Adjusted EBITDA coverage ratio is the ratio of Adjusted EBITDA to finance cost net of finance income.

30
SELECTED OPERATING DATA

The following table sets forth a summary of the production and sales data of CODELCO for each of the
years ended December 31, 2009, 2010, 2011 and 2012 and for the three months ended March 31, 2012 and 2013.

For more information regarding such data, see “Business Properties.”

COPPER MINING OPERATIONS
Ore Mined (in thousands of dry metric tons
CODELCO Norte Division’”
Chuquicamata Division
Radomiro Tomic Division .
Gabriela Mistral Division.
El Teniente Division …
Andina Division
Salvador Division.

Average Copper Ore Gr:
CODELCO Norte Division’”
Chuquicamata Division..
Radomiro Tomic Division .
Gabriela Mistral Division.
El Teniente Division
Andina Division …
Salvador Division…..

Weighted Average.
PLANT COPPER PRODUCTION

(by division in metric tons):

CODELCO Norte Division”

Chuquicamata Division

Radomiro Tomic Division

Gabriela Mistral Di

El Teniente Division .

Andina Divisio,

Salvador Division

PLANT COPPER PRODUCTION
(contained copper in metric tons):
ER Cathodes …
SX-EW Cathodes
Fire-refined .
Anodes — Blister
Concentrates.

Total…

MOLYBDENUM PRODUCTION

(contained molybdenum in metric tons)…………….
COPPER SALES

(in metric tons; includes sales of third-party

copper):

Cathodes…

Fire-refined .

Anodes — Blister

(in metric tons; includes sales of third-party
copper):
Cathodes…
Fire-refined .
Blister…

INVENTORIES OF COPPER AT PERIOD-END
(in metric tons)

Year ended December 31, Three months ended March 31,
2009 2010 2011 2012 2012 2013
(unaudited)

128,377 123,724 — — — —
—- = 67,531 52,117 17,667 13,866
— — 71,925 75,952 17,526 21,405
23,806 18,987 29,121 31,818 9,094 7,713
48,577 47,049 46,963 48,879 11,801 11,777
23,168 23,773 30,547 31,436 7,884 7,626
16,476 16,704 15,613 15,793 3,898 35,666
240,404 230,237 261,700 255,995 67,870 65,953
0.79% 0.82% — —- —- —-

= = 0.97% 0.80% 0.76% 0.82%
—- = 0.77 0.71 0.73 0.69
0.77 0.86 0.59 0.57 0.60 0.59
0.95 0.97 0.95 0.92 0.92 0.93
1.04 0.92 0.88 0.90 0.88 0.87
0.55 0.61 0.59 0.55 0.51 0.55

0.83% 0.85% 0.83% 0.76 0.76% 0.76%
874,748 903,720 —- —- = =
= = 443,381 355,901 60,046 73,296
—- = 470,096 427,791 106,432 110,083
148,026 117,052 118,078 133,000 34,607 32,352
404,035 403,616 400,294 417,244 96,463 98,035
209,727 188,493 234,348 249,861 62,057 58,215
65,462 76,184 69,044 62,728 12,932 12,635
1,701,998 1,689,065 1,735,241 1,646,525 372,537 384,616
423,902 431,799 234,989 120,574 16,881 34,673
615,982 601,433 617,124 599,379 152,226 154,860
87,778 100,482 68,968 — — —
305,302 293,841 274,694 376,200 89,953 67,396
269,034 261,510 538,466 550,372 113,477 136,687
1,701,998 1,689,065 1,735,241 * 1,646,525 372,537 384,616
21,556 21,677 23,098 19,676 3,830 5,401
1,618,541 1,598,707 1,573,815 1,423,920 322,821 247,471
88,421 99,665 74,830 99 99 —
126,559 120,521 63,881 101,360 16,883 34,673
183,847 162,961 215,390 317,440 71,069 86,496
2,017,368 1,981,834 1,927,916 — 1,842,819 410,872 348,851
1,547,307 1,505,677 1,493,940 — 1,335,715 302,438 225,458
83,405 95,778 73,997 99 99 =
114,443 116,003 63,874 101,360 16,883 14,884
138,235 131,793 196,167 288,020 65,436 79,276
1,883,390 1,849,251 1,827,978 1,725,194 384,855 319,618
75,109 76,811 77,433 100,081 88,529 155,056

(1) In December 2010, CODELCO divided the CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions. See
“Business and Properties—Copper Production—CODELCO Norte Division.”

31
MANAGEMENT”S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Consolidated Financial Statements and the
notes thereto included elsewhere in this offering memorandum, as well as the data set forth in “Selected
Consolidated Financial Data.”

Adoption of IFRS

Pursuant to Oficio Circular 368, as amended, promulgated by the SVS, beginning January 1, 2010, Chilean
companies were required to report consolidated financial statements in accordance with IFRS. As of
January 1, 2010, CODELCO is no longer preparing financial statements in accordance with Chilean GAAP. IFRS
differs in certain significant respects from Chilean GAAP, and as a result of the Company”s adoption of IFRS, there
were significant changes in the presentation of CODELCO*s financial statements and of its equity. The adoption of
IFRS represents a change in the accounting framework only and does not affect the Company”s operations or cash
flows. CODELCOSs first results reported under IFRS were the unaudited interim financial statements as of and for
the three-month period ended March 31, 2010.

In connection with the filing of CODELCO”s audited IFRS financial statements as of and for the year
ended December 31, 2010, CODELCO was required to present for purposes of comparison the audited IFRS
financial statements as of and for the year ended December 31, 2009, as required by IAS 1 Presentation of Financial
Statements.

The Consolidated Financial Statements and other financial information included in this offering
memorandum, unless otherwise indicated are presented in accordance with IFRS.

The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial
Statements are consistent with those applied in the preparation of the Year-end Consolidated Financial Statements
for the year ended December 31, 2012, except for the adoption of new standards and interpretations effective from
January 1, 2013, which required retroactive restatement of certain figures as of March 31, 2012. The amounts
reported at and for the three months ended March 31, 2013 are not fully comparable to amounts presented in the
Y ear-end Consolidated Financial Statements. See “—New Accounting Standards” and Section 11.3 to the Unaudited
Interim Consolidated Financial Statements.

Overview

CODELCO is the world”s largest copper producer and the largest company in Chile in terms of sales.
CODELCO engages primarily in the exploration, development and extraction of ores bearing copper and
by-products, the processing of ore into refined copper and the international sale of refined copper and by-products.
In 2012, CODELCO derived 91% ofiits total sales from copper and 9% of ts total sales from by-products of its
copper production, primarily molybdenum, anodic slimes and sulfuric acid.

Since its inception in 1976, CODELCO contributed approximately U.S.$98 billion (in 2012 currency) to
the Chilean Treasury. Due to higher copper prices, 58% of this amount was generated in the last 9 years,
representing 14% of Government revenues. In 2012, CODELCO accounted for 18% of all Chilean exports.

CODELCOSs financial performance is significantly affected by the market prices of copper. As with prices
for other commodities, copper prices have historically been subject to wide fluctuations. LME copper prices
averaged 360.59 per pound in 2012, compared to 399.66 cents per pound in 2011 and 341.98 cents per pound in
2010. On March 28, 2013, the closing price for refined copper on the LME was 343.94 cents per pound. In the
second quarter of 2013, copper prices averaged 324.22 cents per pound. See “Overview of the Copper Market.”

CODELCO continues to focus on controlling and limiting production cost increases. For many years,

CODELCO has been one of the world’s lowest cost producers of copper and has been within the first and second
quartile in industry costs. This position is principally attributable to the quality of its ore bodies, its economies of

32
scale, and the experience of its workforce and management. The Company intends to make every effort, through
investment and management, to return to the first quartile of the industry”s cost curve in the long term. In 2012,
CODELCOSs total costs and expenses were 264.5 cents per pound, compared to 205.6 cents per pound in 2011 and
197.6 cents per pound in 2010. The increase in 2012 as compared to 2011 is primarily attributable to lower ore
grade, a significant increase in prices of energy, increases in third-party service expenses and increases in prices of
most significant inputs and consumables used in the production process. The increase in 2011 as compared to 2010
was mainly driven by the increase in prices of most significant inputs and consumables used in the production
process, the appreciation of the Chilean peso against the U.S. dollar and higher third-party and other services
expenses. For the first three months of 2013, CODELCO*s total costs and expenses were 245.0 cents per pound,
compared to 219.2 cents per pound in the same period in 2012. This increase is primarily attributable to an increase
in third-party services and maintenance expenses and the appreciation of the Chilean peso in the first quarter of 2013
against the U.S. dollar.

In 2012, CODELCOSS total cash cost was U.S.$5,864 million, as compared to U.S.$4,408 million in 2011.
For the first three months of 2013, CODELCOS*s total cash cost was U.S.$1,423 million, as compared to U.S.$1,058
million for the first three months of 2012. Because a significant portion of CODELCO”s costs are denominated in
Chilean pesos, depreciation of the Chilean peso against the U.S. dollar reduces CODELCO*s cash costs in U.S.
dollar terms and appreciation increases these costs. See “Exchange Rates.” In 2012, CODELCO s cash cost of
production was 163.5 cents per pound, compared to 116.4 cents per pound in 2011, primarily due to lower ore
grades and the increase in prices of most significant inputs, consumables and services used in the production
process. In 2011, CODELCO*s cash cost of production increased by 12.0 cents per pound, from 104.4 cents per
pound in 2010, primarily due to the increase in prices of most significant inputs and consumables used in the
production process and the appreciation of the Chilean peso against the U.S. dollar, which was partially offset by
better by-product credits. For the first three months of 2013, CODELCO*s cash cost was 170.0 cents per pound,
compared to 130.2 cents per pound, in the same period in 2012. This increase is primarily attributable to higher
costs of third-party services and maintenance expenses, the appreciation of the Chilean peso against the U.S. dollar
and lower by-product credits.

CODELCO conducts hedging operations from time to time to reduce the risk associated with copper price
volatility. CODELCO also periodically enters into futures contracts at the request of customers with respect to
certain sales of its own copper in order to provide its customers with protection against fluctuation in the sale price
paid in connection with such sales. In July 2005, the Board of Directors determined to hedge certain future copper
delivery commitments and production in order to manage the risk associated with copper price volatility. As of
March 31, 2013, CODELCO did not have any production hedging commitments and, accordingly, there was no
related impact on pre-tax income in the quarter. See Notes 27 and 28 to the 2011-2012 Year-end Consolidated
Financial Statements and Notes 26 and 27 Unaudited Interim Financial Statements.

CODELCO has hedged a portion of its exchange rate and interest rate exposure, including by entering into
forward exchange contracts to hedge against fluctuations in the UF to U.S. dollar exchange rate for its outstanding
UF-denominated bonds. See “Business and Properties—Marketing—Pricing and Hedging” and “Risk Factors—
Risks Relating to CODELCO”s Operations—CODELCO engages in hedging activity from time to time, particularly
with respect to its copper production, which may not be successful and may result in losses to CODELCO.” See
also Notes 27 and 28 to the 2011-2012 Year-end Consolidated Financial Statements and Notes 26 and 27 to the
Unaudited Interim Consolidated Financial Statements for further information on CODELCO*s hedging activity.

Sale prices for CODELCO”s products are established principally by reference to prices quoted on the LME
and the New York Commodity Exchange (“COMEX”” in the case of copper, or prices published in “Metals
Weekly” in the case of molybdenum. The substantial majority of copper produced by CODELCO is sold under
annual contracts to customers who have long-term relationships with CODELCO. Pricing under such contracts is
based on prevailing average copper prices for a quotational period, generally for the month following shipment.
Revenues under such contracts are recorded at provisional prices determined at the time of shipment. Delays in the
delivery of copper led to a delay in the recording of revenues, such as during the work stoppage from March 16 to
April 5, 2013 that blocked exports from Chilean ports. Usually, an adjustment is then made after delivery of the
copper, based on the pricing terms contained in the applicable contract.

33
CODELCOSs financial performance is also significantly affected by the relationship of copper prices to
production costs. In 2012, CODELCO”s annual production decreased to 1.76 million metric tons including El Abra
and Anglo American Sur (as compared to 1.80 million metric tons in 2011 and 1.76 million metric tons in 2010),
mainly due to lower production from the Chuquicamata and Radomiro Tomic Divisions resulting from lower ore
grades, partially offset by higher production of El Teniente, Andina and Gabriela Mistral Divisions. The increase in
2011 was principally attributable to increased production from the Radomiro Tomic and the Andina Divisions
resulting from a greater amount of ore mined in both divisions and higher ore grade at Radomiro Tomic. In 2012,
each one-cent change in CODELCOSs average annual copper price per pound caused a variation in operating profit
of approximately U.S.$39 million. CODELCO expects production to remain relatively flat in the near future. By
overcoming certain non-permanent disruptions, such as inclement weather and other natural events and strikes, and
producing more copper through the Andina Phase I Expansion, Radomiro Tomic Sulfides project and the new Mina
Ministro Hale ore body, CODELCO believes that it will be able to compensate for diminished production resulting
from lower average ore grades, which themselves are expected to stabilize over time. Nonetheless, CODELCO
continues to develop its project pipeline with the goal of increasing its production marginally in the medium term.

CODELCO continues to develop and refine its mine management practices and programs to limit and
reduce its cost increases. These include the following: (i) improved deposit identification and mining techniques;
(ii) the implementation of early retirement plans and workforce reduction programs; (iii) an investment in human
capital and continuing to attract and retain a world-class management team and professionals of the highest caliber;
(iv) improved utilization of equipment and inputs used in the processes of copper production to increase productivity
and efficiency; and (v) the development of key projects, including the Mina Ministro Hales ore body, the Radomiro
Tomic Sulfides phase Il, the new mine level at El Teniente, Chuquicamata underground and Andina Phase II
Expansion Project. Cash costs of production are influenced by mining and production practices, as well as the type
of ore from which copper is produced, production levels of and market prices for by-products, and exchange rates.

In 2012, CODELCO invested U.S.$4.1 billion, mainly in Mina Ministro Hales, early work associated with
the Chuquicamata underground project and the new mine level at El Teniente. See “Business and Properties.”

In 2012, CODELCO acquired an indirect 20% interest in Anglo American Sur and as a result recognized
other income of U.S.$3.5 billion. See “Business and Properties—Associations, Joint Ventures and Partnerships—
Anglo American Sur” and Note 22a to the 2011-2012 Year-end Consolidated Financial Statements.

In addition to selling its current production of copper, CODELCO may sell from its inventories of copper
to meet the demand of its customers. CODELCO also purchases copper from third parties in the spot market for
resale. The Company makes these purchases and sales of third-party copper to meet requirements under sales
contracts and, to a lesser extent, to participate in the spot market for copper based on its evaluation of market
conditions. Other than pursuant to the joint venture with Minmetals, CODELCO has no long-term commitments
regarding third-party copper purchases or sales. CODELCO also engages in copper transactions with its affiliates at
market terms. In addition, CODELCO purchases copper from its affiliates for further processing and resale.

34
The following tables set forth, for the periods indicated, the components of CODELCO”s consolidated
statements of operations expressed as a percentage of revenues under IFRS. These tables are qualified in their
entirety by reference to, and should be read together with, CODELCO”s Consolidated Financial Statements,
including the notes thereto, included elsewhere in this offering memorandum:

Three months ended

Year ended December 31, March 31,
2009 2010 2011 2012 2012* 2013*
(unaudited)
Revenue… 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of sales . (61.9) (56.6) (58.7) (68.4) (59.9) (68.6)
Gross profi 38.1 43.4 41.3 31.6 40.1 31.4
Other income 2.5 0.9 4.1 25.8 0.6 1.0
Administrative expenses (Q.6) (Q.4) (2.6) (3.4) (2.8) (3.9)
Other expenses (11.8) (12.8) (13.2) (14.3) (8.9) (9.2)
Finance cost . (Q.6) (Q.1) (1.7) (2.6) (1.8) Q.7)
Profit for the period before tax 24.1 27.9 31.7 39.4 28.7 18.3
Income tax expense. (14.7) (16.3) (19.9) (15.0) (17.2) (10.4)
Profit for the period 9.5% 11.7% 11.7% 24.4% 11.5% 7.9%

* The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial Statements are consistent with those

applied in the preparation of the Year-end Consolidated Financial Statements for the year ended December 31, 2012, except for the

adoption of new standards and interpretations effective from January 1, 2013, which required retroactive restatement of certain figures as of

March 31, 2012. The amounts reported at and for the three months ended March 31, 2013 are not fully comparable to amounts presented in

the Year-end Consolidated Financial Statements. See “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—New Accounting Standards” for the details of the restatement and Section 11.3 to the Unaudited Interim Consolidated Financial

Statements.

The following tables set forth, for the periods indicated, certain price, volume and cost data:

Three months ended

Year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
(unaudited)
CODELCO Average Metal Price (per pound)’”.
Copper …. $ 241 $ 322 $ 3.81. $ 3.53 $ 390 $ 3.36
Molybdenum . Ss 10.88 $ 1529 $ 15.45 $ 12.90 $ 13.99 $ 11.38

CODELCO Sales Volume (in metric tons)

Own copper? …. 1,936,785 1,898,308 1,855,304 1,739,515 391,951 386,580
Third-party copper . 156,169 161,552 145,079 205,821 49,935 40,948
Total copper… 2,092,954 2,059,860 2,000,383 1,945,336 441,885 400,240
Molybdenum (in oxide and concentrate)… 21,347 21,358 22,843 19,126 5,155 5,002
CODELCO*s Cash Cost of Production (per pound 92.94 104.4g 116.44 163.5f 130.24 170.0€

(1) The average metal price is the weighted average of prices actually paid to CODELCO for its product mix.
(2) Includes wire rod sales and cathodes from CODELCO subsidiaries.

35
Results of Operations for the Three-Month Periods ended March 31, 2012 and 2013

The following table sets forth CODELCO”s summarized results of operations for the three months ended
March 31, 2012 and 2013:

Three months ended March 31, % Change
2012 2013 2012/2013
(in millions of U.S.$) (unaudited)
Revenues . 3,964 $ 3,278 (17.3)%
Cost of sal (2,308) (2,250) (Q.5)
Gross profil 1,656 1,028 (37.9)
Other income 26 32 (23.1)
Administrative expenses (112) (127) 13.4
Other expenses .. (352) (301) (14.5)
Finance co: (70) (89) (27.1)
Share of pre ss
the equity metho: 116 99 (14.7)
Exchange differences (73) (60) (17.8)
Profit for the period before tax… 1,206 600 (50.2)
Income tax expense…. (723) (342) (52.7)
Profit for the period… 482 257 (46.7)
Profit (loss), attributable to owners of parent 482 247 (48.8)
Profit (loss), attributable to non-controlling interests . = 11 =

Revenues. The following table sets forth CODELCO”s revenues for the three months ended
March 31, 2012 and 2013:

Three months ended March 31, % Change
2012 2013 2012/2013
(in millions of U.S.$) (unaudited)
$ 3,964 $ 3,278 (17.3%
Ss OWN COpper.. 3,164 2,667 (15.7)
Sales of third-party copper …… 429 384 (10.5)
Sales of by-products and other 371 226 (39.1)

Revenues decreased by 17.3% to U.S.$3.28 billion in the first three months of 2013, compared to
U.S.$3.96 billion for the same period in 2012. This decrease was principally due to a decrease of U.S.$497 million
in the sales of CODELCO”s own copper during the first three months of 2013, resulting from a decrease in
CODELCOS*s average copper prices from U.S.$3.90 per pound in the first three months of 2012 to U.S.$3.36 per
pound in the first three months of 2013 and the decrease of total tonnage of copper sold of 9.4% mainly due to the
decrease of own copper sold. The decrease in CODELCO”s own copper sold is related to the stoppage at the
Chilean ports, which delayed the export and related income associated with 60,000 tons of copper that was unable to
be exported. The effect of the ports closure from March 16 to April 5, 2013 will be offset in the second quarter by a
sales increase as CODELCO exports copper delayed by the ports stoppage. CODELCO uses information on future
copper prices to determine amounts due under its provisional invoices to purchasers. A decline in copper prices in
April and May 2013 will result in a downward adjustment in CODELCO”s revenues and trade receivables for March
2013. See “—Critical Accounting Policies—Accruals for Open Invoices.”

Third-party copper sales totaled U.S.$384 million in the first three months of 2013, compared to U.S.$429
million for the same period in 2012, primarily due to higher production in the first quarter of 2013 of CODELCO*S
own copper, principally due to a recovery in Chuquicamata ore grades. In general, changes in the volume of third-
party copper sold are dependent upon CODELCO*s need to meet requirements under sales contracts and, to a lesser
extent, to participate in the spot market for copper based on its evaluation of market conditions.

Sales of by-products and other decreased by 39.1% to U.S.$226 million in the first three months of 2013,

compared to U.S.$371 million for the same period in 2012. This decrease was primarily due to a decrease in
molybdenum and sulfuric acid prices and a decrease in the volumes of sulfuric acid and anodic slimes sold.

36
Cost of Sales. CODELCOSs cost of sales in any period includes the mining and production costs of its own
copper and by-products, as well as the purchase costs of copper, as well as gold, silver and other by-products at
market prices from third parties and processed and sold by CODELCO in that period. The following table sets forth
CODELCOSs total cost of sales for the three months ended March 31, 2012 and 2013:

Three months ended

March 31, % Change
2012 2013 2012/2013
(in millions of U.S.$) (unaudited)

Cost of sales………………. 2,308 $ 2,250 (Q.5)%
Cost of CODELCO”s own copper. 1,703 1,749 27
Cost of third-party sales ……. 431 375 13.0
Cost of by-products and other… 174 126 (27.6)

CODELCOSs total cost of sales decreased by 2.5% to U.S.$2.25 billion (68.6% of sales) in the first three
months of 2013, compared to U.S.$2.31 billion (58.2% of sales) for the same period in 2012 principally due to lower
levels of copper purchased from third parties and a lower cost of by-products and other, which was partially offset
by an increase in CODELCO”s own production, an increase in third-party services and maintenance expenses and
the appreciation of the Chilean peso against the U.S. dollar. Some of the minerals that CODELCO sells are
purchased at market prices, and CODELCO also purchases mineral ore from third parties at market prices that it
processes and sells as copper.

CODELCOSs cost of sales of its own copper increased by 2.7% to U.S.$1.75 billion in the first three
months of 2013, compared to U.S.$1.70 billion for the same period in 2012. This increase was primarily due to
higher production, due to higher ore grade at the Chuquicamata Division and increased ore mined at the Radomiro
Tomic Division, as well as higher third-party and maintenance expenses and the appreciation of the Chilean peso
against the U.S. dollar.

The cost of copper purchased from third parties decreased by 13.0% in the first three months of 2013 to
U.S.$375 million, compared to U.S.$431 million for the same period in 2012, primarily as a result of the decrease in
the average price of copper purchased.

The cost of by-products and other decreased by 27.6% to U.S.$126 million in the first three months of
2013, compared to U.S.$174 million in the first three months of 2012, mainly due to lower sulfuric acid and silver
production and lower molybdenum and sulfuric acid prices.

The depreciation of fixed assets is calculated by CODELCO according to the straight-line method based on
the estimated useful life of the particular assets. The amortization of the development costs of mines is based on the
proportion of the tons of mineral extracted from the mine compared to the total reserves of the mine. Depreciation
and amortization expenses increased by 1.1% to U.S.$397 million for the first three months of 2013, compared to
U.S.$393 million for the same period in 2012. This increase was due to higher levels of overall investment that
resulted in depreciable assets.

Gross profit. Gross profit amounted to U.S.$1.03 billion for the first three months of 2013, compared to
U.S.$1.66 billion for the same period in 2012. The decrease was mainly due to the decrease in the average price
received for CODELCO”s product mix, a decrease in the copper volume sold due to the Chilean ports stoppage,
despite higher production level.

Other income. The largest components of other income are sales of services to third parties, fines received
from suppliers for not complying with contract terms, insurance payments and sale of assets. Other income
increased to U.S.$32.0 million in the first three months of 2013, compared to U.S.$25.6 million for the same period
in 2012. This increase was mainly due to other income related to a provision reversal in the amount of U.S.$17.9
million registered at the end of 2012.

37
Administrative expenses. Administrative expenses were U.S.$127.3 million (3.9% of total sales) for the
first three months of 2013, compared to U.S.$112.1 million (2.8% of total sales) for the same period in 2012. This
increase was principally due to higher third-party services and consultant expenses.

Other expenses. Other expenses amounted to U.S.$301.4 million (9.2% of total sales) for the first three

months of 2013, compared to U.S.$352.3 million (8.9% of total sales) for the same period in 2012. This decrease
was primarily due to a decrease in the export tax paid by the Company pursuant to Law 13.196.

The following table sets forth the principal components of CODELCO*s other expenses for the periods
indicated:

Three months ended March 31,

2012 2013
(in millions of U.S.$)
(unaudited)
Law 13.196 export tax Ss 305 $ 268
Employee benefits expenses 19 12
Other expenses ..cccinncnn… 29 22
CA $ 352 $ 301

CODELCO recorded other expenses of U.S.$305 million and U.S.$268 million in the first three months of
2012 and 2013, respectively, pursuant to Law 13.196, which levies a 10% tax on CODELCO*s exports of its own
copper and related by-products. Under IFRS, this export tax is accounted for in the other expenses line. The
decrease of this tax recorded in the first three months of 2013 compared to the same period in 2012, is mainly due to
a corresponding decrease in export sales of CODELCO”s own copper and a lower price of copper sold.

Finance cost. Finance cost increased to U.S.$89.2 million in the first three months of 2013, compared to
U.S.$69.6 million for the same period in 2012. This increase was primarily due to an increase in debt from
U.S.$7.11 billion to U.S.$9.96 billion, which was partially offset by lower interest rates in the first three months of
2013 compared to the same period in 2012. CODELCOS*s average interest rate is 3.77% as of March 31, 2013. As
of March 31, 2013, 79% of bond debt had a fixed rate and 21% had a floating rate.

Share of profit of associates and joint ventures accounted for using the equity method. CODELCOSs net
equity participation in related companies decreased to a net of U.S.$99.2 million in the first three months of 2013,
compared to U.S.$116.1 million for the same period in 2012. This decrease was primarily due to lower share of
profit from GNL Mejillones S.A. (“GNL Mejillones”), Copper Partners Investment Company (“CUPIC”) and El
Abra. The decrease from GNL Mellijones primarily resulted from the absence of gas hedges in 2013, which were
in place during the first three months of 2012. The decreases related to CUPIC and El Abra were primarily the
result of lower copper prices in the first three months of 2013 compared to the same period in 2012, as well as the
port stoppage. These decreases in the share of profit were partially offset by the new share of profit from Anglo
American Sur amounting to U.S.$28.9 million.

Profit before tax. Profit before tax was U.S.$600.0 million in the first three months of 2013, compared to
U.S.$1.2 billion for the same period in 2012, principally due to a decrease in copper prices and volumes sold.

Income tax expense. For the first three months of 2013, CODELCO had an effective income tax rate of
60% in accordance with applicable regulations, comprised of a corporate income tax rate of 20% (a 17% historic
corporate tax rate applied to income earned in and prior to 2011) and a 40% tax on net earnings applicable to state-
owned enterprises as specified by Decree Law 2.398, Art. 2. As of 2006, CODELCO is also subject to an additional
mining tax that is based on its operating income, and, effective for its 2012 fiscal year, is imposed at progressive
rates of between 5% and 14%. CODELCO*s effective rate of the mining tax for 2012 was 5.0%. CODELCO”s
taxes on income amounted to U.S.$342 million and U.S.$723 million for the first three months of 2013 and 2012,
respectively.

Profit. CODELCOSs profit was U.S.$257 million in the first three months of 2013, compared to U.S.$482
million for the same period of 2012, principally due to a decrease in copper prices and volumes sold.

38
Results from Operations for the Three Years Ended December 31, 2012

The following table sets forth CODELCO”s summarized results of operations for the years ended
December 31, 2010, 2011 and 2012:

Year ended December 31, % Change
2010 2011 2012 2010/2011 2011/2012
(in millions of U.S.$)
Revenues.. S 16,066 $ 17,515 15,860 9.0% (9.41%
Cost of sales. (9,089) (10,283) (10,852) 13.1 5.5
Gross profit… 6,977 7,232 5,009 3.7 (30.7)
Other income 141 726 4,092 414.9 463.6
Administrative expense: (390) (452) (544) 15.9 20.4
Other expenses. (2,059) (2,307) (2,276) 12.0 (1.3)
Finance cost. (331) (94) (406) (11.2) 38.1
Share of profit of associates and joint
ventures accounted for using the equity
method…………. 303 353 457 16.5 29.5
Exchange differences (203) 217 (166) (206.9) (176.5)
Profit (for the period before tax. 4,488 5,547 6,249 23.6 12.7
Income tax expense . (2,612) (3,492) (2,373) 33.7 (32.0)
Profit for the period . 1,876 2,055 3,875 9.5 88.6
Profit attributable to owners of parent .. 1,878 2,056 3,868 9.5 88.1
Profit (loss), attributable to non-
controlling interests …..onooinninninninnnnnncosess (Mm (1) 7 – (800.0)

Revenues. The following table sets forth CODELCO”s revenues for the years ended December 31, 2010,
2011 and 2012:

Year ended December 31, % Change
2010 2011 2012 2010/2011 2011/22012
(in millions of U.S.$)
RO VemUEeS cococonnccnnorinnnncnnorinnsncenerinns . $ 16,066 $ 17,515 $ 15,860 9.0% (9.41%
Sales of CODELCO”s own copper… 13,459 14,338 12,792 6.5 (10.8)
Sales of third-party copper…. 1,256 1,346 1,669 7.2 24.0
Sales of by-products and other 1,351 1,832 1,400 35.6 (23.6)

Revenues decreased by 9.4% to U.S.$15.86 billion in 2012 compared to U.S.$17.51 billion for 2011 and
increased by 9.0% to U.S.$17.51 billion in 2011, compared to U.S.$16.07 billion for 2010. The decrease in 2012
was primarily attributable to the decrease of U.S.$1.55 billion in the sales of CODELCO”s own copper during 2011,
resulting from a decrease in CODELCO*s average copper prices from U.S.$3.81 per pound to U.S.$3.53 per pound
and a decrease of total tonnage of copper sold of 2.8%, primarily due to the 6.2% decrease of own copper sold. The
decrease in CODELCO”s own copper sold is related to lower production in 2012, due to the scheduled decline of
deposit ore grades, especially in the Chuquicamata Division. The increase in 2011 was principally due to an
increase of U.S.$879 million in the sales of CODELCO”s own copper during 201 1, resulting from an increase in
CODELCOS*s average copper prices from U.S.$3.22 per pound to U.S.$3.81 per pound. In 2011, total tonnage of
copper sold decreased 2.9% to 2.00 million tons from 2.06 million tons in 2010, mainly due to the 10.2% decrease
of third-party copper sold, which decreased from 162 thousand tons sold in 2010 to 145 thousand tons sold in 2011.

Third-party copper sales totaled U.S.$1.67 billion in 2012, compared to US.$1.35 billion in 2011 and
U.S.$1.26 billion in 2010, primarily due to the increase in copper volume in 2012 and prices in 2010 and 2011. In
general, changes in the volume of third-party copper sold are dependent upon CODELCO*s need to meet
requirements under sales contracts and, to a lesser extent, to participate in the spot market for copper based on its
evaluation of market conditions.

Sales of by-products and other decreased by 23.6% in 2012 to U.S.$1.40 billion, compared to U.S.$1.83
billion in 2011. In 2011, sales of by-products increased by 35.6% from U.S.$1.35 billion in 2010. Sales of by-
products in 2010 increased by 7.6% to U.S.$1.35 billion as compared to U.S.$1.26 billion in 2009. The decrease in
2012 was attributable to a lower production of copper and a related lower production of by-products, especially

39
molybdenum, as well as lower by-product prices. The increase in 2011 was primarily due to a 66.9% increase in
other by-products sales such as anodic slimes and sulfuric acid as a result of higher prices for these by-products.

Cost of Sales. The following table sets forth CODELCO*s total cost of sales for the years ended
December 31, 2010, 2011 and 2012:

Year ended December 31, % Change
2010 2011 2012 2010/2011 2011/2012
(in millions of U.S.$)

Cost of sales . $ 9,089 $ 10,283 $ 10,852 13.1% 5.5%
Cost of C S pp 7,191 8,114 8,479 12.8 4.5
Cost of third-party sales ………. 1,257 1,331 1,647 5.9 237
Cost of by-products and other’”.. 641 838 726 30.7 (13.4)

M “Cost of CODELCO’s own copper” and “Cost of by-products and other” have been reclassified for the year ended December 31, 2010
because the operating costs of Minera Gaby S.A., which were previously considered under the item “Other costs of sales,” are now
considered part of the cost of sales of copper as part of Gabriela Mistral’s operations for the production of copper that is sold.

CODELCOSs total cost of sales increased by 5.5% to U.S.$10.85 billion (68.4% of sales) compared to
U.S.$10.28 billion (58.7% of sales) in 2011, U.S.$9.09 billion (56.6% of sales) in 2010. The increase in 2012 was
mainly due to significant increases in the prices of energy and most important inputs and consumables used in the
production process, as well as third-party services expenses. The increase in 2011 was mainly due to higher copper
prices, the appreciation of the Chilean peso against the U.S. dollar and higher costs of inputs used in the production
process, including electricity, oil and spare parts.

CODELCOSs cost of sales of its own copper increased by 4.5% to U.S.$8.48 billion in 2012, compared to
U.S.$8.11 billion in 2011 mainly due to higher costs of inputs used in the production process, especially energy, and
third-party services expenses. CODELCOSs cost of sales of its own copper increased by 12.8% to U.S.$8.11 billion
in 2011, compared to U.S.$7.19 billion in 2010, and increased by 16.7% in 2010, compared to U.S.$6.16 billion in
2009. The increase in 2011 was primarily due to the appreciation of the Chilean peso against the U.S. dollar and
higher costs of inputs used in the production process, including electricity, oil and spare parts.

The cost of copper purchased from third parties increased by 23.7% in 2012 compared to U.S.$1.33 billion
in 2011, primarily due to higher volumes purchased. The cost of copper purchased from third parties increased by
5.9% in 2011 to U.S.$1.33 billion, as compared to U.S.$1.26 billion in 2010, primarily as a result of the increase in
the average price of copper purchased in 2011.

The cost of by-products and other decreased by 13.4% to U.S.$726 million in 2012, compared to U.S.$838
million in 2011, mainly due to a 18.3% decrease in cost of sales of other by-products and services, partially offset by
an increase of 6.8% in molybdenum cost of sales. In contrast, the cost of by-products and other increased by 30.7%
to U.S.$838 million in 2011, compared to U.S.$641 million in 2010, mainly due to an increase in cost of sales of
both molybdenum and other by-products and services. “Cost of CODELCO”s own copper” and “Cost of by-
products and other” have been reclassified for the year ended December 31, 2010 because the operating costs of
Minera Gaby S.A., which were previously considered under the item “Other costs of sales,” are now considered part
of the cost of sales of copper as part of Gabriela Mistral’s operations for the production of copper that is sold.

The depreciation of fixed assets is calculated by CODELCO according to the straight-line method based on
the estimated useful life of the particular assets. The amortization of the development costs of mines is based on the
proportion of the tons of mineral extracted from the mine compared to the total reserves of the mine. Depreciation
and amortization expenses increased by 8.1% to U.S.$1.61 billion in 2012, compared to U.S.$1.49 billion in 2011
and U.S.$1.30 billion in 2010. The increases in each of these years were due to higher levels of overall investment
that resulted in depreciable assets.

Gross profit. Gross profit amounted to U.S.$5.01 billion in 2012, compared to U.S.$7.23 billion in 2011

and U.S.$6.98 billion in 2010. The decrease in 2012 was mainly related to lower production, average price received
for CODELCO”s product mix and increases in industry operating costs. The increase in 2011 was due to the

40
increases in the average price received for CODELCO”s product mix, partially offset by increases in costs related
primarily to increases in the price for minerals purchased by CODELCO from third parties.

Other income. Other income increased 463.5% to U.S.$4.1 billion in 2012, compared to U.S.$726 million
in 2011 and U.S.$141 million in 2010. The increase in 2012 was primarily due to CODELCO*s decision to exercise
its option to purchase a stake in Anglo American Sur due to the capture of the difference between the Anglo
American Sur option price of U.S.$1.7 billion and the fair market value of the asset of U.S.$5.4 billion. CODELCO
acquired an indirect 20% interest in Anglo American Sur. Without the recognition of this difference due to the
exercise of this option, other income would have decreased to U.S.$575 million. See Note 22a to the 2011-2012
Year-end Consolidated Financial Statements. During 2011, the 414.9% increase was mainly due to the sale of 100%
of CODELCOSs equity stake in E-CL S.A. (formerly Edelnor S.A.) to the public for U.S.$1.051 billion in January
2011 and the sale of 66% of CODELCOSs stake in Inca de Oro S.A. in February 2011. The estimated book value of
CODELCOS*s investment was U.S.$672 million, and the Government of Chile permitted CODELCO to retain the
gain (less expense), which amounted to U.S.$375 million. Without the sale of its stake in E CL S.A., CODELCO”s
other income would have increased 148.1% to U.S.$351 million in 2011 compared to 2010.

Administrative expenses. Administrative expenses were U.S.$544 million (3.4% of total asset sales) for
2012 compared to U.S.$452 million (2.6% of total sales) in 2011 and U.S.$390 million (2.4% of total sales) in 2010.
The increases in each of these years were due primarily to higher third-party services expenses, salaries and other
expenses.

Other expenses. Other expenses amounted to U.S.$2.28 billion (14.3% of total sales) for 2012, compared
to U.S.$2.31 billion (13.2% of total sales) in 2011 and U.S.$2.06 billion (12.8% of total sales) in 2010. The
decrease in 2012 was mainly due to the decrease in export tax paid by the Company. In addition, lower other
expenses related primarily to the sale of shares in Acrux in August 2012 accounted for as other expense under IFRS,
partially offset by higher employee benefits expenses related to higher collective bargaining agreement and
retirement plan expenses. The increase in 2010 was primarily due to subsequent increases in the export tax paid by
the Company (pursuant to Law 13.196).

The following table sets forth the principal components of CODELCO*s other expenses for the periods
indicated:

Year ended December 31,
2010 2011 2012
(in millions of U.S.$)
Law 13.196 export tax …… $ (1,331) $ (1,486) $ (1,270)
Employee benefits expense. (496) (313) (700)
Other expenses …..o……. . (232) (508) (306)
Dot coccion $ (2,059) $ Q307) $ (2,276)

CODELCO recorded other expenses of U.S.$1.27 billion, U.S.$1.49 billion and U.S.$1.33 billion in 2012,
2011 and 2010, respectively, pursuant to Law 13.196, which levies a 10% tax on CODELCO*s exports of its own
copper and related by-products. The increases of this tax recorded in 2012 compared to 2011 and in 2011 compared
to 2010 were mainly due to corresponding increases in export sales of CODELCO”s own copper as a result of higher
copper prices.

Finance cost. Finance cost increased to U.S.$406 million in 2012, compared to U.S.$294 million in 2011
and U.S.$331 million for 2010. The increase in 2012 as compared to 2011 was mainly due to an accounting
adjustment in 2012, due to CODELCO”s swaps related to the local bonds and an increase in the average level of
debt, and was partially offset by lower average interest rates. The decrease in 2011 as compared to 2010 was
primarily due to lower interest rates in 201 1, despite the increase in the amount of debt. CODELCO”s average
interest rate is 3.77% as of December 31, 2012. As of December 31, 2012, 79% of CODELCO”s bond debt had a
fixed rate and 21% had a floating rate.

Share of profit of associates and joint ventures accounted for using the equity method. CODELCOSs net
equity participation in related companies increased to U.S.$457 million in 2012, compared to U.S.$353 million in

41
2011 and U.S.$303 million in 2010. The increase in 2012 was mainly due to higher profit received from CUPIC,
the inclusion of four months of CODELCOSs share of Anglo American Sur (from September to December 2012)
and GNL Mejillones. The increase in 2011 was due to higher profit received from CUPIC and GNL Mejillones,
partially offset by the sale of CODELCO*s equity interest in E-CL S.A. in January 2011. The slight decrease in
2010 was mainly due to lower profit received from CUPIC.

Profit before tax. Profit before tax was U.S.$6.2 billion in 2012, compared to U.S.$5.5 billion in 2011 and
U.S.$4.5 billion in 2010. The increase in 2012 was primarily due to the opportunity of CODELCO to capture the
difference between Anglo American Sur”s option price and the asset market value. The increase in 2011 was
primarily due to increases in copper prices.

Income tax expense. In 2012, CODELCO had an effective income tax rate of 60% in accordance with
applicable regulations, comprised of a corporate income tax of 20% (a 17% historic corporate tax rate applied to
income earned in and prior to 2011) and a 40% tax on net earnings applicable to state-owned enterprises as specified
in Decree Law 2.398, Art. 2. CODELCO is also subject to an additional mining tax that is based on its operating
income, and, effective for its 2012 fiscal year, is imposed at progressive rates of between 5% and 14%.
CODELCO effective rate of the mining tax for 2012 was 5.0%. See also “Risk Factors—Risks Relating to
CODELCOSs Relationship with the Chilean Government—CODELCO is subject to special taxes and distributions.”
CODELCOSs taxes on income amounted to U.S.$2.4 billion, U.S.$3.5 billion and U.S.$2.6 billion for 2012, 2011
and 2010, respectively. Income tax decreased from 2012 to 2011 due to lower revenues due to lower copper and by-
product prices. Higher taxes on income in 2011 compared to 2010 reflect higher pre-tax profit due to higher copper
prices.

Profit. CODELCOSs profit increased 88.5% in 2012 to U.S.$3.9 billion compared to U.S.$2.1 billion in
2011 and U.S.$1.9 billion in 2010. The increase in 2012 was mainly due to CODELCOS*s decision to capture the
difference between the Anglo American Sur option price and the asset market value. The increase in 2011 was
primarily due to higher copper prices.

Liquidity and Capital Resources

CODELCOSs primary sources of liquidity are funds from operations, domestic and international
borrowings from banks, and debt offerings in the domestic and international capital markets. In addition,
CODELCO is generally required to transfer its net income to the Chilean Treasury, and is limited to funding with
internally generated cash from deferred taxes, amortization and depreciation. In 2012, funding available to
CODELCO from these three sources totaled U.S.$2.60 billion (U.S.$989 million from deferred taxes, U.S.$601
million from amortization and U.S.$1.01 billion from depreciation). When deferred taxes become payable, the use
of cash required for the payment of such taxes reduces the amount of internally generated funding available for
investment. See Note 5 to the 2011-2012 Year-end Consolidated Financial Statements for further information on
deferred taxes. In January 2011, the Government of Chile authorized CODELCO to sell its equity interest in E-CL
S.A. (formerly Edelnor S.A.) to the public and retain the difference between the cash proceeds (less expenses) and
the book value, which amounted to U.S.$375 million. The sale proceeds totaled U.S.$1.051 billion, and the
estimated book value of CODELCO*s investment was U.S.$672 million. In June 2012, the Ministries of Finance
and Mining approved the capitalization of 40% of 2011 net income, or U.S.$800 million (in addition to the
authorization for CODELCO to retain the gain (less expenses) over the estimated book value of CODELCO”s
investment from the proceeds obtained in its sale of its equity interest in E-CL S.A. (formerly Edelnor S.A.),
announced after the sale in 2011). In June 2013, the Ministries of Finance and Mining approved the capitalization of
25.8% of 2012 net income, or U.S.$1.0 billion, from retained earnings attributed to the fair value accounting related
to the purchase of CODELCOS*Ss indirect interest in Anglo American Sur. Since 2007, the Government of Chile has
authorized the capitalization and retention of almost U.S.$4.2 billion within CODELCO. CODELCO currently
expects the Ministries of Finance and Mining to approve retention in the range of 10% to 15% of’its pre-tax profit in
each year over the next five years, although there can be no assurance that such profit retention will be approved in
those years or in future years. See “Business—Resources and Reserves.”

Cash flow. For the year ended December 31, 2012, net cash flow from operating activities decreased to

U.S.$1.94 billion from U.S.$2.65 billion for the same period in 2011. The decrease in net cash flow from operating
activities mainly resulted from decreases in cash flows provided by sales of goods and rendering of service due to a

42
decrease in copper and by-product prices. For the first three months of 2013, net cash flow from operating activities
increased 127.7% to U.S.$1.2 billion from U.S.$527 million for the same period in 2012. This increase in net cash
flow from operating activities resulted primarily from the increase in dividends received from the acquisition of
Anglo America Sur and the decrease in income taxes paid. See Note 26 to the 2011-2012 Year-end Consolidated
Financial Statements and Note 25 to the Unaudited Interim Consolidated Financial Statements.

For the year ended December 31, 2011, net cash flow from operating activities decreased to U.S.$2.65
billion from U.S.$3.26 billion for the same period in 2010. The decrease in net cash flow from operating activities
resulted from increases in payments to suppliers, taxes and other payments related to operations and to employees,
partially offset by increases in sales of goods and services during the period, which were due to an increase in
copper prices.

CODELCO prepaid in full (1) on September 9, 2011, a U.S.$200 million loan from Banco Santander that
would have matured in December 2011 and (ii) on December 31, 2011, a U.S.$200 million loan from Export
Development Canada that would have matured in March 2012.

On September 1, 2012, CODELCO fully paid at maturity the UF 7 million (U.S.$328,192,448) 3.96% UF
notes due 2012 placed in the Chilean market.

On November 30, 2012, CODELCO fully paid at maturity the U.S.$435 million 6.375% notes due 2012
placed in the international market.

Bank debt. CODELCOSs total financial debt as a percentage of its total capitalization was 58.3% at
December 31, 2010, 53.8% at December 31, 2011, 44.8% at December 31, 2012 and 44.5% at March 31, 2013.
CODELCOSs total outstanding financial debt at December 31, 2012, 201 land 2010 was U.S.$9.90 billion,
U.S.$7.05 billion and U.S.$6.35 billion, respectively. As adjusted to give effect to the offering of the notes,
CODELCOS*s total financial debt as a percentage of its total capital would be 44.9% and its total outstanding
financial debt was U.S.$10.11 billion as of March 31, 2013.

In August 2007, CODELCO entered into a U.S.$400 million, seven-year unsecured syndicated bank loan
with a group of international financial institutions, which bears interest at a rate of LIBOR plus an average margin of
16.42 basis points. The loan requires three payments of principal in the fifth, sixth and seventh years.

In November 2010, CODELCO entered into a U.S.$75 million, five-year unsecured bilateral bank loan
with Banco Santander, S.A., London Branch, which bears interest at a rate of LIBOR plus 85 basis points.

In December 2010, CODELCO entered into four five-year U.S. dollar unsecured bilateral bank loans with
the following banks and terms:

Credit Amount Interest Rate
HSBC Bank Bermuda Ltd. U.S.$162.5 million LIBOR plus 85 basis points
The Bank of Tokyo—Mitsubishi UFJ, Ltd. U.S.$100.0 million LIBOR plus 75 basis points
Banco Santander, S.A., London Branch U.S.$100.0 million LIBOR plus 85 basis points
Export Development Canada U.S.$250.0 million LIBOR plus 80 basis points

In February 2011, CODELCO entered into a U.S.$100 million, five-year unsecured bilateral bank loan with
Sumitomo Mitsui, which bears interest at a rate of LIBOR plus 83 basis points.

43
In October and November 2011, CODELCO entered into four five-year U.S. dollar unsecured bilateral
bank loans, each with a commitment fee of 10 basis points, with the banks and terms described below.

Availability
Credit Amount Interest Rate Period
HSBC Bank USA, National Association U.S.$250.0 million LIBOR plus 60 basis points 9 months
The Bank of Tokyo—Mitsubishi UFJ, Ltd. U.S.$250.0 million LIBOR plus 50 basis points 6 months
Mizuho Corporate Bank Ltd. U.S.$100.0 million LIBOR plus 60 basis points 6 months
Export Development Canada U.S.$250.0 million LIBOR plus 50 basis points 9 months

In April 2012, CODELCO drew on 100% of its commitments described above with The Bank of Tokyo-
Mitsubishi UFJ, Ltd. and Mizuho Corporate Bank Ltd. In July 2012, CODELCO drew on 100% of its commitments
described above with HSBC Bank USA, National Association. In October 2012, CODELCO drew on 100% of its
commitments described above with Export Development Canada.

In May 2012, CODELCO entered into a two-tranche U.S. dollar unsecured bilateral loan, each tranche with
a commitment fee of 15 basis points per annum with a maturity date of (i) ten years for the Japan Bank for
International Cooperation loan and (ii) seven years for The Bank of Tokyo-Mitsubishi UFJ, Ltd., to be disbursed by
the lenders on a pro rata basis, for the development, construction and operation of a metals processing plant to be
constructed in Mejillones and the export of certain metals to Japanese customers pursuant to long-term offtake
agreements. The terms of the loan are described below:

Availability
Credit Amount Interest Rate Period

Japan Bank for International Cooperation U.S.$224.0 million LIBOR plus 45 basis points 36 months
The Bank of Tokyo—Mitsubishi UFJ, Ltd. U.S.$96.0 million LIBOR plus 55 basis points 36 months

In July 2013, CODELCO entered into three five-year U.S. dollar unsecured bilateral bank loans, each with
a commitment fee of 10 basis points, with the banks and terms described below.

Availability
Credit Amount Interest Rate Period
The Bank of Tokyo—Mitsubishi UFJ, Ltd. U.S.$300.0 million LIBOR plus 62.5 basis points 9 months
Bank of America N.A. U.S.$300.0 million LIBOR plus 65.0 basis points 90 days
Export Development Canada U.S.$300.0 million LIBOR plus 62.5 basis points 9 months

44
Other Debt. The following table shows amounts due by CODELCO under notes issued in both
international and local markets:

Principal
Type of Issuance Maturity Amount Interest Rate
International October 15, 2013 US$500,000,000 5.50%
International October 15, 2014 US$500,000,000 4.75%
International January 15, 2019 US$600,000,000 7.50%
International November 4, 2020 US$1,000,000,000 3.75%
International November 4, 2021 US$1,150,000,000 3.88%
International July 17, 2022 US$1,250,000,000 3.00%
Local April 1, 2025 UF6,900,000 4.00%
International September 21, 2035 US$500,000,000 5.63%
International October 24, 2036 US$500,000,000 6.15%
International November 4, 2042 US$750,000,000 4.25%

Additionally, apart from the committed unsecured bilateral bank loans mentioned above, CODELCO has
uncommitted short-term lines of credit available for U.S.$2.52 billion. The Government of Chile has authorized
CODELCOSs use of only U.S.$1 billion of such short-term lines of credit. In addition, Codelco-Kupferhandel
GmbH has a short-term line of credit for U.S.$60 million, with a comfort letter provided by CODELCO.

The following table sets forth the scheduled maturities of CODELCO*s contractual obligations as of
March 31, 2012, adjusted to give effect to the offering of the notes:

Contractual Financial Obligations Outstanding
(in millions of U.S.$)

More
Less than than Average Annual
Total 1 year 1-2 years 2-3 years 3-5 years 5 years Interest Rate

Contractual Financial Obligations
Long-term debt……..ccammo… $ 267 $ 147 $ 785 $ 841 $ 808 LIBOR + 0.61%

596 498 — — 6,020 4.55%
$ 863 $ 645 S 785 $ 841 $ 6,828

Notes payable

Total ..

In addition to the obligations set forth in the table above, CODELCO was a party to certain commitments
primarily to secure the payment of deferred customs duties and severance payment obligations payable upon
retirement of individual employees, amounting to U.S.$21 million and U.S.$798 million, respectively, as of
December 31, 2012, and to U.S.$10 million and U.S.$826 million, respectively, as of March 31, 2013. See Notes 17
and 18 to the 2011-2012 Year-end Consolidated Financial Statements and Notes 16 and 18 to the Unaudited Interim
Consolidated Financial Statements. Additionally, CODELCO has deferred tax liabilities of U.S.$(486) million
payable in 2013, U.S.$(502) million payable in 2014, U.S.$(458) million payable in 2015, U.S.$(410) million
payable in 2016 and U.S.$(983) million payable after 2017. CODELCO currently has no hedges related to its
production of copper through 2013. See “Business and Properties—Marketing—Pricing and Hedging” and “Risk
Factors—Risks Relating to CODELCO”s Operations—CODELCO engages in hedging activity from time to time,
particularly with respect to its copper production, which may not be successful and may result in losses to
CODELCO.”

CODELCO entered into an agreement with Mitsui on October 12, 2011, pursuant to which Mitsui made
available to Inversiones Mineras Acrux SpA (“Acrux”) a short-term bridge financing facility of up to U.S.$6.75
billion, guaranteed by CODELCO and subsidiaries of Acrux, as a possible means to fund the exercise of the Anglo
American Sur option (the “Anglo American Sur Option”). CODELCO also entered into a separate agreement with
Mitsui that provided CODELCO with the option to repay a portion of the bridge loan from Mitsui through a put

45
option for an indirect 50% stake in the Anglo American Sur interest acquired, assuming a pre-determined value for
the 49% interest in Anglo American Sur of U.S.$9.76 billion. The balance of the bridge loan would convert into a
non-recourse five-year term loan between Acrux and Mitsui, which would not be guaranteed by CODELCO, and
would be repayable only from cash distributions on the Anglo American Sur shares held by Acrux. In addition,
CODELCO and Mitsui entered into a 10-year sale and purchase agreement for the equivalent of 30,000 tons of fine
copper per year subject to market-based pricing terms.

On August 23, 2012, the parties amended and restated the loan agreement described above (the “A8R
Mitsui Bridge Loan Facility”) pursuant to which an affiliate of Mitsui agreed to make available to a wholly-owned
subsidiary of CODELCO a bridge loan denominated in U.S. dollars. On August 24, 2012, the subsidiary of
CODELCO drew down an amount equal to U.S.$1.87 billion to finance the acquisition by Inversiones Mineras
Becrux SpA (“Becrux”) of equity interests of Anglo American Sur as described below under “Business and
Properties—Associations, Joint Ventures and Partnerships—Anglo American Sur” and to pay certain taxes, costs
and expenses relating to the financing. On October 31, 2012, CODELCO and Mitsui entered into an agreement to
refinance the U.S.$1.87 billion bridge loan with a U.S.$875 million non-recourse term loan with a 3.25% fixed
interest rate and a 20-year amortization (the “Mitsui Term Loan”) that is secured by a pledge of the equity interests
in Acrux held by such subsidiary of CODELCO. As part of this refinancing, CODELCO sold to Mitsui the
equivalent of a 4.5% stake of Anglo American Sur for U.S.$998 million and used the proceeds of this sale to prepay
a portion of the bridge loan. At March 31, 2013 the balance payable by CODELCO under the Mitsui Term Loan is
U.S.$864,523,000.

Capital Expenditure Program. The Company seeks to maintain and improve its competitive position in the
industry through its capital expenditure program. Following the completion of a number of significant projects in
recent years, such as the development of sulfide ores at the Radomiro Tomic mine, the expansion at the Andina mine
and the development of the Pilar Norte area at El Teniente mine, CODELCO intends to continue its development
program. Accordingly, the Company expects to make capital expenditures of approximately U.S.$26.5 billion over
the next five years on major projects, creating new operations and transforming its main mining operations with a
view towards the long-term development of its resources. The Company”s expansion and development projects for
the next five years include:

e the development of the Mina Ministro Hales ore body, which is expected to begin operations at the end
of 2013 (U.S.$1.2 billion investment over the next five years to produce an expected total average of
183,000 tons of copper per year and 300 tons of silver per year);

*e the expansion of the existing sulfide operation in the Radomiro Tomic mine (U.S.$4.6 billion
investment over the next five years to enable the Radomiro Tomic mine to produce an expected
average of 343,000 tons of copper per year starting in 2017);

+ the development of a new production level in the existing El Teniente underground mine (U.S.$2.9
billion investment over the next five years to maintain El Teniente”s current annual copper production
of approximately 434,000 tons of copper per year starting in 2017; environmental approvals were
obtained in March 2011);

e the gradual transfer of the Chuquicamata mine from an open pit mine to an underground operation
(U.S.$2.7 billion investment over the next five years to enable Chuquicamata to produce an expected
total average of 366,000 tons of copper and 18,000 tons molybdenum per year starting in 2018;
environmental approvals were obtained in September 2010); and

e the expansion of the existing Andina mine (U.S.$1.0 billion investment over the next five years to
enable Andina to produce an expected average of an additional 350,000 tons of copper per year for a
total expected average of approximately 600,000 tons of copper per year starting in 2021).

In 2012, CODELCO invested U.S.$4.09 billion in expansion and development projects, including Mina

Ministro Hales, the Chuquicamata underground expansion, Radomiro Tomic sulfides, El Teniente new mine level
and the Andina mine expansion. In 2011, CODELCO invested U.S.$2.63 billion in expansion and development

46
projects, including Mina Ministro Hales, Chuquicamata Underground, Andina Phase II and El Teniente New Mine
Level. In 2010, CODELCO invested over U.S.$2.62 billion, principally in the development of the Andina Phase 1
Expansion Project, the Radomiro Tomic Sulfides project and the Pilar Norte area at El Teniente mine.

For additional description of CODELCOSs principal planned capital expenditures, see “Business and
Properties—Copper Production—Operations.”

CODELCO expects that it will have sufficient resources from operations, including capitalization and
retention of net income, new borrowing from banks and capital markets to fund its anticipated capital expenditures
and investment. As described in “Regulatory Framework—Overview of the Regulatory Regime” below, the
Ministries of Finance and Mining determine by means of a joint decree the amount that the Company shall allocate
to the creation of capitalization and reserve funds. In January 2011, the Government of Chile authorized
CODELCO to sell its equity interest in E-CL S.A. (formerly Edelnor S.A.) to the public and retain the difference
between the cash proceeds (less expenses) and the book value, which amounted to U.S.$375 million. The sale
proceeds totaled U.S.$1.051 billion, and the estimated book value of CODELCO*s investment was U.S.$672
million. In June 2012, the Ministries of Finance and Mining approved the capitalization of 40% of 2011 net income,
or U.S.$800 million. In June 2013, the Ministries of Finance and Mining approved the capitalization of 25.8% of
2012 net income, or U.S.$1.0 billion, from retained carnings attributed to the fair value accounting related to the
purchase of CODELCOS*s indirect interest in Anglo American Sur. Since 2007, the Government of Chile has
authorized the capitalization and retention of almost U.S.$4.2 billion within CODELCO. CODELCO currently
expects the Ministries of Finance and Mining to approve retention in the range of 10% to 15% of its pre-tax profit in
each year over the next five years, although there can be no assurance that such profit retention will be approved. In
addition, although an extraordinary contribution to the Company of U.S.$1.0 billion was authorized in 2009,
CODELCO expects to continue to utilize debt financing to finance its investments.

Cash flow from operations may, however, be affected by a variety of factors including copper price levels.
In the event that CODELCO is unable to sell assets or obtain external financing with respect to such capital
investments, it may be required to curtail such expenditures.

Environmental. An important part of CODELCO*s investment policy is its pollution abatement plan,
which includes several environmental projects undertaken to comply with Chilean law and to achieve its own
environmental performance goals. See “Regulatory Framework—Environmental Regulations.” CODELCO
invested U.S.$370 million in these projects from 2008 to 2012, and plans to continue implementing its pollution
abatement plan through additional capital investments of approximately U.S.$928 million from 2013 through 2014.
In 2012, CODELCO invested U.S.$138 million in environmental projects, including the seventh stage of the
enlargement of the Talabre tailings dam in the Chuquicamata Division and a project to prevent pollution of natural
water resources in the north dump area in the Andina Division. This figure includes the investment made in the
Gabriela Mistral Division. CODELCOS*s investment of approximately U.S.$276 million in 2013 includes the
continuation of a project to prevent pollution of natural water resources in the north dump area in the Andina
Division, and a new phase of the enlargement of the Talabre tailings dam in the Chuquicamata Division, among
others. In 2014, planned investments include the eighth stage of the enlargement of the Talabre tailings dam in the
Chuquicamata Division, the enlargement of the Ovejería tailings dam in the Andina Division, and a project in
Potrerillos smelter in the El Salvador Division for the abatement of atmospheric emissions, among others.

The following table sets forth CODELCO”s principal environmental investments in the years 2010-2012:

Environmental Investments

(in millions of U.S.$)
2010 2011 2012 Total
Decontamination plans – 0.1 13.2 13.6
Tailing dams 49.3 48.9 67.4 192.6
Solid wastes 1.1 7.1 0.7 10.8
10.9 10.3 49.7 84.3
0.3 5.5 7.4 15.2
61.6 71.9 138.4 316.5

47
Distributions to the Chilean Treasury. As a state-owned enterprise and according to its governing law,
CODELCOSs net income is due to be transferred to the Chilean Treasury. Before June 30 of each year, the
Ministries of Finance and Mining determine, by means of a joint decree, the amount that the Company shall allocate
to the creation of capitalization and reserve funds. The amount not allocated to the creation of capitalization and
reserve funds is distributed to the Chilean Treasury.

In 2010, 2011 and 2012, CODELCO distributed U.S.$5.99 billion, U.S.$6.90 billion and U.S.$3.18 billion
respectively, to the Chilean Treasury. While CODELCO makes advance payments to the Chilean Treasury, funded
by cash flows from operations, throughout the year, it generally has distributions payable to the Chilean Treasury at
the end of each year. These distributions are paid in the first quarter of the following year but are reflected in the
prior year”s financial statements.

The following table sets forth amounts paid in taxes (which due to the timing of payments may be different
from tax amounts accrued) and payments and net income distributions made by CODELCO to the Chilean Treasury
for each of the three years ended December 31, 2012 and for the three months ended March 31, 2013.

Contributions to the Chilean Treasury
(in millions of U.S.$)

For the three
months ended

Year Ended December 31, March 31,
2010 2011 2012 2013
Income tax payments……. $ 2,515 $ 3,851 $ 1,807 $ 86
Export tax under Law 13.19 1,271 1,576 1,264 323
Subtotal S 3,786 S 5,428 $ 3,071 $ 409
Net income distributios 2,206 1,472 106 =
$ 5,992 $ 6,900 $ 3,177 Ss 409

Production Hedging. CODELCO has hedged certain future copper delivery commitments and production
in order to manage the risk associated with copper price volatility in the past. CODELCO currently does not have
any hedged production commitments and therefore there is no relevant impact from hedging. See Notes 27 and 28
to the 2012 Year end Consolidated Financial Statements and Notes 26 and 27 to the Unaudited Interim Consolidated
Financial Statements. In 2012, CODELCOS”s production hedging activities had a negative impact of U.S.$764
million on pre-tax income.

CODELCOSs future production hedging activities could cause it to lose some of the benefit of an increase
in copper prices if copper prices increase over the level of CODELCO”s hedge position, as occurred in 2012. The
cash flows from and the mark-to-market values of CODELCO*s production hedges can be affected by factors such
as the market price of copper, copper price volatility and interest rates, which are not under CODELCO*s control.

CODELCOSs production hedging agreements contain events of default and termination events that could
lead to early close-outs of CODELCO”s hedges. These include failure to pay, breach of the agreement,
misrepresentation, default under CODELCOSs loans or other hedging agreements and bankruptcy. In the event of
an early termination of CODELCO”s hedging agreements, the cash flows from the affected hedge instruments would
cease and CODELCO and the relevant hedge counterparty would settle all of CODELCO*s obligations at that time.
In that event, there could be a lump sum payment to be made either to or by CODELCO. The magnitude and
direction of such a payment would depend upon, among other things, the characteristics of the particular hedge
instruments that were terminated and the market price of copper and copper price volatility and interest rates at the
time of termination.

See “Business and Properties—Marketing—Pricing and Hedging,” “Risk Factors—Risks Relating to
CODELCOS*s Operations—CODELCO engages in hedging activity from time to time, particularly with respect to its

48
copper production, which may not be successful and may result in losses to CODELCO,” Note 28 to the 2011-2012
Year-end Consolidated Financial Statements and to the Unaudited Interim Consolidated Financial Statements for
further information on CODELCO*s hedging activity.

Exchange Rates and Interest Rates. CODELCO”s main currency exposure is between the Chilean peso and
the U.S. dollar due to the fact that a significant portion of CODELCO”s operating costs are denominated in pesos
and paid pursuant to contracts providing for indexation to Chilean inflation, and approximately 100% of revenues
are denominated in U.S. dollars or other foreign currencies. To minimize the risks associated with currency
exposures and fluctuations in interest rates, CODELCO enters into interest rate futures contracts and foreign
exchange forward contracts which reduce exposure to fluctuations in the peso/dollar exchange rate.

As of March 31, 2013, CODELCO had swap contracts in place to hedge the risk of future UF/U.S.S
exchange rate fluctuations with respect to a notional amount of U.S.$334 million, which is equivalent to, and
sufficient to cover, 100% of CODELCOS*s outstanding UF-denominated bonds.

As of March 31, 2013, 21% of CODELCO” financial debt was at a variable interest rate and 79% had a
fixed rate.

Controls and Procedures

CODELCO”s management conducted an assessment utilizing The Committee of Sponsoring Organizations
(COSO) criteria of the effectiveness of its internal control as of the year ended December 31, 2012. Based on the
assessment performed, CODELCO”s management identified a material weakness within the Company?s SAP
enterprise resource planning applications, specifically related to the deficiencies in the assignation of profiles. The
situation detracted from an effective control environment.

The material weakness identified by CODELCO did not result in any impact on CODELCO”s consolidated
financial statements as of and for the three-month period ended March 31, 2012, as of and for the year ended
December 31, 2012 and as of and for the three-month period ended March 31, 2013 or require the correction of any
material misstatement in the Company”s disclosures.

In response to the results of CODELCO”s evaluation, management undertook remedial measures to
implement additional controls and improve the functionalities in its SAP system. The principal procedures
implemented by CODELCO included implementing a predictive risk matrix by defining the
function/action/authorization/objects based on critical, high, medium and low risk.

CODELCO has also created a position for a manager of internal risks to direct and oversee the
implementation of changes and enhancements to its SAP system. CODELCO believes that its remediation measures
have mitigated the risks within its SAP system and further believes that the material weakness has been remediated
as of the date of this offering memorandum.

New Accounting Standards

The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial
Statements are consistent with those applied in the preparation of the Year-end Consolidated Financial Statements
for the year ended December 31, 2012, except for the adoption of new standards and interpretations effective from
January 1, 2013, which required retroactive restatement of certain figures for the three months ended March 31,
2012. The amounts reported at and for the three months ended March 31, 2013 are not fully comparable to amounts
presented in the Year-end Consolidated Financial Statements. See Section 11.3 to the Unaudited Interim
Consolidated Financial Statements. The following is a description of the new standards and interpretations effective
from January 1, 2013:

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine. The accounting criteria established

in IFRIC 20 requires that the costs of waste removal activities relating to the production phase of a surface mine
(stripping), incurred with the purpose of granting access to a specific ore body, be recognized as part of property,

49
plant and equipment and are amortized based on units of production extracted from the mineralized zone. In
contrast, the accounting methods applied by CODELCO prior to the adoption of IFRIC 20 established an
amortization criteria based on linear amortization of the capitalized removal costs.

The adoption of IFRIC 20 in the Unaudited Interim Consolidated Financial Statements resulted in a change
in CODELCO*s accounting policy as defined by IAS 8 “Accounting Policies, Changes in Accounting Estimates and
Errors.” This change involved making adjustments based on the criteria of this standard, so that the existing
balances at December 31, 2011 with respect to stripping in the production phase (discussed by other accounting
criteria based on IFRIC 20) determined to be the initial balance for purposes of applying IFRIC 20.

The impact of this standard on the comparative amounts presented in the Unaudited Interim Consolidated
Financial Statements were as follows:

Effects of IFRIC 20 on Retained Earnings,
as of January 1, 2012

(in thousands of U.S.$)
The balance of retained earnings prepared in accordance with the

accounting policies in place prior to the adoption of IFRIC 20. $ 1,709,068
Adjustments due to IFRIC 20, net of deferred taxes ..coococionnonoos $ (88,501)
Balance of retained earnings, as adjusted by IFRIC 20 …cononcacacinnicicnnnonos $ 1,620,567

Net Effects of IFRIC 20 on PP€E,
as of December 31, 2012
(in thousands of U.S.$)

The balance of PPéE, net as of December 31, 2012 under

prior accounting policies …coconinnincinnnnnncnncoconnscncerornracnrcercocrnnos $ 17,044,931
Adjustments due to IFRIC 20……………… $ (21,390)
Balance of PP4zE, as adjusted by IFRIC 20. $ 17,023,541

Effects of IFRIC 20 on gain (loss), before taxes as of three-month period ended
March 31, 2012

(in thousands of U.S.$)

Gain (loss) before taxes under prior accounting policies ………………. $ 455,825
Adjustments due to IFRIC 20… $ 26,497
Gain (loss) before taxes, as adjusted by IFDRIC 20 December 31,

$ 482,322

IAS 19 Employee Benefits (revised 2011) (IAS 19-R). Until December 31, 2012, CODELCO included
actuarial gains and losses in the profit of a given period. IAS 19-R requires that actuarial results be included as part
of other comprehensive income and permanently excludes it from the profit and loss of a given period. Other
modifications include new disclosures, such as quantitative sensitivity of the variables set for the calculation of the
defined benefit liabilities.

50
IAS 19-R requires retrospective application of the associated effects, requiring the restatement of financial
statements from previous years. Given that CODELCO updated the discount rate used as an actuarial assumption in
the calculation of some of the employee benefit obligation at December 31, 2012 and 2011, the adoption of IAS 19-
R involved reclassifications of actuarial gains and losses from retained earnings to other comprehensive income,
modifying the statements of financial position as follows:

Effects at January 1, 2012 Retained Reserve of gains / (losses) on
Earnings defined benefit plans
(in thousands of U.S.$)

Balance under prior accounting policies $ 1,709,068 –

Adjustments due to IAS 19-R…. $ 60,327 $ (60,327)
Balance, as adjusted by IAS 19-R. $ 1,769,395 $ (60,327)
Effects at December 31, 2012 Retained Reserve of gains / (losses) on
Earnings defined benefit plans
(in thousands of U.S.$)
Balance under prior accounting policies …………… $ 4,189,769 –
Adjustments due to IAS 19-R. $ 54,687 $ (54,687)
Balance, as adjusted by IAS 19-R. Ss 4,244,456 $ (54,687)

IAS 1 Presentation of items in other comprehensive income — Modifications to IAS 1. The amendments
made to this standard require of the separation of the items included in other comprehensive income, which may be
reclassified as the statement of comprehensive income in the future (e.g. net results from cash flow hedges or
exchange rates of foreign operations) of those items that standards do not allow to be reclassified as comprehensive
income (e.g. gains and losses from benefits plans). This amendment affects only the presentation of the statement of
comprehensive income and has no impact on CODELCOS”s financial position.

IAS 1 Comparative reporting requirement — Explanatory amendment. This amendment requires the
inclusion of comparative information in notes to the financial statements when they are voluntarily disclosed beyond
the minimum comparative period. When a retrospective accounting change is made, an additional statement of
financial position must be presented, and the items included in the financial statements must be reclassified, as long
as any of those changes have a material effect on the statement of financial position at the beginning of the previous
period. This amendment clarifies that the additional statement of financial position does not need to be accompanied
by comparative information in related notes.

IFRS 10 Consolidated Financial Statements and IAS 27 Consolidated and Separate Financial Statements.
IFRS replaces IAS 27 “Consolidated and Separate Financial Statements” in sections related to consolidated financial
statements and SIC 12 “Consolidation Special Purpose Entities.” IFRS 10 changes the definition of control such
that an investor controls an investee when such is exposed, or has rights, to variable returns from its involvement in
the investee and has the potential to affect those returns through its power over the investee. The application of
IFRS 10 had no impact on the determination of control or consolidation of investments held by CODELCO.

IFRS 11 Joint Arrangements. IFRS 11 replaces IAS 31 “Interests in Joint Ventures” and SIC 13 “Jointly-
controlled Entities — Non-monetary Contributions by Ventures.” IFRS 11 removes the option to account for jointly
controlled entities using proportional consolidation, leaving the equity method as the only option. The application
Of IFRS 11 had no impact on CODELCO”s Unaudited Consolidated Financial Statements.

IFRS 12 Disclosure of Interests in Other Entities. This standard establishes requirements for disclosures
related to an entity”s interests in subsidiaries, joint arrangements, associates and structured entities. The additional
disclosure requirements are presented in Notes 8 and 9 to the Unaudited Consolidated Financial Statements, and are
related to summarized financial information of material subsidiaries and associates.

IFRS 13 Fair Value Measurement. IERS 13 establishes a single source of fair value measurements. This

standard provides guidance on how to measure fair value when required or permitted by IFRS. The application of
IFRS 13 has not materially affected CODELCO*s fair value measurements.

51
Critical Accounting Policies

The preparation of financial statements in conformity with generally accepted accounting principles in
Chile as well as the application of IFRS requires CODELCO to make a wide variety of estimates and assumptions
that affect (1) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the financial statements and (2) the reported amounts of revenues and expenses during the reporting
periods covered by the financial statements. CODELCO routinely makes judgments and estimates about the effect
of matters that are inherently uncertain. As the number of variables and assumptions affecting the future resolution
of the uncertainties increases, these judgments become even more subjective and complex. CODELCO has
identified the following accounting policies that are most important to the portrayal of its current financial condition
and results of operations. For a full description of CODELCO”s accounting policies, see Section II to the 2011-2012
Year-end Consolidated Financial Statements and Section II to the Unaudited Interim Consolidated Financial
Statements.

Useful Economic Lives and Residual Values of Property, Plant and Equipment. The useful lives and
residual values of property, plant and equipment assets that are used for calculating depreciation are determined
based on technical studies prepared by specialists (both internal and external). When there are indicators that could
lead to changes in the estimated useful lives of such assets, these changes are determined by using technical
estimates considering specific factors related to the use of the assets.

Ore Reserves. The measurements of ore reserves are based on estimates of the ore resources that are
economically exploitable, and reflect the technical considerations of CODELCO regarding the amount of resources
that could be exploited and sold at prices exceeding the total cost associated with extraction and processing.

CODELCO applies judgment in determining ore reserves and, as such, possible changes in these estimates
could significantly impact the estimates of net revenues over time. For such reason, these changes would lead to
modifications in the usage estimates of certain assets and of the amount of certain decommissioning and restoration
costs.

CODELCO estimates its reserves and mineral resources based on the information compiled by the
“Competent Person” of the Company, as defined and regulated by Law 20.235. The estimations are based on the
Joint Ore Reserves Committee (JORC) methodology, taking into consideration the historical information of the cost
of goods sold and copper prices in the international market.

CODELCO also periodically reviews such estimates supported by external experts, who certify the
determined reserves.

Impairment of Assets. CODELCO reviews the carrying amount of its assets to determine whether there is
any indication that such amount cannot be recovered. If any such indication exists, the recoverable amount of the
assets is estimated in order to determine the extent of the impairment loss with regard to the carrying amount. In the
evaluation of impairment, the assets are grouped into cash generating units (“CGUs”) to which the assets belong.
The recoverable amount of these assets or CGUs is calculated as the present value of the cash flows expected to be
derived from such assets, considering a pre-tax discount rate that reflects current market assessments of the time
value of money and risks specific to the asset. If the recoverable amount of the assets is less than their carrying
amount, an impairment loss exists.

CODELCO defines the CGUs and also estimates the timing and cash flows that such CGUs should
generate. Subsequent changes in the grouping of the CGU, or changes in the assumptions supporting the estimates

of cash flows or the discount rate, could impact the book values of the corresponding assets.

CODELCO has assessed and determined that the CGUs are constituted at the level of each of its current
operating divisions.

The review for impairment includes subsidiaries, associates and joint arrangements.

52
Provisions for Decommissioning and Site Restoration Costs. An obligation to incur in decommissioning
and site restoration costs when environmental disturbance is caused by the development or ongoing production of a
mining property. Costs are estimated on the basis of a formal closure plan and are reassessed annually or as of the
date such obligations become known.

Significant estimates and assumptions are made in determining the provision for decommissioning and site
restoration costs as there are numerous factors that will affect the ultimate liability payable. These factors include
estimates of the extent and costs of decommissioning and site restoration activities, technological changes,
regulatory changes, cost increases as compared to the inflation rates and changes in discount rates. Environmental
costs are estimated by using the work of external specialists and/or internal experts. These uncertainties may result
in future actual expenditure differing from the amounts currently provided.

The provision as of a reporting date represents management’s best estimate of the present value of the
future decommissioning and site restoration costs required. Changes to estimated future costs are recognized in the
statement of financial position by either increasing or decreasing the rehabilitation liability and rehabilitation asset if
the initial estimate was originally recognized as part of an asset measured in accordance with IAS 16 Property, Plant
and Equipment. Any reduction in the decommissioning and site restoration liability and therefore any deduction
from the decommissioning and site restoration asset may not exceed the carrying amount of that asset. Ifit does,
any excess over the carrying value is taken immediately to profit or loss.

If the change in estimate results in an increase in the decommissioning and site restoration liability and
therefore an addition to the carrying value of the asset, the entity is required to consider whether this is an indication
of impairment of the asset as a whole and test for impairment in accordance with IAS 36. If the revised asset net of
decommissioning and site restoration provisions exceeds the recoverable value, that portion of the increase is
charged directly to expense. Any decommissioning and site restoration costs that arose as a result of the production
phase of a mine should be expensed as incurred.

The costs arising from the installation of a plant or other site preparation projects are discounted at net
present value, provided for and capitalized at the beginning of each project, as soon as the obligation to incur such
costs arises. These decommissioning costs are charged to net income over the life of the mine through depreciation
of the asset. Depreciation is included in operating costs, while the unwinding of the discount in the provision is
included in finance costs.

Accrual for Employee Benefits. Employee benefits costs for severance payments and health benefits for
services rendered by the employees are determined based on actuarial calculations using the Projected Credit Unit
Method, and are charged to profit or loss on an accrual basis.

CODELCO uses assumptions to determine the best estimate for these benefits. Such estimates, as well as
assumptions, are determined together with an external actuary. These assumptions include demographic
assumptions, mortality and morbidity, discount rate and expected salary increases and rotation levels, among other
factors. Although CODELCO believes that the assumptions used are appropriate, a change in these assumptions
could affect net income.

Accruals for Open Invoices. The substantial majority of copper produced by CODELCO is sold under
annual contracts. Pricing on such contracts is based on prevailing monthly average prices quoted on the LME for a
quotational period, generally the month following the scheduled month of shipment. CODELCO recognizes
adjustments to its revenues and trade receivables after delivery of the copper. These adjustments are updated on a
monthly basis. At the end of each month, CODELCO estimates and accrues for any reduction in the provisional
sales price using information available at the time financial statements are generated. However, the amount
estimated may differ from the amount received at settlement.

Revenue Recognition. Revenue is recorded when ownership rights and obligations have been substantially
transferred to the purchaser, according to the shipment or dispatch of the products, in conformity with the agreed
upon conditions and are subject to variations related to the content and/or sales price at their liquidation date.
Notwithstanding the foregoing, there are certain contracts for which the rights and obligations are substantially

53
transferred based on receipt of the product at the buyer”s destination point, and for these contracts revenue is
recorded at the moment of transfer.

Sales contracts include a provisional price at the shipment date, whose final price is generally based on the
price recorded in the LME. Recognition of sales revenue for copper and other commodities is based on the estimates
of the future spread of metal price (LME) and/or the spot price at the date of shipment, with a subsequent adjustment
made upon final determination and presented as part of “Revenue.” The terms of sales contracts with third parties
contain provisional pricing arrangements whereby the selling price for metal in concentrate is based on prevailing
spot prices on a specified future date after shipment to the customer (the “quotation period”). As such, the final
price will be fixed on the dates indicated in the contracts. Adjustments to the sales price occurs based on movements
in quoted market prices (LME) up to the date of final settlement. The period between provisional invoicing and final
settlement can be between one and six months. Changes in fair value over the quotation period and up until final
settlement are estimated by reference to forward market prices for the applicable metals.

Sales in the national market are recorded in conformity with the regulations that govern domestic sales as
indicated in Articles 7, 8 and 9 of Law No. 16,624, modified by Article 15 of Decree Law No. 1,349 of 1976, on the
determination of the sales price for the internal market.

Additionally, CODELCO recognizes revenue for providing services, mainly related to the processing of
minerals bought from third parties. Revenue is recognized when the amounts can be measured reliably and when
the services have been provided.

See “Business and Properties—Marketing—Pricing and Hedging” for information on hedge accounting.

Fair Value of Derivatives and Other Instruments. Management may use its judgment to choose an
adequate and proper valuation method for the instruments that are not quoted in an active market. The Company
applies customary valuation techniques used by other professionals in the industry. In the case of derivative
financial instruments, assumptions are based on the observable market inputs, adjusted in conformity with the
specific features of the instruments.

Lawsuits and Contingencies. CODELCO assesses the probability of lawsuits and contingency losses on an
ongoing basis according to estimates performed by its legal advisors. For cases in which management and the
Company”s legal advisors believe that a favorable outcome will be obtained or when the results are uncertain and
the lawsuits are still pending resolution, no provisions are recognized.

54
BUSINESS AND PROPERTIES

CODELCO is the world”s largest copper producer and the largest company in Chile in terms of sales
(U.S.$15.86 billion in 2012). As of March 31, 2013, CODELCOSs total assets and equity amounted to U.S.$31.00
billion and U.S.$12.40 billion, respectively, without including the value of CODELCO*s mining concessions and
ore deposits (as of December 31, 2012, such amounts were U.S.$31.64 billion and U.S.$12.18 billion, respectively).
CODELCO engages primarily in the exploration, development and extraction of ores bearing copper and
by-products, the processing of ore into refined copper and the international sale of refined copper and by-products.
CODELCO is 100% owned by Chile and controls approximately 9% of the world”s proved and probable copper
reserves, as such term is defined by the U.S. Geological Survey. In 2012, CODELCO had an estimated 10% share
of the total world copper production, with production of approximately 1.76 million metric tons (including
CODELCOS*s share of the El Abra deposit, which is mined by Sociedad Contractual Minera El Abra, owned 49% by
CODELCO and 51% by Cyprus El Abra Corporation (a subsidiary of Freeport McMoRan) and CODELCO”s
indirect 20% share of Anglo American Sur) and an estimated 8% share of the world”s molybdenum production with
production of approximately 19,676 metric tons.

CODELCO*s main commercial product is Grade A cathode copper. In 2012, CODELCO derived 91% of
its total sales from copper and 9% ofits total sales from by-products of its copper production (for the three-month
period ended March 31, 2013, 93% and 7%, respectively).

The following table sets forth certain production, cost and price information relating to CODELCO for the
four-year period ended December 31, 2012 and the three-month periods ended March 31, 2012 and 2013:

Copper Production, Cash Cost of Production and Price Information (excluding El Abra)
(production in thousands of metric tons and cash costs

and prices in cents per pound)

Three months ended

Year ended December 31, March 31,
2009 2010 2011 2012 2012 2013
CODELCO*s Copper Production. 1,702 1,689 1,735 1,646 373 385
CODELCO*s Cash Cost of Production. 92.9 104.4 116.4 163.5 130.2 170.0
Average LME Price’”” 234.2 342.0 399.7 360.6 376.9 359.8

(1) Price for Grade A cathode copper.

CODELCOS”s mission is to maximize the value of its mineral resources for the benefit of its shareholder,
the Chilean state, by fully developing its vast mining resources on a timely basis, leveraging the Company”s
experienced workforce, utilizing its advanced technological holds in key areas and by executing the following key
strategic initiatives:

Capital Expenditure Program. The Company seeks to maintain and improve its competitive position in the
industry through its capital expenditure program. Following the completion of a number of significant projects in
recent years, such as the development of sulfide ores at the Radomiro Tomic mine, the expansion at the Andina mine
and the development of the Pilar Norte area at El Teniente mine, CODELCO intends to continue its development
program. Accordingly, the Company expects to invest approximately U.S.$26.5 billion over the next five years on
major projects, creating new operations and transforming its main mining operations with a view towards the long-
term development of its resources. The Company”s expansion and development projects for the next five years
include:

e the Mina Ministro Hales Division was created in September 2010 for the operation of the Mina
Ministro Hales ore body, which is expected to begin operations at the end of 2013 and expected to
produce an average of 183,000 tons of copper per year and 300 tons of silver per year;

55
e the expansion of the existing sulfide operation in the Radomiro Tomic mine (U.S.$4.6 billion
investment over the next five years to enable the Radomiro Tomic mine to produce an expected
average of 343,000 tons of copper per year starting in 2017);

e the development of a new production level in the existing El Teniente underground mine (U.S.$2.9
billion investment over the next five years to maintain El Teniente”s current annual copper production
of approximately 434,000 tons of copper per year starting in 2017; environmental approvals were
obtained in March 2011);

e the gradual transfer of the Chuquicamata mine from an open pit mine to an underground operation
(U.S.$2.7 billion investment over the next five years to enable Chuquicamata to produce an expected
total average of 366,000 tons of copper and 18,000 tons molybdenum per year starting in 2018;
environmental approvals were obtained in September 2010); and

e the expansion of the existing Andina mine (U.S.$1.0 billion investment over the next five years to
enable Andina to produce an expected average of an additional 350,000 tons of copper per year for a
total expected average of approximately 600,000 tons of copper per year starting in 2021).

Improvement in operations. A number of improvement initiatives are underway to adopt best industry
practices, most notably in the areas of labor productivity, asset utilization rates and process efficiency. Together
with its capital expenditure investment program, these initiatives are expected to enhance CODELCO”s competitive
position. The Company operates in a cyclical business and CODELCOSs strategy is to ensure that it is able to take
full advantage of high copper prices. The Company is developing a number of plans to achieve production targets in
the coming years. These plans mainly focus on reducing the risk of disruptions to production and on providing
increased flexibility to its operations.

Exploration Effort. CODELCO controls the largest copper reserves worldwide, the Company”s single most
important long-term competitive advantage. The discovery of new mining resources and improving its ability to
locate existing ore bodies and prospects are critical to maintain this preeminent position in the industry.
Accordingly, the Company”s exploration program will continue to be a key part of its business strategy.

Investment in Human Capital. The successful execution of CODELCO”s business strategy relies on
continuing to attract and retain a world-class management team and professionals of the highest caliber. Against the
background of increased competition for talent in the mining industry, the Company will continue to improve career
development opportunities for its staff and the overall attractiveness of CODELCO as a preferred employer.

Mining Association with Third Parties. CODELCO seeks to continue to develop and operate assets in
association with third parties in situations where these associations will add value to CODELCO”s business. An
example of the Company”s willingness and ability to do so is the association with Freeport McMoran in the El Abra
copper mine (CODELCO owns 49%) and the association with Anglo American, Mitsui and Mitsubishi Corporation
in Anglo American Sur (CODELCO owns an indirect 20% interest). CODELCO believes its large mining reserve is
a strong platform from which to establish such associations.

Copper Production
General

The copper deposits in CODELCO”s mines exist in two principal forms—sulfide ore and oxide ore. The
majority of CODELCO”s mines, including Chuquicamata and El Teniente, yield primarily sulfide ore. The ore
extracted from the Radomiro Tomic deposit is copper oxide and sulfides. CODELCO produces refined copper from
oxide and sulfide ore using different processes. CODELCO believes that having these two different forms of copper
deposits gives it a high level of flexibility to respond to market changes by adjusting its production and utilizing the
refining processes described below.

56
Sulfide Ores. Sulfide ores are found in CODELCO*s open-pit and underground mines. In open-pit mines,
the process of producing copper from sulfide ores begins at the mine pit. Waste rock and ores containing copper are
first drilled and blasted and then loaded onto diesel-electric trucks by electric shovels. Waste is hauled to dump
areas. In underground mines, copper ore is deposited on rail cars and transported to a crushing circuit where
gyratory crushers break the ore into sizes no larger than 3/4 of an inch. In both types of mines, the ore is then
transported to rod and ball mills which grind it to the consistency of powder. In the conventional
concentrator/smelter/refinery process for sulfide ore, this finely ground ore is agitated in a water and chemical
solution and pumped as a watery mixture to the flotation separator. The solution is then aerated, producing a froth
which carries the copper minerals, but not the waste rock, to the surface. The froth is skimmed off and filtered to
produce copper concentrates. The waste rock, called tailings, is sent to a tailings storage facility. The copper
concentrates (which contain a copper grade of approximately 30%) are then sent to the smelter.

At the smelter, the concentrates are blended with fluxes and fed into reverberatory furnaces or a Teniente
converter (a technologically advanced type of converter designed by CODELCO) where they are melted, producing
“matte” and “slag.” Matte from reverberatory furnaces contains approximately 45% copper, and matte from a
Teniente converter contains approximately 75% copper. Slag is a residue of the smelting process containing iron
and other impurities, which the Company disposes of with its other industrial solid waste. The matte is transferred
by ladles to the converters and is oxidized in two steps. First, the iron sulfides in the matte are oxidized with silica,
producing slag that is returned to the reverberatory furnaces. Second, the impurities in the matte sulfide are oxidized
to produce blister copper. The blister copper contains approximately 98.5% copper. Some of the blister copper is
sold to customers. The remainder is transferred to the electrolytic refinery.

After additional treatment in the anode furnace, the copper is cast into anodes and then moved to the
refinery”s electrolytic tank house. This anode copper is approximately 99.0% copper. In the electrolytic tank house,
anodes are suspended in tanks containing an acid solution and copper sulfate. An electrical current is passed
through the anodes and chemical solution to deposit clean copper on pure copper plates. The resulting refined
copper cathodes are 99.99% copper. Silver and small amounts of other metals contained in the anodes settle on the
bottom of the tanks and are recovered in a separate process.

Oxide Ores. Oxide ore is scarcer than sulfide ore, and is typically found closer to the surface of the earth.
A different process (called the SX-EW process) is used to produce refined copper from oxide ores, which
CODELCO employs at its SX-EW facilities in Chuquicamata, El Teniente, Salvador and Radomiro Tomic. In the
first step of the SX-EW process, copper sulfide ore is mined, crushed and deposited into large piles. The piles are
leached for a period of several days with a solution of sulfuric acid, resulting in the effusion from the piles of a
solution with a high-concentration of copper. The copper solution is collected into large pools, from which copper
is then recovered by solvent extraction, followed by a second recovery method called electrowinning, to produce
high-grade copper cathodes. The SX-EW process involves lower overall refining costs, and can be used with a
lower grade of ore, than the traditional concentrator/smelter/refinery process. The SX-EW process also enables
CODELCO to recover copper by re-leaching waste material left over from prior copper extractions.

Operations

CODELCOSs copper operations are divided into eight divisions. In December 2010, CODELCO divided
the former CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions. CODELCO”s
divisions consist of the following:

e The Chuquicamata Division operates the Chuquicamata mine, one of the largest copper producing
mines in the world, which began its operations in 1915 and currently includes smelting and refining
capacities. In 2012, this division produced 355,901 metric tons of copper cathodes, or 20.3% of
CODELCOSs total copper output (including CODELCO*s share of the El Abra deposit and Anglo
American Sur), with a cash cost of 193.4 cents per pound, compared to 110.9 cents per pound in 2011,
and a total cash cost of U.S.$1,503 million, compared to U.S.$1,078 million in 2011. For the first
three months of 2013, this division had a cash cost of 193.4 cents per pound and a total cash cost of
U.S.$311 million.

57
The Radomiro Tomic Division operates the Radomiro Tomic mine, which began its first full year of
production in 1998 and is the world”s largest producer of copper using the SX-EW technology. In
2012, this division produced 427,791 metric tons of copper cathodes, or 24.3% of CODELCO*s total
copper output (including CODELCO*s share of the El Abra deposit and Anglo American Sur), with a
cash cost of 130.9 cents per pound, compared to 100.3 cents per pound in 2011, and a total cash cost of
U.S.$1,223 million, compared to U.S.$1,028 million in 2011. For the first three months of 2013, this
division had a cash cost of 121.7 cents per pound and a total cash cost of U.S.$292 million.

On January 1, 2013, CODELCO created the Gabriela Mistral Division. The Gabriela Mistral Division
operates the Gabriela Mistral mine, which uses SX-EW technology. The Gabriela Mistral mine
produced its first copper cathodes in May 2008 after a 26-month construction period with total
construction costs of U.S.$1.03 billion. In 2012, this division produced 133,000 metric tons of copper,
or 7.6% of CODELCO*s total copper output (including CODELCO*s share of the El Abra deposit and
Anglo American Sur), with a cash cost of 199.6 cents per pound, compared to 165.8 cents per pound in
2011, and a total cash cost of U.S.$585 million, compared to U.S.$432 million in 2011. For the first
three months of 2013, this division had a cash cost of 221.5 cents per pound and a total cash cost of
U.S.$158 million.

The El Teniente Division is the operator of El Teniente mine, which is the world”s largest underground
copper mine and has been in operation for more than 100 years. The El Teniente Division includes the
Caletones smelter. In 2012, this division produced 417,244 metric tons of copper, or 23.7% of
CODELCOSs total copper output (including CODELCO*s share of the El Abra deposit and Anglo
American Sur), with a cash cost of 128.8 cents per pound, compared to 92.4 cents per pound in 2011,
and a total cash cost of U.S.$1,175 million, compared to U.S.$810 million in 2011. For the first three
months of 2013, this division had a cash cost of 162.6 cents per pound and a total cash cost of
U.S.$347 million.

The Andina Division operates the Andina and Sur-Sur mines with production split among open-pit and
underground mines. It does not have independent smelting capacity. Andina has been in operation
since 1970. In 2012, this division produced 249,861 metric tons of copper, or 14.2% of CODELCO”s
total copper output (including CODELCO”s share of the El Abra deposit and Anglo American Sur),
with a cash cost of 136.3 cents per pound, compared to 128.0 cents per pound in 2011, and a total cash
cost of U.S.$725 million, compared to U.S.$639 million in 2011. For the first three months of 2013,
this division had a cash cost of 131.0 cents per pound and a total cash cost of U.S.$162 million.

The Salvador Division includes the Salvador mine and concentrator and the smelter/refinery complex
at Potrerillos, which has a capacity to treat 671,000 metric tons of concentrate. In 2012, this division
produced 62,728 metric tons of copper cathodes, or 3.6% of CODELCOS*s total copper output
(including CODELCOSs share of the El Abra deposit and Anglo American Sur), with a cash cost of
268.9 cents per pound, compared to 175.3 cents per pound in 201 1, and a total cash cost of U.S.$372
million, compared to U.S.$267 million in 2011. For the first three months of 2013, this division had a
cash cost of 245.7 cents per pound and a total cash cost of U.S.$69 million. CODELCO’”s Board of
Directors has decided to phase out mining operations at the Salvador mine by 2016, or by 2021 if
warranted by market and operational conditions. The Potrerillos smelter and refinery will continue to
operate upon any cessation of the mining operations at Salvador.

The Ventanas Division was created in connection with the acquisition of the Ventanas smelter/refinery
complex from Chile”s state-owned mining company Empresa Nacional de Minería (“ENAMT”) in May
2005. The Ventanas smelter has a capacity to treat 400,000 metric tons of concentrate. In 2012, this
division refined 398,116 metric tons of copper. Pursuant to the terms of the acquisition, CODELCO is
required to provide on market terms the necessary smelting and refining capacity for the treatment of
copper concentrate delivered by the small- and medium-sized mining industry that ENAMI serves.

58
+ The Mina Ministro Hales Division was created in September 2010 for the operation of the Mina
Ministro Hales ore body, which is expected to begin operations at the end of 2013 and expected to
produce an average of 183,000 tons of copper per year and 300 tons of silver per year.

For a description of CODELCOSs associations with other companies, see “— Associations, Joint Ventures
and Partnerships” below.

Beginning in late 2010, CODELCO implemented a corporate reorganization plan which divided the
management of the Company”s operations into Operations Norte and Operations Centro-Sur, to supervise the
divisions in the north and center-southern regions, respectively. Pursuant to the plan, CODELCO created a new
mining division in the north (the Mina Ministro Hales Division), to manage the operations of the Mina Ministro
Hales ore body, and divided the CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions.
In addition, the reorganization was intended to simplify the organizational structure by causing all corporate
administrative and support functions to report to a single vice president, and the productive divisions to concentrate
on maximizing production, controlling costs and implementing safety measures. The Chuquicamata Division,
Radomiro Tomic Division and Mina Ministro Hales Division are now supervised by the vice president of Operations
Norte. The Salvador Division (moved from Operation Norte in early 2012), Andina Division, El Teniente Division
and Ventanas Division are now supervised by the vice president of Operations Centro Sur.

CODELCOSs copper production, excluding CODELCO*s share of the El Abra deposit, and of Anglo
American Sur, increased to 384,616 metric tons for the first three months of 2013 from 372,537 metric tons in the
first three months of 2012. This increase was mainly due to the increase in ore grade at the Chuquicamata Division.

The table below shows the production of copper from CODELCO”s mines, as compared to private sector
production in Chile, for the four-year period ended December 31, 2012 and the three-month period ended March 31,
2013:

Production of Copper from Chilean Mines (CODELCO and Private Sector)
(in thousands of metric tons)

Three

months

ended

Year ended December 31, March 31,
2009 2010 2011 2012 2013

CODELCO Norte Division” 875 904 – – –
Chuquicamta Division .. – – 443 356 73
Radomiro Tomic Division =- – 470 428 110
Gabriela Mistral Division 148 117 118 133 32
El Teniente Division 404 404 400 417 98
Andina Division 210 188 234 250 58
Salvador Division 65 76 69 63 13
El Abra? 80 71 61 75 20
Anglo American Sur” – – – 36 23
CODELCO Total Production . 1,782 1,760 1,796 1,758 428
Chilean Private Sector” 3,612 3,659 3,467 3,676 949
Total Chilean Production 5,394 5,419 5,263 5,434 1,377

(1) In December 2010, CODELCO divided the CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions.

(Q) CODELCO” figures presented for El Abra include 49% of the mine”s total production (the share of production which corresponds to
CODELCO*s 49% ownership interest in the mine). The balance of El Abra”s production is included in the private sector figures.

(3) CODELCO”s figures presented for Anglo American Sur include 20% of the mine”s total production (the share of production which
corresponds to CODELCO’s 20% ownership interest in the mine). The balance of Anglo American Sur production is included in the
private sector figures.

(4) Source: Chilean Copper Commission.

59
The table below shows the breakdown of CODELCO”s own copper output for the four-year period ended
December 31, 2012 and the three-month period ended March 31, 2013:

Copper Output of CODELCO (excluding El Abra and Anglo American Sur)
(in thousands of metric tons)

Three

Year ended months

December ended
31, March 31,

2009 2010 2011 2012 2013

¡CI 1,040 1,033 853 720 181
Fired Refined.. 88 100 69 0 0
Blister and anode: 305 294 275 376 67
Concentrates … 269 262 538 550 137
Total ooococnococinononnononcnronononcnonconononorrororonsanono 1,702 1,689 1,735 1,646 385

The following table sets forth CODELCO’*s capital expenditures budget for the period 2013-2017 by
division, and for the executive offices, as approved by the Company”s Board of Directors as part of the Company?s
BDP, which is subject to the approval of the Ministries of Finance and Mining (capital expenditures are subject to
change at the discretion of the Company):

Projected Capital Expenditures by Division 2013-2017

Division Investment”
(in millions of U.S.$)
$ 5,323

Chuquicamata

Radomiro Tomic. 5,706
El Teniente. 5,065
Andina … 3,675
Salvador. 1,299
Ventanas 337
Mina Ministro Hale: 1,498
Gabriela Mistral…… 366
Executive Offices 737
Subsidiaries …. 400
Deferred expens: 2,056

s 26,462

(1) Includes equipment replacement and facilities repair, contributions to subsidiaries and other.

The following table sets forth CODELCO”s principal expansion and development projects in each division
(projects are subject to change at the discretion of the Company):

Estimated
Division Project Status Investment
(in millions of
U.S.$)
Chuquicamata Chuquicamata Underground (2013-2018) Execution” s 3,776
Radomiro Tomic Sulfides phase II (2013-2016) Feasibility 4,555
El Teniente New mining level (2011-2017) Execution” 3,381
Andina Expansion phase II (2013-2020) Feasibility 7,187
Mina Ministro Hales Mina Ministro Hales ore body (2010-2013) Execution” 2,991
Total Investment $ 21,890

(1) Expenditures have been invested in projects in the execution stage.

60
Chuquicamata Division

Chuquicamata—Mining Operations. Chuquicamata is one of the largest open pits in the world with a total
production of 355,901 metric tons in 2012. Located in the Atacama Desert, 1,200 kilometers north of Santiago and
240 kilometers east of the Chilean city of Antofagasta, the mine has been in continuous operation since 1915. The
Chuquicamata mine is an open-pit operation that produces predominantly sulfide concentrates, which are smelted
and refined on site. The pit size of the Chuquicamata mine is almost nine kilometers long in a north-south direction
by five kilometers wide and one kilometer deep.

The Chuquicamata deposit is a porphyry-type ore body. The most important feature of the ore body is a
north-south regional fault, the West Fissure fault, which cuts the ore on the west side and creates a sharp limit on the
deposit. An oxide ore zone was a large part of the deposit and has been almost totally mined out. The mine contains
a supergene enrichment layer (a redeposit of copper, by natural forces, from higher to lower layers), which has a
thickness of almost 800 meters near the center of the mine. Five kilometers north of Chuquicamata, the ore body
narrows and merges with the Radomiro Tomic ore body.

In December 2007, CODELCO completed the Calama Integration Project, a major initiative undertaken to
relocate the inhabitants of the town of Chuquicamata, which is situated on the outskirts of the mining facility, to the
nearby city of Calama. CODELCO undertook the project to make more space available near the mine site for
depositing the large piles of the mine”s tailings and to move inhabitants away from mining activities near the
growing project area. CODELCO invested U.S.$317 million in the implementation of this project, which included
the construction and financing of houses and apartments for mine employees and commercial centers in Calama.
The site of the town of Chuquicamata is now being used as a new site for the deposit of waste rock and for SX-EW
treatment dams.

Chuquicamata—Smelting Operations. Chuquicamata utilizes one Outokumpu flash furnace, five Pierce
Smith converters and two Teniente converters to process 1.39 million metric tons of 27.71% copper concentrate per
year. Chuquicamata performs all stages of copper production from the mining process through cathode production.

As of March 31, 2013, the Chuquicamata Division employed 6,713 persons and produced 73,296 metric
tons of copper at a cash cost of 193.4 cents per pound and a total cash cost of U.S.$311 million, compared to a cash
cost of 118.9 cents per pound and a total cash cost of U.S.$156 million for the first three months of 2012. In 2012,
this division had a cash cost of 193.4 cents per pound, compared to 110.9 cents per pound in 2011, and a total cash
cost of U.S.$1,503 million, compared to U.S.$1,078 million in 2011.

Radomiro Tomic Division

Radomiro Tomic. Radomiro Tomic is CODELCOSs largest division based on 2012 production. The
Radomiro Tomic deposit lies five kilometers north of the main pit at Chuquicamata. Radomiro Tomic began
production at the end of 1997. The Radomiro Tomic mine is a state of the art facility, and the world”s largest
producer of copper using the highly efficient SX-EW process.

During the first half of 2010, the Sulfide Phase 1 project was completed, which enables the treatment of
100,000 metric tons per day of sulfides from Radomiro Tomic in the Chuquicamata processing plants. In 2012, the
Radomiro Tomic Division produced 427,791 metric tons of copper.

As of March 31, 2013, the Radomiro Tomic Division employed 1,101 persons and produced 110,083
metric tons of copper at a cash cost of 121.7 cents per pound and a total cash cost of U.S.$292 million, compared to
a cash cost of 109.6 cents per pound and a total cash cost of U.S.$255 million for the first three months of 2012. In
2012, this division had a cash cost of 130.9 cents per pound, compared to 100.3 cents per pound in 2011, and a total
cash cost of U.S.$1,223 million, compared to U.S.$1,028 million in 2011.

61
Copper Production and Cash Cost — CODELCO Norte Division (Chuquicamata and Radomiro Tomic)”
(production in thousands of metric tons and cash cost in cents per pound)

Three
months
ended
Year ended December 31, March 31,
2009 2010 2011 2012 2013
Copper Production CODELCO Nort: 875 904 – =- =-
Copper Production Chuquicamata …. – =- 443 356 Tm
Copper Production Radomiro Tomic – =- 470 428 110
Cash Cost CODELCO Norte 93.2 102.5 – – –
Cash Cost Chuquicamata .. – =- 110.8 193.4 193.4
Cash Cost Radomiro Tomi. = = 100.3 130.9 121.7

(1) In December 2010, CODELCO divided the CODELCO Norte Division into the Chuquicamata and Radomiro Tomic Divisions.

Gabriela Mistral Division

The Gabriela Mistral ore body is located in Chile”s Second Region and began production in May 2008. On
January 1, 2013, CODELCO created the Gabriela Mistral Division, which operates the Gabriela Mistral mine.
Gabriela Mistral uses SX-EW technology and produced its first copper cathodes in May 2008 after a 26-month
construction period at a cost of U.S.$1.03 billion. In 2012, the Gabriela Mistral Deposit produced 133,000 metric
tons of copper.

As of March 31, 2013, the Gabriela Mistral Division employed 554 persons and produced 32,352 metric
tons of copper at a cash cost of 221.5 cents per pound and a total cash cost of U.S.$158 million, as compared to a
cash cost of 171.6 cents per pound and a total cash cost of U.S.$131 million for the first three months of 2012. In
2012, this division had a total cash cost of 199.6 cents per pound, compared to 165.8 cents per pound in 2011, and a
total cash cost of U.S.$585 million, compared to U.S.$432 million in 2011.

Copper Production and Cash Cost — Gabriela Mistral Division
(production in thousands of metric tons and cash cost in cents per pound)

Three
months
ended
Year ended December 31, March 31,
2009 2010 2011 2012 2013
Copper Production. 148 117 118 133 32.3
Cash Cost 93.8 129.9 165.8 199.6 221.5

El Teniente Division

Mining Operations. The El Teniente Division is the second-largest division of CODELCO based on 2012
production and operates El Teniente underground mine located 80 kilometers southeast of Santiago. With
production of 417,244 metric tons in 2012, it is the world”s largest underground copper mine.

The El Teniente deposit is also a porphyry-type ore body. The deposit covers a vertical span of over 1,500
meters. A tabular subvertical dacite porphyry intrusion two kilometers long by 200 meters wide is well exposed in
the northern part of the deposit, and a quartz-diorite stock is located at the southeast side. Wall rocks are mostly
andesites, which are strongly mineralized, containing a high concentration of chalcopyrite and bornite. The size of
the deposit is at least three kilometers north-south and close to one kilometer wide.

El Teniente primarily produces concentrates that are smelted at the Caletones smelter. In addition to the
principal mine at El Teniente, the division performs mining operations at several other areas of the main deposit,

62
with a production of approximately 132,000 metric tons of ore per day. The Reservas Norte area of the mine is the
main producing mine area, producing approximately 32,600 metric tons of ore per day.

As of March 31, 2013, the El Teniente Division employed 5,052 persons and produced 98,034 metric tons
of copper at a cash cost of 162.6 cents per pound and a total cash cost of U.S.$347 million, as compared to a cash
cost of 95.2 cents per pound and a total cash cost of U.S.$201 million for the first three months of 2012. In 2012,
this division had a cash cost of 128.8 cents per pound, compared to 92.4 cents per pound in 2011, and a total cash
cost of U.S.$1,175 million, compared to U.S.$810 million in 2011.

Copper Production and Cash Cost — El Teniente Division
(production in thousands of metric tons and cash cost in cents per pound)

Three
months
ended
Year ended December 31, March 31,
2009 2010 2011 2012 2013
Copper Production 404 404 400 417 98
Cash Cost 83.3 85.8 92.4 128.8 162.6

Smelting Operations. The El Teniente Division includes the Caletones smelter, with capacity to smelt 1.25
million metric tons of concentrate per year. El Teniente mine supplies 1.28 million metric tons of concentrate per
year to the Caletones smelter. The balance of concentrate processed by the smelter is brought by railway from the
Andina Division, 300 kilometers away.

The Caletones smelter operates two Teniente Modified Converters, three Pierce Smith Converters and
several refining furnaces and gas treatment plants. El Teniente has no electrolytic refining plant, and smelter output
is sold as fire-refined copper or anodes to be refined at other facilities such as the Ventanas refinery or
Chuquicamata.

Andina Division

Mining Operations. The Andina Division operates the Andina mine and the Sur-Sur mine, which are
located 50 kilometers northeast of Santiago. Production at the Andina Division is split among open-pit and
underground mines. The Andina Division does not operate a smelter. Its production is processed at the Caletones
smelter of El Teniente, at the Ventanas refinery or at the Salvador Division, and some of its concentrate is sold to
ENAMI or other purchasers. As of March 31, 2013, the Andina Division employed 1,626 persons and produced
58,215 metric tons of copper at a cash cost of 131.0 cents per pound and a total cash cost of U.S.$162 million, as
compared to a cash cost of 137.7 cents per pound and a total cash cost of U.S.$182 million for the first three months
of2012. In 2012, this division produced 249,861 metric tons of copper and had a cash cost of 136.2 cents per
pound, compared to 128.0 cents per pound in 2011, and a total cash cost of U.S.$725 million, compared to U.S.$639
million in 2011.

The Río Blanco-Los Bronces porphyry-type deposit, one of the largest copper ore bodies in Chile, is
partially owned by the Andina Division. The northwest portion of this deposit is owned by the Andina Division;
Anglo Sur owns and operates the mines at Los Bronces and El Soldado along with the Chagres Smelter and various
mineral resources, including Los Sulfatos and San Enrique Monolito, located in the southwest portion of the deposit.
The deposit is characterized by plentiful tourmaline and breccia rock bodies mineralized with copper sulfides,
mostly calcopyrite. CODELCOS*s portion of the deposit is four kilometers in length, in the northwest to southeast
direction, with a maximum width of almost one kilometer.

63
Copper Production and Cash Cost — Andina Division
(production in thousands of metric tons and cash cost in cents per pound)

Three months

Year ended December 31, ended March 31,
2009 2010 2011 2012 2013
Copper Production. 210 188 234 250 58
Cash COst………. 84.9 108.5 128.0 136.3 131.0

With the aim to increase the processing output of the Andina Division, CODELCO completed the Andina
Phase I Expansion Project in 2010 and plans to continue with a U.S.$1.0 billion investment over the next five years
to expand the mine and increase copper production to produce an expected additional 350,000 tons of copper per
year for a total expected average of approximately 600,000 tons of copper per year starting in 2021.

Salvador Division

Mining Operations. The Salvador Division is the smallest of the CODELCO divisions. In 2012, it
produced 62,728 metric tons of fine copper. The complex includes the mine and concentrator at Salvador and a
smelter/refinery at Potrerillos. The Salvador mine is located 900 kilometers north of Santiago and 120 kilometers
east of the Chilean port of Chañaral. Concentrates are transported 67 kilometers from the mine to the smelter at
Potrerillos via pipeline and truck.

The Salvador Division has the smallest base reserve of ore among all of the CODELCO divisions. The
Salvador deposit is a typical medium-sized porphyry-type ore body. There is an 80- to 200-meter thick leached
capping covering a lensoid-shaped enrichment layer roughly one kilometer in diameter that attains a maximum
thickness of about 250 meters. This enrichment layer is almost completely mined out. Mining is currently focused
on the primary ore located underneath the secondary enrichment (the so-called Inca levels).

As of March 31, 2013, Salvador employed 1,505 persons and produced 12,635 metric tons of fine copper at
a cash cost of 245.7 cents per pound and a total cash cost of U.S$68 million, compared to a cash cost of 228.8 cents
per pound and a total cash cost of U.S.$65 million for the first three months of 2012. In 2012, this division had a
cash cost of 268.9 cents per pound, compared to 175.3 cents per pound in 2011, and a total cash cost of U.S.$372
million, compared to U.S.$267 million in 2011.

CODELCOS*s Board of Directors has decided to phase out mining operations at the Salvador mine by 2016,
or by 2021 if warranted by market and operational conditions. The Potrerillos smelter and refinery will continue to
operate upon any cessation of the mining operations at Salvador.

Copper Production and Cash Cost — Salvador Division
(production in thousands of metric tons and cash cost in cents per pound)

Three months

ended March
Year ended December 31, 31,
2009 2010 2011 2012 2013
Copper Production. . 65 76 69 63 13
Cash Cost………. 136.7 149.3 175.3 268.9 245.7

Smelting Operations. The smelting and refining operation is located at Potrerillos. This facility includes
one Teniente converter and four Pierce Smith converters for a rated annual capacity of 671,000 metric tons of
concentrate. CODELCO increased capacity of the Potrerillos smelter in May 2004, and is currently conducting
conceptual engineering for a proposed expansion of capacity of the Potrerillos refinery.

Ventanas Division

Smelting and Refinery Operations. The Ventanas Division was created in connection with the acquisition
of the Ventanas smelter and refinery from the Chilean state-owned mining company ENAMI in May 2005. The

64
Ventanas smelter has a capacity of over 400,000 metric tons of concentrate. Ventanas refined approximately
398,116 metric tons of copper in 2012. Pursuant to the terms of the acquisition, CODELCO is required to provide
on market terms the necessary smelting and refining capacity for the treatment of products for the small- and
medium-sized mining industry that ENAMI serves. As of March 31, 2013, the Ventanas Division employed 985
persons.

Mina Ministro Hales Division

Mining Operations. The Mina Ministro Hales Division was created in September 2010 for the operation of
the Mina Ministro Hales ore body, which is currently under construction, and is expected to begin operations at the
end of 2013. The Mina Ministro Hales ore body is located near Calama in the Antofagasta region and is expected to
produce an average of 183,000 tons of copper per year and 300 tons of silver per year and is expected to be
exploited at a rate of 375,000 tons of rock per day. As of March 31, 2013, the Mina Ministro Hales Division
employed 594 persons.

Smelting and Refinery Operations. The processing of minerals will be carried out in a stand-alone
concentrator with processing capacity of 50,000 tons per day. Copper concentrates will be processed in a new
roasting plant. The project also includes a new acid plant.

Associations, Joint Ventures and Partnerships

CODELCO has undertaken several projects, business ventures and associations with certain private sector
mining and non-mining enterprises, including:

e Copper Partners Investment Company Ltd.: In March 2006, CODELCO and China Minmetals Non-
Ferrous Metals Co. Ltd. (“Minmetals”), a Chinese state-owned metals company, created a joint venture
company equally owned by both companies. Under a 15-year sales contract covering a total of
836,250 metric tons of copper, CODELCO sells cathodes to Copper Partners Investment Company
Ltd. The joint venture made an initial up-front payment of U.S.$550 million to CODELCO in March
2006 and pays a price balance on shipments during the term of the contract. In turn, the joint venture
sells the cathodes to Minmetals at market prices. Shipments under the contract commenced in June
2006. CODELCO also granted Minmetals an option to acquire, at market price, a minority interest in a
company that will be formed to exploit the Gabriela Mistral mineral deposit. In September 2008,
CODELCO and Minmetals suspended the option indefinitely. The option may be revived upon the
agreement of both parties. CODELCO and Minmetals also have agreed to identify joint opportunities
in the future.

e SCMEI Abra: In 1994, CODELCO (49%) formed a company with Cyprus El Abra Corporation
(51%), a subsidiary of Freeport McMoRan, Sociedad Contractual Minera (SCM) El Abra to develop
the El Abra mine in northern Chile. The mine is a porphyry copper open-pit facility located 105
kilometers north of the city of Calama at an altitude of 3,900 meters above sea level. El Abra started
production seven months ahead of schedule in August 1996. Constructed at a cost of U.S.$1.05 billion,
it is designed to produce 225,000 metric tons of copper per year and includes one of the world”s largest
SX-EW facilities. The El Abra project was originally financed by a U.S.$850 million syndicated loan,
which was repaid in full in November 2004.

O In October 2009, SCM El Abra approved resuming construction activities for the Sulfolix Project,
which had been deferred as a result of market conditions at the end of 2008, to extract and process
(by the leaching process) sulfide ores, which is expected to extend mine life by 13 years and
enable El Abra to produce at least 125,000 metric tons of fine copper per year. This project
contains approximately 1,200 million metric tons of leachable oxide and sulfide copper, with an
average ore grade 0f 0.43%. The project started producing sulfides, shifting from an oxide
operation, during the first quarter of 2011 and includes milling mine ores until 2024, and is
expected to generate the last cathode in 2029 by leaching heap remains. The Sulfolix Project

65
requires approximately U.S.$565 million of initial equity and an additional U.S.$160 million to
sustain the operations. The project is financed by SCM EL Abra’s retained earnings.

o In2012, SCM El Abra produced 153,424 metric tons of fine copper at a cash cost of 207 cents per
pound. For the three months ended March 31, 2013, the production was 41,087 metric tons of fine
copper with a cash cost of 192 cents per pound.

O Asof March 31, 2013, the project had delivered total dividends of U.S.$2,710 million and
CODELCO had received U.S.$1,327.9 million in dividends. As of March 31, 2013, CODELCO”s
equity participation in SCM El Abra totaled U.S.$825.4 million.

Anglo American Sur: On December 19, 2008, CODELCO purchased from ENAMI for U.S.$175
million the Anglo American Sur Option to purchase up to 49% of the equity interests of Anglo
American Sur, a wholly-owned subsidiary of Anglo American, for a price determined by a prescribed
formula based on a multiple of historic earnings. Anglo American Sur owns and operates the mines at
Los Bronces and El Soldado, the Chagres Smelter and various mineral resources, including Los
Sulfatos and San Enrique Monolito. In October 2011, CODELCO announced that it had arranged for a
bridge loan of up to U.S.$6.75 billion from Mitsui that would allow it to exercise the Sur Option and
indicated its intent to exercise the Sur Option during the next window for its exercise, which would
occur in January 2012. On November 9, 2011, Anglo American announced that it had sold 24.5% of
the equity interests of Anglo American Sur to affiliates of Mitsubishi Corporation. Following this sale
CODELCO announced that it retained the right to acquire up to 49% of the equity interests of Anglo
American Sur and requested from the Santiago Court of Appeals a legal order preventing further sales
of equity interests of Anglo American Sur until CODELCO was able to exercise the Sur Option. The
requested legal order was received and on January 2, 2012, CODELCO exercised the Sur Option to
purchase 49% of the equity interests of Anglo American Sur. Prior to and after the exercise of the Sur
Option, Anglo American and CODELCO were involved in additional legal proceedings relating to the
exercise of the Sur Option, which were ultimately settled pursuant to the settlement agreement
described below.

On August 23, 2012, CODELCO and Anglo American entered into a settlement agreement to settle
their respective claims in relation to the Sur Option. In connection with this settlement agreement,
CODELCO and Anglo American agreed that Becrux, a wholly-owned subsidiary of Acrux, an entity
owned by CODELCO and Mitsui in the manner described below, would acquire 29.5% of the equity
interests in Anglo American Sur pursuant to the following transactions:

O on August 24, 2012, Becrux acquired (i) shares representing 24.5% of the equity interests of
Anglo American Sur for a purchase price of U.S.$1.7 billion, which was financed through a draw
down by an affiliate of CODELCO on the Ag¿R Mitsui Bridge Loan Facility described under
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources—Other Debt;” and (ii) shares representing 0.94% of
the equity interests of Anglo American Sur for a purchase price of U.S.$206.8 million, which was
financed by cash contributions made by Mitsui; and

o on September 14, 2012, Becrux acquired shares representing 4.06% of the equity interests of
Anglo American Sur for a purchase price of U.S.$893.2 million, which was financed by cash
contributions made by Mitsui.

As part of the settlement agreement, Anglo American Sur transferred to CODELCO certain
undeveloped mining properties, Los Leones and Profundo, which are located to the east of
CODELCOS*s Andina mine, and the shareholders of Anglo American Sur entered into a shareholders”
agreement that provides a framework for the ongoing governance of Anglo American Sur, which
includes board representation and participation in certain decisions for Becrux.

66
Immediately following the acquisition of 29.5% of the equity interests of Anglo American Sur,
affiliates of CODELCO and Mitsui owned approximately 83% and 17%, respectively, of the equity
interests of Acrux. In connection with the refinancing of the Ag¿R Mitsui Bridge Loan Facility
described below under “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources—Other Debt,” an affiliate of Mitsui exercised its right to
acquire from an affiliate of CODELCO at the closing of the refinancing a number of equity interests of
Acrux representing a 4.5% stake in Anglo American Sur for a purchase price equal to U.S.$998
million. This amount was used to prepay a portion of the bridge loan previously drawn down by an
affiliate of CODELCO under the Ag¿R Mitsui Bridge Loan Facility in connection with the transactions
described above. Following the consummation of this transaction, affiliates of CODELCO and Mitsui
owned approximately 67.8% and 32.2%, respectively, of the equity interests of Acrux. Consequently,
CODELCO indirectly owns a 20% interest in Anglo American Sur.

In 2012, Anglo American Sur produced 419,108 metric tons of fine copper at a cash cost of 155.3
cents per pound. For the three months ended March 31, 2013, the production was 113,874 metric tons
of fine copper with a cash cost of 147.2 cents per pound. As of March 31, 2013, Anglo American Sur
had distributed to Becrux cash dividends of U.S.$206.5 million. As of March 31, 2013, the value of
CODELCOS*s equity participation in Anglo American Sur was equal to U.S.$6,332.8 million.

SCM Purén: CODELCO (35%) and Compañía Mantos de Oro (65%), a subsidiary of Kinross Gold
Corp., own SCM Purén. SCM Purén”s mining activities, located in the Atacama Region, east of the
city of Copiapó, began in November 2005, having produced over 801,839 ounces of equivalent gold
and delivered U.S.$315 million in dividends to date, of which U.S.$110.3 million corresponds to
CODELCO. SCM Purén mines two gold and silver ore bodies through open pits. Currently, SCM
Purén is evaluating a second phase of the project, which is expected to produce 295,419 ounces of
equivalent gold over a four-year period.

Agua de la Falda S.A.: CODELCO (43%) and Minera Meridian Limitada (57%), a subsidiary of
Yamaha Gold Inc., own Agua de la Falda S.A., which was created to explore and exploit the Agua de
la Falda deposit, which was in production until 2005. As of the date of this offering memorandum, the
company is completing a feasibility study of the Jerónimo gold deposit, which contains over 2 million
ounces of gold as indicated and inferred resources.

Inca de Oro S.A.: CODELCO (34%) and PanAust Minera Limited (66%) own Inca de Oro S.A., which
was created in 2009 to explore, exploit and process mineral resources in Chile and abroad. Inca de Oro
S.A. is expected to produce 45,000 tons of fine copper over a ten-year period from its porphyry copper
deposit located in northern Chile.

Deutsche Giessdraht GmbH: CODELCO (40%) and Nordeutsche Affinerie Group (60%) own
Deutsche Giessdraht GmbH, a German corporation located in Emmerich, Germany. The company,
which has been in existence since 1975, produces continuous copper cast wire rod. CODELCO
indirectly supplies copper to Deutsche Giessdraht GmbH.

CODELCO sold to the public in January 201 1, for proceeds totaling U.S.$1.05 billion, all of its direct and
indirect interest (40%) in E-CL S.A. (formerly Edelnor S.A.), which is a power generating company operating in the
north of Chile. The estimated book value of CODELCO*s investment was U.S.$672 million, and CODELCO was
permitted to retain the difference (less expenses).

Exploration Partnerships and Agreements: In recent years, as various companies have formally expressed
their interest in undertaking joint exploration efforts with CODELCO, the Company has executed numerous
exploration agreements with strategic partners, some of them leading to the creation of mining companies, such as
SCM Purén mentioned above, and Minera Pecobre S.A. de C.V., with Mexican mining company Minas Peñoles,
S.A. de C.V. (51%). On December 29, 2008, CODELCO sold its 49% interest in Pecobre to its affiliate, Industrias
Peñoles S.A. de C.V, for U.S.$5 million.

67
+ GNL Mejillones S.A.: Due to the decrease and eventual termination of natural gas supply from
Argentina, electrical power generation companies have experienced diminished electricity generation.
For this reason, CODELCO and Suez Energy Andino S.A. through GNL Mejillones constructed a
liquefied natural gas (“LNG”) re-gasification plant, which has been operating since the beginning of
2010. GNL Mejillones has the capacity to receive, process and store natural gas, with a send-out
capacity of 5.5 million of cubic meters of gas per day, originating in Trinidad and Tobago and
purchased from SUEZ Global LNG Ltd. under a long-term supply contract. As of the date of this
offering memorandum, a LNG storage tank is under construction and is expected to be completed at
the end of 2013. GNL has entered into a long term agreement with E-CL S.A. for the re-gasification
and storage of approximately 15 trillion BTU (British Thermal Unit).

Oo GNL Mejillones provides gas required by the electricity power plant in the Sistema Interconectado del
Norte Grande, known as the SING, which supplies power to CODELCO”s operations. The project
partners have financed this project under existing take-or-pay contracts with CODELCO and other
mining companies.

O Asof March 31, 2013, CODELCO owned 37% of the outstanding shares of the company, and Suez
Energy Andino S.A. owned the remaining 63% of the shares.

Technology and Research and Development Partnerships and Associations: CODELCO has entered into
associations with companies and organizations that are world leaders in research and development to increase the
integration of knowledge and innovation into mining processes. The following is a representative list of such
associations.

e BioSigma S.A.: CODELCO (66.67%) established BioSigma S.A. (“BioSigma”) in 2002 with the
Japanese company JX-Nippon Mining and Metals Company (33.33%). BioSigma develops processes
and technology in the fields of genomics, proteomics and bioinformatics to enhance the value of
biotechnology for mining. BioSigma plays a leading role in CODELCO” s efforts to develop
bioleaching technologies to improve the leaching process and enhance sustainability of low-grade
primary copper sulfide ores operations. In 2012, a full industrial test of BioSigma”s technologies
commenced and was applied to mining resources in the Radomiro Tomic Division, which involves a
pioneer biomass plant to supply leaching microorganisms into low grade primary sulfide ores heaps.
The test will continue throughout 2013. To date, results indicate that the BioSigma bioleaching
technology has produced a significant improvement in copper recovery and profitability compared to
those of conventional bioleaching technologies.

e MI Robotic Solutions S.A.: In April 2007, CODELCO formed MI Robotic Solution S.A. among itself
(36%), Nippon Mining and Metals Co. Ltd. (9%), Kuka Roboter GmbH (2%) and Industrial Support
Company Limitada (53%), whose purpose is to research and develop robotics products and
technologies to be used in the mining industry and metallurgic and related services.

e Kairos Mining S.A.: Kairos Mining S.A. is a company created in December 2006 in association with
Honeywell Chile S.A., which owns 95%, and CODELCO, which owns 5%. Kairos Mining S.A.’s
purpose is to provide services for the automation and control of industrial and mining activities, and to
supply related technology and software licenses.

e Ecosea Farming S.A.: CODELCO is a partner in Ecosea Farming S.A. (“Ecosea”) a technology
consortium financed by the Chilean Commission of Scientific Investigation and Technology
(CONICYT) with the International Copper Association, Sitecna, Universidad de Concepción,
Pontificia Universidad Católica de Valparaíso and Fundación Chile. The main objective of the
consortium is the development of growth systems through the use of copper nets for protected and
exposed environments. Ecosea”s nets are used in the salmon industry to slow the growth of pathogens
and inhibit the attachment of other materials. Ecosea currently has 70 copper alloy mesh cage systems
in the water and has contracts in place with important fish farmers.

68
e CoMoTech’S.A.: CODELCO is a partner in CoMoTech S.A., through its affiliate INCuBA S.A., with
Molibdeno y Metales S.A. (MOLYMET) and Universidad de Chile. INCuBA and MOLYMET
equally own 96.4% of the shares, and the Universidad de Chile owns the remaining 3.6% of the shares.
CoMoTEch was created for research and development to increase molybdenum demand through new
and enhanced applications.

e Copper for Energy S.A. (C4E): CODELCO, through its wholly- owned subsidiary Inversiones
Copperfield, with Universidad de Chile, ICA and Fundación Chile, created C4E in 2010. The purpose
of CAE is to develop renewable energy products that use copper. There are two products currently
being developed by C4E: C4Water, which is a water purifier that uses solar energy, and C4Heat,
which is a protector of copper from heat and corrosive gases in aggressive environments, such as
combustion chambers. As of March 31, 2013, C4E was equally owned by the four participants.

The following table sets forth the major mining and exploration agreements to which CODELCO is a party,
as Of March 31, 2013:

Major Mining and Exploration Agreements
(As of March 31, 2013)

Mining Co-participation in Chile Partner Type

SCM El Abra Cyprus El Abra Corporation (USA) Copper
Agua de la Falda S.A. Meridian Gold Inc. (USA) Gold
SCM Purén Companía Mantos de Oro (Chile) Gold/Silver
Inca de Oro S.A. PanAust Minera Limited (Australia) Copper
Anglo American Sur S.A. Inversiones Anglo American Sur S.A. (England); affiliates Copper
of Mitsubishi Corporation (Japan); and Mitsui $: Co., Ltd.
(Japan)
Exploration Agreement Projects
Pasaca Rio Tinto (England) Copper
Anillo Fortune Valley Resources (Chile) Gold
Puntilla Galenosa Pucobre (Chile) Copper
Sierra Jardín Antofagasta Minerals S.A. (England) Copper
Desierto MMX (Grupo Batista) (Brazil) Copper/lron
Cumbres Antofagasta Minerals S.A. (England) Copper
Queen Elizabeth Rio Tinto (England) Copper
Plazuela Hot Chilli (Australia) Copper/lron
Sulfatos Chinalco (China) Copper
Catiña Aurex (USA) Copper
International
Liberdade Pan Brazilian (Brazil) Copper/Gold
El Palmar Private (Ecuador) Copper
Grupo Propiedades Ministerio de Minas y Petróleo del Ecuador (Ecuador) Copper

Resources and Reserves

As is standard in the industry, CODELCO divides its mineral holdings into three categories — geological
resources, mineral resources and ore reserves. The system described below for categorizing mineral ore is widely
used within the mining industry and codified in such international regulations as the Chilean Code 2009 and the
Joint Ore Reserves Committee (JORC) code of Australia 2004.

Geological Resources

Geological resources are concentrations or occurrences of materials in such form, quantity (tonnage and
ore grade) and quality, based on specific geological evidence and knowledge, which allows for the calculation of the

69
amount, ore grade and quality of the material with some level of confidence. Geological resources are identified
and evaluated through exploration, reconnaissance and sampling. They are estimated based on geological
knowledge about the deposit, which is based on scientific concepts concerning the formation of minerals such as
oxides, sulfides and mixed ores, as well as available knowledge concerning the geological continuity of the
mineralized sectors. This is based on technical parameters, such as robustness of the genetic-geological model, and
its validation through drillings. Geological resources are further categorized as measured, indicated and inferred.

A resource is considered to be measured if CODELCO”s knowledge of the resource is extensive and direct;
if CODELCO*s knowledge of the resource is substantial but less extensive, it is considered to be indicated; and if
CODELCO”s knowledge of the resource is only indirect, it is considered to be inferred.

Mineral Resources

Once CODELCO has achieved increased knowledge about its geological resources, it is able to generate a
long-term mining plan for the exploitation of such resources, which are then considered to be mineral resources.
Like geological resources, mineral resources are sub-categorized as measured, indicated and inferred.

Ore Reserves

Ore reserves are defined as the economically mineable part of a mineral resource. They include diluting
materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and
studies have been carried out, which take into account rationally assumed mining, metallurgical, economic,
marketing, legal, environmental, social and governmental factors. These assessments address at the time of
reporting whether extraction is justified. Ore reserves are sub-divided in order of increasing confidence from
probable ore reserves to proved ore reserves. Ore reserves are a subset of mineral resources in the same way as
mineral resources are a subset of geological resources.

The following diagram sets forth the relationships among the different categories of resources and reserves:

RESOURCES AND RESERVES
CODELCO

<«—————-.. Chilean Code 2009; JORC2004 ————>

GEOLOGICAL : MINERAL
RESOURCES ¿| RESOURCES

ORE
RESERVES

==

EXPLORATION

Based on the methods and categories described above, CODELCO*s proved and probable reserves include
63.6 million metric fine tons of copper, an amount that represents at least 30 years of future production at current
levels. CODELCO*s mineral resources include 131.9 million metric fine tons of copper, and its identified
geological resources include 339.5 million fine metric tons of copper, for a cut-off grade of 0.2% copper.

70
The following table sets forth the amount and grade of CODELCO*s copper holdings by division according
to the methodology described above, as of December 31, 2012:

Identified Mineral
Identified Geological Resources” Resources” Ore Reserves

Grade Fine Grade Fine Grade Fine
Orel copper copper Orel” copper copper Ore? copper copper%

Radomiro Tomic…… 8,229 0.36% 29.9 3,733 0.44% 16.6 2,567 0.47% 12.1
Chuquicamata………. 14,877 0.46% 68.8 2,498 0.66% 16.5 1,057 0.81% 8.6

Ministro

0.83% 14.1 958 0.84% 8.0 280 1.00% 2.8

0.35% 3.9 550 0.37% 2.0 535 0.37% 2.0

0.46% 13.4 1,645 0.49% 8.1 812 0.50% 4.1

m0. 0.59% 117.9 6,013 0.76% 45.6 2,551 0.74% 18.8

El Teniente. . 16,184 0.56% 90.2 4,235 0.83% 35.2 1,538 0.99% 15.2

Exploration/Business
0.25% 1.4 – – – = – –

0.52% 339.5 19,631 0.67% 131.9 9,339 0.68% 63.6

(1) Geological resources cut-off grade 0.2% copper.
(2) Mineral resources with variable cut-off grade.
(3) In millions of metric tons.

The following table sets forth the copper holdings of the world and of CODELCO using the U.S.
Geological Survey system as of December 31, 2012:

World CODELCO CODELCO”
(in millions of tons) (in millions of tons) share (%)
Geological ResQuICeS …cooioiinninnonncnonnnoncnoss 3,0000 339.5 11
Proved and Probable ReserveS…..oocininici…… 6800 63.6 9

(1) As defined by the U.S. Geological Survey (January 2013).

Each year, the Board of Directors must approve a long-term BDP of the Company. The first three years are
subject to the approval of the Ministries of Finance and Mining. This plan must include the annual investment and
financing amounts in addition to the annual profits that the Company is estimated to generate during the period. The
Ministries of Finance and Mining jointly issue a decree, pursuant to which a portion of CODELCO*s net income
may be allocated by CODELCO to the creation of capitalization and reserve funds.

The 2013 BDP enables CODELCO to develop a long-term mining plan. CODELCO reviews the terms of
the BDP annually to update or modify it for changes in business trends.

The 2013 BDP uses inferred resources to define CODELCO*s strategic vision for long-term resource
development. However, the incorporation of such resources increases gradually over time, and the inferred
resources become proved and probable reserves.

In the early stages of the 2013 BDP, production is almost exclusively based on proved and probable
reserves and mining projects are at advanced stages of engineering or at the investment stage. Mining projects must
support their economic evaluation based on pre-defined minimum proved and probable reserves in order to be
approved for investment.

Resource Development

CODELCO holds an estimated 9% of the world”s proved and probable copper reserves. CODELCO has a
two-pronged exploration program that is focused on increasing new resources for its existing divisions and exploring

71
for new deposits outside its current operations in Chile and abroad. Development and replacement of reserves is a
major aspect of CODELCO”s development strategy.

CODELCOSs main exploration projects can be summarized, in order of economic importance, with
information of total resources (measured, indicated and inferred resources), as set forth below. The majority of the
resources described for each of these projects are inferred, based on advanced exploration studies.

e Mocha: Mocha is located approximately 90 kilometers to the northeast of Iquique. CODELCO
estimates that this deposit contains total resources of 1,738 million metric tons of ore with an average
grade of 0.35% copper, for a cut-off grade of 0.2% copper.

. Sierra Overa: Sierra Overa is an advanced exploration project, where drilling has been completed for
the Casualidad deposit. CODELCO estimates that this deposit contains total resources of 595 million
metric tons of ore with an average grade 0f 0.38% copper, for a cut-off grade of 0.2% copper.

e Virgo: Virgo is located five kilometers from the Casualidad deposit. CODELCO estimates that this
deposit contains total resources of 100 million metric tons of copper ore in two ore bodies.

e Ecuador’s Ministry of Mines and Petroleum: CODELCO entered into an agreement with Ecuador’s
Ministry of Mines and Petroleum to begin preliminary exploration work in zones with potential mining
resources. The agreement permits CODELCO to perform exploration activities in more than ten
locations in Ecuador, and a new company is expected to be created between CODELCO and the
Ecuador state-owned company Enami EP.

There are also a number of other locations within each division that are presently being studied and that
will be reported when they reach more advanced stages of development. These locations provide CODELCO with
exploration potential near deposits with which it is familiar.

Production Costs of Copper

CODELCOSs production costs include all costs and expenses incurred in connection with the mining and
production of its copper mix and related by-products. These production costs do not include administrative and
operating costs incurred in connection with the processing of other copper products purchased from third parties.

In 2012, CODELCO”s annual production of copper was 1.65 million metric tons, or 1.76 million metric
tons including El Abra and Anglo American Sur. CODELCO continues to focus on controlling and limiting
production cost increases. In 2012, CODELCO”s total costs and expenses were 264.5 cents per pound, compared to
205.6 cents per pound in 2011 and 197.6 cents per pound in 2010. The increase in 2012 as compared to 2011 is
primarily attributable to an increase in prices of most significant inputs and consumables used in the production
process and third-party services. The increase in 2011 as compared to 2010 was mainly driven by the increase in
prices of most significant inputs and consumables used in the production process, the appreciation of the Chilean
peso against the U.S. dollar and higher costs of third-party and other services expenses. For the first three months of
2013, CODELCOSSs total costs and expenses were 245.0 cents per pound, compared to 219.2 cents per pound in the
same period in 2012. This increase is primarily attributable to increase in third-party services and maintenance
expenses and the appreciation of the Chilean peso in the first quarter of 2013 against the U.S. dollar.

In 2012, CODELCOSs cash cost of production was 163.5 cents per pound, as compared with 116.4 cents
per pound in 2011, 104.4 cents per pound in 2010 and 92.9 cents per pound in 2009. During the period of 2009 to
2010, CODELCOS*s cash cost increased primarily due to the appreciation of the Chilean peso against the U.S. dollar
and the effect of the rate of inflation in Chile, partially offset by an increase in the price of molybdenum. In 2011,
CODELCOS*s cash cost continued increasing primarily due to the appreciation of the Chilean peso against the U.S.
dollar, the effect of the rate of inflation in Chile and the increase in prices of significant inputs and consumables
used in the production process. In 2012, CODELCOS*s cash cost continued to increase as compared to 2011, mainly
due to lower ore grade, significant increases in energy prices, increases in third-party service expenses, and increases
in prices of most significant inputs, consumables used in the production process. For the first three months of 2013,

72
CODELCOSs cash cost of production was 170.0 cents per pound, compared to 130.2 cents per pound in the first
three months of 2012. This increase is primarily attributable to significant increases of prices of most significant
inputs and consumables used in the production process, especially energy and the appreciation of the Chilean Peso
against the U.S in the first three months of 2013. In 2012, CODELCOSPS total cash cost was U.S.$5,864 million,
compared to U.S.$4,408 million in 2011. For the first three months of 2013, CODELCOS*s total cash cost was
U.S.$1,424 million, as compared to U.S.$1,058 million for the first three months of 2012.

The main energy sources for CODELCO”s operations are electricity, liquid fuels (such as diesel, fuel oil
and gasoline) and natural gas. Since 2004, there has been a restricted supply of natural gas from Argentina.
CODELCOSs production costs have increased due to these shortages, having to rely on electricity generated from
more expensive sources, such as diesel, oil or coal, and such increased costs have adversely affected CODELCO”s
results.

In the past few years, the energy industry has invested in LNG re-gasification terminals in response to the
natural gas shortage. CODELCO joined a consortium in the ownership of the LNG re-gasification terminal in
Mejillones, in the north of Chile, in an effort to provide more stability to the electrical supply for the north of the
country. See “Business and Properties—Copper Production—Associations, Joint Ventures and Partnerships—
Exploration Partnerships and Agreements—GNL Mejillones S.A.” Recently, CODELCO has entered into electrical
and liquid fuel supply agreements to help ensure the long-term energy supply for its operations. In late 2009 and
early 2010, CODELCO entered into electrical supply agreements at competitive prices for a 15-year period for its
facilities in the Chuquicamata Division and for a 30-year period for facilities in the middle-south region of Chile.
Both agreements include the creation of a new electrical generation capacity based on coal. In early 2010,
CODELCO entered into a five-year supply contract for liquid fuels with the main Chilean fuel distributors. In
August 2011, CODELCO entered into two energy and power supply agreements with Norgener S.A. for the Mina
Ministro Hales Division and the Radomiro Tomic Division. Energy supply began in 2011 for Mina Ministro Hales
and is expected to begin in 2016 for Radomiro Tomic, lasting until 2028 for each. These energy supply contracts
are expected to meet all of the Company?s power requirements. In April 2012, CODELCO renewed a contract with
Pacific Hydro, involving the purchase of power generation of the Coya and Pangal hydroelectric plants, for 12 years.
Since CODELCOS*s sale of the Coya and Pangal hydroelectric plants to Pacific Hydro in 2004, Pacific Hydro and
CODELCO have entered into similar supply contracts to purchase the injected energy produced by these
hydroelectric plants.

CODELCO continues to develop and refine its mine management practices and programs to limit and
reduce its cost increases. These include the following: (1) improved deposit identification and mining techniques;
(11) the implementation of early retirement plans and workforce reduction programs; (iii) an investment in human
capital and continuing to attract and retain a world-class management team and professionals of the highest caliber;
(iv) improved utilization of equipment and inputs used in the processes of copper production to increase productivity
and efficiency; and (v) an acceleration of the development of key projects, including the Mina Ministro Hales ore
body, the Radomiro Sulfide Phase II Project, the new mine level at El Teniente mine, the Chuquicamata
underground project and the Andina Phase II Expansion Project.

CODELCO has also implemented a productivity and cost structured project intended to lower costs and
increase production. The initiative is comprised of (1) performance optimization to minimize operational disruption,
(11) budget optimization to identify expendable and necessary contracts to control the budget for third-party services
costs, (111) energy and inputs costs optimization marked by a review of energy and main inputs contracts and (iv) a
review of hygienic factors and costs, such as travel expenses and consulting services.

73
Marketing
General

Four of CODELCO*s wholly-owned subsidiaries and 12 of its sales representatives cover over 35 countries
around the world. The following table shows the breakdown of CODELCOSs sales by product type including third-
party products for the four years ended December 31, 2012 and the three months ended March 31, 2013:

Copper Sales by Product Type
(in thousands of metric tons)

Three months

ended
Year ended December 31, March 31,

2009 2010 2011 2012 2013
Cathodes 1,619 1,599 1,574 1,424 247
Fired Refined.. 88 100 75 0 0
Blisters and Anodes. 127 121 64 101 15
Concentrates 184 163 215 317 86
Total cnocnoncnincniconncninncniccnoncnccno ricino 2,01 7 1,982 l ,928 l 843 349

CODELCOS*s marketing strategy is focused in three major areas:

e Establishing long-term relationships. CODELCO encourages sales through annual contracts and
direct long-term relationships with copper consumers.

e Quality and sales service. CODELCO focuses on product quality and sales service based on
timeliness, scheduling and conditions of product delivery.

e Diversification. CODELCO has a geographically diverse sales portfolio.
Pricing and Hedging

The substantial majority of copper produced by CODELCO is sold to customers with long-term
relationships with CODELCO, generally under annual contracts. For such contracts, pricing is based on prevailing
monthly average copper prices quoted on the LME for a quotational period, generally the month following the
scheduled month of shipment. To the extent not sold under annual contracts, copper is sold on a spot sale basis to
merchants and consumers.

CODELCO applies a premium policy in sales of its Grade A cathodes. Premium amounts for different
markets are adjusted in accordance with prevailing ocean freight costs and keyed to the standard terms of payment
in different markets, as well as to the individual characteristics and competitive conditions of those markets. For
2012, the base premium for CIF shipments (including shipping and insurance costs) to Rotterdam was set at U.S.$90
per metric ton, as compared to the premium of U.S.$98 per metric ton established in 2011 and U.S.$80 per metric
ton established in 2010 and in 2009. The estimated base premium for 2013 is U.S.$85 per metric ton.

CODELCO sells its copper concentrates under long-term contracts. These contracts generally have three-
year terms with fixed volume. As a general rule, each year contracts covering one-third of the terms on one-third of
the volume come up for negotiation. The selling price is based on world metal prices and is generally tied to the
LME settlement prices for Grade A copper cathodes minus certain treatment and refining costs.

Molybdenum is sold mainly to steel producers and merchants under annual contracts. Sales prices are

based on prevailing monthly averages of molybdenum dealer oxide high/low prices as quoted in “Metals Week” for
a quotational period, generally the month following the scheduled month of shipment.

74
CODELCO has hedged certain future copper delivery commitments and production in order to manage the
risk associated with copper price volatility in the past. CODELCO currently does not have any hedged production
commitments and therefore there is no relevant impact from hedging. See Notes 26 and 27 to the Unaudited Interim
Consolidated Financial Statements.

CODELCO also periodically enters into futures contracts at the request of customers with respect to sales
of its own copper in order to provide protection to its customers against fluctuation in the sale price paid by them in
connection with such sales.

See “Risk Factors—Risks Relating to CODELCO”s Operations—CODELCO engages in hedging activity
from time to time, particularly with respect to its copper production, which may not be successful and may result in
losses to CODELCO,” Notes 27 and 28 to the 2011-2012 Year-end Consolidated Financial Statements and Notes 26
and 27 to the Unaudited Interim Consolidated Financial Statements for further details regarding CODELCO”s
hedging activity.

Major Export Customers

As discussed above, most of CODELCO”s customers receive shipments on a monthly basis. Consequently,
CODELCOSs sales volume is relatively consistent throughout the year. The value of CODELCOS*s sales of copper
in U.S. dollars in 2012 was geographically diversified, with approximately 60% of sales made to Asia, including
41% to China, 17% to Europe, 21% to North and South America, and the remainder to Oceania and Africa.
CODELCOS*s top ten customers purchased approximately 31.9% of’its total copper sales volume in 2012.

The following table shows CODELCO”s copper sales for the four years ended December 31, 2012 to
CODELCOSs top export markets and in Chile:

CODELCOSs Copper Sales by Destination
(in thousands of metric tons)

2009 2010 2011 2012
A 943 849 725 747
South Korea.. . 198 185 162 137
United States. 151 131 175 171
139 133 91 140
115 91 93 94
47 63 69 64
12 12 34 61
109 135 100 52
69 68 76 51
31 33 39 47
37 64 50 45
20 29 68 37
24 35 37 34
Vietnam .. 7 19 23 25
Mexico 50 54 26 18
Australia . = 30 21 18
Malaysia . = 9 21 16
Spain… 15 9 28 10
Bulgaria… 20 18 17 8
Others 30 15 73 108
Total 2,017 1,982 1,928 1,831

The decrease in sales to most of CODELCO”s export markets during 2012 as compared to 2010 was
primarily due to CODELCO”s lower production and global economic instability. Despite the global slowdown and

75
the efforts of the Chinese government to slow its economy?s GDP growth, China has remained the main driver of
copper consumption over the past few years.

Competition

CODELCO believes that competition in the copper market is based upon price, quality of product and
timing of delivery. CODELCO”s products compete with other materials, including aluminum and plastics.
CODELCO competes with other mining companies and private individuals in connection with the acquisition of
mining concessions and mineral leases and in connection with the recruitment and retention of qualified employees.

Employees

On December 31, 2012, CODELCO employed 19,019 employees, approximately 86.1% of whom were
covered by collective bargaining agreements with labor unions. Most of these collective bargaining agreements
have terms of two to four years. Although management believes its present labor relations are good, CODELCO has
experienced material work slowdowns, work stoppages and strikes in the past.

CODELCO was involved in negotiating seven collective bargaining agreements in 2012, all of which were
negotiated before the termination of the contracts, without conflict or work stoppage: one in the Chuquicamata
Division, two in the Ventanas Division, three in the Andina Division and one in the Headquarters, covering a total of
8,242 employees. In 2013, three collective bargaining agreements should be negotiated in the second half of the
year involving the El Teniente Division supervisors and two workers” unions in the Salvador Division, covering
1,502 employees.

Although management believes its present labor relations are good, there can be no assurance that a work
slowdown, a work stoppage or strike will not occur prior to or upon the expiration of the current collective
bargaining agreements and management is unable to estimate the effect of any such work slowdown, stoppage or
strike on CODELCOS*s production levels. See “Risk Factors—Risks Relating to CODELCO”s Operations—Labor
disruptions involving CODELCO”s employees or the employees of its independent contractors could affect
CODELCOSs production levels and costs.”

On July 11, 2011, an illegal one-day strike was called by the FTC, which resulted in an approximately
5,000 metric ton decrease in production. CODELCO and the FTC subsequently signed a framework agreement to
regulate relations within the Company between management and workers and to foster a dialogue concerning the
competiveness of the Company.

On April 9, 2013, an illegal one-day strike was called by the FTC, which resulted in an approximately
4,700 metric ton decrease in production. CODELCO and the FTC subsequently established a dialogue to address
issues concerning labor stability.

CODELCO employed an average work force of 18,590 persons during 2012, an increase of 3.76% as
compared with 2011. CODELCO employed an average work force of 19,572 persons during the first three months
of 2013. CODELCO spent U.S.$20.68 million during 2012 on staff development and training. 7,281 training
sessions were held, with many employees attending multiple courses, for a total of 42,784 participants.

In September 2010, CODELCO offered retirement to approximately 15% of its labor force, in order to
increase productivity, and 2,448 employees accepted, representing 82% of the total offered. This process began on
December 31, 2010 and continued through 2011 to ensure the efficient transfer of all activities. Consequently, there
has not been any disruption to CODELCO”s production.

As of March 31, 2013, there were 41,172 employees of regular independent operating contractors and
21,819 employees of contractors involved in the development of CODELCO*s investment projects. At the end of
July 2007, a small portion of contract workers that provide services to CODELCO in various divisions went on a
strike that lasted 37 days. During 2007, a framework agreement was signed that established programs to improve
the benefits for the workers. Nevertheless, there was another strike in April and May of 2008 by workers of

76
CODELCOSs contractors that lasted 12 days at El Teniente and 20 days at Salvador, reducing production by 30,000
metric tons. A similar strike occurred in May 2011 that lasted 55 days in El Teniente, which resulted in an
approximately 17,000 metric ton decrease in production. This strike was resolved through dialogue and agreement
between representatives of the workers and the AGEMA. While none of the strikes had a material effect on
CODELCOSs results of operations, CODELCO has experienced material and more protracted work disruptions in
the past.

In August 2011, the AGEMA and the CTC signed an agreement to prevent strikes such as the one at El
Teniente in April and May of 2008 for the benefit of employees of contractors that permanently service various
CODELCO divisions and production facilities. The agreement provides for the payment of a bonus by the
contractor companies to certain contract employees, which will be paid in installments until December 2013, and
better working practices.

On May 15, 2013, the AGEMA and the CTC signed a revision and extension of their previous agreement.
This agreement provides for the payment of one additional bonus by the contractor companies to certain contract
employees and establishes better working practices. There can be no assurance that a work slowdown or stoppage
will not occur prior to or upon the completion of the agreed bonus payment, and CODELCO is unable to estimate
the effect of any such events on CODELCOS*s production levels.

Work slowdowns, stoppages and other labor related events could increase CODELCO”s independent
contracting costs, which could have a material adverse effect on the business, financial condition, results of
operations or prospects of CODELCO. In addition, pursuant to the Labor Code of Chile (Código del Trabajo),
CODELCO could be held liable for the payment of labor and social security obligations owed to the employees of
independent contractors (or of their subcontractors) if the independent contractors (or of their subcontractors) do not
fulfill those payment obligations. CODELCO has agreed with a Chilean governmental agency to provide a
framework to facilitate this agency”s supervision of the labor and social security obligations owed by the
independent contractors to their employees.

As part of its compensation plan, CODELCO offers each employee the opportunity to partially finance the
purchase of a first home or to obtain other personal loans granted through each employees severance plan. Such
home loans have a term of up to 15 years, and such personal loans have a term of less than one year. Loans of both
kinds provide for interest rates of actual inflation plus a margin of between 1% and 5%. As of March 31, 2013, an
aggregate of U.S.$266 million in principal amount of these loans was outstanding.

Number of Employees by Division”

Variation (%) January-
January-December 2011/2010 March

| Division 2011 2012 2012 2013
Chuquicamata 6,513 6,676 2.5% 6,773
Radomiro Tomic.. 985 1,036 5.2% 1,092
Gabriela Mistral 427 520 21.8% S61
Mina Ministro Hales 224 374 67.0% 580
1,530 1,508 (1.4% 1,509
1,574 1,591 1.1% 1,625
El Teniente. 4,958 5,012 1.1% 5,044
Head office 532 549 3.2% 541
Ventanas …. “. 974 984 1.0% 985

Share services (Vice Presidency of

ProjeCtS).coocoininncinnonnncnoonoroncrrcoooos 700 860 22.9% 905
Total coconininncininnnnnnnnnncnonononononos 18,417 19,110 3.8% 19,574

(1) Average for the period.

7
Law 20.123 governing subcontractors provides incentives for companies to ensure that contractors and
subcontractors comply with labor, health and safety regulations and standards with respect to their own employees.
Law 20.123 gives companies the right to request that contractors provide information on the status of their payment
of labor and social security obligations to their employees prior to the company”s payment of amounts due to
contractors. Additionally, companies have the right to withhold payments due if the contractors cannot provide
evidence that they have fulfilled their labor and social security obligations. Finally, companies are required to pay
contractors” pending labor and social security obligations with the amounts withheld from the contractors. It also
regulates the provision of temporary services by contractors and subcontractors, enabling the creation of specialized
and regulated companies for this specific purpose (Empresas de Servicios Transitorios) and defining the specific
events under which companies may hire for temporary services.

Legal Proceedings

CODELCO is involved in various pending legal actions initiated by or against the Company. These
lawsuits are inherent to the nature of the environment in which CODELCO develops its mining, industrial and
commercial activities.

In December 2003, CODELCO initiated a legal proceeding against a tax resolution of the Servicio de
Impuestos Internos (“SIT”), or the Chilean Internal Revenue Service, seeking a rebate of approximately U.S.$42
million in connection with the resolution of a tax claim in respect of fiscal year 2003. A final decision regarding this
matter is pending.

In October 2006, CODELCO initiated a legal proceeding against a tax resolution of the SII seeking a rebate
of approximately U.S.$31 million in connection with the resolution of a tax claim related to fiscal years 2003, 2004
and 2005. A final decision regarding this matter is pending.

In June 2009, Socovesa Tecsa initiated, before an arbitrator, civil legal proceedings against CODELCO
(Chuquicamata Division), seeking payment of approximately U.S.$21.2 million for damages for an alleged breach
of contract. The arbitrator resolved the dispute and CODELCO paid U.S.$7.7 million to Socovesa Tesca.
CODELCO had a provision covering this amount.

In December 2009, Mr. Milton Astudillo initiated, before the Ordinary Courts of Calama, a summary civil
legal proceeding against CODELCO (Radomiro Tomic Division), seeking payment of approximately U.S.$26
million for damages for the alleged use of certain technology. The lower court held that CODELCO was required to
pay U.S.$14 million, and an appeal is pending. CODELCO has a provision covering the entire amount the lower
court indicated CODELCO must pay.

CODELCO has also been subject to alleged silicosis claims. In May 2006, 174 former workers from the
Andina Division initiated a civil legal proceeding for approximately U.S.$200 million for alleged silicosis due to
working conditions. A resolution issued by the Court of Appeals in this case in April 2010, reduced to
approximately U.S.$9.4 million the maximum amount the plaintiffs may be awarded. The Supreme Court awarded
the workers U.S.$13.5 million, for which CODELCO had maintained a provision.

In May and July of 2009, 81 former workers from the Andina Division initiated two additional civil legal
proceedings for approximately U.S.$110 million for alleged silicosis due to working conditions. In December 2010,
40 former workers of the Andina Division initiated a new legal proceeding for approximately U.S.$43 million on the
same grounds. A final resolution is pending in both matters. CODELCO has a provision related to these
proceedings.

In March 2012, 62 former workers from the Salvador Division initiated a lawsuit against CODELCO
alleging silicosis due to working conditions for an amount of approximately U.S.$64 million. A final resolution by
the lower courts is pending. CODELCO has a provision related to this proceeding.

CODELCO is in the process of responding to, by the relevant deadlines, an assessment of the SII that

originated from a review of taxable income from prior years related to a product sales contract signed with a related

78
company, certain deductions, expenses related to employee benefits as well as adjustments to taxable income related
to a merger. CODELCO believes that the position of the SII is incorrect, and expects this will be so declared in the
pending review or subsequently by a court at the petition of CODELCO, but if the assessment were upheld, it would
have a material impact on our results of operations.

In May 2012, CODELCO initiated an arbitration against E-CL, a subsidiary of GDF Suez. CODELCO
claims that E-CL overcharged the Company in its invoices relating to a power supply contract executed between the
parties. The amount of the claim is approximately UF 712,983.

CODELCO believes that it has meritorious defenses to the claims against it and, accordingly, is vigorously
defending its rights and interests in these proceedings.

For additional details related to CODELCO” litigation and contingencies, see Note 29 to the Unaudited
Interim Consolidated Financial Statements.

79
OVERVIEW OF THE COPPER MARKET

Copper is an internationally traded commodity, the price of which is effectively established on terminal
markets including the LME and COMEX. The following table sets forth quarterly average prices for refined copper
since 2008 on the LME:

Average Copper Price

(U.S.c/Pound)

2008

First Quarter …. 353.6

Second Quarter 383.0

Third Quarter… 348.4

Fourth Quarter. 177.1
2009

First Quarter …. 155.5

Second Quarter 211.5

Third Quarter… 265.8

Fourth Quarter 301.6
2010

First Quarter …. 328.1

Second Quarter 318.8

Third Quarter 328.5

Fourth Quarter. 391.7
2011

First Quarter …. 437.5

Second Quarter 415.1

Third Quarter… 407.9

Fourth Quarter 339.7
2012

First Quarter …. 376.9

Second Quarter 356.9

Third Quarter 349.5

Fourth Quarter. 358.7
2013

First Quarter …. 359.8

Second Quarter 324.2

Source: London Metal Exchange, Monthly Average Settlement.
On August 5, 2013 the closing price for refined copper on the LME was 315.3 cents per pound.

The following graph compares average market prices for copper and the level of LME, Shanghai Metal
Exchange and COMEX inventories from 1996 through April 2013:

80
Copper Prices and Inventories on Commodities Exchanges

“900t 1,600 == Inventories —— Copperprice

S5558
38 3

1996 1998 2000 2002 2004 2006 2008 2010 2012

Source: Metal Exchanges: London, COMEX and Shanghai.

*Y ear 2013 until June 4.

81
Historically, copper prices have been subject to wide fluctuations and are affected by numerous factors,
including international economic and political conditions, levels of supply and demand, the availability and costs of
substitutes, inventory levels maintained by producers and others and actions of participants in the commodities
markets. To a lesser extent, copper prices are also subject to the effects of inventory carrying costs and currency
exchange rates. In addition, the market prices of copper have occasionally been subject to rapid short-term changes.
See “Risk Factors—Risks Relating to CODELCO”s Operations—CODELCOS”s business is highly dependent upon
the price of copper.”

Opportunities for Copper

Since 2005, copper prices have experienced significant volatility. LME copper prices averaged 360.6 cents
per pound in 2012 as compared to 399.7 cents per pound in 2011, 342.0 cents per pound in 2010 and 234.2 cents per
pound in 2009. Lower copper prices in 2012 reflect the European crisis and global volatility. Copper prices during
2009 to 2011 trended upward, reflecting increased consumption rates from China. Due to the impact of signs of
economic recovery in the United States, uncertainty in China, the European crisis and global volatility, copper prices
averaged 359.8 cents per pound in the first three months of 2013. In the second quarter of 2013, copper prices
averaged 324.2 cents per pound. Copper demand remains strong, particularly in Asia, keeping copper prices at high
levels despite economic conditions in Europe and other global uncertainties. See “Risk Factors—Risks Relating to
CODELCO*s Operations—CODELCOS”s business is highly dependent upon the price of copper.” Global demand
for copper in 2012 increased by 2.1%, including a 6.0% demand increase from China. China”s consumption was
extremely robust in 2010, 2011 and 2012, driven by the expansion of its urbanization, power grid and strong auto
and consumer appliances sales, among others.

There is also increased general use of copper tubing, particularly in air conditioning systems. The quantity
of copper consumed in electrical applications in cars, trains and other vehicles has also increased. In the electricity
generation and transmission area, the control of energy losses and a growing concern for higher energy efficiency
are factors that have tended to increase demand for copper. The termination of widespread substitution of aluminum
for copper in overhead high-voltage transmission lines also bodes well for the metal”s future.

Historically, demand and supply of copper have demonstrated continued growth during periods of
oversupply as well as periods of overconsumption. The following graph shows the historical development of copper

supply, demand and stocks in the world from 2000 through 2013 (estimated) (in thousands of metric tons):

Production, Consumption and Refined Copper Inventories Worldwide

22,000 1,5500
21,000 1,250
20,000 1,000
19,000 750
18,000 500
17,000 250
16,000 o
15,000 – -250
14,000 -500
13,000 -750
12,000 -1,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013(e
)

Sources: CODELCO, October 2012; Intierra, Copper Briefing Report, Sept-Opt 2012. Brook Hunt, Long-Term Outlook, 3rdQ and Copper
Market Service, September. Copper Quarterly Industry and Market Outlook, July 2012 and Copper Monitor, September.

82
REGULATORY FRAMEWORK
Overview of the Regulatory Regime

CODELCO is a mining, industrial and commercial state-owned enterprise of indefinite duration with its
own legal personality and capital. CODELCOSs relationship with the Government of Chile is through the Ministry
of Mining. CODELCO was established pursuant to Decree Law 1.350 of 1976, as amended by Law 20.392,
published in the Official Gazette on November 14, 2009, and effective as of March 1, 2010. CODELCO is
governed by Decree Law 1.350 and by Decree 146 of August 12, 1991, as amended (to conform the same with Law
20.392) by Decree N? 3 of January 13, 2012 issued jointly by the Ministries of Finance and Mining, published in the
Official Gazette on July 4, 2012, which sets forth CODELCO*s current bylaws, and the general legal framework
applicable to private companies regarding public disclosure (rules applicable to open-ended stock companies), and
other applicable regulations. CODELCOSs principal corporate purpose is the exercise of the mining, exploration
and other rights belonging to Chile at the time of CODELCOSs creation in 1976.

Principally, the amendments to Decree Law 1.350 contained in Law 20.392 (1) introduce best corporate
governance practices in conformity with recommendations made by the Organization for Economic Co-operation
and Development (“OECD”), into CODELCO*s legal framework; (ii) make applicable the provisions of Law
18.046, (the “Corporations Law”), to CODELCO); and (iii) vests in the President of Chile the authority given to the
shareholders of a corporation (sociedad anónima) under Chilean law, who may delegate such authority to the
Ministries of Finance and Mining, jointly. In addition, the amendments introduced significant changes to the
structure, designation and authority of the Board of Directors of CODELCO: (i) there are no longer directorship
positions for the Ministers of Finance and Mining or the representative of the Armed Forces; (ii) directors must (a)
hold a professional degree granted by a State-run or State-recognized university or college or by an equivalent
foreign university and (b) have at least five years” working experience in directive positions at public or private
companies; (iii) directors representing the workers and foremen are no longer appointed directly by the President of
Chile, but instead, are appointed by the President of Chile from short-lists presented by the Federation of Copper
Workers (FTC) and both the Federation of Copper Supervisors (FESUC) and the National Association of Copper
Supervisors (ANSCO), respectively; and (iv) directors are subject to the rules governing the rights, obligations,
responsibilities and prohibitions established in the Corporations Law.

CODELCO is subject to the supervision of (i) the SVS, on the same terms as open-ended stock companies
(CODELCO is registered under the Securities Registry No. 785 of the SVS) and (ii) the Chilean Commission of
Copper (Comisión Chilena del Cobre) (COCHILCO), or the, governmental agencies that, among other authorities,
are responsible for examining the compliance with certain regulations applicable to CODELCOS*s activities and
report the relevant findings to its Chief Executive Officer. Furthermore, other government agencies in charge of
specific areas, such as taxes and customs, exercise their legal authorities with respect to CODELCO as they do in
regard to any other company of the Chilean private sector. The Lower House (Cámara de Diputados) of the Chilean
Congress also maintains an overarching authority to oversee CODELCO in the exercise of its constitutional duties.

Chilean law requires CODELCO to obtain the approval of the Ministry of Finance before it can assume any
financial indebtedness and before it can acquire assets outside of Chile with financial or payment terms exceeding
one year. Although CODELCO is 100% owned by Chile, Chile is not legally liable for CODELCO*s obligations
unless expressly guaranteed by Chile, nor do such obligations form any part of the direct public debt of Chile. A
constitutional amendment would be required to allow private participation in CODELCO”s ownership.

Each year, the Board of Directors must approve the BDP (Plan de Negocios y Desarrollo) of the Company
for the following three years, subject to the approval of the Ministries of Finance and Mining. This plan must
include the annual investment and financing amounts in addition to the annual profits that the Company is estimated
to generate during the period. The Ministries of Finance and Mining jointly issue a decree pursuant to which a
portion of CODELCO*s net income may be allocated by CODELCO to the creation of capitalization and reserve
funds.

CODELCOS*s Board of Directors must also submit its proposed annual budget to the Ministries of Finance

and Mining for approval. In addition, Decree Law 1.350 requires CODELCO to include as part of its proposed
annual budget a debt amortization budget that includes interest and principal payments on CODELCO*s debts,

83
including the notes. CODELCO”s budget and financial statements are subject to both internal and external controls.
CODELCOSs Board of Directors is responsible for monitoring its operations, and CODELCO retains independent
auditors to audit its consolidated financial statements and an internal comptroller to review its finances, accounting
and administration.

Mining Regulations

Legal framework. CODELCO*s exploration, mining, milling, smelting and refining activities are subject to
those Chilean laws and regulations which are generally applicable to Chilean companies in the mining sector. The
legal framework which regulates CODELCO as a holder of mining concessions is contained in the Constitutional
Law Governing Mining Concessions (Law 18.097 of January 21, 1982) and the Mining Code (Law 18.248 of
October 14, 1983). Under Chilean mining law, Chile is the owner of all mineral and fossil substances, regardless of
who owns the land in which such substances are located. Private persons and companies may obtain mining
concessions for exploration and exploitation. These concessions are granted by judicial resolutions in accordance
with the Mining Code.

Mining concessions are transferable, mortgageable and irrevocable and regulated by the same civil law that
regulates real estate rights generally. Generally, the owner of a mining concession may occupy as much of the
surface as is necessary for mining activities upon the creation of a mining easement or upon other authorization
given by the land owner, such as a lease agreement or a license. Mining easements can be obtained by direct
negotiation with the land surface owner or, if the latter opposes, by a summary procedure before the relevant court.
Regardless of how the mining easement is obtained, the party granting the easement is entitled to compensation
should the mining activities and works caused by the owner of the mining concession cause damage. Exploitation
concessions have an indefinite duration. Exploration concessions are granted for two years and may be extended for
a maximum of two additional years upon waiver of half of the area allocated. Prior to the expiration of the first or
the second two-year period, exploration concessions can be converted to exploitation concessions. If they are not so
converted, the exploration concession terminates.

Owners of mining concessions must pay an annual fee equivalent to approximately U.S.$3 per hectare in
the case of exploration concessions and U.S.$8 in the case of exploitation concessions. However, the latter, within
certain limits, may be credited to income taxes originated in the exploitation of the concession. Payments of the
annual fees must be made in March of each year. Failure to make the annual fee payments may result in the loss of
title to the concession through its auction.

CODELCO owns mining concessions granted by the Chilean Ordinary Courts for its exploration and
exploitation operations. Some of these concessions were previously held by foreign private mining companies
before such being transferred to Chile in 1971 and then to CODELCO upon its creation in 1976. CODELCO”s
principal concessions are those which give rights to the mineral deposits of the Chuquicamata, El Teniente, Andina,
Salvador, Radomiro Tomic and Gabriela Mistral mines. CODELCO”s concessions relating to land that is currently
being mined essentially grant a perpetual right to conduct mining operations in that land, provided that annual
concession fees are paid. In 2012, CODELCO paid total concession fees of U.S.$7.3 million.

Pursuant to the Mining Code, all mining concessions, as well as certain raw materials, assets and other
property permanently dedicated to the exploration or extraction of minerals, cannot be subject, except in extremely
limited circumstances, to an order of attachment. In addition, pursuant to the Chilean Constitution, mining
concessions corresponding to mining deposits exploited by CODELCO upon its creation in 1976 cannot be subject
to attachment nor to any act of disposition by CODELCO. As a result, the rights of holders to attach property of
CODELCO in the event of a default under the notes would be limited by such provisions. See “Risk Factors—Risks
Relating to the Offering—In case of a default under the notes, the ability of holders to attach property of CODELCO
may be limited by law.”

Environmental Regulations
CODELCOSs operations are subject to national, regional and local regulations as well as international

treaties subscribed by the Chilean Government and enacted as Chilean domestic law regarding the protection of the
environment, natural resources and the effect of the environment on human health and safety, including laws and

84
regulations concerning water, air and noise pollution, the handling, disposal and transportation of hazardous waste
and occupational health and safety.

The General Environmental Law (Law 19.300), enacted in March 1994 and modified by Law 20.417,
enacted in 2010, establishes the general environmental legal framework in Chile, including the establishment of a
range of environmental management tools known as the Environmental Impact Assessment System (Sistema de
Evaluación de Impacto Ambiental). Chilean environmental laws and regulations, and the enforcement thereof, have
become increasingly stringent since 2010 and have become even more so due to recent changes. Such recent
amendments include, among other significant modifications, the creation of a new institutional framework
comprised by: (i) the Ministry of the Environment (Ministerio del Medio Ambiente); (ii) the Council of Ministers
for Sustainability (Consejo de Ministros para la Sustentabilidad); (111) the Environmental Assessment Service
(Servicio de Evaluación Ambiental); (iv) the Bureau of the Environment (Superintendencia del Medio Ambiente);
and (v) the Environmental Courts (Tribunales Ambientales), which are in charge of designing, evaluating and
enforcing laws and regulations relating to projects and activities that could have an environmental impact. These
institutions are fully operational. Recent legal and regulatory changes are likely to impose additional restrictions or
costs on CODELCO and also increased fines due to non-compliance with such laws and regulations, relating to
environmental litigation and protection of the environment, particularly those related to flora and fauna, wildlife
protected areas, water quality standards, mine closure, air emissions, and soil pollution. Since the Bureau of the
Environment became fully operational on December 28, 2011, infringement of environmental regulations may result
in fines of up to approximately U.S.$9.5 million, the closure of facilities and the revocation of environmental
approvals. As described in more detail below, CODELCO incurs, and may be required in the future to incur, in
substantial capital and operating costs related to environmental compliance. However, many of these costs are
inextricably intertwined with the operation of CODELCO*s business as a whole.

The General Environmental Law, as supplemented by additional regulations, permits the Chilean
Government to (1) bring administrative and judicial proceedings against companies that violate environmental laws,
(11) close non-complying facilities, (111) revoke required operating licenses (iv) require that companies submit their
projects for environmental evaluation as required by applicable law and (v) impose sanctions and fines when
companies act negligently, recklessly or deliberately in connection with environmental matters. The General
Environmental Law also grants citizens the right to bring civil actions against companies that are not in compliance
with environmental laws and regulations, after such non-compliance has been established by a judicial proceeding.
CODELCO is currently not aware of any such lawsuits pending against it. Additionally, citizens affected by
environmental pollution may petition for relief to a Chilean Court of Appeal, which has the power to require the
suspension of the offending activity and to adopt protective measures through a process called recurso de protección
(protective action).

The General Environmental Law and its regulations contain certain rules on Environmental Impact
Assessment, which have been in effect since April 3, 1997, and that provide that CODELCO must evaluate the
environmental impact of any future project or activity listed in Law 19.300 by means of a declaration or a study
depending on the significance of the environmental impacts associated. CODELCO has conducted these
environmental impact declarations and studies pursuant to the General Environmental Law.

Chile has adopted environmental regulations requiring companies operating in Chile, including
CODELCO, to undertake programs to reduce, control and/or eliminate certain environmental impacts. CODELCO
has undertaken a number of environmental initiatives to comply with such regulations. From 2003 to 2012,
CODELCO invested U.S.$584 million in projects, and plans to continue implementing pollution abatement plans
through additional capital investments amounting to U.S.$928 million from 2013 through 2014. In 2012,
CODELCO allocated U.S.$138 million to environmental projects, including the enlargement of the Talabre tailings
dam in the Chuquicamata Division and a project to prevent pollution of natural water resources in the north dump
area of the Andina Division. Additionally, as part of its pollution abatement efforts, CODELCO continues to
implement water recovery systems, the costs of which are also budgeted in CODELCOS*s pollution abatement plan,
to conserve resources and minimize pollution of natural water sources.

To protect and improve environmental air quality in the country, the Ministry of the Environment has the

authority to declare certain areas to be “latent zones” (zonas latentes) or “saturated zones” (zonas saturadas). Latent
zones are areas in which there exists a high risk of excessive pollution — the pollutant concentration is greater than

85
80% of the corresponding quality standard in a certain area — and in which further emissions are highly restricted.
Saturated zones are areas in which an excessive level of pollution already has been reached — the ambient
concentration of the air pollutant exceeds 100% of the corresponding quality standard for a pollutant in a certain
area — and in which emissions are required to be reduced and mitigation measures are required to be implemented.
In connection with the declaration of a latent or saturated zone, the Ministry of the Environment begins an
investigation and public-consultation process to develop a prevention or decontamination plan, as the case may be.
The whole process for approving these plans may take more than two years. Upon publication of either type of plan,
emission reduction targets and other environmental remediation actions may be required of specific industries
located within the latent or saturated zone. Measures included in the pollution prevention or reduction plans
governing CODELCO”s operations are subject to change and may become more stringent if compliance with
applicable air quality standards is not achieved.

The area surrounding the Potrerillos, Caletones and Ventanas smelting facilities have been declared
saturated zones for particulate matter (PMo) and sulfur dioxide (SO,). These areas are subject to decontamination
plans. In the area surrounding the Chuquicamata smelter, there is a decontamination plan for PM,y under review
and a pollution prevention plan for SO, is under development. A new saturated area, which includes Calama and its
surroundings, was declared for PM, in 2009, and as a result, a new decontamination plan is under development and
is expected to be completed in the near future.

The Ministry of the Environment has also taken steps to implement decontamination plans that could affect
CODELCOSs operations in the Central Valley near Chile”s Sixth Region, which is currently declared saturated for
PM;o. In addition, the relevant Environmental Assessment Service may impose further requirements on
CODELCOSs projects. Under the various plans that cover the areas where CODELCO operates, net increases in
emissions by industrial facilities in these zones, including any increased emissions from the Potrerillos, Caletones,
Ventanas and Chuquicamata smelting plants, have been banned. To date, the impact of operating in latent and
saturated zones has not been material for CODELCO); however, it could have a material effect in the future.

A new air quality standard for an additional pollutant, primary particulate matter PM) 5, was enacted by the
Ministry of the Environment in May 2011. This standard became effective on January 1, 2012 and could lead to the
declaration of new latent or saturated zones within the country, which might affect CODELCO*s operations.
CODELCO is unable to fully assess at this time if any new zones will be declared, what actions might be required in
response or the cost of compliance.

On May 2, 2013, the Council of Ministers for Sustainability approved the Emission Standard for Smelting
Plants, which establishes maximum parameters of emission for PM;o, SO, arsenic (As) and mercury (Hg) generated
by smelting plants. The regulation is expected to become effective in 2013. Mining companies will be granted five
years to adjust their processes in order to comply with the regulation.

Supreme Decree 90, which sets forth the standards for discharges of liquid waste into surface water bodies,
went into effect in September 2006. CODELCO has invested significant amounts to reduce liquid waste emissions
to date and anticipates that it will continue to incur costs related to compliance with Supreme Decree 90. In
addition, the authorities are developing water quality standards for water bodies that the Company currently or may
in the future discharge into, including the Loa, Aconcagua and Cachapoal rivers. Such standards could require
CODELCO to incur additional costs to manage liquid waste discharges.

Regulations were enacted in February 2004 governing safety standards for mining operations. Pursuant to
these regulations, all mining companies, including CODELCO, were required to provide closure plans for their
mining facilities, demonstrating compliance with safety standards. These plans must be updated every five years
and must consider the requirements set forth in the environmental authorization issued for the respective facility, 1£
any. The National Geological and Mining Service (Servicio Nacional de Geología y Minería) (SERNAGEOMIN)
has approved the closure plans CODELCO prepared for all of its facilities.

A new mine closure regulation, Law 20.551, which includes health, safety and environmental requirements
along with mandatory provisions that require financial guarantees, was enacted in November 2011, and became
effective in November 2012. CODELCO expects that its financial guarantee obligations pursuant to the new law
will not be material. According to this law, CODELCO and other mining companies in Chile will be required to

86
submit an assessment of the closure expenses of all its mines to the SERNAGEOMIN before November 2014. Once
the assessment of closure expenses is approved, CODELCO must provide the financial guarantee between the sixth
months counted from the approval and 2/3 of the project life (less than 20 years), or 15 years of the project life
(more than 20 years). CODELCO may also make any necessary financial provisions beginning in July 2015.
CODELCO had total provisions amounting to U.S.$1,471 million for closure expenses, including potential new
governmental regulations, at December 31, 2012, and U.S.$1,497 million at March 31, 2013. CODELCO is
currently developing a project to estimate the additional costs of complying with this new regulation regarding mine
closure, which could be material.

CODELCO first complied in 2003 with international standard ISO-14001 2004 Environmental
Management Systems (EMSs) for all its divisions, operations and corporate head office, which have been
maintained through annual revisions. This review certifies that CODELCO has management systems in place to
control the environmental impact of its activities, products and services. The EMSSs provide a structure for the
Company to manage atmospheric emissions, waste and wastewater, the environmental impact and risks of its
projects and the efficient use of resources.

CODELCO also obtained third-party certification under OHSAS-18001. OHSAS-18001 is an international
occupational health and safety management system designed to assist CODELCO”s management in the
identification, evaluation, elimination and reduction of occupational health and safety risks through continuous
improvement. ISO and OHSAS certifications have been maintained in all of CODELCOSs divisions following
certification obtained through third-party ISO and OHSAS audits.

Future legislative or regulatory developments, private causes of action or the discovery of new facts
relating to environmental matters could impose new restrictions or result in additional costs that could have a
material adverse effect on CODELCO”s business, financial condition, results of operations or prospects. See “Risk
Factors—Risks Relating to CODELCO”s Operations—CODELCO”s compliance with environmental, health and
safety laws may require increased capital commitments, and non-compliance may subject it to significant penalties.”

Enforceability of Obligations

CODELCO”s commercial obligations are enforceable in the same manner as those of any privately owned
company in Chile. Even though CODELCO is a state-owned enterprise, it is subject to the same laws and
regulations applicable to all private Chilean corporations. This principle is consistent with the Constitution of 1980,
which, in Article 19, No. 21 states that if Chile and its bodies carry out commercial activities, they will be governed
by common legislation applicable to private persons, unless a specific law approved by an absolute majority of
representatives of the Chilean Congress and senators dictates otherwise. No such law has been passed with respect
to CODELCO.

Payment of Obligations

Article 23 of Decree Law 1.350 provides that CODELCO has the obligation to return the total proceeds of
its exports to Chile, but has no obligation to convert the proceeds to Chilean pesos in excess of its peso
requirements. The proceeds from its exports are deposited at the Central Bank of Chile, and withdrawals against
such foreign exchange deposits are made to cover CODELCO”s expenses. In addition, Article 13 of Decree Law
1.350 directs CODELCO to prepare a Loan Amortization Budget which must include the payment of principal of
CODELCOSs debts and related interest payments, including the notes. This budget, as part of the general budget of
CODELCO, is approved annually by joint decree of the Ministry of Mining and the Ministry of Finance and may be
amended to meet non-budgeted expenses. The incurrence of any indebtedness by CODELCO must be authorized by
an official letter from the Ministry of Finance. For loans with maturity at issuance of a duration of more than one
year, this authorization is required to commence the relevant procedures. The Ministry of Finance of Chile
authorized CODELCO to commence negotiations to issue bonds abroad through Resolution No. 1265 dated
June 4, 2013. The Ministry of Finance of Chile authorized the issuance of the notes by Resolution No. 1745 dated
July 26, 2013.

87
Statutory Documents

The statutory documents of CODELCO are contained in Decree Law 1.350 published in the Official
Gazette of February 28, 1976, as amended by Law 20.392 published in the Official Gazette on November 14, 2009,
and Decree 146 published in the Official Gazette of October 25, 1991, as amended (to conform the same with Law
20.392) by Decree N? 3 of January 13, 2012 issued jointly by the Ministries of Finance and Mining, published in the
Official Gazette on July 4, 2012. These gazettes may be seen on-line on the Library of the Chilean Congress
website (http://www.bcn.cl/portada.html) or in a booklet that CODELCO will issue upon request, which contains
free translations of the regulations into English.

88
MANAGEMENT

The Board of Directors has primary responsibility for the management and administration of CODELCO.
The Board of Directors is composed of nine members, appointed as set forth in Law 20.392, enacted on November
4,2009: (i) three directors are directly appointed by the President of Chile; (ii) four directors are appointed by the
President of Chile from a short-list presented by the Council of Senior Public Management (Consejo de la Alta
Dirección Pública), an entity within the National Civil Service Bureau that advises the President of Chile, ministers
and heads of services departments on the appointment of high-ranking public positions; (iii) one director is
appointed by the President of Chile from a short-list presented by the Federation of Copper Workers (FTC); (iv) and
one director is appointed by the President of Chile from a short-list presented by both the Federation of Copper
Supervisors (FESUC) and the National Association of Copper Supervisors (ANSCO). All directors in CODELCO
serve in office for four years and may be reelected for new terms. The Board is renewed on a staggered basis and
may not be revoked in its entirety.

The Board of Directors is vested with all the management and asset-disposal authority, except to the extent
that Chilean law or CODELCO*s bylaws establish such authority within the exclusive province of the President of
Chile (as discussed below), and other than the authority delegated to the Chief Executive Officer. The main
responsibilities of the Board of Directors of CODELCO are to: (i) designate and remove the Chief Executive
Officer; (11) approve and send to the Ministry of Finance an estimate of the revenues and surplus earnings that it will
transfer to the State in the following year’s budget; (111) prepare the annual budget of CODELCO and send for the
approval of the Ministry of Finance; and (iv) approve the BDP of the Company for the following three-year period.

The President of Chile is vested with authority analogous to that of the shareholders of a corporation
(sociedad anónima) under Chilean law, which may be delegated in whole or in part to the Ministers of Finance and
Mining, jointly. Pursuant to such authority, the President of Chile: (i) participates in the designation of the Board of
Directors by designating three directors without external input and by electing six directors on the basis of third-
party short-lists; (ii) appoints the Chairman of the Board of Directors and (iii) may approve and amend the bylaws of
the Company, subject to an executive order issued jointly by the Ministries of Finance and Mining.

Senior management and administration of the Company are vested in its Board of Directors and Chief
Executive Officer. The Board of Directors is in charge of the ultimate conduct and oversight of the Company. The
Chief Executive Officer is named by the Board of Directors and remains in office so long as he/she maintains the
confidence of the Board. The Chief Executive Officer is responsible for implementing the resolutions of the Board
of Directors and supervising the activities of CODELCO. Thomas Keller Lippold was appointed Chief Executive
Officer of CODELCO in May 2012.

In February 2010, the four directors selected by the President of Chile from a short-list presented by the
Council of Senior Public Management and the two directors selected from the short-lists presented by the Federation
of Copper Workers were appointed. In May 2010, the three directors selected directly by the President of Chile
were appointed. In May 2011, two of the directors selected by the President of Chile from a short-list presented by
the Council of Senior Public Management in February 2010 with a term expiring in 2011 were reappointed with a
term through 2015. In September 2012, the President of Chile selected and appointed Augusto González Aguirre to
fill a vacant position left since May 2012, after Ignacio Torres Cabello voluntarily resigned, from a short-list
presented by both the Federation of Copper Supervisors (FESUC) and the National Association of Copper
Supervisors (ANSCO). In May 2013, the President of Chile renewed the mandate of Gerardo Jofré Miranda and
reappointed him as Chairman of the Board. The President of Chile also selected and appointed Blas Tomic
Errázuriz from a short-list presented by the Council of Senior Public Management in May 2013, replacing Jorge
Bande Bruck.

89
Directors and Executive Officers

The following table sets forth the current directors and executive officers of CODELCO and their positions:

Name

Directors
Gerardo Jofré MiraMda….oocicicononcnnnnnnnnncnnnnnnnnonocnrccnonocoranannon
Marcos Biichi Buc ….
Blas Tomic Errázuriz
Marcos Lima Aravena ….
Andrés Tagle Domínguez
Juan Luis Ossa Bulnes.
Fernando Porcile Valenzuela
Raimundo Espinoza Concha.
Augusto González Aguirre …

Executive Officers
Thomas Keller Lippold
Iván Arriagada Herrera
Sebastián Conde Donoso
Rodrigo Toro Ugarte….
Sergio Fuentes Sepúlveda..
Gerhard von Borries Harms
Juan Pablo Schaeffer Fabres

José Antonio Álvarez LÓpCZ….occonnncnnmnsss
Patricio Enei Villagra.
Ignacio Muñoz Reyes
Julio Aranis Vargas…
Octavio Araneda Osés .
Juan Carlos Avendaño Díaz
Juan Medel Fernández ….
Claudio Olguín Valdivi
Oscar Jiménéz Medina.
José Sanhueza Reyes
Álvaro Aliaga Jobet .
Ricardo Palma Contesse .
Armando Olavarría Couchot.

Position

Chairman)
Director’%

Director YO
Director
Director
Director
Director Y”
Director %
Director 96

Chief Executive Officer and President

Chief Financial Officer

Vice President Human Resources

Vice President Sales

Vice President Projects

Vice President Business Development

Vice President Corporate Affairs € Sustainability
Executive Vice President of Finance

General Counsel

General Auditor

Vice President — Operations Norte

Vice President — Operations Centro Sur

General Manager — Chuquicamata Division
General Manager — Radomíro Tomic Division
General Manager —-Mina Ministro Hales Division
General Manager — Gabriela Mistral Division
General Manager — Ventanas Division

General Manager — El Teniente Division
General Manager — Andina Division

General Manager — Salvador Division

(1) Appointed by the President of Chile from a short list presented by the Council of Senior Public Management (Consejo de la Alta Dirección

Pública).
(2) Directly appointed by the President of Chile.

(3) Employee of CODELCO, appointed by the President of Chile from a short list presented by the Federation of Copper Workers.
(4) Employee of CODELCO, appointed by the President of Chile from a short list presented by the Federation of Copper Supervisors and the

National Association of Copper Supervisors.
(5) Term expires May 2017.
(6) Term expires May 2015.
(7) Term expires May 2014.

(8) Raimundo Espinoza Concha was reappointed in May 2012 and his term expires May 2016.

There is no family relationship between any director or executive officer and any other director or
executive officer. The business address for the executives and directors previously listed is Huérfanos 1270, 6th
floor, Santiago, Chile. No executive holds a position outside of CODELCO.

Committees of the Board of Directors

Audit, Benefits and Ethics Committee (Comité de Auditoría, Compensaciones y Ética)

CODELCO*s audit, benefits and ethics committee consists of four members of the Board of Directors,
Marcos Lima Aravena (Chair), Marcos Búchi Buc (Vice Chair), Gerardo Jofré Miranda and Blas Tomic Errázuriz,

90
and may invite others to assist in its work. The audit, benefits and ethics committee”s primary responsibility is to
support the Board of Directors by providing and improving internal controls by reviewing transactions with related
parties and the work of CODELCOSs internal audit department. The committee also analyzes and reviews the work
and reports of the external auditors. The committee is also responsible for analyzing observations made by Chilean
regulatory entities and for recommending measures to be taken by the management in response. CODELCO*s audit,
benefits and ethics committee is not subject to the independence and other requirements to which U.S. public
companies are subject.

Projects and Investment Committee (Comité de Proyectos y Financiamiento de Inversiones)

The projects and investments committee consists of four members, Fernando Porcile Valenzuela (Chair),
Marcos Biichi Buc (Vice Chair), Gerardo Jofré Miranda and Raimundo Espinoza Concha. This committee analyzes
and recommends major mining development projects and financing of these projects.

Management Committee (Comité de Gestión)

The management committee consists of Fernando Porcile Valenzuela (Chair), Andrés Tagle Domínguez
(Vice Chair), Marcos Lima Aravena and Raimundo Espinoza Concha. The committee is primarily responsible for
management of the Company”s divisions, key projects and review and evaluation of the performance of subsidiaries
and affiliated companies.

Corporate Governance and Sustainability Committee (Comité de Gobierno Corporativo y
Sustentabilidad)

The corporate governance and sustainability committee consists of Andrés Tagle Domínguez (Chair), Juan
Luis Ossa Bulnes (Vice Chair), Gerardo Jofré Miranda and Augusto González Aguirre. The committee considers
any recommendations made by senior management regarding changes in corporate or divisional structure, any
changes proposed to the internal operating procedures of the Company and responsibilities of senior management,
oversees compliance with the code of conduct and corporate governance policies and coordinates self evaluations of
members of the Board of Directors. The committee also advises the Board of Directors with respect to matters of
sustainability, providing assistance to the Board of Directors in the Company”s sustainability policies and goals as
well as analyzing the efficacy of the Company”s policies and management systems in the areas of health, safety and
the environment.

91
RELATED PARTY TRANSACTIONS

In the ordinary course of its business, CODELCO engages in a variety of transactions on arm”s-length
terms with certain related parties. For information concerning these transactions, see Note 3 to the 2011-2012 Year-
end Consolidated Financial Statements and Note 3 to the Unaudited Interim Consolidated Financial Statements.

In its dealings with Cyprus El Abra Corporation (a subsidiary of Freeport McMoRan), the partner in SCM
El Abra, CODELCO acts through a subsidiary, as agent. CODELCO does not sell copper to Nordeutsche Affinerie
Group, its partner in Deutsche Giessradht GmbH.

Pursuant to Article 147 of the Corporations Law, CODELCO may only enter into operations with related
parties when their intent is to benefit the corporate interest, when entered into on arm’s length terms as prevailing
when approved, and when they meet the requirements and complete the procedures indicated therein.

According to Article 146 of the Corporations Law (as amended by Law 20.382, the “Corporate Governance
Law,” enacted on October 13, 2009 and effective as of January 1, 2010), “operations with related parties” of
CODELCO include any and all negotiations, acts, contracts or operations in which the Company must take part, as
well as:

(1) any related persons to the Company, pursuant to the definition contained in Article 100 of Law
18.045 (the “Securities Market Law,” also as amended by the Corporate Governance Law);

(11) board members, managers or main executives of CODELCO, acting directly or on behalf of any
third company, or their respective spouses or relatives up to the second degree (consanguinity or
affinity);

(111) corporations or partnerships in which one of the persons mentioned in (1i) above are direct or

indirect owners of 10% or more of its capital, board members, managers or main executives;

(iv) those persons specifically established under the CODELCO”s bylaws or reasonably identified by
the Directors” Committee, as applicable, even if not of a relevant amount, provided they are
conducted on a regular basis (as per the regularity policy determined by the Board of Directors of
CODELCO) or with a subsidiary of CODELCO in which the Company holds a direct or indirect
ownership interest of at least 95%; and

(v) any company in which a board member, manager or main executive of CODELCO has served as a
board member, manager, main executive or liquidator, during the last 18 months.

The rules, requirements and procedures to approve operations with related parties apply both to the
operations of CODELCO as well as to those of its subsidiaries, regardless of their legal nature, except for some
exemptions set forth in Article 147 of the Corporations Law in which related-party transaction may be executed
without the requirements referred to above, with the prior approval of the Board of Directors.

The breach of any of the restrictions on related party transactions will not affect the validity of the
transaction. However, CODELCO or the President of Chile may demand from the breaching party, the
reimbursement for an amount equivalent to the benefits gained by the breaching party resulting from the transaction.
Additionally, CODELCO or the President of Chile may claim damages. Finally, the breaching party bears the
burden of proof that the transaction was carried out according to the law.

CODELCOSs policy for transactions with related parties is defined and governed by a specific internal
regulation created pursuant to general policies established by the Board of Directors and in connection with the
guidance provided by Decree Law 1.350 and the Corporations Law. CODELCOSs internal regulation prescribes the
manner in which transactions between CODELCO and related entities must be carried out and provides for
sanctions if the requirements of the regulation are not met.

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FOREIGN INVESTMENT AND EXCHANGE CONTROLS IN CHILE

As a general matter, the Chilean Central Bank is, among other things, responsible for monetary policies and
for exchange controls in Chile. Most Chilean companies must inform the Central Bank of any international issue of
bonds and if the proceeds of the issuance are not left abroad, should be brought into Chile through a bank or other
participant in the Formal Exchange Market. Article 23 of Decree Law 1.350 provides that CODELCO has an
obligation to return the total proceeds of its exports to Chile, but has no obligation to convert such proceeds to
Chilean pesos beyond its peso requirements. These proceeds from its exports are deposited at the Central Bank of
Chile, and withdrawals against such foreign exchange deposits are made to cover CODELCO”s expenses. As a
result, CODELCO does not require foreign exchange approval in connection with the issuance or placement of, or
payments upon the notes. See “Regulatory Framework—Payment of Obligations.”

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DESCRIPTION OF NOTES

The notes will be issued pursuant to a Fiscal and Paying Agency Agreement (the “Fiscal and Paying
Agency Agreement”) to be dated as of August 13, 2013 between CODELCO and The Bank of New York Mellon, as
fiscal and paying agent (the “Fiscal Agent”). The following description of certain provisions of the notes and of the
Fiscal and Paying Agency Agreement is subject to and is qualified in its entirety by reference to the provisions of the
notes and the Fiscal and Paying Agency Agreement, copies of which will be available for inspection at the office of
the Fiscal Agent in The City of New York, currently located at 101 Barclay Street, Floor 4 East, New York, New
York 10286.

General

The notes will be issued by CODELCO and CODELCO will be liable therefor and obligated to perform all
covenants and agreements to be performed by CODELCO pursuant to the notes and the Fiscal and Paying Agency
Agreement, including the obligations to pay principal, interest and Additional Amounts (as defined below under
“Payment of Additional Amounts”), if any. The fiscal agent under the Fiscal and Paying Agency Agreement is The
Bank of New York Mellon (the “Fiscal Agent,” which term shall include any successor fiscal agent under the Fiscal
and Paying Agency Agreement).

Notes having the same date of maturity and Interest Payment Dates (as defined below), payable in the same
currency, bearing interest at the same rate and the terms of which are otherwise identical, are referred to as a
“series.” The Fiscal and Paying Agency Agreement provides for the issuance by CODELCO from time to time of
notes in one or more series up to an aggregate principal amount of notes as from time to time may be authorized by
CODELCO, subject to all required government authorizations.

The notes will bear interest at the rate per annum set forth on the cover page of this offering memorandum
from the date of issuance or from the most recent interest payment date to which interest has been paid or provided
for. Interest on the notes will be payable semi-annually in arrears on February 13 and August 13 of each year,
commencing on February 13, 2014, or, if any such date is not a Business Day (as defined below), on the next
succeeding Business Day (each an “Interest Payment Date”) to the person or persons (each, a “Holder”) in whose
name such notes are registered in the Security Register (as defined below) at the close of business on the January 29
and July 29, respectively, preceding such Interest Payment Dates (each a “Record Date”). Interest on the notes will
be calculated on the basis of a 360-day year of twelve 30-day months. For the purposes hereof, the term “Business
Day” means a day on which banks in The City of New York are not authorized or required by law or executive order
to be closed.

Moneys paid by CODELCO to the Fiscal Agent for the payment of principal of or interest on any of the
notes and remaining unclaimed at the end of two years after the date on which such principal or interest shall have
become due and payable (whether at maturity, upon call for redemption or otherwise) shall, together with interest
made available for payment thereof, be repaid to CODELCO, whereupon all liability of the Fiscal Agent with
respect to such moneys shall cease.

Payments of interest and principal with respect to interests in the Global Notes (as defined below) will be
credited by DTC, Euroclear or Clearstream, as the case may be, to the account of the holders of such interests with
DTC, Euroclear or Clearstream, as the case may be.

The notes will mature on August 13, 2023. The notes will not be redeemable prior to maturity except in
the event of certain developments affecting taxation at the price equal to the outstanding principal amount thereof,
together with any Additional Amounts and accrued interest to the redemption date. On the maturity date of the
notes, CODELCO will be required to pay 100% of the then outstanding principal amount of the notes plus accrued
and unpaid interest thereon and Additional Amounts, if any. The notes will be direct, unsecured and unsubordinated
obligations of CODELCO ranking pari passu among themselves and with all other unsecured and unsubordinated
obligations of CODELCO, other than certain obligations granted preferential treatment pursuant to Chilean law.

The notes contain no restrictions on the amount of additional indebtedness which may be incurred by CODELCO or
its subsidiaries; however, as set forth under “—Limitation on Liens” below, the notes contain certain restrictions on
the ability of CODELCO and its subsidiaries to incur secured indebtedness.

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Registration, Form and Delivery

The notes will be issued upon the closing of this offering in definitive, fully registered form, without
coupons, in denominations of U.S.$200,000 principal amount at maturity and multiples of U.S.$1,000 in excess
thereof. The notes will be exchangeable, and transfers thereof will be registrable, at the office of the Fiscal Agent
(including the office of the Luxembourg transfer and paying agent). No charge will be made to holders of the notes
in connection with any exchange or registration of transfer, except for the expenses of delivery by other than regular
mail (if any) and except for the payment of a sum sufficient to cover any tax or other governmental charges or
insurance charges that may be imposed in relation thereto.

The Fiscal Agent will maintain its office in The City of New York, currently located at 101 Barclay Street,
Floor 4 East, New York, New York 10286, a security register (the “Security Register”) with respect to the notes.
The name and address of the registered Holder of each note and the amount of each note will be recorded in the
applicable Security Register, and the Fiscal Agent and CODELCO may treat the person in whose name the note is
registered as the owner of such note for all purposes. For so long as the notes are represented by one or more Global
Notes, the registered owner of a Global Note, in accordance with the terms of the Global Notes, may be treated at all
times and for all purposes by CODELCO and the Fiscal Agent as the sole owner with respect to such notes, with
respect to all payments on the notes and for all other purposes under the terms of the notes and the Fiscal and Paying
Agency Agreement.

Global Notes; Book-Entry Form

The notes initially sold to qualified institutional buyers (or “QIBs”), as defined in Rule 144A under the
Securities Act, will be evidenced by one or more permanent Rule 144A Global Notes (collectively, the “144A
Global Notes”), which will be deposited with the Fiscal Agent, as custodian for DTC, and registered in the name of
Cede é Co., as DTC”s nominee.

The notes initially sold to persons who acquire such notes in compliance with Regulation S under the
Securities Act will be evidenced by one or more permanent Regulation S Global Notes (collectively, the
“Regulation S Global Notes” and, together with the 144A Global Notes, the “Global Notes”), which will be
deposited with the Fiscal Agent, as custodian for DTC, and registered in the name of Cede $ Co., as DTC”s
nominee.

Any resale or transfer of such interests to U.S. persons (as that term is defined in Regulation S) during the
restricted period (as defined below) shall only be permitted as described in this offering memorandum. The 144A
Global Notes and the Regulation S Global Notes are hereinafter sometimes referred to individually as a “Global
Note” and collectively as the “Global Notes.” Except as set forth below, the record ownership of the Global Note
may be transferred, in whole or in part, only to DTC, another nominee of DTC or to a successor of DTC or its
nominee.

Prior to the 40th day after the later of the commencement of the offering of the notes and the date of the
closing of the sale of the notes (through and including the 40th day, the “restricted period”), transfers by an owner of
a beneficial interest in the Regulation S Global Notes to a transferee who takes delivery of this interest through the
144A Global Notes will be made only in accordance with applicable procedures and upon receipt by the Fiscal
Agent of a written certification from the transferor of the beneficial interest to the effect that such transfer is being
made to a person whom the transferor reasonably believes is a QIB within the meaning of Rule 144A ina
transaction meeting the requirements of Rule 144A. Such written certification will no longer be required after the
expiration of the restricted period.

Transfers by an owner of a beneficial interest in the 144A Global Notes to a transferee who takes delivery
of such interest through the Regulation S Global Notes will be made only upon receipt by the Fiscal Agent ofa
certification from the transferor to the effect that such transfer is being made in accordance with Regulation S under
the Securities Act.

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QIBs may hold their interests in any of the 144A Global Notes directly through DTC, if they are
participants in DTC (“Participants”), or indirectly through organizations that are Participants. Transfers between
Participants will be effected in the ordinary way in accordance with DTC rules. Non-U.S. Persons may hold their
interests in any of the Regulation S Global Notes through DTC as described, directly through Euroclear or
Clearstream, or indirectly through organizations that are participants in Euroclear or Clearstream (“Euroclear
Participants” and “Clearstream Participants,” respectively). Euroclear and Clearstream will hold interests in the
relevant Regulation S Global Notes on behalf of their participants through DTC. Transfers between Euroclear
Participants and between Clearstream Participants will be effected in the ordinary way in accordance with their
respective rules and operating procedures.

Any beneficial interest in a Regulation S Global Note that is transferred to a person who takes delivery in
the form of a beneficial interest in a 144A Global Note will, upon transfer, cease to be represented by a Regulation S
Global Note and will become represented by a 144A Global Note and, accordingly, will be subject to the procedures
applicable to beneficial interests in a 144A Global Note for as long as it remains such an interest. Any beneficial
interest in a 144A Global Note that is transferred to a person who takes delivery in the form of a beneficial interest
in a Regulation S Global Note will, upon transfer, cease to be represented by a 144A Global Note and will become
represented by a Regulation S Global Note and, accordingly, will be subject to the procedures applicable to
beneficial interests in a Regulation S Global Note for as long as it remains such an interest.

Cross-market transfers between Participants, on the one hand, and Euroclear or Clearstream Participants,
on the other, will be effected in DTC in accordance with DTC rules on behalf of Euroclear or Clearstream, as the
case may be, by its respective depositary; however, such cross-market transactions will require delivery of
instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with
its rules and procedures and within its established deadlines (Brussels time). Euroclear or Clearstream, as the case
may be, will, if the transaction meets its settlement requirements, deliver instructions to its respective depositary to
take action to effect final settlement on its behalf by delivering or receiving beneficial interests in the relevant
Global Note in DTC, and making or receiving payment in accordance with normal procedures for same-day funds
settlement applicable to DTC. Clearstream Participants and Euroclear Participants may not deliver instructions
directly to the depositories for Clearstream or Euroclear.

Because of time zone differences, the securities account of a Euroclear or Clearstream Participant
purchasing a beneficial interest in a Global Note from a DTC Participant will be credited during the securities
settlement processing day immediately following the DTC settlement date and such credit of any transactions in
beneficial interests in such Global Note settled during such processing will be reported to the relevant Euroclear or
Clearstream participant on such business day. Cash received in Euroclear or Clearstream as a result of sales of
beneficial interests in a Global Note by or through a Euroclear or Clearstream Participant to a Participant will be
received with value on the DTC settlement date but will be available in the relevant Euroclear or Clearstream cash
account only as of the business day following settlement in DTC.

Upon the issuance of the Global Notes, DTC will credit, on its book-entry registration and transfer system,
the respective principal amounts of the notes represented by the Global Notes to the accounts of Participants. Each
Global Note will be deposited on the date of the closing and sale of the notes with, the Fiscal Agent, as custodian for
DTC, and registered in the name of Cede $: Co., as nominee of DTC. The accounts to be credited will be designated
by the initial purchasers. Ownership of beneficial interests in a Global Note will be limited to Participants or
persons that may hold interests through Participants. Ownership of interests in such Global Notes will be shown on,
and the transfer of those ownership interests will be effected only through, records maintained by DTC (with respect
to Participants” interests) and such Participants (with respect to the owners of beneficial interests in such Global
Notes). The laws of some jurisdictions require that certain persons take physical delivery in definitive form of
securities. Consequently, the ability to transfer beneficial interests in a Global Note to such persons may be limited.

Persons who are not Participants may beneficially own interests in Global Notes held by DTC only through
Participants, including Euroclear and Clearstream, or certain banks, brokers, dealers, trust companies and other
parties that clear through or maintain a custodial relationship with a Participant, either directly or indirectly, and
have indirect access to the DTC system (“Indirect Participants”). So long as Cede $ Co., as the nominee of DTC, is
the registered owner of the Global Notes, Cede 8 Co. for all purposes will be considered the sole Holder of the
notes. Except as provided below, owners of beneficial interests in the Global Notes will not be entitled to have

96
notes registered in their names, will not receive or be entitled to receive physical delivery of notes in definitive form
and will not be considered the holders thereof.

Each person owning a beneficial interest in the Global Notes must rely on the procedures of DTC and, if
such person is not a Participant, on the procedures of the Participant through which such person owns its interest, to
exercise any rights of a Holder of notes under the Global Notes and the Fiscal and Paying Agency Agreement. DTC
may grant proxies and otherwise authorize Participants to take any action that DTC, as the holder of a Global Note,
is entitled to take under such Global Note and the Fiscal and Paying Agency Agreement. CODELCO understands
that under existing industry practice, in the event CODELCO requests any action of holders of notes or an owner of
a beneficial interest in a Global Note desires to take any action that DTC, as the holder of such Global Note, is
entitled to take, DTC would authorize the Participants to take such action, and the Participants would authorize
beneficial owners owning through such Participants to take such action or would otherwise act upon the instructions
of beneficial owners owning through them.

Payment of principal of, and interest and any Additional Amounts on, the notes will be made by
CODELCO in immediately available funds to Cede £ Co., the nominee for DTC, as the registered owner of the
Global Notes. Neither CODELCO nor the Fiscal Agent will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in the Global Notes or the
maintaining, supervising or reviewing of any records relating to such beneficial ownership interest.

Upon receipt of any payment on the Global Notes, DTC, under its current practice, will credit Participants”
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amounts of
the Global Notes as shown on the records of DTC. Payments by Participants to owners of beneficial interests in the
Global Notes held through such Participants will be governed by standing instructions and customary practices, as is
now the case with securities held for the accounts of customers registered in “street name,” and will be the
responsibility of such Participants.

Because DTC can act only on behalf of Participants, who in turn act on behalf of Indirect Participants and
certain banks, the ability of a Holder of the notes to pledge such notes to persons or entities that do not participate in
the DTC system, or otherwise take actions in respect of such notes, may be affected by the lack of a physical
certificate for such notes.

Neither CODELCO nor the Fiscal Agent will have any responsibility for the performance by DTC,
Euroclear or Clearstream or their Participants or Indirect Participants of their respective obligations under the rules
and procedures governing their operations. DTC has advised CODELCO that it will take any action permitted to be
taken by a holder only at the direction of one or more Participants to whose account with DTC notes are credited and
only in respect of such portion of the aggregate principal amount of the notes as to which such Participant or
Participants has or have given such direction.

DTC has further advised CODELCO as follows:

DTC is a limited purpose trust company organized under the laws of the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal
Reserve system, a “clearing corporation” within the meaning of the Uniform Commercial Code and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). DTC holds securities that its Participants deposit with DTC. DTC
also facilitates the settlement among Participants of securities transactions such as transfers and pledges, in
deposited securities through electronic computerized book-entry changes in Participants” accounts, thereby
eliminating the need for physical movement of certificates. Participants include securities brokers and
dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-
owned subsidiary of The Depository Trust £ Clearing Corporation (“DTCC”). Access to the DTC system
is also available to others such as securities brokers and dealers, banks and trust companies that clear
through or maintain a custodial relationship with a Participant, either directly or indirectly. DTCC is the
holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing
Corporation, all of which are registered clearing agencies. Investors who are not participants may

97
beneficially own securities held by or on behalf of DTC only through participants or indirect participants.
DTCC is owned by the users of its regulated subsidiaries.

Certificated Notes

If DTC is at any time unwilling or unable to continue as a depositary for the Global Notes and a successor
depositary is not appointed by CODELCO within 90 days or if an event of default has occurred and is continuing
and the registrar has received a request from DTC to issue certificated notes, CODELCO will issue notes in
registered form without coupons (“Certificated Notes”) in exchange for the Global Notes which will bear the
legends referred to under the heading “Transfer Restrictions,” as applicable.

If CODELCO issues Certificated Notes, the holder may present its notes for exchange with notes of a
different authorized denomination, together with a written request for an exchange, at the office of the Fiscal Agent
in the City of New York, or at the office of any paying agent. In addition, the holder of any Certificated Note may
transfer it in whole or in part by surrendering it at any of these offices together with an executed instrument of
transfer. CODELCO will not charge the holders of notes for the costs and expenses associated with the exchange,
transfer or registration of transfer of the notes. CODELCO may, however, charge the holders of notes for certain
delivery expenses as well as any applicable stamp duty, tax or other governmental charges. The Fiscal Agent may
reject any request for an exchange or registration of transfer of any Note made within 15 days of the date for any
payment of principal of or interest on the note. CODELCO will notify the Euro MTF Market of the Luxembourg
Stock Exchange and publish a notice in a daily newspaper in Luxembourg in the event that Certificated Notes are
issued.

Consolidation, Merger, Conveyance, Sale or Lease

Nothing contained in the notes prevents CODELCO from consolidating with or merging into another
corporation or conveying, transferring or leasing its properties and assets substantially as an entirety to any person,
provided that (a) the corporation formed by such consolidation or into which CODELCO is merged or the person
which acquires by conveyance or transfer, or which leases, the properties and assets of CODELCO substantially as
an entirety is a corporation organized and existing under the laws of Chile and expressly assumes, by supplemental
agreement, executed and delivered to the Fiscal Agent, in form satisfactory to the Fiscal Agent, the due and punctual
payment of the principal of and interest, if any, on the notes and the performance of every covenant of the notes on
the part of CODELCO to be performed or observed; (b) immediately after giving effect to such transaction no Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have
happened and be continuing; and (c) CODELCO has delivered to the Fiscal Agent an officers” certificate and an
opinion of counsel, each stating that such consolidation, merger, conveyance, transfer or lease and supplemental
agreement complies with the foregoing provisions relating to such transaction.

Limitation on Liens

Nothing contained in the notes restricts or prevents CODELCO or any Restricted Subsidiary (as defined
below) from incurring any additional indebtedness; provided that neither CODELCO nor any Restricted Subsidiary
will (a) issue, assume or guarantee any indebtedness for money borrowed (“Debt”) if such Debt is secured by a lien
upon, or (b) directly or indirectly secure any outstanding Debt by a lien upon, any Principal Property (as defined
below) or upon any shares of stock of, or indebtedness of, any Restricted Subsidiary, now owned or hereafter
acquired, without effectively providing that the notes shall be secured equally and ratably with such Debt, except
that the foregoing restrictions shall not apply to (1) liens on any Principal Property acquired, constructed or improved
after the date of issuance of the notes to secure or provide for the payment of the purchase price or cost of
construction or improvements (including costs such as increased costs due to escalation, interest during construction
and similar costs) thereof incurred after the date of the issuance of the notes, or existing liens on property acquired,
provided such liens shall not apply to any property theretofore owned by CODELCO or any Restricted Subsidiary
other than theretofore unimproved real property, (11) liens on any Principal Property or shares of stock or
indebtedness acquired from a corporation merged with or into CODELCO or a Restricted Subsidiary, (111) liens to
secure Debt of a Restricted Subsidiary to CODELCO or another Subsidiary, (iv) the sale or other transfer of any
interest in property of the character commonly referred to as a “production payment,” (v) liens over any property at
the time of acquisition of such property by CODELCO or any of its Restricted Subsidiaries which lien was not (or is

98
not) created in connection with such acquisition, (vi) liens in existence on the date of the offering of the notes, (vii)
liens on deposits to secure, or any lien otherwise securing, the performance of bids, statutory obligations, surety
bonds, appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of
business, (viii) liens created on any property to secure Debt incurred in connection with the financing of such
property, the repayment of which Debt is to be made from the revenues arising out of, or other proceeds of
realization from, such property, with recourse to those revenues and proceeds and other property used in connection
with, or forming the subject matter of, such property, but without recourse to any other property of CODELCO or
any Restricted Subsidiary and (ix) any extension, renewal or replacement (or successive extensions, renewals or
replacements), in whole or in part, of any lien referred to in the foregoing clauses (1) to (111) or (v), (vi) and (viii),
inclusive of any Debt secured thereby, provided that the principal amount of Debt so secured thereby shall not
exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement and that such
extension, renewal or replacement lien shall be limited to all or part of the property which secured the lien extended,
renewed or replaced (plus improvements on or additions to such property). Notwithstanding the foregoing,
CODELCO and one or more Restricted Subsidiaries may issue, assume or guarantee Debt secured by liens which
would otherwise be subject to the foregoing restrictions in an aggregate principal amount which, together with the
aggregate outstanding principal amount of all other Debt of CODELCO and its Restricted Subsidiaries which would
otherwise be subject to the foregoing restrictions (not including Debt permitted to be secured under clauses (1)
through (ix) above) and the aggregate value of the sale and lease-back transactions described under “—Limitation
on Sale and Lease-Back Transactions” below (other than sale and lease-back transactions the proceeds of which
have been applied as provided in clause (b) under “—Limitation on Sale and Lease-Back Transactions” below), does
not at the time of issuance, assumption or guarantee thereof exceed 20% of Consolidated Net Tangible Assets.
“Consolidated Net Tangible Assets” is defined as the total of all assets (including reevaluations thereof as a result of
commercial appraisals, price level restatement or otherwise) appearing on the consolidated balance sheet of
CODELCO and its Subsidiaries prepared in accordance with IFRS as of the then most recent date filed by
CODELCO with the SVS, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and
all other like intangible assets (which term shall not be construed to include such reevaluations), less the aggregate
of the current liabilities of CODELCO and its Subsidiaries appearing on such balance sheet. The term “Principal
Property” means any mineral property, concentrator, smelter, refinery or rod mill located within Chile, of
CODELCO or any Subsidiary except any such property, plant or facility which the Board of Directors by resolution
declares is not of material importance to the total business conducted by CODELCO and its Subsidiaries as an
entity. The term “Subsidiary” means any corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by CODELCO and of which CODELCO has the power to direct the management. The
term “Restricted Subsidiary” means (a) any Subsidiary which owns, directly or indirectly, any Principal Property
and (b) any Subsidiary which owns, directly or indirectly, any stock or debt of a Restricted Subsidiary.

Limitation on Sale and Lease-Back Transactions

The notes provide that neither CODELCO nor any Restricted Subsidiary will enter into any arrangement
with any person (other than CODELCO or a Restricted Subsidiary), or to which any such person is a party,
providing for the leasing to CODELCO or a Restricted Subsidiary for a period of more than three years of any
property or assets which has been or is to be sold or transferred by CODELCO or such Restricted Subsidiary to such
person or to any person (other than CODELCO or a Restricted Subsidiary) to which funds have been or are to be
advanced by such person on the security of the leased property or assets unless either (a) CODELCO or such
Restricted Subsidiary would be entitled, pursuant to the provisions described under “—Limitation on Liens” above,
to incur Debt in a principal amount equal to or exceeding the value of such sale and lease-back transaction, secured
by a lien on the property or assets to be leased, without equally and ratably securing the notes, or (b) CODELCO,
during or immediately after the expiration of six months after the effective date of such transaction (whether made
by CODELCO or a Restricted Subsidiary), applies to the voluntary retirement of indebtedness of CODELCO
(including the notes) maturing by its terms more than one year after the original creation thereof (“Funded Debt”) an
amount equal to the value of such transaction, less an amount equal to the sum of (i) the principal amount of notes
delivered, within six months after the effective date of such arrangement, to the Fiscal Agent for retirement and
cancellation and (ii) the principal amount of other Funded Debt voluntarily retired by CODELCO within such six-
month period, in each case excluding retirements of notes and other Funded Debt as a result of conversions or
pursuant to mandatory sinking fund or mandatory prepayment provisions or by payment at maturity.

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Payment of Additional Amounts

All payments of principal and stated interest under the notes by CODELCO will be made without
deduction or withholding for or on account of any present or future taxes, assessments, duties or governmental
charges of whatever nature imposed or levied by or on behalf of Chile or any political subdivision or territory or
possession thereof or therein (the “Taxing Jurisdiction”) unless the withholding or deduction of such taxes,
assessments, duties or governmental charges is required by law or regulation or by the official interpretation thereof.
In that event, CODELCO will pay to each Holder of a note such additional amounts (“Additional Amounts”) as may
be necessary in order that each net payment on such note after such deduction or withholding will not be less than
the amount provided for in such note to be then due and payable; provided, however, that the foregoing obligation to
pay Additional Amounts will not apply to:

(a) any tax, assessment, duty or other governmental charge that would not have been so
deducted or withheld but for (1) the existence of any present or former connection between the Holder or
the beneficial owner of the note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or
possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate,
trust, partnership or corporation) and the Taxing Jurisdiction imposing such tax, assessment, duty or other
governmental charge (including, without limitation, such Holder or beneficial owner (or such fiduciary,
settler, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or
being or having been engaged in a trade or business or present therein or having, or having had, a
permanent establishment therein) other than the mere receipt of payments in respect of a note or the holding
or ownership of a note or beneficial interest therein; or (ii) the presentation of a note (where presentation is
required) for payment on a date more than 30 days after the date on which such payment became due and
payable or the date on which payment thereof is duly provided for, whichever occurs later;

(b) any estate, inheritance, gift, sales, transfer, personal property, capital gains, excise or
similar tax, assessment, duty or other governmental charge;

(c) any tax, assessment, duty or other governmental charge that is payable other than by
withholding from payments of (or in respect of) principal of, or any interest on, the notes;

(d) any tax, assessment, duty or other governmental charge that would not have been
imposed but for the failure to comply with certification, information or other reporting requirements
concerning the nationality, residence or identity of the Holder or beneficial owner of the note, if
compliance is required by statute or by regulation of the Taxing Jurisdiction as a precondition to relief or
exemption from all or part of such tax, assessment, duty or other governmental charge, or to a reduction in
the applicable tax rate, and proper notice has been sent to the Holder or beneficial owner;

(e) any such withholding or deduction imposed on a payment to an individual that is required
to be made pursuant to any law implementing or complying with, or introduced in order to conform to,
European Council Directive 2003/48/EC or any other directive implementing the conclusions of the
ECOFIN Council Meeting of 26-27 November 2000; or

(5 any combination of items (a), (b), (c), (d) and (e) above.

Nor shall Additional Amounts be paid with respect to any payment of the principal of or any interest on any note to
any Holder or beneficial owner that is a fiduciary or partnership or other than the sole beneficial owner of such note
to the extent such payment would be required by the laws of the Taxing Jurisdiction to be included in the income for
tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such Additional Amounts had it been a Holder of such note.

IfCODELCO pays Additional Amounts in respect of the Chilean withholding tax on payments of interest
or premium, if any, made by CODELCO in respect of the notes to a Foreign Holder (as defined in “Taxation”)
assessed at a rate of 4%, and a refund is provided with respect to such withholding tax, CODELCO shall have the
right to receive and be entitled to such funds from the relevant Taxing Jurisdiction.

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Tax Redemption

The notes may be redeemed at the election of CODELCO, in whole, but not in part, by the giving of notice
as provided in “—Notices” below, at a price equal to the outstanding principal amount thereof, together with any
Additional Amounts and accrued and unpaid interest to the redemption date, if, as a result of any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder, including a holding by a court of
competent jurisdiction) of the Taxing Jurisdiction, or any change in the official application, administration or
interpretation of such laws, regulations or rulings in such Taxing Jurisdiction, CODELCO has or will become
obligated to pay Additional Amounts on the notes in excess of the Additional Amounts that would be payable were
payments of interest on the notes subject to 4% withholding (“Excess Additional Amounts”), and if such change or
amendment is announced or becomes effective on or after the date of original issuance of the notes and such
obligation cannot be avoided by CODELCO taking measures it considers reasonable and that are available to it (for
this purpose, reasonable measures shall not include any change in CODELCOS*s or any successor”s jurisdiction of
incorporation or organization or location of its principal executive or registered office); provided, however, that no
such notice of redemption shall be given earlier than 60 days prior to the earliest date on which CODELCO would
be obligated to pay such Excess Additional Amounts, were a payment in respect of the notes then due. Prior to the
giving of notice of redemption of such notes, CODELCO will deliver to the Fiscal Agent an officers” certificate and
a written opinion of recognized Chilean counsel independent of CODELCO to the effect that all governmental
approvals necessary for CODELCO to effect such redemption, if any, have been or at the time of redemption will be
obtained and in full force and effect and that CODELCO is entitled to effect such a redemption, and setting forth in
reasonable detail the circumstances giving rise to such right of redemption. See “Taxation—Chilean Taxation.”

Defeasance

CODELCO may discharge its obligation to comply with the covenants specified above under
“—Consolidation, Merger, Conveyance, Sale or Lease,” “—Limitation on Liens” and “—Limitation on Sale and
Lease-Back Transactions” by depositing funds or obligations issued by the United States in an amount sufficient to
provide for the timely payment of principal, interest and all other amounts due under the notes with the Fiscal Agent,
acting as trustee for such purposes and by satisfying certain other conditions, including delivery to the Fiscal Agent
of an opinion of independent tax counsel of recognized standing to the effect that U.S. Holders (as defined in
“Taxation”) will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit
and defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the
same times as would have been the case if such deposit and defeasance had not occurred.

Events of Default

An Event of Default with respect to the notes is defined in the Fiscal and Paying Agency Agreement as
being any of the following: (1) default for 30 days in payment of any interest on the notes; (ii) default in payment of
principal of the notes; (111) default in the performance, or breach, of any covenant or warranty or obligation of
CODELCO in the notes and continuance of such default or breach for a period of 60 days after written notice is
given to CODELCO by the holders of at least 33 1/3% in aggregate principal amount of the notes; (iv) default under
any bond, debenture, note or other evidence of indebtedness for money borrowed, or under any mortgage, indenture
or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for
money borrowed by CODELCO or any Subsidiary, whether such indebtedness now exists or shall hereafter be
created, in an aggregate principal amount exceeding U.S.$50 million (or its equivalent in any other currency or
currencies) which default (x) shall constitute the failure to pay any portion of the principal of such indebtedness
when due and payable, whether at maturity, upon redemption or acceleration or otherwise, or (y) shall have resulted
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise
become due and payable, in either case, if such default shall continue for more than 30 Business Days and within
such 30 Business Days the time for payment of such amount has not been expressly extended (provided that if such
default under such indenture or instrument shall be remedied or cured by CODELCO or waived by the holders of
such indebtedness, then the event of default with respect to the notes shall be deemed likewise to have been
remedied, cured or waived); and (v) certain events of bankruptcy or insolvency of CODELCO or any Significant
Subsidiary. “Significant Subsidiary” is defined in the notes as a Subsidiary, the total assets of which exceed 10% of
the total assets of CODELCO and its subsidiaries on a consolidated basis as of the end of the most recently
completed year.

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Each note will provide that if any Event of Default shall have occurred and be continuing, the holder of
such note may declare the principal of such note, together with unpaid accrued interest thereon, if any, to the date of
repayment, to be due and payable by notice to CODELCO.

Notices

Notices to holders of notes will be given by mail to the addresses of such holders as they appear in the
Security Register and, once the notes are listed on the Luxembourg Stock Exchange, such notices will be published
in a daily newspaper in circulation in Luxembourg. In addition, any notices relating to the delisting of the notes
from the Luxembourg Stock Exchange as described under “General Information — Listing” will also be published
in each of the authorized newspapers, which will be The Wall Street Journal, the Financial Times and the
Luxemburger Wort. CODELCO will be deemed to have given such notices on the date of each publication or, if
published more than once, on the date of the first publication. Notices may, at CODELCO”s option, be published on
the website of the Luxembourg Stock Exchange at www.bourse.lu.

Amendments

The Fiscal and Paying Agency Agreement may be amended by CODELCO and the Fiscal Agent without
the consent of the holders of the notes in certain limited circumstances therein provided. The notes may be amended
by CODELCO and the Fiscal Agent without the consent of the holders of notes for the purpose of correcting any
manifest error or to change the terms of the notes in any manner which CODELCO deems necessary or desirable
and which shall not adversely affect the interests of the holders of outstanding notes in any material respect. The
Fiscal and Paying Agency Agreement may otherwise be amended, and the rights and obligations of CODELCO and
the rights of the holders of notes under the notes may be modified, with the consent of holders of more than 66 2/3%
in principal amount of the notes outstanding, except that the consent of all holders of notes will be required: (1) to
change the definition of Interest Payment Date or the stated maturity date; (ii) to reduce the principal amount of or
the interest rate on any Note; (iii) to change the obligation to pay Additional Amounts or the option to redeem the
notes (see “—Payment of Additional Amounts,” and “—Tax Redemption”); (iv) to change the place of payment
where, or the coin or currency in which, interest is payable; (v) to impair the right of holders of notes to institute suit
for the enforcement of payments of interest; (vi) to reduce the percentage amount of notes outstanding the consent of
whose holders is required in order to amend the notes or the Fiscal and Paying Agency Agreement; and (vii) to
modify the provisions of the notes or the Fiscal and Paying Agency Agreement governing the amendment of the
notes or the Fiscal and Paying Agency Agreement.

Governing Law; Submission to Jurisdiction; Sovereign Immunity

The notes will be governed by, and will be construed and interpreted in accordance with, the law of the
State of New York. The notes will provide that CODELCO will maintain at all times during the life of the notes an
office or agent in the Borough of Manhattan, The City of New York, upon whom process may be served in any
action arising out of or based on the notes which may be instituted in the Supreme Court of the State of New York or
the United States District Court for the Southern District of New York, in either case in the Borough of Manhattan,
The City of New York, by any holder of a note, and CODELCO will expressly accept the jurisdiction of any such
court.

To the extent that CODELCO may be entitled, in any jurisdiction in which judicial proceedings may at any
time be commenced with respect to the notes, to claim for itself or its revenues or assets any immunity from suit,
Jurisdiction, attachment in aid or execution of a judgment or prior to a judgment, execution of a judgment or any
other legal process with respect to its obligations under the notes, and to the extent that in any such jurisdiction there
may be attributed to CODELCO such an immunity (whether or not claimed), CODELCO will irrevocably agree not
to claim and will irrevocably waive such immunity to the maximum extent permitted by law.

Article 226 of the Mining Code of Chile prohibits the attachment and judicial sale of a debtor”s mining
concessions and installations and other goods permanently dedicated to exploration or extraction of minerals relating
to those mining concessions, except with respect to mortgages. However, a debtor may consent to such attachment
and sale, provided that the consent is given in the same judicial proceeding in which the attachment and sale is
sought. The general waiver of immunity by CODELCO in the notes will not be effective with respect to immunity

102
under Article 226. In addition, pursuant to the Chilean Constitution, mining concessions corresponding to mining
deposits exploited by CODELCO upon its creation in 1976 cannot be subject to attachment nor to any act of
disposition by CODELCO.

Further Issues of Notes
Without the consent of the holders, CODELCO may create and issue additional notes with terms and
conditions that are the same (or the same except as to scheduled interest payments prior to the time of issue of the

additional notes) as the terms and conditions of an outstanding series of notes, including the notes. CODELCO may
consolidate the additional notes to form a single series with an outstanding series of notes, including the notes.

103
TAXATION
General

The following is a summary of certain Chilean tax and U.S. federal income tax considerations (and certain
EU related tax consequences) relating to the purchase, ownership and disposition of notes. The summary does not
purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase
the notes, and, except to the extent certain tax consequences related to European Union Council Directive
2003/48/EC are described below, it does not describe any tax consequences arising under the laws of any national,
state, or local taxing jurisdiction other than the United States and Chile.

This summary is based on the tax laws of Chile and the United States as in effect on the date of this
offering memorandum, as well as regulations, rulings and decisions of Chile and the United States available on or
before such date and now in effect. All of the foregoing is subject to change, which may apply retroactively and
could affect the continued validity of this summary.

Prospective purchasers of the notes should consult their own tax advisors as to the Chilean, United States or
other tax consequences of the purchase, ownership and disposition of the notes, taking into account the application
of the tax considerations discussed below to their particular situation, as well as the application of state, local,
foreign or other tax laws.

On February 4, 2010, Chile and the United States entered into a tax treaty (the “Treaty”), the application of
which is subject to ratification by the competent authorities of both countries before it can enter into effect, and
which may apply to income generated in Chile or the United States by a resident of either country. Investors should
consult their own advisors regarding the application of the Treaty to their particular circumstances and the date on
which a particular Treaty provision will enter into effect.

Chilean Taxation

The following is a general summary of the material consequences under Chilean tax law, as currently in
effect, of an investment in the notes made by a “Foreign Holder.” For purposes of this summary, the term “Foreign
Holder” means (1) an individual not resident or domiciled in Chile or (ii) a legal entity that is not incorporated under
the laws of Chile, unless the notes are assigned to a branch or a permanent establishment of such entity in Chile. For
purposes of Chilean taxation, (a) an individual is a resident of Chile if such individual has remained in Chile for
more than six months in any calendar year, or for more than six months in total within two consecutive calendar
years and (b) an individual is domiciled in Chile if such individual resides in Chile with the intention of remaining in
Chile (the intention will be determined according to the circumstances).

Under Chile”s income tax law (the “Income Tax Law”), payments of interest or premium, if any, made by
CODELCO in respect of the notes to a Foreign Holder will generally be subject to a Chilean withholding tax
assessed at a rate of 4% (the “Chilean Interest Withholding Tax”).

However, the same interest that qualifies for the referenced 4% withholding tax rate is subject to special
additional 31% tax rate, with the additional 31% tax imposed on CODELCO, to the extent paid to entities related to
the Company on the portion of our indebtedness considered to be excessive (thin capitalization rules). Our
indebtedness will be considered to be excessive (“Excessive Indebtedness”) when in the calendar year when the
notes are issued the Company has an indebtedness with entities related to CODELCO qualifying for the 4%
withholding tax rate that exceeds three times our “net worth” as calculated for Chilean tax purposes. Consequently,
such interest paid to entities related to us with respect to debt that exceeds the Excessive Indebtedness will be
subject to a 31% surtax.

Under the Excessive Indebtedness rules, a lender or creditor, such as the holder of the notes, will be
deemed to be related to the payor or debtor if (i) the lender or creditor is incorporated, domiciled or resident in a tax
haven (qualified as such by the Chilean Ministry of Finance, based on the list of harmful preferential tax regimes
and tax havens published by the Organization for Economic Co-operation and Development) at the time of granting

104
the loan, (ii) the lender or debtor, directly or indirectly, owns or participates in 10% or more of the capital or the
profits of the other, or if the lender and debtor have a common partner or shareholder which, directly or indirectly,
owns or participates in 10% or more of the capital or the profits of both or (iii) the debt is guaranteed directly or
indirectly by a third party with cash or cash equivalent securities (excluding the securities evidencing obligations of
the borrower with any of its related entities) for the amount effectively guaranteed.

The Income Tax Law provides that a Foreign Holder is subject to income tax on his Chilean source income,
Chilean source income is defined by the Income Tax law as income arising from goods located in Chile or activities
performed in Chile, regardless of the domicile or residence of the taxpayer. In line with this, capital gains arising
from the sale or other disposition by a Foreign Holder of the notes generally should not be subject to Chilean income
taxes provided that such sales or other dispositions occur outside of Chile and are made to a Foreign Holder.

The Income Tax Law does not refer to the source of income in case of notes issued abroad by a Chilean
company and as of the date of this offering memorandum, there are no specific rulings from the Chilean internal
revenue service under which the capital gain earned by a Foreign Holder on the sale or other disposition outside of
Chile of a note issued abroad by a Chilean company to a Foreign Holder may be considered a Chilean source of
income. However, recent interpretations issued by the Chilean internal revenue service with respect to notes that
counsel believes are distinguishable from the notes offered hereby, could be read to imply that any capital gain
acquired by a Foreign Holder arising from the sale or disposition of notes issued by a Chilean company would
generally be considered Chilean source income, without regard to the tax residency of the Foreign Holder. Chilean
internal revenue service interpretations are not binding on taxpayers.

As described above, CODELCO has agreed, subject to specific exceptions and limitations, to pay to the
holders of notes Additional Amounts in respect of the Chilean Interest Withholding Tax in order that any interest or
premium the Foreign Holder receives, net of the Chilean Interest Withholding Tax, equals the amount which would
have been received by such Foreign Holder in the absence of such withholding. See “Description of Notes—
Payment of Additional Amounts.”

A Foreign Holder will not be liable for estate, gift, inheritance or similar taxes with respect to its holdings
unless the notes held by a Foreign Holder are either located in Chile at the time of such Foreign Holder”s death, or,
if the notes are not located in Chile at the time of a Foreign Holder”s death, if such notes were purchased or acquired
with monies obtained from Chilean sources.

The issuance of the notes is subject to a 0.4% stamp tax, which will be payable by CODELCO.

If the stamp tax is not paid when due, Chile”s Tax Law imposes penalties (fines, interests and
readjustments), which will also be payable by CODELCO. In addition, until such tax (and any penalty) is paid,
Chilean courts would not enforce any action brought with respect to the notes. We have agreed to pay promptly
such tax when due.

United States Taxation

Pursuant to U.S. Treasury Department Circular 230, holders of notes or prospective purchasers are
hereby notified that: (a) any discussion of U.S. federal tax issues contained or referred to in this offering
memorandum or any document referred to herein is not intended or written to be used, and cannot be used
by note holders for the purpose of avoiding penalties that may be imposed under the Code; (b) such
discussion is written for use in connection with the promotion or marketing of the transactions or matters
addressed herein; and (c) note holders should seek advice based on their particular circumstances from an
independent tax advisor.

This summary of U.S. federal income tax considerations deals principally with U.S. Holders (as defined
below) that will hold CODELCO notes as capital assets and whose functional currency is the U.S. dollar. It does not
purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular
investor”s decision to purchase notes and generally does not address the tax treatment of U.S. Holders that may be
subject to special tax rules, such as certain banks, tax-exempt entities, partnerships (or entities classified as a

105
partnership for U.S. federal income tax purposes) or partners therein, insurance companies, dealers in securities, or
persons that will hold notes as part of an integrated investment (including a “straddle”) consisting of the notes and
one or more other positions, nor does it address the tax treatment of U.S. Holders that do not acquire notes as part of
the initial distribution at the notes” “issue price,” which will equal the first price to the public (not including bond
houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or
wholesalers) at which a substantial amount of the notes is sold for money. As used in this section “— United States
Taxation,” the term “U.S. Holder” means a beneficial owner of a note that is a citizen or resident of the United
States or a U.S. domestic corporation or that otherwise will be subject to U.S. federal income taxation on its income
irrespective of its source.

Investors should consult their own tax advisors in determining the tax consequences to them of purchasing,
owning, and disposing of the notes, including the application in their particular circumstances of the U.S. federal
income tax considerations discussed below, as well as the application of state, local, foreign, or other tax laws and
possible changes in tax laws.

Tax Consequences to U.S. Holders

Taxation of Interest and Additional Amounts. The gross amount of interest and Additional Amounts (i.e.,
without reduction for any Chilean Interest Withholding Tax at the applicable rate) will be taxable to a U.S. Holder as
ordinary interest income in respect of the notes at the time it accrues or is actually or constructively received in
accordance with the holder”s method of accounting for U.S. federal income tax purposes.

Subject to generally applicable restrictions and conditions, Chilean Interest Withholding Tax withheld on
payments of interest on the notes, or on Additional Amounts, is a foreign income tax eligible (i) for credit against a
U.S. Holder”s U.S. federal income tax liability, or (ii) at the election of such U.S. Holder, for deduction in
computing such U.S. Holder”s taxable income provided that the U.S. Holder does not elect to claim a foreign tax
credit for any foreign income taxes paid or accrued for the relevant taxable year. Interest and Additional Amounts
will constitute income from sources without the United States for foreign tax credit purposes. Such income
generally will constitute “passive category income” or, in the case of certain U.S. Holders, “general category
income.”

The calculation of foreign tax credits and, in the case of a U.S. Holder that elects to deduct foreign taxes,
the availability of such deduction, involves the application of rules that depend on a U.S. Holder”s particular
circumstances. U.S. Holders should consult their own tax advisors regarding the availability of foreign tax credits
and the treatment of Additional Amounts.

Taxation of Dispositions. A U.S. Holder will generally recognize taxable gain or loss upon the sale,
exchange, redemption or other taxable disposition of the notes in an amount equal to the difference between the
amount realized upon such sale, exchange, redemption or other disposition (reduced by an amount attributable to
accrued but unpaid interest and Additional Amounts not previously included in income, which will be taxable in the
manner described above under “—Taxation of Interest and Additional Amounts”) and such U.S. Holder”s adjusted
tax basis in those notes. A U.S. Holder”s adjusted tax basis in a note will generally equal such U.S. Holder”s initial
investment in the note. Such gain or loss will be long-term capital gain or loss if the notes are held for more than
one year. Under current laws, certain non-corporate U.S. Holders (including individuals) may be eligible for a
preferential rate in respect of long-term capital gain. The deduction of capital losses is subject to limitations.

Tax Consequences to Non-U.S. Holders
For purposes of the following discussion a “non-U.S. Holder” means a beneficial owner of the notes that is
not, for U.S. federal income tax purposes, a U.S. Holder or a partnership (or an entity or arrangement classified as a

partnership for U.S. federal income tax purposes). A non-U.S. Holder generally will not be subject to U.S. federal
income or withholding tax on:

106
e interest and Additional Amounts received in respect of the notes, unless those payments are effectively
connected with the conduct by the non-U.S. Holder of a trade or business (and, if required by an
applicable income tax treaty, attributable to a permanent establishment) in the United States; or

+ gain realized on the sale, exchange, redemption, retirement or other taxable disposition of the notes,
unless (1) that gain is effectively connected with the conduct by the non-U.S. Holder of a trade or
business (and, if required by an applicable income tax treaty, attributable to a permanent
establishment) in the United Sates or, (ii) in the case of gain realized by an individual non-U.S. Holder,
the non-U.S. Holder is present in the United States for 183 days or more in the taxable year of the
disposition and certain other conditions are met.

Information Reporting and Backup Withholding

Payments of interest and Additional Amounts on the notes and sales or redemption proceeds that are made
within the United States or through certain U.S.-related financial intermediaries generally are subject to information
reporting and to backup withholding unless (i) the holder is a corporation or other exempt recipient or (ii) in the case
of backup withholding, the holder provides a correct taxpayer identification number and certifies that it is not
subject to backup withholding.

Any amounts withheld under the backup withholding rules from a payment to a holder will be refunded (or
credited against such holder”s U.S. federal income tax liability, if any), provided the required information is properly
furnished to the U.S. Internal Revenue Service.

A non-U.S. Holder generally will not be subject to information reporting or backup withholding, but such a
holder may have to comply with certification procedures to establish that it is not a United States person.

European Union Savings Directive

Under Council Directive 2003/48/EC (the “Directive”) on the taxation of savings income, each Member
State of the European Union is required to provide to the tax authorities of another Member State details of
payments of interest or other similar income paid by a person within its jurisdiction to, or secured by such a person
for, an individual beneficial owner resident in, or certain limited types of entity established in, that other Member
State. However, for a transitional period, Austria and Luxembourg will (unless during such period they elect
otherwise) instead operate a withholding system in relation to such payments. Under such a withholding system, the
beneficial owner of the interest payment must be allowed to elect that certain provision of information procedures
should be applied instead of withholding. The rate of withholding is 35%. The transitional period is to terminate at
the end of the first full fiscal year following agreement by certain non-EU countries to exchange of information
procedures relating to interest and other similar income. The Luxembourg government has announced that
Luxembourg will elect out of the withholding system in favor of automatic exchange of information with effect from
January 1, 2015.

A number of non-EU countries and certain dependent or associated territories of certain Member States
have adopted similar measures to the Directive.

A proposal for amendments to the Directive has been published, including a number of suggested changes
which, if implemented, would broaden the scope of the rules described above. Investors who are in any doubt as to
their position should consult their professional advisers.

If a payment under a note were to be made by a person in a Member State or another country or territory
which has opted for a withholding system and an amount of, or in respect of, tax were to be withheld from that
payment pursuant to the Directive or any law implementing or complying with, or introduced in order to conform to
the Directive, neither CODELCO nor any paying agent nor any other person would be obliged to pay Additional
Amounts under the terms of such note as a result of the imposition of such withholding tax.

107
The Proposed Financial Transactions Tax

In September 2011, the EU Commission attempted to introduce an EU-wide financial transactions tax.
However, not all the Member States were in favour of such a tax and so the tax could not be implemented in all
Member States. Subsequently, 11 Member States of the EU requested that the EU Commission develop a proposal
for the introduction of a common financial transactions tax (“FTT”) for each of those Member States. The EU
Commission developed such a proposal under the EU’s enhanced co-operation procedure which allows nine or more
Member States to implement common legislation. In January 2013, the EU Council of Ministers authorised the EU
Commission to proceed with enhanced cooperation for a common FTT and the EU Commission has now published
a draft Directive containing proposals for the FTT. This FTT is intended to be introduced in the 11 participating
Member States (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia).
Additional Member States may decide to participate.

The proposed FTT imposes a charge on a wide range of financial transactions, including purchases and
sales of financial instruments, including bonds; this charge will be levied at not less than 0.1% of the sale price.
Material modifications of financial instruments also attract a charge at the applicable rate. In both cases, the charge
is applied separately to each financial institution that is party to a transaction; if a financial institution does not pay
the tax then its counterparty will be jointly and severally liable.

A charge to FTT will arise if at least one party to a financial transaction is established in a participating
Member State and a financial institution established in (or which is treated as established in) a participating Member
State is a party to the transaction, for its own account, for the account of another person, or if the financial institution
is acting in the name of a party to the transaction.

It is important to be aware that a financial institution will be treated as established in a participating
Member State if, among other things, its seat is there, it is authorised there (as regards authorised transactions) or it
is acting via a branch in that Member State (as regards branch transactions). It may also be treated as established in
a participating Member State in relation to a particular transaction, merely because it is entering into the financial
transaction with another person who is established in that Member State.

Furthermore, a financial institution which is not otherwise established in a participating Member State will
be treated as established in a participating Member State in respect of a financial transaction if it is a party (for its
own account or for the account of another person), or is acting in the name of a party, to a financial transaction in
respect of a financial instrument issued within that Member State. The other party to such a transaction will, to the
extent not otherwise established in a participating Member State, also be treated as established in that Member State.

There are limited exemptions to the proposed FTT and there are no broad exemptions for financial
intermediaries or market makers. Therefore, the effective cumulative rate applicable to some dealings in financial
instruments could be greatly in excess of the headline rate of the tax.

Even though the FTT is to be introduced only in the participating Member States, if the FTT is introduced
in the form proposed it could make dealings in financial instruments more costly for persons both inside and outside
the 11 participating Member States, and the FTT could be payable in relation to notes issued under this offering
memorandum if the FTT is introduced in the form proposed and the conditions for a charge to arise are satisfied.

The proposed FTT is still under review and it may therefore change significantly before it is implemented.

It is currently proposed that the FTT should be introduced in the participating Member States on January 1, 2014.
Prospective holders of the notes are strongly advised to seek their own professional advice in relation to the FTT.

108
PLAN OF DISTRIBUTION

Subject to the terms and conditions of the purchase agreement between CODELCO and HSBC Securities
(USA) Inc., Merrill Lynch, Pierce, Fenner $: Smith Incorporated and Mitsubishi UFJ Securities (USA), Inc., the
initial purchasers have severally agreed to purchase from the Company the following respective principal amounts
of notes listed opposite their name below at the initial offering price set forth on the cover page of this offering
memorandum, less discounts and commissions:

Initial Purchasers Principal Amount of Notes
HSBC Securities (USA) IMC. coocoocicioninninnininninnnonincnninnnn con cononcna conan can cor arrancan U.S.$300,000,000
Merrill Lynch, Pierce, Fenner 8 Smith
Incorporated 300,000,000
Mitsubishi UFJ Securities (USA), Inc. “e 150,000,000
Total ccccicninioninninnnnconinnnnnoncnnincnn coronan conan conca arrancar U.S.5750,000,000

The purchase agreement provides that the obligations of the several initial purchasers to purchase the notes
offered hereby are subject to certain conditions precedent and that the initial purchasers will purchase all of the notes
offered by this offering memorandum if any of these notes are purchased. The initial purchasers may use any of
their affiliates to purchase any of the notes.

After the initial offering, the initial purchasers may change the offering price and other selling terms.

CODELCO has agreed to indemnify the initial purchasers against certain liabilities, including liabilities
under the Securities Act, and to contribute to payments the initial purchasers may be required to make in respect of
any of these liabilities.

The notes have not been registered under the Securities Act. Each initial purchaser has agreed that it will
offer or sell the notes only (i) in the United States to qualified institutional buyers in reliance on Rule 144A under
the Securities Act or (1i) in offshore transactions in reliance on Regulation S under the Securities Act. The notes
being offered and sold pursuant to Regulation S may not be offered, sold or delivered in the United States or to, or
for the account or benefit of, any U.S. person, unless the notes are registered under the Securities Act or an
exemption from, the registration requirements thereof is available. Resales of the notes are restricted as described
under “Transfer Restrictions.”

Until forty (40) days after the later of the commencement of the offering and the closing date, any offer or
sale of notes within the United States by a broker-dealer (whether or not participating in this offering) may violate
the registration requirements of the Securities Act, unless such offer or sale is made pursuant to Rule 144A under the
Securities Act or another available exemption from the registration requirements thereof. Terms used above have
the meanings given to them by Regulation S and Rule 144A under the Securities Act.

CODELCO has agreed, that for a period of 60 days from the date of the purchase agreement, CODELCO
will not, without prior consent of the initial purchasers, offer, sell or contract to sell, or otherwise dispose of (or
enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether
by actual disposition or effective economic disposition due to cash settlement or otherwise) by CODELCO or any
affiliate of CODELCO or any person in privity with CODELCO or any of’its affiliates), directly or indirectly, or
announce the offering of, any debt securities issued or guaranteed by CODELCO (other than the notes).

The notes are a new issue of securities without an established trading market. The notes will be listed only
on the Official List of the Luxembourg Stock Exchange; however, the notes have not yet been listed. The notes are
expected to trade on the Euro MTF market of the Luxembourg Stock Exchange. See “General Information—
Listing.” The initial purchasers may make a market in the notes after completion of the offering, but will not be
obligated to do so and may discontinue any market-making activities at any time without notice. No assurance can
be given as to the liquidity of the trading market for the notes or that an active market for the notes will develop. If
an active public trading market for the notes does not develop, the market price and liquidity of the notes may be
adversely affected. If the notes are traded, they may trade at a discount from their initial offering price, depending

109
on prevailing interest rates, the market for similar securities, our operating performance and financial condition,
general economic conditions and other factors.

In connection with this offering, the initial purchasers, or any person acting for any of them, may over-allot
or effect transactions with a view to supporting the market price of the notes at a level higher than that which might
otherwise prevail for a limited period after the issue date. However, there is no obligation for the initial purchasers,
or any person acting for any of them, to do this. Such stabilizing, if commenced, may be discontinued at any time.

The initial purchasers and their affiliates have performed certain commercial banking, investment banking
or advisory services for us from time to time for which they have received customary fees and expenses. The initial
purchasers may, from time to time, continue to engage in transactions with and perform services for us in the
ordinary course of their business. Certain affiliates of HSBC Securities (USA) Inc. are lenders to us under various
credit facilities totaling U.S.$828.9 million currently. An affiliate of HSBC Securities (USA) Inc. is the custody
agent and onshore account bank with respect to our acquisition of a 29.5% stake in Anglo American Sur. See
“Business and Properties— Associations, Joint Ventures and Partnerships.” The Bank of Tokyo-Mitsubishi UEJ,
Ltd., an affiliate of Mitsubishi UFJ Securities (USA), Inc., acts in several capacities under various credit facilities
totaling U.S.$779.3 million. An affiliate of Merrill Lynch, Pierce, Fenner € Smith Incorporated is a lender under a
U.S.$300 million term loan to us.

In addition, in the ordinary course of their business activities, the initial purchasers and their affiliates may
make or hold a broad array of investments and actively trade debt and equity securities (or related derivative
securities) and financial instruments (including bank loans) for their own account and for the accounts of their
customers. Such investments and securities activities may involve securities and/or instruments of ours or our
affiliates. Certain of the initial purchasers or their affiliates that have a lending relationship with us routinely hedge
their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters
and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of
credit default swaps or the creation of short positions in our securities, including potentially the notes offered
hereby. Any such short positions could adversely affect future trading prices of the notes offered hereby. The initial
purchasers and their affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or financial instruments and may hold, or recommend to clients that they
acquire, long and/or short positions in such securities and instruments.

Delivery of the notes is expected on or about August 13, 2013, which will be the fifth business day
following the date of pricing of the notes (this settlement cycle being referred to as “T+5”). Under Rule 15c6-1 of
the Exchange Act, trades in the secondary market generally are required to settle in three business days, unless the
parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date of
pricing or the next succeeding business day will be required, by virtue of the fact that the notes initially will settle in
T+S, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers
of the notes who wish to trade notes on the pricing date or the next succeeding business day should consult their own
advisor.

Notice to Prospective Investors in the European Economic Area

In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a “Relevant Member State”), each initial purchaser has represented and agreed that with effect from
and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the
“Relevant Implementation Date”) it has not made and will not make an offer of notes which are the subject of the
offering contemplated by this offering memorandum to the public in that Relevant Member State other than:

(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) to fewer than 100 or, ifthe Relevant Member State has implemented the relevant provision of the
2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as

defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to
obtaining the prior consent of the initial purchasers for any such offer; or

110
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such offer of notes shall require the Company or any initial purchaser to publish a prospectus
pursuant to Article 3 of the Prospectus Directive.

This offering memorandum has been prepared on the basis that any offer of notes in any Relevant Member
State will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish an
offering memorandum for offers of notes. Accordingly any person making or intending to make an offer in that
Relevant Member State of notes which are the subject of the offering contemplated in this offering memorandum
may only do so in circumstances in which no obligation arises for the Company or any of the initial purchasers to
publish an offering memorandum pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither
the Company nor the initial purchasers have authorized, nor do they authorize, the making of any offer of notes in
circumstances in which an obligation arises for the Company or the initial purchasers to publish an offering
memorandum for such offer.

For the purposes of this provision, the expression an “offer of notes to the public” in relation to any notes in
any Relevant Member State means the communication in any form and by any means of sufficient information on
the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for
the notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in
that Member State, and the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and
includes any relevant implementing measure in the Relevant Member State and the expression 2010 PD Amending
Directive means Directive 2010/73/EU.

Notice to Prospective Investors in the United Kingdom
Each initial purchaser has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to
be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of
the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1)
of the FSMA does not apply to the Company; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to the notes in, from or otherwise involving the United Kingdom.

Notice to Prospective Investors in Hong Kong

The notes may not be offered or sold in Hong Kong by means of any other document other than (1) in
circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.
32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures
Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do
not result in the document being a “prospectus” within the meaning of the Companies Ordinance (Cap. 32, Laws of
Hong Kong) and no advertisement, invitation or document relating to the notes may be issued or may be in the
possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is
directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if
permitted to do so under the laws of Hong Kong) other than with respect to notes which are or are intended to be
disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the
Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

Notice to Prospective Investors in Japan
The notes offered in this offering memorandum have not been registered under the Securities and Exchange

Law of Japan, and the notes have not been offered or sold and will not be offered or sold, directly or indirectly, in
Japan or to or for the account of any resident of Japan, except (1) pursuant to an exemption from the registration

111
requirements of the Securities and Exchange Law, and (ii) in compliance with any other applicable requirements of
Japanese law.

Notice to Prospective Investors in Singapore

This offering memorandum has not been registered as a prospectus with the Monetary Authority of
Singapore. Accordingly, this offering memorandum and any other document or material in connection with the
offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the
notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to persons in Singapore other than (1) to an institutional investor under Section 274 of the Securities and
Futures Act, Chapter 289 of Singapore (the “SFA””, (11) to a relevant person pursuant to Section 275(1), or any
person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or
(iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in
each case subject to compliance with conditions set forth in the SFA.

Where the notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

e acorporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more
individuals, each of whom is an accredited investor; or

e a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and
each beneficiary of the trust is an individual who is an accredited investor,

e shares, debentures and units of shares and debentures of that corporation or the beneficiaries” rights
and interest (howsoever described) in that trust shall not be transferred within six months after that
corporation or that trust has acquired the notes pursuant to an offer made under Section 275 of the SFA
except:

e toan institutional investor (for corporations, under Section 274 of SFA) or to a relevant person defined
in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such
shares, debentures and units of shares and debentures of that corporation or such rights and interest in
that trust are acquired at a consideration of not less than U.S.$200,000 (or its equivalent in a foreign
currency) for each transaction, whether such amount is to be paid for in cash or by exchange of
securities or other assets, and further for corporations, in accordance with the conditions specified in
Section 275 of the SFA;

* where no consideration is or will be given for the transfer; or
e where the transfer is by operation of law.
Notice to Prospective Investors in Switzerland

The notes may not and will not be publicly offered, distributed or redistributed on a professional basis in or
from Switzerland only on the basis of a non-public offering, and neither this offering memorandum nor any other
solicitation for investments in the notes may be communicated or distributed in Switzerland in any way that could
constitute a public offering within the meaning of articles 652a or 1156 of the Swiss Federal Code of Obligations or
of Article 2 of the Federal Act on Investment Funds of March 18, 1994. This offering memorandum may not be
copied, reproduced, distributed or passed on to others without the initial purchasers” prior written consent. This
offering memorandum is not a prospectus within the meaning of Articles 1156 and 652a of the Swiss Code of
Obligations or a listing prospectus according to article 32 of the Listing Rules of the Swiss exchange and may not
comply with the information standards required thereunder. We will not apply for a listing of the notes on any
Swiss stock exchange or other Swiss regulated market and this offering memorandum may not comply with the
information required under the relevant listing rules. The notes have not been and will not be approved by any
Swiss regulatory authority. The notes have not been and will not be registered with or supervised by the Swiss

112
Federal Banking Commission, and have not been and will not be authorized under the Federal Act on Investment
Funds of March 18, 1994. The investor protection afforded to acquirers of investment fund certificates by the
Federal Act on investment Funds of March 18, 1994 does not extend to acquirers of the notes.

Notice to Prospective Investors in Chile

The notes may not be offered or sold in Chile, directly or indirectly, by means of a “Public Offer” (as
defined under Law 18.045 and regulations from the SVS). Chilean institutional investors (such as banks, pension
funds and insurance companies) are required to comply with specific restrictions relating to the purchase of the
notes.

Notice to Prospective Investors in the Republic of China

Each initial purchaser has agreed that, as part of the distribution of the notes, it has not offered or sold, and
will not offer or sell, any note directly or indirectly in the Republic of China; each initial purchaser also understands
and has acknowledged that the notes may not be sold to any related person of us (as defined in the Republic of
China Statement of Financial Accounting Standards No. 6) or any person listed in Article 36 of the Chinese
Securities Association Regulations Governing Underwriting and Resale of Securities by Securities Firms.

113
TRANSFER RESTRICTIONS

The notes have not been and will not be registered under the Securities Act or with any securities
regulatory authority in any jurisdiction and may not be offered or sold in the United States or to, or for the account
or benefit of, U.S. persons except that notes may be offered or sold to (i) QIBs in reliance upon the exemption from
the registration requirement of the Securities Act provided by Rule 144A and (ii) persons other than U.S. persons as
such term is defined in Regulation S under the Securities Act (“Foreign Purchasers”) in offshore transactions in
reliance upon Regulation S.

Each purchaser of the notes that is not a Foreign Purchaser will be deemed to:

(1) represent that it is purchasing the notes for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account is a QIB and is aware that the
sale to it is being made in reliance on Rule 144A;

(Q) acknowledge that the notes have not been and will not be registered under the Securities
Act or with any securities regulatory authority in any jurisdiction and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons except as set forth below;

(3) agree that if it should resell or otherwise transfer the securities, it will do so only pursuant
to an applicable exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act, in each case in accordance with all applicable securities laws of the states of the United
States or any other applicable jurisdiction;

(4) agree that it will deliver to each person to whom it transfers notes notice of any
restrictions on transfer of such notes;

(5) agree that it is not an “affiliate” (within the meaning of Rule 144 under the Securities
Act) of the Bank; and

(6) acknowledge that CODELCO, the Fiscal Agent, the initial purchasers and others will rely
upon the truth and accuracy of the foregoing acknowledgments, representations and agreements. Ifit is
acquiring any notes for the account of one or more QIBs, it represents that it has sole investment discretion
with respect to each such account and that it has full power to make the foregoing acknowledgments,
representations and agreements on behalf of each such account. Ifany of the acknowledgements,
representations or agreements it is deemed to have been made by the purchase of notes is no longer
accurate, it will promptly notify CODELCO and the initial purchasers.

Each 144A Global Note will bear the following legend:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAW. NEITHER THIS
NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT AND
ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) AND THAT IT
EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT OR
(B) ITIS A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR
AN ACCOUNT SATISFYING THE REQUIREMENTS OF PARAGRAPH (k)(2)(1) OF RULE 902
UNDER) REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT,
PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE
NOTES EVIDENCED HEREBY UNDER RULE 144(d) UNDER THE SECURITIES ACT (OR ANY
SUCCESSOR PROVISION), OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTES

114
EXCEPT IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND ONLY (A) TO THE
ISSUER OR A SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, (C) SO LONG AS THIS NOTE IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A, TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (E)
PURSUANT TO AN EXEMPTION FROM REGISTRATION (IF APPLICABLE). PRIOR TO THE
REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (E) ABOVE, THE COMPANY
RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO
DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. THIS NOTE IS SUBJECT TO
THE RESTRICTIONS ON TRANSFER SET FORTH IN THE FISCAL AND PAYING AGENCY
AGREEMENT REFERRED TO ON THE REVERSE HEREOF. THIS LEGEND WILL BE REMOVED
ONLY AT THE OPTION OF THE ISSUER.

Each purchaser of notes that is a Foreign Purchaser will be deemed to:

(1) represent that it is purchasing the notes for its own account or an account for which it
exercises sole investment discretion and that it and any such account is a Foreign Purchaser that is outside
the United States and acknowledge that the notes have not been and will not be registered under the
Securities Act or with any securities regulatory authority in any jurisdiction and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons except as set forth below;

(Q) agree that if it should resell or otherwise transfer the notes prior to the expiration of a
restricted period (defined as 40 days after the later of the commencement of the offering and the closing
date with respect to the notes), it will do so only (a)(1) outside the United States in compliance with
Rule 904 under the Securities Act or (1i) to a QIB in compliance with Rule 144A, and (b) in accordance
with all applicable securities laws of the states of the United States or any other applicable jurisdiction.

Each Regulation S Global Note will bear the following legend:

THIS SECURITY HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY
SECURITIES REGULATORY AGENCY IN ANY JURISDICTION, AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION NOT SUBJECT TO THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS SECURITY IS SUBJECT TO
THE RESTRICTIONS ON TRANSFER SET FORTH IN THE FISCAL AND PAYING AGENCY
AGREEMENT REFERRED TO ON THE REVERSE HEREOF. PRIOR TO THE EXPIRATION OF A
RESTRICTED PERIOD ENDING ON SEPTEMBER 22, 2013 OR SUCH LATER DATE AS THE
COMPANY MAY NOTIFY TO THE FISCAL AGENT, THIS SECURITY, OR ANY BENEFICIAL
INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT (A)(1)
OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT OR (2) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT IN COMPLIANCE WITH RULE 144A, AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

115
The transfer or exchange of a beneficial interest in a Regulation S Global Note for a beneficial interest in a
144A Global Note during the restricted period may be made only upon receipt by the Fiscal Agent of a duly
completed Rule 144A Certificate, as defined in the Fiscal and Paying Agency Agreement. Such Rule 144A
Certificate will no longer be required after the expiration of the restricted period. The transfer or exchange of a
beneficial interest in a 144A Global Note for a beneficial interest in a Regulation S Global Note may be made only
upon receipt by the Fiscal Agent of a duly completed Regulation S Certificate, as defined in the Fiscal and Paying
Agency Agreement.

For so long as the notes are listed on the Luxembourg Stock Exchange, if the notes are ever issued in
certificated form:

e. Certificated Notes will be delivered by the Fiscal Agent as described in this offering memorandum and
at the offices of the Luxembourg paying agent; and

e holders of notes in certificated form will be able to transfer or exchange their notes at the offices of the
Luxembourg transfer agent.

Any resale or other transfer, or attempted resale of other transfer, made other than in compliance with the
above stated restrictions shall not be recognized by us.

For further discussion of the requirements (including the presentation of transfer certificates) under the
Indenture to effect exchanges or transfers of interests in Global Notes, see “Description of Notes—Global Notes;
Book-Entry Form.”

We have prepared this offering memorandum solely for use in connection with the offer and sale of the
notes outside the United States, for the private placement of the notes in the United States and for the listing on the
Luxembourg Stock Exchange. We and the initial purchasers reserve the right to reject any offer to purchase, in
whole or in part, for any reason, or to sell less than the amount of notes offered pursuant to Rule 144A under the
Securities Act. This offering memorandum does not constitute an offer to any person in the United States other than
any QIB under the Securities Act to whom an offer has been made directly by the initial purchasers or an affiliate of
the initial purchasers.

Each purchaser of notes must comply with all applicable laws and regulations in force in any jurisdiction in
which it purchases, offers or sells notes or possesses or distributes this offering memorandum or any part of it and
must obtain any consent, approval or permission required by it for the purchase, offer or sale by it of notes under the
laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers or
resales, and neither the Company nor the initial purchasers shall have any responsibility therefor.

116
VALIDITY OF THE NOTES

The validity of the notes will be passed upon for CODELCO by Cleary Gottlieb Steen $£ Hamilton LLP,
New York, New York, United States counsel for CODELCO, and by Carey y Cía. Ltda., Chilean counsel to
CODELCO, and for the initial purchasers by Davis Polk $: Wardwell LLP, United States counsel for the initial
purchasers, and by Philippi, Yrarrázaval, Pulido £ Brunner Ltda., Chilean counsel for the initial purchasers. Cleary
Gottlieb Steen £ Hamilton LLP may rely without independent investigation as to all matters of Chilean law on
Carey y Cía. Ltda., and Davis Polk 8 Wardwell LLP may rely without independent investigation as to all matters of
Chilean law on Philippi, Yrarrázaval, Pulido 8 Brunner Ltda.

117
INDEPENDENT AUDITORS

The year-end consolidated financial statements of CODELCO as of December 31, 2009 and 2010 and as of
January 1, 2009 and for each of the two years ended December 31, 2010, prepared in accordance with IFRS, except
for the subsidiaries Codelco-Kupferhandel GmbH and its subsidiary, Chile Copper Ltd. and its subsidiary and Inca
de Oro S.A., Fundación de Salud del Teniente and its subsidiaries and equity-investees Copper Partner Investment
Company Ltd., Electroandina S.A. and its subsidiaries, Inversiones Mejillones S.A., Inversiones Tocopilla Ltda.,
Sociedad Contractual Minera El Abra, E-CL S.A. (formerly Edelnor S.A), Inversiones Tocopilla 2B S.A., and
Inversiones Mejillones 2 S.A., included in this offering memorandum, have been audited by Deloitte Auditores y
Consultores Ltda., independent auditors as stated in their report appearing herein (which report expresses an
unqualified opinion and includes an explanatory paragraph referring to the convenience of the translation of the
financial statements into English). The financial statements of the aforementioned subsidiaries and the equity-
method investees (none of which are presented separately herein) were audited by other independent auditors.

The consolidated financial statements of CODELCO as of and for the years ended December 31, 2011 and

2012, included in this offering memorandum, have been audited by Ernst € Young Servicios Profesionales de
Auditoría y Asesorías Limitada, independent auditors as stated in their report appearing herein.

118
GLOSSARY OF CERTAIN MINING TERMS

Andesite: A fine-grained volcanic rock, usually dark grey in color, with an average composition of 50-60% sulphur
dioxide.

Anode Copper: Blister copper that has undergone further refinement to remove impurities. In an anode furnace,
the blister copper is blown with air and a hydrocarbon redundant to upgrade its purity to approximately 99.5%
copper. lt is then cast into keystone-shaped slabs that are shipped to an electrolytic refinery.

Anodic Slime: A product with a high content of precious metals that settles on the bottom of an electrolytic cell in
the copper refinery during the production of copper cathodes. The product is called anode, or anodic, slime due to
its muddy appearance. Anode slimes have a high commercial value based on their precious metals content (silver,
gold, platinum and palladium).

Blister Copper: Copper that has been cast after passing through a converter. Blister copper is approximately
99.0% copper and takes its name from the “blisters” that form on the surface during cooling.

Breccia: A rock conglomerate made up of highly angular coarse fragments.

Calcopyrite: A combination of copper and iron sulfide with a metallic yellow-gold color, containing 34.7% copper,
30% iron and 26% sulfur.

Cathode: Copper produced by an electrochemical refining process that has been melted and cast into cakes, billets,
wire bars or rods usually weighing approximately 90kg.

Concentration: The process by which crushed and ground ore is separated into metal concentrates and reject
material through processes such as flotation. Concentrates are shipped to a smelter for further processing.

Concentrator: A plant where concentration takes place.
Converter: A plant that conducts a principal phase of the smelting process, blowing oxygen-enriched air through,
molten metal, causing oxidation and the removal of sulfur and other impurities. In the case of copper, the product of

this process is blister copper.

Copper Concentrate: A product of the concentrator usually containing 25% to 30% copper. It is the raw feed
material for smelting.

Copper Grade: The concentration of copper in a given volume of rock, usually expressed as a percentage.

Dacite: A fine-grained volcanic rock similar in composition to andesite but containing a greater abundance of
quartz crystals that are frequently visible to the naked eye.

Development: Activities related to the building of infrastructure and the stripping and opening of mineral deposits,
commencing when economically recoverable reserves can reasonably be estimated to exist and generally continuing
until commercial production begins.

Diorite: A dark, coarsely crystalline igneous rock, similar in composition to granite that is composed principally of
silica, alumina, calcium and iron.

Electrolytic Refining: Electrochemical refining of copper anodes. Copper anodes are placed between layers of
refined copper sheets in a tank through which an acid copper sulfate solution is circulated. A low voltage current is
introduced, causing the transfer of copper from the anodes to the pure copper sheets, and producing 99.98% copper
cathodes. Impurities, often containing precious metals, settle to the bottom of the tank.

Electrowinning: The process of directly recovering copper from solution by the action of electric currents.

119
Exploration: Activities associated with ascertaining the existence, location, extent or quality of a mineral deposit.
Fine Copper: 99.99% pure copper obtained through metallurgical processes.

Flotation: A process of copper concentrate production in which mineral particles attach themselves to the bubbles
in an oily froth and rise to the surface, where they are skimmed off. This process is used primarily for the
concentration of sulfide ores.

Flux: A high grade silica, which reacts with iron oxides formed during smelting and converting stages to create a
molten slag.

Geological Resources (measured, indicated and inferred): Concentrations or occurrences of materials in such
form, quantity (tonnage and ore grade) and quality, based on specific geological evidence and knowledge, which
allows for the calculation of the amount, ore grade and quality of the material with some level of confidence.

Grade A Copper: Electrolytic copper, in the form of cathodes, that (1) is at least 99.99% pure, (1i) meets the LME”s
highest standards for copper quality, and (iii) is named in the LME-approved list of brands of Grade A copper.

Indicated Resources (geological or mineral resources): Resources about which CODELCO”s knowledge is
substantial but less extensive than its knowledge of measured resources.

Inferred Resources (geological or mineral resources): Resources about which CODELCO”s knowledge is only
indirect.

Intrusion: A geologic processes in which magmatic material flows to the earth’s surface through pre-existing
rocks.

Leached Capping: An abundant mass of iron oxide concentrated in the upper zones of a porphyry copper deposit.

Leaching: The process of extracting a soluble metallic compound from an ore by selectively dissolving it in a
suitable solvent.

Matte: A high density liquid that is produced during the concentrate fusion stage of the pyro-metallurgical process.

Matte Sulfide: A high density liquid containing copper and iron sulfides that is produced of the concentrate fusion
stage of the pyro-metallurgical process.

Measured Resources (geological or mineral resources): Resources about which CODELCO”s knowledge is both
extensive and direct.

Milling: A treatment process in which ore is ground into a fine powder.
Mine: Mines are the source of mineral-bearing material found near the surface or deep in the ground.

Mineral Deposit: A mineralized underground body that has been probed by a sufficient number of closely-spaced
drill holes and/or underground sampling measurements to support an estimate of sufficient tonnage and ore grade to
warrant further exploration or development. Mineral deposits or mineralized materials do not qualify as
commercially minable ore reserves (i.e., probable reserves or proved reserves), as prescribed under standards of the
U.S. Bureau of Mines Circular 831 of 1980, until a final and comprehensive economic, technical, and legal
feasibility study based upon the test results has been concluded.

Mineral Resources (measured, indicated and inferred): Geological resources about which CODELCO has

achieved increased knowledge and which enable CODELCO to generate a long-term mining plan for the
exploitation of such resources.

120
Mineralization: A deposit of rock containing one or more minerals for which the economics of recovery have not
yet been established.

Molybdenum: A metallic element, grayish in color, that resembles chromium and tungsten in many properties, and
is used especially in strengthening and hardening steel.

Ore: A mineral or aggregate of minerals from which metal can be economically mined or extracted.
Ore Grade: The average amount of metal expressed as a percentage or in ounces per metric ton.
Ore Deposit: Category including all geological resources, mineral resources and ore reserves.

Ore Reserves: The economically mineable part of a mineral resource.

Ounces: Unit of weight. A troy ounce equals 31,103 grams or 1.097 avoirdupois ounces.
Outokumpu Flash Furnace: Pyro-metallurgical technology used to smelt copper concentrate.
Overburden: The alluvium and rock that must be removed in order to expose an ore deposit.

Oxide Ore: Metalliferous minerals altered by weathering, surface waters, and their conversion, partly or wholly,
into oxides, carbonates, or sulfates.

Pierce Smith Converter: Horizontal furnace to remove impurities from white metal by oxidation.
Porphyry: Rock with siliceous minerals and fine-medium grained size.
Porphyry-type Ore Body: Deposit of porphyric rocks with economic mineralization.

Probable Ore Reserves: Ore reserves about which CODELCO”s knowledge is substantial but less extensive than
its knowledge of proved ore reserves.

Proved Ore Reserves: Ore reserves about which CODELCO”s knowledge is both extensive and direct. Quantities
of proved ore reserves are computed from dimensions revealed in outcrops, trenches, workings or drill holes, and
grade and quality are computed from the results of detailed sampling. Sites for inspection, sampling and
measurement of proved ore reserves are spaced so closely together, and the geologic character of the ore is so well
defined, that its size, shape, depth and mineral content are well established.

Reclamation: The process of restoring mined land to a condition established by applicable law. Reclamation
standards vary widely, but usually address issues of ground and surface water, topsoil, final slope gradients,
overburden and revegetation.

Refining: The purification of crude metallic substances.

Reverberatory Furnace: A furnace with a shallow hearth and a ceiling that reflects flames toward the hearth or
radiates heat toward the surface of the charge.

Rod Mill: A large rotating cylinder in which metal rods are used for grinding ore.

Slag: A residue of the smelting process containing iron and other impurities, which the Company disposes of with
its other industrial solid waste.

Smelting: A pyro-metallurgical process in which metal is separated by fusion from those impurities with which it
may be chemically combined or physically mixed.

121
Solvent Extraction: A method of separating one or more substances from a chemical solution by treatment with a
suitable organic solvent.

Subvertical: Amount of waste material removed during mining per metric ton of ore extracted in a near-vertical
spatial orientation.

Sulfide Ore: Ore characterized by the inclusion of metal in the crystal structure of a sulfide mineral.

Tabular: Having a near-rectangular geometric configuration close to a rectangular shape.

Tailings: Finely ground rock from which valuable minerals have been extracted by concentration.

Teniente Converter: A horizontal rotary furnace into which matte, concentrates and flux are placed, and through
which oxygen-rich air is blown to provide sufficient heat to smelt the concentrates. Off-gases are captured and
transported to the acid plant.

Teniente Modified Converter: An advanced pyro-metallurgical technology used to smelt copper concentrate.

Tera: A metric prefix meaning 10”, or one trillion.

Ton: A unit of weight. One metric ton equals 2,204.6 pounds. One short ton equals 2,000 pounds. Unless
otherwise specified in this document, “tons” refers to metric tons.

Tourmaline: A dark-green hydrosilicate that exists in altered rock zones in some ore deposits.

122
GENERAL INFORMATION
Authorization

The Ministry of Finance of Chile authorized Codelco to commence negotiations to issue bonds abroad by
Resolution No. 1265 dated June 4, 2013. The Ministry of Finance of Chile authorized the issuance of the notes by
Resolution No. 1745 dated July 26, 2013.

CODELCOS*s Board of Directors authorized the issuance of the notes in its ordinary session of
May 30, 2013 by means of Reserved Agreement No. 26/2013. CODELCO has obtained all other consents and
authorizations necessary under Chilean law for the issuance of the notes.

Litigation

CODELCO is not involved in any litigation or arbitration proceeding which is material in the context of the
issuance of the notes. CODELCO is not aware of any material litigation or arbitration proceeding that is pending or
threatened.
Clearing

CODELCO has applied to have the notes accepted into DTC”s book-entry settlement system. The notes

have been accepted for clearance through the clearing systems of Euroclear System and Clearstream Banking,
société anonyme. The securities codes are:

Common Code ISIN Number CUSIP Number
Rule 144A Global Note .. 096130953 US21987BAS79 21987BAS7
Regulation S Global Note 096130945 USP3143NAR54 P3143NARS

Listing

Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and for
trading on the Euro MTF market of the Luxembourg Stock Exchange, in accordance with its rules and regulations.
According to the Rules and Regulations of the Luxembourg Stock Exchange, the notes shall be freely transferable
and therefore no transaction made on the Luxembourg Stock Exchange shall be cancelled.

As long as the notes are listed on the Luxembourg Stock Exchange, you may receive free of charge copies
of the following documents at the offices of the listing agent or the Luxembourg paying and transfer agents on any
business day:

e this offering memorandum;

e the fiscal and paying agency agreement attaching the forms of the notes;
e CODELCO”s Unaudited Interim Consolidated Financial Statements;

e CODELCOS’s statutory documents;

+ English translations of the official letter authorizing the incurrence of indebtedness as issued by the
Ministry of Finance; and

e the most recent annual report, including the audited consolidated financial statements, of CODELCO.

The notes have been issued in registered, book-entry form through the facilities of DTC, and will be issued
in certificated form only under the limited circumstances described in this offering memorandum.

123
CODELCO will apply to list the notes on the Official List of the Luxembourg Stock Exchange and for
trading on the Euro MTF Market of the Luxembourg Stock Exchange in accordance with its rules and regulations.
The notes are not yet listed. If any European or national legislation is adopted and is implemented or takes effect in
Luxembourg in a manner that would impose requirements on us that CODELCO, in its discretion determines are
impracticable or unduly burdensome, CODELCO may de-list the notes. In these circumstances, there can be no
assurance that CODELCO would obtain an alternative admission to listing, trading and/or quotation for the notes by
another listing authority, exchange and/or system within or outside the European Union. For information regarding
the notice requirements associated with any delisting decision, see “Description of Notes—Notices.”

CODELCO has initially appointed The Bank of New York Mellon (Luxembourg) S.A. to serve as its
Luxembourg listing agent, paying agent and transfer agent. You can contact the listing agent and the Luxembourg
paying agent and transfer agent at the addresses listed on the inside back cover of this offering memorandum.
CODELCO will maintain a paying agent and transfer agent so long as the notes are listed on the Luxembourg Stock
Exchange, and such financial institution has been appointed in such way that the financial service of the notes is
ensured in Luxembourg. Any change in the Luxembourg paying or transfer agent will be communicated to the
Luxembourg Stock Exchange and through publication in a daily newspaper in Luxembourg.

Financial Condition

There has been no material adverse change in CODELCO*s financial condition since the date of the last
audited financial statements.

124

CODELCO

CODELCO – CHILE

Interim Unaudited Consolidated Financial Statements as of and for the three-
month period ended March 31, 2013

(Translation to English of interim unaudited consolidated financial statements
originally issued in Spanish – see Note 1.2)

F-1
TABLE OF CONTENTS

INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(As of and for the three-month period ended as of March 31, 2013)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see
Note 1.2)

INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME…
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
– DIRECT METHOD

INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY…
Il. GENERAL INFORMATION… … …

1. CORPORATE INFORMATION… … …

2. BASIS OF PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS.
II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .ccooccccnccncncnnnanonnan

1. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS ….

2. SIGNIFICANT ACCOUNTING POLICIES

3. NEW STANDARDS AND INTERPRETATIONS ADOPTED BY THE CORPORACION.
III. EXPLANATORY NOTES

1. CASH AND CASH EQUIVALENTS.

2. TRADE AND OTHER RECEIVABLES

3. BALANCE AND RELATED PARTY DISCLOSURES ..

4. INVENTORIES

5. — DEFERRED TAXES AND INCOME TAXES

6. CURRENT TAX ASSETS AND LIABILITIES…..

7. PROPERTY, PLANT AND EQUIPMENT ….

8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD.
9. SUBSIDIARIES …

10. OTHER NON-CURRENT NON-FINANCIAL ASSETS..

11. CURRENT AND NON-CURRENT FINANCIAL ASSETS..

12. INTEREST-BEARING BORROWINGS

13. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

14. FAIR VALUE HIERARCHY

15. TRADE AND OTHER PAYABLES..

16. OTHER PROVISIONS

17. EMPLOYEE BENEFITS

18. NET EQUITY

19. OPERATING INCOME

20. EXPENSES BY NATURE ..

21. OTHER REVENUES AND EXPENSES BY FUNCTION

22. FINANCE COSTS

23. OPERATING SEGMENTS

24. FOREIGN EXCHANGE DIFFERENCES

25. STATEMENT OF CASH FLOWS …
26. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES ..oooccccccccicconnnos

F-2
27.
28.
29.
30.
31.
32.
33.

DERIVATIVES CONTRACTS
CONTINGENCIES AND RESTRICTIONS .
GUARANTEES
BALANCES IN FOREIGN CURRENCY
SANCTIONS
SUBSEQUENT EVENTS
ENVIRONMENTAL EXPENDITURES…

F-3
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of March 31, 2013 and December 31, 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see

Note 1.2)
Notes 3/31/2013 — 12/31/2012 01/01/2012
Assets
Current Assets
Cash and cash equivalents 1 1,330,758 1,263,823 1,382,876
Other current financial assets 11 23,708 8,709 193,237
Other current non-financial assets 52,263 24,015 36,413
Trade and other current receivables 2 1,120,201 2,149,103 1,968,269
Accounts receivables due from related companies, current 3 13,085 29,442 56,357
Inventory 4 2,838,743 2,431,965 2,014,838
Current tax assets 6.a 302,021 627,570 254,930
Total current assets 5,680,779 6,534,627 5,906,920
Non-current assets
Other non-current financial assets 11 141,100 132,999 102,593
Other non-current non-financial assets 10 37,826 37,677 203,950
Non-current receivables 2 169,856 171,699 132,721
Accounts receivables due from related companies, non-current 3 21,356 41,305 75,860
Investment accounted for using the equity method 8 7,452,599 7,644,612 945,055
Intangible assets other than goodwill 19,282 19,178 12,292
Property, Plant and Equipment, net 7 17,463,983 17,023,542 13,216,512
Investment property 18,004 18,004 17,789
Total non-current assets 25,324,006 25,089,016 14,706,772
Total assets 31,004,785 31,623,643 20,613,692

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-4
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of March 31, 2013 and December 31, 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see

Note 1.2)

Notes 3/31/2013 12/31/2012 01/01/2012

Liabilities and Equity

Liabilities
Current liabilities
Other current financial liabilities 12 905,882 864,779 1,643,424
Trade and other current payables 15 1,650,331 2,245,592 1,782,459
Accounts payables to related companies, current 3 108,743 143,364 126,850
Other current provisions 16 158,315 209,895 210,514
Current tax liabilities 6.b 11,742 50,205 137,267
Current employee benefit accruals 16 424,942 549,975 459,251
Other current non- financial liabilities 58,823 75,162 56,317
Total current liabilities 3,318,778 4,138,972 4,416,082
Non-current liabilities
Other non-current financial liabilities 12 9,271,192 9,262,324 6,395,154
Other non-current payables – – 319
Accounts payables to related companies, non-current 3 268,901 275,011 308,616
Other non-current provisions and accrued expenses 16 1,564,444 — 1,554,167 1,013,441
Deferred tax liabilities 5 2,839,463 2,896,262 1,407,491
Non-current employee benefit accruals 16 1,331,318 1,323,294 1,092,966
Other non-current non-financial liabilities 6,512 4,390 3,094
Total non-current liabilities 15,281,830 15,315,448 10,221,081
Total liabilities 18,600,608 19,454,420 14,637,163
Equity

Issued Capital 2,524,423 2,524,423 2,524,423
Retained earnings 4,482,654 4,235,899 1,680,894
Other Reserves 18 3,287,301 3,309,495 1,769,192
Equity attributable to owners of the parent 10,294,378 10,069,817 5,974,509
Non-controlling interests 18 2,109,799 2,099,406 2,020
Total equity 12,404,177 12,169,223 5,976,529
Total liabilities and equity 31,004,785 31,623,643 20,613,692

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-S
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three-month periods ended as of March 31, 2013 and 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see

Note 1.2)
Notes 1/1/2013 1/1/2012
3/31/2013 3/31/2012

Profit (loss)

Revenue 19 3,277,676 3.963,855
Cost of sales (2,250,103) — (2,307,848)
| Gross profit 1,027,573 — 1,656,007
Other Income, by function 21a 31,975 25,568
Distribution costs (3,373) (3,533)
Administrative expenses (127,283) — (112,103)
Other expenses 21.b (301,424) (352,329)
Other gains (losses) 10,759 8,504
| Profit (losses) from operating activities 638,227 1,222,114
Finance income 11,757 10,129
Finance costs 22 (89,245) (69,594)
Share of profit of associates and joint ventures accounted for using the 8 99,223 116,129
equity method

Foreign exchange differences 24 (60,158) (72,971)
| Profit for the period before tax 599,804 1,205,807
Income tax expense 5 (342,314) (723,485)
| Profit for the period 257,490 482,322
Profit (loss) attributable to:

Profit attributable to owners of the parent 246,594 482,521
Loss attributable to non-controlling interests 18.b 10,896 (199)

| Profit for the period 257,490 482,322

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-6
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUATION)

For the three-month periods ended as of March 31, 2013 and 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see
Note 1.2)

Notes 1/1/2013 1/1/2012
3/31/2013 3/31/2012
Profit for the period 257,490 482,322
Components of other comprehensive income (loss), before tax:

Exchange differences on conversion

Gain (loss) on exchange differences on conversion, before tax 233 912

Other comprehensive income, before tax, exchange differences on 233 912
conversion

Cash flow hedges

Gain (loss) on cash flow hedges, before tax 26,623 46,924
er comprehensive income before tax, exchange differences on 26,623 46,924
Share of other comprehensive income (loss) of associates and joint ventures (379) (2,042)
accounted for using the equity method, before tax

Other comprehensive income (loss), before tax 26,477 45,794 |
Income tax related to components of other comprehensive income:
Income tax related to cash flow hedges of other comprehensive income 5 (15,933) (29,207)

Aggregated income tax related to components of other (15,933) — (29,207)
comprehensive income

Other comprehensive income (loss) 10,544 16,587

Total comprehensive income 268,034 498,909
Comprehensive income attributable to:

Comprehensive income attributable to owners of the parent 257,138 499,108

Comprehensive income attributable to non-controlling interests 19.b 10,896 (199)

| Total comprehensive income 268,034 498,909 |

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-7
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS – DIRECT METHOD

For the three-months periods ended as of March 31, 2013 and 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see

Note 1.2)
Notes 1/1/2013 1/1/2012
3/31/2013 3/31/2012
Cash flow provided by (used in) operating activities:
Cash receipts provided by operating activities
Cash flows provided by sales of goods and rendering of services 4,264,192 4,278,925
Other cash flows provided by operating activities 25 594,462 512,894
Types of cash payments
Payments to suppliers for goods and services (2,447,661) (2,411,677)
Payments to and on behalf of employees (643,313) (557,635)
Other cash flows used in operating activities 25 (735,407) (927,886)
Dividends received 269,940 35,910
Income taxes paid (103,220) (403,767)
Net cash flows provided by operating activities 1,198,993 526,764 |
Cash flows provided by (used in) investing activities:
Other payments to acquire equity or debt instruments of other entities (1,547) –
Purchases of property plant and equipment (1,150,192) (693,218)
Collections from related companies 27,429 16,650
Interest received 14,334 7,164
Other inflows (outflows) of cash 10,806 73,096
Net cash flows from (used in) investing activities (1,099,170) (596,308) |
Cash flows provided by (used in) financing activities:
Proceeds from the issue of shares 236,606 203,636
Repayments of borrowings (201,265) (204,276)
Interest paid (68,229) (110,911)
Net cash flows from (used in) financing activities (32,888) (111,551)
A increase (decrease) in cash and cash equivalents before foreign exchange 66,935 (181,095)
Net increase (decrease) in cash and cash equivalents 66,935 (181,095)
Cash and cash equivalents at beginning of period 1 1,263,823 1,382,876
Cash and cash equivalents at end of period 1 1,330,758 1,201,781

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-8
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three-month periods ended as of March 31, 2013 and 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

Reserve of
actuarial

Issued Foreign currency | Cashflow | gainsand Other Total other Retained Equity attributable | Non-controlling
March 31, 2013 conversion hedge losses in miscellaneous reserves to owners of the interests Total Equity

Capital reserve reserve defined reserves earings parent
benefits

plans
Note 19 Note 19

Initial Balance as of 1/1/2013 2,524,423 (5,673) . 3,368,246 3,364,182 4,189,769 10,078,374 2,099,406 | 12,177,780
Increase (decrease) from changes in accounting policies – – – (54,687) – (54,687) 46,130 (8,557) – (8,557)
Opening balance reformulated 2,524,423 (5,673) (54,687) 3,368,245 3,309,495 4,235,899 10,069,817 2,099,406 12,169,223
Changes in equity
Profit for the period 246,594 246,594 10,896 257,490
Other comprehensive income (loss) – 10,544 – 10,544
Comprehensive income 257,138 10,896 268,034
Dividends Paid
Increase (decrease) through transfers and other changes – – – (32,738) (32,738) 161 (32,577) (503) (33,080)
Total increase (decrease) in equity – – (33,117) (22,194) 246,755 224,561 10,393 234,954

Final Balance as of 3/31/2013 2,524,423 (54,687) 3,335,129 3,287,301 4,482,654 10,294,378 2,109,799 12,404,177

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.
CORPORACION NACIONAL DEL COBRE DE CHILE
INTERIM UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the three-month periods ended as of March 31, 2013 and 2012
(In thousands of US dollars – TRUS$)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

Reserve of Total other Non-controlling

actuarial ii
terests
Foreign currency | Cash flow gains and Other reserves Equity attributable nieres

Retained to owners of the Total Equity
earnings arent
Note 19 P Note 19

March 31, 2012 Issued conversion hedge losses in miscellaneous

Capital reserve reserve defined reserves
benefits

Initial Balance as of 1/1/2012 2,524,423 (272,349) . 2,101,585 1,829,519 1,709,068 6,063,010 2,020 6,065,030
Increase (decrease) from changes in accounting policies – – – (60,327) – (60,327) (28,174) (88,501) – (88,501)
Opening balance reformulated 2,524,423 (272,349) (60,327) 2,101,585 1,769,192 1,680,894 5,974,509 2,020 5,976,529
Changes in equity
Profit for the period 482,521 482,521 (199) 482,322
Other comprehensive income (loss) – (2,042) 16,587 – 16,587
Comprehensive income 499,108 (199) 498,909
Dividends Paid

Increase (decrease) through transfers and other changes – – – – – (81,299) (81,299) 505 (80,794)
Total increase (decrease) in equity – 17,717 – (2,042) 16,587 401,222 417,809 306 418,115
Final Balance as of 3/31/2012 2,524,423 (254,632) (60,327) 2,099,543 1,785,779 2,082,116 6,392,318 6,394,644

The accompanying notes form an integral part of these Interim Unaudited Consolidated financial statements.

F-10
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

l.. GENERAL INFORMATION
1. Corporate Information

Corporación Nacional del Cobre de Chile, Codelco (hereinafter referred to as “Codelco – Chile”, the
“Corporation”), is the largest copper producer in the world. lts most important product is refined copper,
primarily in the form of cathodes. The Corporation also produces copper concentrates, blister and anode
copper and by-products such as molybdenum, anode slime and sulfuric acid. Codelco also
manufactures wire rods in Germany, a semi-manufactured product that uses copper cathodes as raw
material through an associated company (discussed in Note 8).

The Corporation trades ¡ts products based on a policy with the objective of selling refined copper to
manufacturers or producers of semi-manufactured products.

These products contribute to diverse fields of community development, particularly those intended to
improve areas such as public health, energy efficiency, and sustainable development, among others.

Codelco is registered under Securities Registry No. 785 of the Chilean Superintendency of Securities
and Insurance (the “SVS”) and is subject to the supervision of said SVS. According to Article 10 of Law
No. 20,392 (on the new Corporate Governance of Codelco), such supervision will be on the same terms
as publicly traded companies, notwithstanding the provisions in Decree Law (D.L.) No. 1,349 of 1976,
which created the Comisión Chilena del Cobre (“Chilean Copper Commission”).

Codelco’s head office is located in Santiago, Chile, at 1270 Huérfanos, telephone number (56 2)
26903000.

Codelco Chile was formed as stipulated by D.L. No. 1,350 of 1976, which is the statutory decree of the
Corporation. In accordance with the statutory decree, Codelco is a state-owned mining, industrial and
commercial company, which is a separate legal entity with its own equity. Codelco Chile currently
carries out its mining business through its divisions Chuquicamata, Radomiro Tomic, Salvador, Andina,
El Teniente, Ventanas and Gabriela Mistral. The Gabriela Mistral division is in charge of the ore deposit
of the same name, whose operations were, until December 31, 2012, the responsibility of its subsidiary
Minera Gaby SpA., a wholly owned subsidiary of the Corporation which was absorbed by Codelco on
that date. In 2010 the Corporation was authorized by its Board of Directors to invest in the operation of
the new division Ministro Hales Mine, whose estimated initial operating date is during the last quarter of
2013. The Corporation also carries out similar activities in other mining deposits in association with third
parties.

In accordance with letter e) of Article 10 of Law No. 20,392, Codelco is governed by its organic
standards set forth in Decree Law No. 1,350 (D.L. No. 1,350) and that of its statutes, and in matters not
covered by them and, insofar as they are compatible and do not go against the provisions of these
rules, the rules that govern publicly traded companies and the common laws as applicable to them.

F-11
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

In accordance with D.L. No. 1.350 Section IV related to the Company’s Exchange and Budget
Regulations, Codelco’s financial activities are conducted following a budgeting system that is composed
of an Operations Budget, an Investment Budget and a Debt Amortization Budget.

The tax system applicable to Codelco’s income is in accordance with Article 26 of D. L. No. 1.350, which
refers to Decree Laws No. 824 on Income Tax of 1974 and Decree Law No. 2.398 (Article 2) of 1978, as
applicable. The Corporation’s income ¡is also subject to a Specific Mining Tax in accordance with Law
No. 20.026 of 2005.

The Corporation is subject to Law No. 13,196, which mandates the payment of a 10% tax over the
foreign currency return on the sale value (FOB) of copper production, including its by-products.

The subsidiaries whose financial statements are included in these interim consolidated financial
statements correspond to companies located in Chile and abroad, which are detailed in Note 2 d of
Section Il to the Summary of Significant Accounting Policies.

The associates correspond to companies located in Chile and abroad, which are detailed in the
Explanatory Notes Section 11! Note 8.

2. Basis of Presentation of the Interim Consolidated Financial Statements

The Corporation’s interim consolidated financial statements are stated in thousands of US dollars and
were prepared based on the accounting records maintained by Codelco Chile and its subsidiaries, and
have been prepared in accordance with International Financial Reporting Standards (IFRS), issued by
the International Accounting Standards Board (hereinafter “lASB”).

Responsibility for the Information and Use of Estimates

The Board of Directors of the Corporation has been informed of the information included in these interim
financial statements and expressly states ¡ts responsibility for the consistent and reliable nature of the
information included in the interim consolidated financial statements as of March 31, 2013, for the
effects of which IFRS principles issued by the lASB have been applied in full. The March 31, 2013
interim consolidated financial statements were approved by the Board of Directors in the meeting on
May 30, 2013.

Accounting Principles

These interim consolidated financial statements reflect the financial position of Codelco Chile and its
subsidiaries as of March 31, 2013 and 2012, the results of their operations, the changes in net equity
and cash flows for periods ended March 31, 2013 and 2012, and their related notes, all of which have
been prepared and presented in accordance with IAS 34 “Presentation of Interim Financial Reporting”
which considers the respective regulations of the Chilean Superintendency of Securities and Insurance
(£SVS”), and do not conflict with IFRS.

F-12
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

For the convenience of the reader, these interim consolidated financial statements and their
accompanying notes have been translated from Spanish to English.

lI. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.

Significant Accounting Judgments, Estimates and Assumptions

The preparation of these interim consolidated financial statements in conformity with IFRS requires the
use of certain critical accounting estimates and assumptions that affect the amounts of assets and
liabilities recognized as of the date of financial statements and the amounts of income and expenses
during the reporting period. lt also requires the Corporation’s management to exercise its judgment in
the process of applying the Corporation’s accounting principles. The areas involving a higher degree of
judgment or complexity, or areas where assumptions and estimates are significant to the interim
consolidated financial statements as follows:

a)

b)

Useful Economic Lives and Residual Values of Property, Plant and Equipment – The useful
lives and residual values of property, plant and equipment assets that are used for calculating the
depreciation are determined based on technical studies prepared by specialists (internal or
external). When there are indicators that could lead to changes in the estimated useful lives of such
assets, these changes are determined by using technical estimates considering specific factors
related to the use of the assets.

The studies consider specific factors related to the use of assets.

Ore Reserves – The measurements of ore reserves are based on estimates of the ore resources
that are economically exploitable, and reflect the technical considerations of the Corporation
regarding the amount of resources that could be exploited and sold at prices exceeding the total
cost associated with the extraction and processing.

The Corporation applies judgment in determining the ore reserves, and as such, possible changes
in these estimates could significantly impact the estimates of net revenues over time. For such
reason, these changes would lead to modifications in the usage estimates of certain assets and of
the amount of certain decommissioning and restoration costs.

The Corporation estimates its reserves and mineral resources based on the information composed
by the Competent Persons of the Corporation, defined and regulated by the Chilean Law N*
20.235. The estimates are based on the JORC (Joint Ore Reserves Committee) methodology,
taking into consideration the historical information of the cost of goods sold and copper prices in
the international market.

The Corporation also periodically reviews such estimates, supported by world-class external
experts, who certify the determined reserves.

F-13
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

c) Impairment of Assets – The Corporation reviews the carrying amount of its assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the assets is estimated in order to determine the extent
of the impairment loss with regard to the carrying amount. In the evaluation of impairment, the
assets are grouped into cash generating units (“CGU’s”) to which the assets belong. The
recoverable amount of these assets or CGUs ¡is calculated as the present value of the cash flows
expected to be derived from such assets, considering a pre-tax discount rate that reflects current
market assessments of the time value of money and risks specific to the asset. If the recoverable
amount of the assets is less than their carrying amount, an impairment loss exists.

The Corporation defines the CGUs and also estimates the timing and cash flows that such CGUs
should generate. Subsequent changes in the grouping of the CGU, or changes in the assumptions
supporting the estimates of cash flows or the discount rate, could impact the carrying amounts of
the corresponding assets.

The Corporation has assessed and defined that the CGUs are constituted at the level of each of its
current operating divisions.

The review for impairment includes subsidiaries, associates and joint arrangements.

d) Provisions for Decommissioning and Site Restoration Costs – The Corporation is obligated to
incur in decommissioning and site restoration costs when environmental disturbance is caused by
the development or ongoing production of a mining property. Costs are estimated on the basis of a
formal closure plan and are reassessed annually or as of the date such obligations become known.

For these purposes, a defined list of mine sites, installations and other equipment assigned to this
process, considered at the engineering level profile, the cubings of assets that will be subject to
removal and restoration, weighted by a structure of market prices of goods and services, reflecting
the best knowledge at the time to carry out such activities, as well as techniques and more efficient
construction procedures to date. In the process of valuation of the activities mentioned, the
assumptions of the exchange rate for tradable goods and services must be made, and the discount
rate applied to update the relevant cash flows over time, which reflects the time value of money
and includes the risks associated with liabilities, which is determined based on the currency in
which disbursements will be made.

The provision as of a reporting date represents management’s best estimate of the present value
of the future decommissioning and site restoration costs required. Changes to estimated future
costs are recognized in the statement of financial position by either increasing or decreasing the
rehabilitation liability and rehabilitation asset if the initial estimate was originally recognized as part
of an asset measured in accordance with lAS 16 Property, Plant and Equipment. Any reduction in
the decommissioning and site restoration liability and therefore any deduction from the
decommissioning and site restoration asset may not exceed the carrying amount of that asset. If it
does, any excess over the carrying value is taken immediately to profit or loss.

F-14
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

If the change in estimate results in an increase in the decommissioning and site restoration liability
and therefore an addition to the carrying value of the asset, the entity is required to consider
whether this is an indication of impairment of the asset as a whole and test for impairment in
accordance with lAS 36. If the revised asset net of decommissioning and site restoration provisions
exceeds the recoverable value, that portion of the increase is charged directly to profit or loss
statement. Any decommissioning and site restoration costs that arose as a result of the production
phase of a mine, should be expensed as incurred.

The costs arising from the installation of a plant or other site preparation projects are discounted at
net present value, provided for and capitalized at the beginning of each project, as soon as the
obligation to incur such costs arises. These decommissioning costs are charged to net income
over the life of the mine, through depreciation of the asset. The depreciation is included in
operating costs, while the unwinding of the discount in the provision is included in finance costs.

e) Accrual for Employee Benefits – Employee benefits costs for severance payments and health
benefits for services rendered by the employees are determined based on actuarial calculations
using the Projected Credit Unit Method, and are charged to profit or loss on an accrual basis.

The Corporation uses assumptions to determine the best estimate for these benefits. Such
estimates, as well as assumptions, are determined together with an external actuary. These
assumptions include demographic assumptions, mortality and morbidity, discount rate and
expected salary increases and rotation levels, among other factors. Although the Corporation
believes that the assumptions used are appropriate, a change in these assumptions could affect
net income.

f) Accruals for Open Invoices – The Corporation uses information on future copper prices, through
which it recognizes adjustments to ¡ts revenues and trade receivables, due to the conditions of its
provisional invoicing. These adjustments are updated on a monthly basis and the accounting
principle on “Revenue recognition” is referred to in letter q) of the section 2 “Significant accounting
policies” of the current document.

g) Fair Value of Derivatives and Other Instruments – Management may use ¡ts judgment to choose
an adequate and proper valuation method for the instruments that are not quoted in an active
market. The Corporation applies customary valuation techniques used by other professionals in
the industry. In the case of derivative financial instruments, assumptions are based on the
observable market inputs, adjusted in conformity with the specific features of the instruments.

h) Lawsuits and Contingencies – The Corporation assesses the probability of lawsuits and
contingency losses on an ongoing basis according to estimates performed by its legal advisors. For
cases in which management and the Corporation’s legal advisors believe that a favorable outcome
will be obtained or when the results are uncertain and the lawsuits are still pending resolution, no
provisions are recognized.

F-15
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Although these above-mentioned estimates have been made based on the best information
available as of the date of issuance of these interim consolidated financial statements, it is possible
that future developments may force the Corporation to modify these estimates in upcoming
periods. Such modifications, if occurred, would be adjusted prospectively, recognizing the effects of
the change in estimate on the corresponding future consolidated financial statements, as required
by IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.

2. Significant accounting policies

a)

b)

Period covered – The accompanying interim consolidated financial statements of Corporación
Nacional del Cobre de Chile include:

– Statements of Financial Position as of March 31, 2013, December 31, 2012 and January 1st,
2012.

– Statements of Comprehensive Income for the three-month period ending March 31, 2013 and
2012.

– Statements of Changes in Equity for the three-month period ending March 31, 2013 and 2012.

– Statements of Cash Flows for the three-month ending March 31, 2013 and 2012.

Basis of Preparation – The interim consolidated financial statements of the Corporation for the
period ended as of March 31, 2013 have been prepared in conformity with IFRS, as issued by the
¡ASB.

The interim consolidated statement of financial position as of December 31, 2012 and the
statements of comprehensive income, of net equity and of cash flows for the three-month period
ended March 31, 2012, included for comparative purposes, have been prepared in conformity with
IFRS, on a consistent basis with the criteria used by the Corporation for the three-month period
ended March 31, 2013.

These interim consolidated financial statements have been prepared based on the accounting
records kept by the Corporation.

Functional Currency – The functional currency of Codelco is the US dollar, which is the currency
of the primary economic environment in which the Corporation operates and the currency in which
it receives ¡ts revenues. Transactions other than those in the Corporation’s functional currency are
translated at the exchange rate prevailing at the date of the transactions. Monetary assets and
liabilities denominated in currencies other than the functional currency are retranslated at closing
exchange rates. Gains and losses from foreign currency conversion are included in the period profit
or loss within the line item “Foreign Exchange differences”.

The presentation currency of the interim consolidated financial statements of Codelco is the US
dollar.

F-16
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

The functional currency of subsidiaries, associates and joint ventures, likewise corresponds to the currency
of the primary economic environment in which those entities operate and the currency in which they receive
their revenues, as established in IAS 21. However, regarding those subsidiaries and associates that
correspond only to an extension of the operations of Codelco (entities that are not self-sufficient and whose
main transactions are performed with Codelco), the functional currency is also the US dollar, as this is the
functional currency of Codelco.

d)

When the indicators are mixed and the functional currency is not obvious, management uses ¡ts
judgment to determine the functional currency that most faithfully represents the economic effects
of the underlying transactions, events and conditions under which each entity operates.

Basis of Consolidation – The consolidated financial statements incorporate the financial
statements of the Corporation and its subsidiaries.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the
Corporation obtains control, and continue to be consolidated until the date when such control
ceases.

The financial statements of the subsidiaries are prepared for the same reporting period as the
parent company, using consistent accounting policies.

In the consolidation process, all significant balances and transactions between the consolidated
companies have been fully eliminated, and the equity share of non-controlling interests has been
recognized and presented as “Non-controlling Interests”. The consolidated financial statements
take into account the elimination of intercompany balances, transactions and unrealized profit and
loss between the consolidated companies, including foreign and local subsidiaries. The companies
incorporated in the consolidation are detailed as follows:

F-17
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

CORPORACION NACIONAL DEL COBRE DE CHILE

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
3/31/2013 12/31/2012
Taxpayer Functional ii
Ma Company Country Currency Entity Share Percentage no
Direct Indirect Total Total
Foreign Chile Copper Limited England GBP 100.00 – | 100.00 100.00
Foreign Codelco Services Limited England GBP – 100.00 | 100.00 100.00
Foreign Codelco Group Inc. United States of America USD 100.00 – | 100.00 100.00
Foreign Codelco Metals Inc. United States of America USD – 100.00 | 100.00 100.00
Foreign Codelco USA Inc. United States of America USD – 100.00 | 100.00 100.00
Foreign Codelco International Limited Bermuda USD 100.00 – | 100.00 100.00
Foreign Codelco Technologies Ltd. Bermuda USD – 100.00 | 100.00 100.00
Foreign Codelco do Brasil Mineracao Brazil BRL – 100.00 | 100.00 100.00
Foreign Codelco Kupferhandel GmbH Germany EURO 100.00 – | 100.00 100.00
Foreign Metall Agentur GmbH Germany EURO – 100.00 | 100.00 100.00
Foreign Ecometales Limited Anglonormandars USD – 100.00 | 100.00 100.00
Foreign Codelco Shanghai Company Limited China USD 100.00 100.00 100.00
78.712.170-5 | Compañia Minera Picacho (SCM) Chile USD 99.99 0.01 | 100.00 100.00
78.860.780-6 | Compañia Contractual Minera los Andes Chile USD 99.97 0.03 | 100.00 100.00
79.566.720-2 | Isapre Chuquicamata Ltda. Chile CLP 98.30 1.70 | 100.00 100.00
81.767.200-0 | Asociacion Garantizadora de Pensiones Chile CLP 96.69 – 96.69 96.69
88.497.100-4 | Clínica San Lorenzo Limitada Chile CLP 99.90 0.10 | 100.00 99.90
76.521.250-2 | San Lorenzo Institución de Salud Previsional Ltda, Chile CLP – 99.90 99.90 99.90
89.441.300-K | Isapre Río Blanco Ltda. Chile CLP 99.99 0.01 | 100.00 100.00
96.817.780-K | Ejecutora Hospital del Cobre Calama S.A. Chile USD 99.99 0.01 | 100.00 100.00
96.819.040-7 | Complejo Portuario Mejillones S.A. Chile USD 99.99 0.01 | 100.00 100.00
96.854.500-0 | Instituto de Innovación en Minería y Metalurgia S.A. Chile USD 99.93 – 99.93 99.93
96.876.140-4 | Santiago de Río Grande S.A. Chile USD 99.99 0.01 | 100.00 100.00
96.991.180-9 | Biosigma S.A. Chile USD 66.67 – 66.67 66.67
99.569.520-0 | Exploraciones Mineras Andinas S.A. Chile USD 99.90 0.10 | 100.00 100.00
99.573.600-4 | Clinica Río Blanco S.A. Chile CLP 99.00 1.00 | 100.00 100.00
76.064.682-2 | Centro de Especialidades Médicas Río Blanco Ltda. Chile CLP 99.00 1.00 | 100.00 100.00
77.773.260-9 | Sociedad de Inversiones Copperfield Ltda. Chile USD 99.99 0.01 | 100.00 100.00
76.883.610-8 | Energía Minera S.A. Chile USD 99.00 1.00 | 100.00 100.00
76.043.396-9 | Innovaciones en Cobre S.A Chile USD 0.10 99.90 | 100.00 100.00
76.148.338-2 | Sociedad de Procesamiento de Molibdeno Ltda. Chile USD 99.90 0.10 | 100.00 100.00
76.167.903-1 | Inversiones Mineras Acrux SpA. Chile USD – 67.80 67.80 67.80
76.173.357-5 | Inversiones Gacrux SpA. Chile USD 100.00 – | 100.00 100.00
76.231.838-5 | Inversiones Mineras Nueva Acrux SpA Chile USD – 67.80 67.80 67.80
76.237.866-3 | Inversiones Mineras Los Leones SpA Chile USD 100.00 – | 100.00 100.00
76.173.783-K | Inversiones Mineras Becrux SpA Chile USD – 67.80 67.80 67.80
76.124.156-7 | Centro de Especialidades Médicas San Lorenzo Ltda. Chile USD – 100.00 | 100.00 100.00
76.255.061-k | Central Eléctrica Luz Minera SpA Chile USD 100.00 – | 100.00 100.00
76.255.054-7 | Planta Recuperadora de Metales SpA Chile USD 100.00 100.00 100.00
76.255.667-7 | MCM Equipos S.A. Chile USD 100.00 100.00 100.00
70.905.700-6 | Fusat Chile CLP – – –
76.334.370-7 — | Inst. De Salud Previsional Fusat Ltda. Chile CLP – –
78.394.040-k | Centro de Servicios Médicos Porvenir Ltda. Chile CLP – 99.00 99.00 99.00
96.796.530-8 | Inmobiliaria Centro de Especialidades Torre Médica S.A. Chile CLP – 75.09 75.09 75.09
77.928.390-9 | Inmobiliaria e Inversiones Rio Cipreces Ltda. Chile CLP – 99.99 99.99 99.99
77.270.020-2 _ | Prestaciones de Servicios de la Salud Intersalud Ltda. Chile CLP – 99.00 99.00 100.00

For the purposes of these interim consolidated financial statements, subsidiaries, associates, acquisitions
and disposals and joint ventures are defined as follows:

– — Subsidiaries – A subsidiary is an entity over which the Corporation has power to govern its
operating and financial policies in order to obtain benefits from its activities under the
conditions of IFRS 10. The consolidated financial statements include all assets, liabilities,
revenues, expenses and cash flows of Codelco and ¡ts subsidiaries, after eliminating all inter-
company balances and transactions. For partially owned subsidiaries, the net assets and net
earnings attributable to non-controlling shareholders are presented as “Non-controlling

F-18
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

interests” in the consolidated statements of financial position and consolidated statement of
income.

– Associates – An associate is an entity over which Codelco is in the position to exercise
significant influence, but not to control or jointly control, through the power to participate in the
financial and operating policy decisions of that entity.

Codelco’s share of the net assets of such entities is included in the consolidated financial
statements by using the equity method. This requires recording the initial investment at cost
and then, in subsequent periods, adjusting the carrying amount of the investment to reflect
Codelco’s share in the income of associates, less any impairment of goodwill and any other
changes in the associate’s net assets.

The Corporation makes adjustments to the proportional gains or losses obtained by the
associate after the acquisition, in order to consider the effects that may exist in the
depreciation of fair value of the assets according to the date of acquisition.

– — Acquisitions and Disposals – The results of businesses acquired are incorporated in the
consolidated financial statements from the acquisition date; the results of businesses sold
during the period are incorporated into the consolidated financial statements up to the
effective date of disposal. Gains or losses from the disposal are calculated as the difference
between the sale proceeds (net of expenses) and the net assets attributable to the ownership
interest that has been sold.

Upon the occurrence of operations that generate a loss of control over a subsidiary, the
valuation of investment which results from the loss of control in the subsidiary must be based
on the fair values of such companies.

If at the time of acquisition of an investment in an associate, Codelco’s share in the net fair
value of identifiable assets and liabilities of the associate is higher than the cost of the
investment, the Corporation recognizes revenue in the period in which such purchase was
made.

– Joint Ventures – The entities that qualify as joint ventures, in which joint control exists over
the operating and financial decisions, are accounted for using the equity method.

F-19
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

e)

Foreign currency transactions – Monetary assets and liabilities denominated in foreign currency
have been translated into U.S. dollars at the closing exchange rate of the period.

At the reporting period-end, monetary assets and liabilities denominated in currency other than the
functional currency, indexed in unidades de fomento (UF or inflation index-linked units of account)
(3/31/2013: US$48.48 ; 12/31/2012: US$47.51 ), are translated into U.S. dollars at the closing
exchange rates of each period.

Income and expenses denominated in Chilean pesos have been translated into U.S. dollars at the
exchange rate at the date when the transaction was recorded in the accounting records.

Exchange differences are recognized in net income in accordance with IFRS.
The financial statements of subsidiaries, associates and jointly controlled entities, whose functional
currency is different from the presentation currency of Codelco, are translated using the following

procedures:

– — Assets and liabilities for each statement of financial position presented shall be translated at
the closing rate at the date of that statement of financial position.

– Income and expenses for each statement of comprehensive income shall be translated at
average exchange rates of the reporting period.

– All resulting exchange differences are recognized as a separate component of net equity.

The exchange rates used in each period are as follows:

Period-end exchange rates
Rate 3/31/2013 | 12/31/2012
USD / CLP 0.00212 0.00208
USD / GBP 1.5186 1.61629
USD / BRL 0.49554 0.48957
USD / EURO 1.28254 1.32188

Offsetting Balances and Transactions: As a general standard, assets and liabilities, income and
expenses, are not offset in the financial statements, except for those cases in which offsetting is
required or is allowed by some standard and the presentation is a reflection of the transaction.

Income or expenses arising from transactions which, for contractual or legal reasons, consider the
possibility of offsetting and which the Corporation intends to liquidate for their net value or realize
the assets and pay the liabilities simultaneously, are stated net in the statement of income.

F-20
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

g) Property, plant and equipment and depreciation – Property, plant and equipment items are
initially recognized at cost. After their initial recognition, they are recorded at cost, less any
accumulated depreciation and any accumulated impairment losses.

The costs of property, plant and equipment items related to the extension, modernization or
improvement representing an increase of the productivity, capacity or efficiency or an increase in
the useful life of the assets is capitalized as cost of the corresponding assets.

Furthermore, investments in assets acquired under finance lease contracts are not legally owned
by the Corporation until the corresponding purchase option is exercised.

Items included in property, plant and equipment are depreciated in accordance with the straight-
line method over their economic useful lives, which are summarized in the following table:

Minimum Maximum

Items useful life useful life

Buildings 15 years 50 years
Plant and equipment 2 years 35 years
Fixtures and fittings 2 years 15 years
Motor vehicles 5 years 25 years
Mining Operations 20 years 35 years
Construction in progress (Mine development) 1 year 5 years
Land improvements 10 years 35 years
Other 5 years 24 years

The straight-line depreciation method mentioned above does not differ materially from depreciation
results based on calculations which detect changes in production units.

The assets maintained under finance leases are depreciated during the estimated period of the
lease contract or in accordance with the useful life of the assets, whichever is lower.

Estimated useful lives, residual values and the depreciation method are reviewed at each year end,
recording prospectively the effect of any change in estimates.

The profit or loss from disposal or withdrawal of an asset is calculated as the difference between
the price obtained in the disposal and the value recorded in the ledgers recognizing the charge or
credit to net income for the year.

Work in progress includes the amounts invested in the construction of property, plant and
equipment assets and in mining development projects. Works in progress are transferred to assets
in operation once the testing period has terminated and when they are available for use, and start
to be depreciated as of that moment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1 (one
US dollar).
F-21
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

h)

Without limiting the foregoing, reserves and resources acquired as part of acquisitions of shares in
companies where the economic value of such properties differs from the carrying amount are
recorded at fair value less any accumulated losses for impairment, and deducting the value
associated with the use and/or consumption of such reserves.

Borrowing costs that are directly attributable to the acquisition or construction of assets that require
a substantial period of time before they are ready for use or sale will be considered as part of the
cost of property, plant and equipment items.

Impairment of Property, Plant and Equipment and Intangible Assets – Property, plant and
equipment items and intangible assets of definite useful life are reviewed for impairment, in order to
verify whether there is any indication that the carrying value cannot be recovered. If such an
indicator exists, the recoverable amount of the assets is estimated to determine the extent of the
impairment loss. Where the asset does not generate cash flows independently from other assets,
Codelco estimates the recoverable amount of the cash-generating unit (CGU) to which the asset
belongs.

For assets with indefinite useful lives, the estimated recoverable amount is performed at the end of
each year.

If the asset does not generate cash flows that are independent from other assets, Codelco
determines the recoverable amount of the CGU to which the asset belongs.

For such purposes, each division of the Corporation has been defined as a cash generating unit.
The measurement of impairment includes subsidiaries and associates.

The recoverable amount of an asset will be the higher of the fair value less costs to sell the asset
and its value in use. When evaluating the value in use, the estimated future cash flows are
discounted using an interest rate, before taxes, that shows the market evaluations corresponding to
the time value of money and the specific risks of the asset, for which the future cash flow estimates
have not been adjusted.

If the recoverable value of an asset or cash generating unit is estimated to be less than its carrying
amount, an impairment loss is immediately recognized, reducing the carrying amount up to its
recoverable amount with a charge to net income. In case of a subsequent reversal of the
impairment, the carrying amount increases to the reviewed estimate of the recoverable amount, but
only to the point that it does not exceed the carrying amount that would have been determined if no
impairment had been recognized previously. A reversal is recognized as a decrease in the charge
for depreciation for the year.

For CGUs, future cash flow estimates are based on the estimates of future production levels, future
prices of basic products and future production costs. IAS 36 “Impairment of Assets” includes a
series of restrictions to the future cash flows that can be recognized regarding the restructurings

F-22
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

j)

k)

and future improvements related to expenses. When calculating the value in use, it is also
necessary to base the calculations on the current exchange rates at the moment of the
measurement.

Exploration, Mine Development and Mining Operations Costs and Expenses – The
Corporation has defined an accounting criterion for each of these costs and expenses.

Development expenses for deposits under exploitation whose purpose is to maintain production
levels are charged to net income when incurred.

Expenses for exploration and drillings of deposits include the expenses destined to locate
mineralized areas to determine their potential for commercial exploitation. The accounting policy for
these expenses has been defined by the Corporation in accordance with IFRS 6 paragraph 9,
which will mainly be treated as expenses in profit or loss in the period when the expenses
occurred.

Pre-operating and mine development expenses (PP8.E) incurred during the execution of a project
and until ts start-up are capitalized and amortized in relation to the future production of the mine.
These costs include extraction of waste material, constructing the mine’s infrastructure and other
works carried out prior to the production phase.

Finally, the costs for the delimitation of new areas or deposit areas in exploitation and of mining
operations (PP34E) are recorded in property, plant and equipment and are charged to net income
during the period in which the benefits are obtained.

Deferred Stripping – Costs that arise by removing mine waste materials (overburden) to gain
access to mineral ore deposits in open pits that are under production, incurred in order to access
mineral deposits that are under production, or incurred in order to access mineral deposits are
recognized in property, plant and equipment, provided they meet the following criteria set out in
IFRIC 20:

– Itis probable that the future economic benefits associated with the stripping activity will
flow to the entity.

– lts possible to identify the component of an ore body for which access has been
improved as a result of the stripping activity.

– The costs relating to the improved access to that component can be measured reliably.

The amounts recognized in property, plan and equipment are depreciated according to production
units method extracted from the ore body related to the stripping activity wich generated this
amount.

Income Taxes and Deferred Taxes – Codelco and its Chilean subsidiaries record Income Tax
based on the net taxable income determined as per the standards established in the Income Tax

F-23
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Law and Article 2 of the D.L. 2,398, as well as the specific tax on mining referred to in Law 20,026
of 2005. lts foreign subsidiaries record income tax according to the taxation standards of each
country.

Deferred taxes due to temporary differences and other events that generate difference between the
accounting and tax bases for assets and liabilities are recorded in accordance with the standards
established in lAS 12 “Income taxes”.

In addition, a deferred tax is recognized for the net income of subsidiaries, associates and special
purpose entities, originated by withholding taxes on remittances of dividends paid by such
companies to the Corporation.

Inventory – Inventory is stated at cost, which does not exceed ¡ts net realizable value. The net
realizable value represents the estimated sales price less all finishing costs and marketing, sales
and distribution expenses. Costs have been determined according to the following methods:

Finished Products and Products in Process: This inventory is stated at average production
cost, according to the absorption costing method, including labor and the depreciation of
property, plant and equipment, the amortization of intangible assets and the indirect expenses
of each period.

Materials in Warehouse: This inventory is stated at acquisition cost, and the Corporation
determines an allowance for obsolescence considering the permanence in stock of slow moving
materials in the warehouse.

Materials in Transit: This inventory is stated at cost incurred until the period-end date. Any
difference, due to the estimate of a lower net realizable value of the inventory, in relation to its
accounting value, is adjusted with a charge to net income.

Dividends – The payment obligation of net revenues presented in the financial statements, as
determined in Article 6 of D.L. 1,350, is recognized based on the accrued payment obligation.

Employee Benefits – Codelco recognizes accruals for employee benefits when there is a current
obligation as a result of the services provided.

The contract conditions stipulate, subject to compliance with certain conditions, the payment of an
employee termination benefit when an employment contract ends. In general, this corresponds to
one monthly salary per year of service and considers the components of the final remunerations
which are contractually defined as the basis for the indemnity. This benefit has been defined as a
long-term benefit.

F-24
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Codelco has also agreed to post-employment medical care for certain employees, which are paid
based on a fixed percentage of the monthly tax base of the employees covered by this agreement.
This benefit has been defined as a post-employment medical care benefit.

The employee termination benefit obligation and the post-employment medical plans are calculated
in accordance with valuations performed by an independent actuary, using the projected unit credit
method, which are updated on a regular basis. The obligation recognized in the statement of
financial position represents the net present value of the employee termination benefit obligation
and the post-employment medical benefit. Actuarial gains and losses are recognized immediately
in the statement of other comprehensive income.

Management uses assumptions to determine the best estimate of these benefits. Such
assumptions include an annual discount rate, mortality and morbidity tables, expected increases in
compensation and future permanence, among other factors.

In accordance with its operating optimization programs to reduce costs and increase labor
productivity by incorporating new current technologies and/or practical management best practices,
the Corporation has established employee retirement programs by means of related addenda to
employee contracts or collective union agreements with benefits that encourage employees to
retire. Accordingly, the required accruals are established based on the accrued obligation at current
value. In case of employee retirement programs which involve multiyear periods, the provisioned
obligations for these concepts are updated considering a discount rate determined by financial
instruments for the same currency used to pay the obligations and similar maturities.

Provisions for Dismantling and Restoration Costs – An obligation, legal or constructive, arises
when dismantling and restoration costs are incurred as a result of alterations caused by a mining
activity (in development or in production). Costs are estimated on the basis of a formal closure plan
and are subject to yearly reviews.

The costs arising from the obligation to dismantle the installation of a plant or other project for the
preparation of the site, discounted at their net present value, are accrued and capitalized at the
beginning of each project, at which time the obligation to incur such costs ¡is arises.

These dismantling costs are recorded in income via the depreciation of the asset that gave rise to
this cost, and the provision is used when the dismantling takes place. Subsequent changes in the
estimates of liabilities related to dismantling are added to or deducted from the costs of the related
assets in the period in which the adjustment is made.

The restoration costs are accrued at their net present value against operating income, and the
provision is used in the period during which the restoration works are performed. Changes in
measurement of the liability related to the location of the mining activity (discount rate or time) are
recorded in operating income and depreciated based on the useful lives of assets which give rise to
these changes.

F-25
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

p)

a)

The effects of updating the liability, due to the discount rate and/or time, are recorded as finance
costs.

Leases – (Codelco as a lessee) — Leases are classified as finance leases when the terms of the
lease transfer all risks and rewards of ownership to the lessee. All other leases are classified as
operating leases. Lease costs under operating leases are charged toincome over the lease
term. Assets acquired under finance leases are recognized as assets at the start of the lease at
either the fair value or the present value of minimum lease payments for the discounted lease
atthe contracted interest rate, whichever is lower. Interest is charged in the finance costs, at
a fixed periodic rate, in the same depreciation period of the asset. The lease obligations net of
financing costs are included in other current or non-current liabilities, as appropriate.

Under the provisions of International Financial Reporting Interpretations Committee (“IFRIC”) 4
(IFRIC 4) titled “Determining whether an Arrangement Contains a Lease”, an arrangementis, or
contains a lease at the start date, if it uses a specific asset or assets or if it grants the right to use
the asset, even if that right is not explicitly specified. For agreements occurring before January 1st,
2005, thestart dateis consideredas January st, 2005 in accordance with the
transitional requirements of IFRIC 4.

All take-or-pay contracts and any other service and supply contracts that meet the conditions
established in IFRIC 4, are reviewed for indicators of an embedded leasing.

Revenue Recognition – Revenue is recorded when ownership rights and obligations have been
substantially transferred to the purchaser, according to the shipment or dispatch of the products, in
conformity with the agreed upon conditions and are subject to variations related to the content
and/or sales price at their liquidation date. Notwithstanding the foregoing, there are certain
contracts for which the rights and obligations are substantially transferred based on receipt of the
product at the buyer’s destination point, and for these contracts revenue is recorded at the moment
of transfer.

Sales contracts include a provisional price at the shipment date, whose final price is generally
based on the price recorded in the London Metals Exchange (“LME”). In the majority of cases, the
recognition of sales revenue for copper and other commodities is based on the estimates of the
future spread of metal price on the LME and/or the spot price at the date of shipment, with a
subsequent adjustment made upon final determination and presented as part of “Revenue”. The
terms of sales contracts with third parties contain provisional pricing arrangements whereby the
selling price for metal in concentrate is based on prevailing spot prices on a specified future date
after shipment to the customer (the “quotation period”). As such the final price will be fixed on the
dates indicated in the contracts. Adjustments to the sales price occurs based on movements in
quoted market prices on the LME up to the date of final settlement. The period between provisional
invoicing and final settlement can be between one and nine months. Changes in fair value over the
quotation period and up until final settlement are estimated by reference to forward market prices
for the applicable metals.

F-26
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Sales in the national market are recorded in conformity with the regulations that govern domestic
sales as indicated in Articles 7, 8 and 9 of Law No. 16,624, modified by Article 15 of Decree Law
No. 1,349 of 1976, on the determination of the sales price for the internal market.

As indicated in the note related to hedging policies in the metal derivatives market, the Corporation
enters into operations in the metal derivatives market. The net results of these contracts are added
to or discounted from revenues.

Additionally the Corporation recognizes revenue for providing services, mainly related to the
processing of minerals bought from third parties. Revenue is recognized when the amounts can be
measured reliably and when the services have been provided.

Derivative Contracts – Codelco uses derivative financial instruments to reduce the risk of
fluctuations in the sales prices of its products and of exchange rates.

Derivatives are initially recognized at fair value at the date on which the derivative is entered into
and subsequently updated at fair value at each reporting date.

The effective part of the changes in fair value of the derivatives that are allocated as “effective cash
flow hedges”, is recognized directly in equity, net of taxes, in the item “Cash flow hedge reserves”,
while the ineffective part is recorded in the statements of comprehensive income on lines Finance
expenses or Finance income depending on the effect generated by the ineffectiveness. The
amount recognized in net equity is not transferred to other comprehensive income account until the
results of the hedged operations are recorded in the statements of comprehensive income or until
the maturity date of such operations.

A hedge is considered highly effective when the changes in fair value or in the cash flows of the
underlying item attributable to the hedged risk, are offset with the changes in the fair value or in the
cash flows of the hedge instruments, with effectiveness between a range of 80% – 125%. The
corresponding unrealized profit or loss is recognized in comprehensive income for the period, only
in those cases in which the contracts are liquidated or when they no longer comply with hedging
characteristics.

The total fair value of the hedge derivatives is classified as a non-current asset or liability, if the
remaining maturity of the hedged item is greater than 12 months, and as a current asset or liability,
ifthe remaining maturity of the hedged item is lower than 12 months.

All derivatives designated as hedge instruments are classified as current or non-current assets or
liabilities, respectively, depending on the maturity date of the derivative.

The derivative contracts entered into by the Corporation are originated by the application of the risk
hedge policies indicated below, and are recorded as indicated for each case:

F-27
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Hedging Policies for Exchange Rates

From time to time the Corporation enters into exchange rate and interest rate hedge
transactions to cover exchange rate variations between the US dollar and the other currencies
its transactions are conducted in. Pursuant to the policies established by the Board of Directors
these operations are only performed when there are recognized assets or liabilities, the forecast
of highly probable transactions or firm commitments, and not for investment or speculative
reasons.

The results of foreign exchange insurance operations are recorded at the maturity or liquidation
date of the respective contracts.

Hedging Policies in the Metal Derivatives Markets

In accordance with the policies approved by the Board of Directors the Corporation entered into
contracts in order to hedge future metal prices, backed by physical production, in order to
minimize the inherent risks in price fluctuations.

The hedging policies seek to protect expected cash flows from the sale of products by fixing the
prices for a portion of future production, while to the extent necessary adjusting physical
contracts to its standard commercial policies. When the sales agreements are fulfilled and the
derivative contracts are settled, income from sales and derivative operations is offset.

At each reporting date, these derivative contracts are recorded and adjusted to marked-to-
market and recorded at the settlement date of the hedging operations, as a part of the sales
revenue of the products.

Hedging operations carried out by the Corporation are not of a speculative nature.
Embedded Derivatives

The Corporation has established a procedure that allows for evaluation of the existence of
embedded derivatives in financial and non-financial contracts. Where there is an embedded
derivative, and if the host contract is not recorded at fair value, the procedure determines
whether the characteristics and risks of the embedded derivative are not closely related to the
host contract, in which case it requires a separate recording.

The procedure consists of an initial characterization of each contract that allows for
distinguishing of those in which an embedded derivative could exist. In that case, the contract
is submitted to a more in-depth analysis. If as a result of this evaluation it is determined that the
contract has an embedded derivative that needs to be recorded separately, it is valued and the
movements in its fair value are recorded in comprehensive income in the consolidated financial
statements.

F-28
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

s)

t)

Financial Information by Segment – For the purposes of IFRS 8, Operating Segments the
segments are defined as Codelco’s Divisions, plus the Ministro Hales Division, whose operation is
expected to begin at the end of 2013. Income and expenses of the Head Office are distributed in
the defined segments.

Presentation of Financial Statements – For the purposes of lAS 1, Presentation of the Financial
Statements, the Corporation establishes the presentation of its statement of financial position
classified in “current and non-current” and of its statements of income in conformity with the “by
function” method and its cash flows using the direct method.

With respect to the Statements of Other Comprehensive Income (loss) on currency exchange rate
cash flow hedges and share of associates and joint ventures accounted for using the equity
method, could have an affect of future Statements of Comprehensive Income (loss), while the
Statement of Other Comprehensive Income (loss) of actuarial defined benefit plans will no have
future effects on the Statement of Comprehensive Income.

Current and Non-Current Financial Assets – The Corporation determines the classification of its
investments upon initial recognition and reviews these at each closing date. This classification
depends on the purpose for which such investments were acquired.

In this section the following categories are observed:
Financial Assets at Fair Value through Profit or Loss:

This category includes those financial assets acquired for trading or sale in the short term. Their
initial and subsequent recognition is performed at fair value, which is obtained as of the
observable date in the market. The gains and losses from variations in fair value are included in
net income for the period.

Loans Granted and Accounts Receivable:

These correspond to financial assets with fixed or determined payments, and which are not
quoted in an active market. Their initial recognition is at fair value, which includes the
transaction costs that are directly attributed to the issuance of it. Subsequent to the initial
recognition, these are stated at amortized cost, recognizing in the statements of comprehensive
income the accrued interest according to the effective interest rate and the possible losses in
value of these assets.

A loss in value of the financial assets stated at amortized cost is caused when there is objective

evidence that the Corporation will not be able to recover all amounts in accordance with the
original terms.

F-29
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

v)

The amount of loss in value is the difference between the carrying amount and the net present
value of the future cash flows discounted at the effective interest rate, and it is recognized as an
expense in the statements of comprehensive income.

If in subsequent periods there is evidence of a recovery in the value of the financial asset stated
at amortized cost, the recognized impairment loss will be reversed as long as it does not
generate an amount in the financial asset ledgers that exceeds the one recorded prior to the
loss. The accounting of the reversal is recognized in net income for the period.

Finally, an account receivable is not considered recoverable when situations arise such as the
dissolution of the company, lack of identifiable assets for its execution or a legal
pronouncement.

Financial Liabilities – Financial liabilities are recognized initially at fair value, net of the incurred
transaction costs. As the Corporation does not own any financial liabilities held for trading,
subsequent to their initial recognition, the financial liabilities are valued at amortized cost, using the
effective interest rate method, recognizing the interest expenses based on the effective profitability.

The effective interest rate method is a method of calculating the amortized cost of a financial
liability and of allocating interest expense over the relevant period. The effective interest rate is the
rate that exactly discounts estimated future cash payments through the expected life of the
financial liability, or when appropriate, a shorter period when the associated liability has a
prepayment option that is considered to be exercised.

Trade accounts payable and other payables are financial liabilities that do not explicitly accrue
interest and are recorded at their nominal value.

The financial liabilities are derecognized when the liabilities are paid or expire.

Allowance for Doubtful Accounts – The Corporation maintains an allowance for doubtful
accounts, based on the experience and analysis of Management regarding the portfolio of trade
accounts receivable and the aging of the items.

Cash and cash equivalents and Statement of Cash Flows prepared by direct method- Cash
equivalents are comprised of highly liquid investments, which have a limited risk in relation to
possible changes in value, and maturities of which are less than 90 days from date of purchase.

For the purposes of preparing the statement of cash flows, the Corporation has defined the
following:

Cash and cash equivalents in the statement of financial position include cash at banks and on
hand, and short term deposits and other highly liquid short term investments with an original

F-30
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

y)

maturity of three months or less. In the statement of financial position, bank overdrafts are
classified as external resources in current liabilities.

Operating Activities: These are the activities that constitute the main source of operating
income for the Corporation, as well as other activities that cannot be classified as investment
or financing activities.

Investing Activities: These correspond to acquisition or sale activities or disposal through
other methods of long-term assets and other investments not included in cash and cash
equivalents.

Financing Activities: These are activities that cause changes in the size and composition of
net equity and of financial liabilities.

Law No. 13,196 – According to Law No. 13,196, the return on foreign currency of Codelco’s
copper export sales (FOB), including byproducts is taxed at 10%. The amount for this concept is
presented in the statement of income in the item Other expenses, by function.

Cost of Sales – Cost of sales is determined according to the absorption cost method, including the
direct and indirect costs, depreciation, amortization and any other expenses associated with the
production process.

Environment – The Corporation adheres to the principles of sustainable development, which foster
the economic development while safekeeping the environment and the health and safety of its
collaborators. The Corporation recognizes that these principles are key for the wellbeing of its
collaborators, care for the environment and success in its operations.

bb) Classification of Current and Non-Current Balances – In the interim consolidated statement of

financial position, the balances are classified according to their maturities, that is, as current those
with a maturity equal to or less than twelve months and as non-current those with a greater
maturity. Where there are obligations whose maturity is less than twelve months, but whose long-
term refinancing is insured upon a decision by the Corporation, through credit agreements
available unconditionally with long-term maturity, these could be classified as non-current liabilities.

New standards and interpretations adopted by the Corporation

The accounting policies adopted in the preparation of the interim consolidated financial statements are
consistent with those applied in the preparation of the annual consolidated financial statements of the
Corporation for the year ended December 31, 2012, except for the adoption of new standards and
interpretations effective from January 1st, 2013, which are:

F-31
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

a) lAS 19 Employee Benefits (revised 2011) (IAS 19-R)

The Corporation until December 31, 2012 recognized in profit for the period its actuarial gains and
losses. IAS 19-R establishes the recognition of acturarial results as part of the Statement of Other
Comprehensive Income and permanently exclude these from the profit and loss for the period. Other
modifications include new disclosures, such as quantitative sensitivity of the variables set for the
calcularion of the defined benefit giving rise to the liabilities.

AS 19-R requires retrospective application of the associated effects, implying re-statements of previous
years’ financial statements.

Considering that the Corporation at December 31, 2012 and 2011, updated the discount rate used as an
actuarial assumption in the calculation of some of its employee benefit obligation, the adoption of IAS
19-R, involved reclassifications in actuarial gains and losses from retained earnings to other
comprehensive income, modifying statements of financial position as follows:

Reserve of
Retained gains /(losses)
Effects at January 1st, 2012 earnings on defined
benefit plans
ThUS$ ThUS$
Balance prior to the application of IAS 19-R 1,709,068 –
Adjustments for application of lAS 19-R 60,327 (60,327)
Balance with application of lAS 19-R 1,769,395 (60,327)
Reserve of
Retained gains /(losses)
Effects at December 31, 2012 earnings on defined
benefit plans
ThUS$ ThUS$
Balance prior to the application of IAS 19-R 4,189,769 –
Adjustments for application of lAS 19-R 54,687 (54,687)
Balance with application of lAS 19-R 4,244,456 (54,687)

F-32
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

b) IAS 1 Presentation of items in other comprehensive income — Modifications to IAS 1

The amendments made to the lAS 1 require separation of the items of Other Comprehensive Income
which may be reclassified to the Statement of Comprehensive Income in the future (e.g. net results from
cash flow hedges or exchange rate of foreign operations) of those items that standards do not allow to
be reclassified to Comprehensive Income (e.g. gains and losses from benefits plans).

The amendment affects only the presentation of the Statement of Comprehensive Income and has no
impact on the financial position of the Corporation.

c) IAS 1 Comparative reporting requirement — Explanatory amendment

It is required to include comparative information in the notes to the financial statements when there is a
voluntary disclosure beyond the minimum comparative period.

IAS 1 also requires the presentation of an additional Statement of Financial Position when a
retrospective accounting change is made and that items of the Financial Statements are reclassified, as
long as any of those changes have a material effect on the Statement of Financial Position at the
beginning of the previous period. The amendment clarifies that the additional Statement of Financial
Position is not required to include comparative information in related notes.

d) IFRS 10 Consolidated Financial Statements and IAS 27 Consolidated and Separate Financial
Statements.

IFRS 10 replaces IAS 27 “Consolidated and Separate Financial Statements” in sections related to
consolidated financial statements and SIC 12 “Consolidation Special Purpose Entities”. IFRS 10 changes
the definition of control such that an investor controls an investee when it is exposed, or has rights, to
variable returns from its involvement in the investee and has the potencial to affect those returns through
its power over the investee. The application of IFRS 10 had no impact on the determination of control or
consolidation of investments held by the Corporation.

e) IFRS 11 Joint Arrangements
IFRS 11 replaces IAS 31 “Interests in Joint Ventures” and SIC 13 “Jointly-controlled Entities — Non-
monetary Contributions by Venturers”. IFRS 11 removes the option to account for jointly controlled
entities (JCEs) using proportional consolidation, leaving as the only option, the equity method. The
application of IFRS 11 had no impact on the Consolidated Financial Statements of the Corporation.
f) IFRS 12 Disclosure of Interests in Other Entities

This standard establishes requirements for disclosures related to an entity’s interests in subsidiaries,

joint arrengements, associates and structured entities. The additional disclosure requirements are

F-33
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

presented in Note 8 and 9, and are related to summarized financial information of material subsidiaries
and associates.

9) IFRS 13 Fair Value Measurement

IFRS 13 establishes a single source of fair value measurements. This standard provides guidance on
how to measure fair value when it is required or permitted by IFRS. The application of IFRS 13 has not
materially affected the fair value measurements of the Corporation.

h) IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

IFRIC 20 indicates that the costs of waste removal activities in surface mine in a production phase
(stripping of production phase), incurred with the purpose of granting access to an ore body, are
recognized as part of Property, Plant and Equipment and are amortized based on units of production
extracted from the mineralized zone specifically related to the respective removal activity that generates
this amount.

The accounting treatment applied by the Corporation before the adoption of IFRIC 20 differed from the
requirements of IFRIC 20 and established an amortization criteria based on linear amortization of the
capitalized removal costs.

These Interim Unaudited Consolidated Financial Statements were prepared in accordance with IFRIC
20, which applies as of January 1st, 2013. Adopting IFRIC 20 resulted in a change in the accounting
policy of the Corporation, as defined by lAS 8 “Accounting Policies, Changes in Accounting Estimates
and Errors”.

This involved making adjustments based on the criteria of IFRIC 20, so that the existing balances at

December 31, 2011 in respect of stripping in the production phase (discussed by other accounting
criteria based on IFRIC 20), are assigned as initial balance for purposes of applying IFRIC 20.

F-34
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The impacts of this standard on the comparative amounts presented in the Interim Consolidated
Financial Statements at March 31, 2013, were as follows:

ThUS$
Effects of IFRIC 20 Retained earnings, as of January 1, 2012

The balance of retained earnings, as of January 1, 2012 under prior accounting 1,709,068

policies

Adjustments to the balances prior to applying IFRIC 20, net of deferred taxes (88,501)
The balance of retained earnings, as of January 1, 2012 adjusted by IFRIC 20 1,620,567
Effects of IFRIC 20 PPéE, net as of December 31, 2012 ThUS$
The balance of PPéE, net as of December 31, 2012 under prior accounting policies 17,044,931
Adjustments to IFRIC 20 (21,390)
Adjusted balance of PP£E as of December 31, 2012 17,023,541

Effects of IFRIC 20 gain (loss), before taxes as of three-months period ended at ThUS$
March 31, 2012
Gain (loss) before taxes under prior accounting policies as of December 31, 2012 455.825
before applying IFRIC 20 :
Adjustments to IFRIC 20 26,497

Gain (loss) before taxes after applying IFRIC 20 as of December 31, 2012 482,322

4. New accounting pronouncements

As of the issuance date of these interim consolidated financial statements, the following IFRS and IFRIC
interpretations have been issued by the lASB. Their application was not mandatory (1):

New IFRS Date of mandatory application Summary
IFRS 9, Financial Instruments Annual periods beginning on or after Financial assets must be entirely
January 1, 2015 classified on the basis of the business

model of the entity for financial asset
management and the characteristics of
contractual cash flows of financial assets.
Financial assets under this standard are
measured either at amortized cost or fair
value. Only financial assets classified as
measured at amortized cost must be
tested for impairment.

F-35
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Amendments to IFRS Date of mandatory application Summary

IFRS 10, Consolidated Financial Annual periods beginning on or after The amendments to IFRS 10
Statements January 1, 2014 Consolidated Financial Statements, IFRS
12 Disclosures of interests in other entities
and lAS 27 Separate Financial
Statements come from proposals in the
Exposure Draft Investment Entities

published in August 2011. The
amendments define an investment entity
and introduce an exception to consolidate
certain subsidiaries owned by investment
entities. These amendments require that
an investment entity record these
subsidiaries at fair value through profit or

IFRS 12, Disclosure of interests in
other entities

IAS 27, Separate Financial loss in accordance with IFRS 9 Financial
Statements Instruments in its consolidated financial
statements and separate. The
amendments also introduce new
disclosure requirements related to
investment entities in IERS 12 and IAS 27.

IAS 32, Financial Instrument Annual periods beginning on or after Clarifies the requirements regarding the
Presentation January 1, 2014 application of compensations between
financial entries.

(1) —lAS, International Accounting Standard, IFRS, International Financial Reporting Standard, IFRIC, International Financial Reporting Interpretations
Committee

Management is currently in the process of evaluating the initial effects of the application of the standards,
amendments and interpretations that will be adopted in the consolidated financial statements of the
Corporation in the respective years indicated, anticipating that they would not have significant impacts.

F-36
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

lII.. EXPLANATORY NOTES
1. Cash and cash equivalents

Cash and cash equivalents are detailed as follows:

3/31/2013 12/31/2012
Items
ThUS$ ThUS$
Cash On hand 3,818 4,703
Bank Balances 44,956 33,439
Time deposits 998,625 1,124,459
Mutual Funds — Money Market 17,713 11,137
Resale Agreements 265,646 90,085
Total Cash and Cash Equivalents 1,330,758 1,263,823

Valuation of time deposits is made on an accrual basis with an interest rate associated with each of
these instruments.

The Corporation does not maintain any significant amounts of cash and cash equivalents that are not
available for use.

2. Trade and other receivables
a) Accrual for open sales invoices
As mentioned in the Article of Summary of Significant Accounting Policies, the Corporation adjusts
its revenues and balances from trade accounts receivable, based on future copper prices, by

recording an accrual for open sales invoices.

When the future price of copper is lower than the provisional invoice amount, this provision ¡is
presented in the Statement of Financial Position as follows:

+ Customers that have debt balances with the Corporation are presented in Current Assets,
decreasing the amounts owed by these customers.

+» Customers that do not have debt balances with the Corporation are presented in the item Trade
and other payables under Current Liabilities.

When the future copper price is higher than the provisional invoice price, the provision is presented
in current assets, increasing the amounts owed by customers.

F-37
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Based on the above-mentioned, trade receivables as of March 31, 2013 and of December 31, 2012
include a negative accrual of ThUS$93,291 and a positive accrual of ThUS$36,534, respectively,
related to the accrual of open invoices.

b) Trade and other receivables

The following chart shows the amounts of Trade and other receivables, with their corresponding

allowances:
Current Non-current
Items 3/31/2013 | 12/31/2012 | 3/31/2013 | 12/31/2012
ThUS$ ThUS$ ThUS$ ThUS$

Trade Receivables (1) 676,811 1,616,493 – –
Allowance for doubtful accounts (3) (1,973) (1,925)
Subtotal trade receivables, Net 674,838 1,614,568 – –
Other Receivables (2) 451,386 540,243 169,856 171,699
Allowance for doubtful accounts (3) (6,023) (5,708) – –
Subtotal other receivables, Net 445,363 534,535 169,856 171,699
Total 1,120,201 2,149,103 169,856 171,699

(1) Trade receivables are generated by sales ofthe Corporation, which are generally sold for
cash or by bank guarantee.

(2) Other receivables include the amounts owed mainly by:

+ Personnel of the Corporation, including short-term loans and mortgage loans, payment
for which is withheld on a monthly basis from employee paychecks. The mortgage loans
are backed by mortgage guarantees.

+ Claims from insurance companies.

+ — Liquidations to the Central Bank as per Law 13,196.

+ Advance payments to suppliers and contractors, to be discounted from the corresponding
payment statements.

+» Accounts receivable for toll services (Ventanas’ Smelter).

(3) The Corporation maintains an allowance for doubtful accounts, based on the experience and
analysis of Management regarding the portfolio of trade accounts receivable and the aging of
the entries.

The movement of the allowance for doubtful accounts in the three-month period ended at
March 31, 2012 and for the period 2012 is detailed as follows:

F-38
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

3.

a)

see Note 1.2)
Movements of allowance for 3/31/2013 | 12/31/2012
doubtful accounts ThUS$ ThUS$
Opening balance 7,633 6,368
Increases 365 1,841
Write-offs/applications (2) (576)
Movement, subtotal 363 1,265
Final balance 7,996 7,633

Past due and not impaired balances are detailed as follows:

: 3/31/2013 12/31/2012
Maturity
ThUS$ ThUS$
Less than 90 days 16,992 22,250
Between 90 days and 1 year 23,975 19,075
More than 1 year 22,331 24,975
Total past-due and not impaired 63,298 66,300

Balance and Related Party Disclosures

Transactions with the Board of Directors

According to the New Corporate Governance Law, Codelco’s Board Members were affected in
business with related parties, as described in Title XVI of the Corporations law (regarding
transactions with related parties in publically traded companies and their affiliates).

As provided in the final paragraph of Article 147 b) of Title XVI, which contains exceptions
regarding the approval process for related party transactions, the Corporation has set a general
policy of regularity (reported to the SVS as a material fact), which establishes common transactions
ordinarily made with its related parties within their line of business, contributes to their social
interest and are necessary for Codelco’s normal developmental activities.

In addition, consistent with the legal framework, the Corporation maintains within its internal
framework a specific policy about transactions with persons and companies related to Codelco
personnel. Codelco Corporate Standard No. 18 (NCC No. 18), whose latest version currently in
force was approved by the Executive President and the Board.

Codelco, without the authorization indicated in NCC No. 18 and the Board of Directors, when
required by Law orthe Corporate Statute, shall not enterinto contracts involving one or more
Directors, Executive President, members ofthe Committee of Managing Directors, Vice
President, Legal Counsel, General Auditor, General Manager, Senior Management or staff who
must make recommendations and/or has the authority to resolve tenders, purchases and
assignments and/or purchases of goods and services and the staff that holds management

F-39
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

positions (until the fourth hierarchical level in the organization), including their spouses, children
and other relatives up to the 2nd degree of relation, with an interest in itself, directly, or represented
by third parties or on behalf of another person. The NCC No. 18 obligates the Corporation’s
contract to declare all such relationships, as well as remove related job responsibilities from any
member within these positions who may be involved.

This prohibition also includes the companies in which such individuals are involved through
ownership or management, whether directly or through representation of other natural persons or
legal entities, or individuals who have ownership or management interests in those companies.

The Board of Directors has been informed of the transactions covered by Codelco Corporate
Standard No. 18, and upon which it must decide, according to this standard.

Among these operations are those indicated in the following chart, for the total amounts indicated,
which need to be executed in the periods specified by each contract:

o 1/1/2013 1/1/2012
Eniy Tasa | com | ect e O | tens sena
transaction
ThUS$ ThUS$
Sociedad de Procesamiento de Molibdeno Ltda. 76.148.338-2 Chile Subsidiary Services 36
Cosando Construcción y Montaje Ltda. 77.755.770-K Chile Employee’s relative Services 10,452
Fundación Orquesta Sinfónica Infantil de los Andes 65.018.784-9 Chile Founder Services 279
Kairos Mining S.A. 76.781.030-K Chile Other related Services 55,600
Servicios Aridam S.A. 76.033.531-2 Chile Employee’s relative Services 5,654
Club Deportes Cobresal 70.658.400-5 Chile Executive club president | Services 653
Isapre Chuquicamata Ltda. 79.566.720-2 Chile Subsidiary Services 3,637
Anglo American Sur S.A. 77.762.940-9 Chile Investee Services 20
Clínica Río Blanco S.A 99.573.600-4 Chile Subsidiary Services 5,352
Fundacion Educacional Chuquicamata 77.747.300-9 Chile Founder Services 2,650
Centro de Especialidades Médicas Río Blanco Ltda. 76.064.682-2 Chile Subsidiary Services 6,954
Sociedad Contractual Minera El Abra 96.701.340-4 Chile Investee Services 10,000
Salomón Sack S.A. 90.970.000-0 Chile Director’s ownership Supplies 1,036

b) Key Personnel of the Corporation

In accordance with the policy established by the Board of Directors and its related regulation, those
transactions affecting the Directors, its Executive President, Vice presidents, Corporate Auditor, the
members of the Divisional Management Committees and Divisional General Managers should be

approved by this Board.

F-40

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

During the first quarter 2013 and 2012, the members of the Board of Directors have received the
following amounts as per diems, salaries and fees:

1/1/2013 1/1/2012
Eniy Tona [com | Mei | peso! | acuoso

ThUuS$ ThUuS$
Jorge Bande Bruck 5.899.738-2 Chile Director Director’s fees 29 27
Raimundo Espinoza Concha 6.512.182-4 Chile Director Payroll 12 13
Raimundo Espinoza Concha 6.512.182-4 Chile Director Director’s fees 29 20
Gerardo Jofré Miranda 5.672.444-3 Chile Chairman of the Board | Director’s fees 44 41
Marcos Búchi Buc (1) 7.383.017-6 Chile Director Director’s fees
Fernando Porcile Valenzuela 4.027.183-K Chile Director Director’s fees 29 20
Andrés Tagle Domínguez 5.895.255-9 Chile Director Director’s fees 29 20
Marcos Lima Aravena 5.119.963-4 Chile Director Director’s fees 36 34
Juan Luis Ossa Bulnes 3.638.915-K Chile Director Director’s fees 29 20
Augusto González Aguirre 6.826.386-7 Chile Director Payroll 35
Augusto González Aguirre 6.826.386-7 Chile Director Director’s fees 29

(1) During the periods from January 1st to March 31, 2013 and 2012, the Corporation has
not issued any payment instrument for the concept of remunerations to Mr. Marcos
Búchi Buc, derived from his participation as Corporation Director, since he has expressly
and irrevocably waived those payments, as well as any present or future collection
action for that concept.

Through Supreme Decree of the Treasury Department No. 302, dated February 29, 2012, the
method for determining the remunerations of the Corporation’s directors was actualized. This
document details the calculation method of such remunerations, as per the following:

a) The monthly salary of the directors of Codelco for participating in Board meetingss fixed in the
amount of Ch$3,282,300 – (three million two hundred and eighty two thousand three hundred
Chilean pesos).

b) A unique monthly salary of Ch$6,564,600 – (six million five hundred and sixty four thousand six
hundred Chilean pesos) is established for the Chairman of the Board.

c) Directors that shall participate in a Board Committee, whether the one referred to in Article 50
bis) of law No. 18,046 or another established by the by-laws of the Corporation, receive a single
additional monthly amount of Ch$1,094,100 – (one million ninety four thousand and one
hundred Chilean pesos) for their participation, notwithstanding the number of committees in
which they participate. In addition, the director holding the chair of the Directors” Committee
shall receive a single monthly remuneration for his participation in committees of Ch$2,188,200
– (two million one hundred eighty eight thousand and two hundred Chilean pesos).

F-41
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

d) The compensation established in this legal document will be valid for a period of two years,
starting from March 1, 2012, and was adjusted by 5% as of January 1st, 2013, following the
same standards that apply to the employees of the public sector of the Republic of Chile.

The short-term benefits related to the executives of the Corporation, paid during the period January
– March 2013, amount to ThUS$ 4,773 (Jan — Mar 2012: ThUS$ 4,205).

The criteria used to determine the remunerations of the executives was established by the Board
on January 29, 2003.

During the first quarter 2013, Codelco made severance payments to senior executives in the
amount of ThUS$ 1,048.

There were no non-current benefit payments during first quarter 2013 and 2012, different than
those mentioned in the previous paragraph.

There are no share-based benefit plans.

c) Operations with Codelco Investees

In addition, the Corporation performs necessary commercial and financial transactions with entities
in which it has capital ownership. The financial transactions correspond mainly to loans in checking
accounts.

The commercial operations with related companies refer to the purchase and sale of products or
services, at market conditions and prices and which do not consider interest or indexation. These
companies, for the first quarter 2013 and 2012, are the following: Sociedad GNL Mejillones S.A.,
Copper Partners Investment Corporation Ltd., Copper for Energy, Sociedad Contractual Minera
Purén, Kairos Mining S.A., MI Robotic Solutions S.A., Sociedad Contractual Minera El Abra, Agua
de La Falda S.A., Ecosea Farming S.A., Comotech S.A., Deutsche Geissdraht GmbH, Inca de Oro
S.A. and Anglo American Sur S.A..

The Corporation does not establish an allowance for doubtful accounts for the main items
receivable from their related companies, as these have been registered by including the relevant
safeguards in the respective debt contracts.

Accounts receivable from and payable to related companies as of March 31, 2013 and of
December 31, 2012, are detailed as follows:

F-42
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
Accounts receivable from related companies
Current Non-current
Taper Entity Country PAR an alg1z013 | 12/31/2012 | 3/31/2013 | 12/31/2012
ThUS$ ThuS$ ThUS$ ThUS$
76.775.710-7 | GNL Mejillones S.A. Chile Associate USD 13,060 19,238 21,077 41,022
96.701.340-4 | Sociedad Contractual Minera El Abra Chile Associate USD 9 3,232
Foreign Copper Partners Invest. Company Ltd. Bermuda Joint venture USD – 6,345
96.801.450-1 | Agua de la Falda S.A. Chile Associate USD – – 224 224
76.024.442-2 | Ecosea Farming S.A. Chile Associate CLP 16 480 55 59
76.781.030-K | Kairos Mining S.A. Chile Other investments CLP – 147
Totals 13,085 29,442 21,356 41,305
Accounts payable to related companies
Current Non-current
Taxpayer Entity Country | Natureofthe | Indexation apspo13 | 1oj31j2012 | gralzo13 | 1218112012
Number relationship currency
ThUS$ ThuS$ ThUS$ ThUS$
Foreign Copper Partners Investment Company Ltd. | Bermuda Joint venture USD 33,475 33,610 268,901 275,011
Foreign Deutsche Geissdraht GmbH Germany Associate EURO 1,710 2,985
76.869.100-2 | Mining Industry Robotic Solutions S.A. Chile Associate CLP 27 93
96.701.340-4 | Sociedad Contractual Minera El Abra Chile Associate USD 23,324 58,372
76.775.710-7 | GNL Mejillones S.A. Chile Associate USD 5,536 2,686
77.762.940-9 | Anglo American Sur S.A. Chile Associate USD 44,671 45,618
Totals 108,743 143,364 268,901 275,011

The transactions performed between the Corporation and its related companies during the first quarters
ended March 31, 2013 and 2012 are detailed in the next chart together with their corresponding effects on
profit or loss:

F-43

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

CORPORACION NACIONAL DEL COBRE DE CHILE

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see Note 1.2)

1/1/2013 1/1/2012
3/31/2013 3/31/2012
did Entity Nature of the relationship Country pi amo Dad armo Ica
(charges) (charges)
Icredits [credits
ThUS$ ThUS$ ThUS$ ThUS$

Foreign Copper Partners Investment Co. Ltd. Sales of products Bermuda USD 21,735 21,735 30,871 30,871
Foreign Copper Partners Investment Co. Ltd. Dividends received Bermuda USD 38,000 – 34,500 –
77.762.940-9 Anglo American Sur S.A. Purchase of products Chile USD 206,502 – – –
77.762.940-9 Anglo American Sur S.A. Purchase of products Chile USD 19,151 (19,151) – –
76.775.710-7 Sociedad GNL Mejillones S.A. Purchase of energy Chile USD 7,229 (7,229) 52,410 (52,410)
76.775.710-7 Sociedad GNL Mejillones S.A. Collection of loans Chile USD 26,199 – 16,650 –
76.775.710-7 Sociedad GNL Mejillones S.A. Loan interests Chile USD – – 622 622
76.775.710-7 Sociedad GNL Mejillones S.A. Guaranty fee Chile USD 46 46 167 167
96.701.340-4 SCM El Abra Dividends received Chile USD 24,500 – – –
96.701.340-4 SCM El Abra Purchase of products Chile USD 113,416 (113,416) 132,050 (132,050)
96.701.340-4 SCM El Abra Sale of products Chile USD 7,417 7,417 9,570 9,570
96.701.340-4 SCM El Abra Purchase of services Chile USD 1,376 (1,376) 3,957 (3,957)
96.701.340-4 SCM El Abra Commissions received Chile USD 36 36 38 38
Foreign Deutsche Geissdraht GmbH Dividends received Germany EURO 938 – 1,410 –
73.063.022-5 Inca de Oro S.A. Contribution Chile USD 1,547 – – –

F-44

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

d) Additional Information

The current and non-current account payable to the company Copper Partners Investment
Company Ltd., corresponds to the balance of an advance payment received (US Th$550,000)
due to the commercial agreement with the company Minmetals.

The current and non-current receivables balance from Sociedad GNL Mejillones S.A. refers to a
loan agreement signed with the company, with a maturity of December 31, 2016 and an interest
rate of Libor 90 days +4,5%.

The product purchase transaction with Anglo American Sur S.A., corresponds to the normal
operations of both companies made to acquire copper and other products. In addition, certain
contracts between the Corporation’s subsidiary Inversiones Mineras Nueva Acrux S.p.A. (of
which Mitsui is a minority shareholder) and Anglo American Sur S.A., the latter agreed to sell a
portion of its annual copper production to the subsidiary.

4. Inventories

Inventories as of March 31, 2013 and December 31, 2012 are detailed as follows:

ltems 3/31/2013 12/31/2012
ThUs$ ThUus$

Finished products 1,025,380 736,064
Subtotal finished products, net 1,025,380 736,064
Products in process 1,297,444 1,196,720
Subtotal products in process, net 1,297,444 1,196,720
Material in warehouse and other 597,309 581,128
Obsolescence allowance adjustment (81,390) (81,947)
Subtotal material in warehouse and other, net 515,919 499,181
Total 2,838,743 2,431,965

The value of finished products is stated net of unrealized profit corresponding to the purchase and
sales operations of associates and subsidiaries, and which need to be discounted from the entries that
originated them in an amount of TRUS$ 19,146 for March 31, 2013 and ThUS$ 6,971 for December
31, 2012, respectively.

The inventory recognized as an expense in the cost of sales during first quarter of 2013 and 2012,
corresponds to finished products and amounts to ThUS$2,238,688 and ThUS$2,292,379 respectively.

F-45
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The change in the obsolescence provision is described in the following table:

Movements of
obsolescence allowance Thus$
Initial Balance 1/1/2013 (81,947)
Additions (32,005)
Reversals 32,562
Final Balance 3/31/2013 (81,390)

As of March 31, 2013 and 2012 Codelco has not written off inventory that has been recognized in the
Statements of Comprehensive Income.

The Corporation performed inventory adjustments on those assets whose book value exceeds their
net realizable value. This adjustment, for the first quarter 2013, was ThUS$ 41,481, while the book
value of inventories adjusted, to that date, corresponded to ThUS$ 395,881. During the ended period
of 3 months, on March 31, 2012, no adjustments were made for this item.

Codelco, along with Sociedad Contractual Minera El Abra, purchase and sell copper. At March 31,
2013, the value of finished goods inventories for this category had an unrealized profit provision of
ThUS$ 13,546. At December 31, 2012, an unrealized provision of TNUS$ 6,971 was filed.
The Corporation enters into transactions for the purchase and sale of copper with Anglo American Sur
S.A. The value of finished goods inventories for this category has an unrealized profit provision of
ThUS$ 5,600. At December 31, 2012, no provision was introduced as unrealized.

5. Deferred taxes and income taxes

This provision is stated in the item Current Tax Assets, in current assets, net of monthly provisional tax
payments and other tax credits (Note 6).

For the Specific Tax on Mining Activities, in accordance with Law 20.469, a tax rate of 5% was
estimated for this fiscal period.

F-46
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Deferred tax assets and liabilities are detailed as follows:

Deferred tax assets 3/31/2013 | 12/31/2012
ThUus$ Thus$
Provisions 1,105,684 | 1,046,454
Unrealized gains 43,783 43,783
Finance lease 25,133 28,078
Derivatives — futures – 9,112
Advances from clients 181,506 185,173
Tax loss 30,436 28,265
Health care plans 14,654 14,654
Other 4,051 7,081
IFRIC 20 first adoption – 12,833
Total deferred tax assets 1,405,247 | 1,375,433
Deferred tax liabilities 3/8112013 | 12/81/2012
ThUs$ Thus$
Derivatives – exchange rate 2,669 706
Specific mining tax 45,305 41,236
Price-level restatement of property, plant and equipment, IFRS first time
adoption 730,826 752,988
Valuation of employee termination benefit 109,026 109,646
Accelerated depreciation 2,511,613 2,520,323
Anglo American Sur S.A. investment 688,843 695,669
Income from fair value of mining properties 80,382 80,382
Other 70,209 70,745
IFRIC 20 First adoption 5,837 –
Total deferred tax liabilities 4,244,710 4,271,695

The effect of deferred taxes affecting equity is summarized as follows:

Deferred taxes affecting Equity 3/81/2013 12/81/2012
ThUS$ Thus$
Cash Flow Hedge (15,933) (379,740)
Total deferred taxes affecting equity (15,933) (379,740)

F-47
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

A reconciliation of taxes considering the legal tax rate and the calculation of the taxes actually paid ¡is
detailed as follows:

3/31/2013
Items Taxabo base Taxabe hase Tax rate 20% Additiona] tax Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Profit (losses) before taxes 599,804 599,804 119,961 239,922 359,883
Permanent differences 20% (108,905) – (21,781) – (21,781)
Permanent differences 40% – (34,502) – (13,801) (13,801)
Income from corporations and other (42,796) (12,239) (8,559) (4,896) (13,455)
Income from contractual companies (44,355) – (8,871) – (8,871)
Income from Isapres (Private health insurance companies) 61 – 12 – 12
Foreign exchange differences 431 431 86 172 258
Specific mining tax (30,824) (30,824) (6,165) (12,329) (18,494)
Others 8,578 8,578 1,716 3,431 5,147
Absorption Minera Gaby SpA – (448) – (179) (179)
Effect of subsidiaries – – – – 18,013
Total tax expense 98,180 226,121 342,314

3/31/2012
Items Taxable base | Taxabiabase raxrate gio | Adina! tax Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Profit (losses) before taxes 1,205,807 1,205,807 223,074 482,323 705,397
Permanent differences 18.5% (146,870) – (27,171) (27,171)
Permanent differences 40% – (65,139) – (26,056) (26,056)
Income from corporations and other (29,875) (29,875) (5,527) (11,950) (17,477)
Income from contractual companies (61,440) (11,366) (11,366)
Income from Isapres (Private health insurance companies) (630) – (117) (117)
Foreign exchange differences (2,086) 2,086 386 834 1,220
Specific mining tax (64,357) (64,357) (11,906) (25,743) (87,649)
Other 7,346 27,007 1,359 10,803 12,162
Specific mining tax, net of deferred tax – – – – 69,541
Reverse of rate change – – – – 337
Effect of subsidiaries – – – – 1,437
Total tax expense 195,903 456,267 723,485

F-48

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

6. Current tax assets and liabilities

a) Current tax assets

This item shows the right to collect VAT fiscal credit, income taxes and other taxes receivable, and ¡is
detailed as follows:

3/31/2013 12/31/2012
Current tax assets
Thus$ ThUs$
VAT fiscal credit 163,741 203,883
Other taxes 10,810 23,027
Income tax 127,470 400,660
Total 302,021 627,570

b) Current tax liabilities

This item shows the income tax liabilities, net of monthly provisional payments:

Current tax liabilities 3/81/2013 12/81/2012
Thus$ ThUs$
Income tax payable 11,742 50,205
Total 11,742 50,205

F-49
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

7. Property, Plant and Equipment

a) The balances of Property, plant and equipment at March 31, 2013 compared with December 31, 2012,
are as follows:

Property, Plant and Equipment, gross 3/81/2013 1218112012
ThUuS$ ThUS$
Work in progress 5,678,544 5,515,165
Land 119,396 119,265
Buildings 3,449,495 3,430,809
Plant and Equipment 11,704,886 11,465,568
Fixtures and fittings 47,513 35,648
Motor vehicles 1,441,429 1,434,168
Land Improvements 3,813,464 3,751,829
Mining Operations 3,380,359 3,564,849
Mine development 1,056,172 986,283
Other Assets 1,147,748 1,223,265
Total Property, Plant and Equipment, gross 31,839,006 31,526,849
Property, Plant and Equipment, accumulated depreciation 3/81/2013 1218112012
ThUuS$ ThUS$
Work in progress
Land – –
Buildings 2,153,518 2,128,436
Plant and Equipment 6,898,936 6,660,692
Fixtures and fittings 31,386 27,286
Motor vehicles 784,374 806,856
Land Improvements 2,126,108 2,082,906
Mining Operations 1,470,104 1,854,250
Mine development 503,894 475,417
Other Assets 406,703 467,464
Total Property, Plant and Equipment, accumulated depreciation 14,375,023 14,503,307
Property, Plant and Equipment, net 3/81/2013 1218112012
ThUS$ ThUS$
Work in progress 5,678,544 5,515,165
Land 119,396 119,265
Buildings 1,295,977 1,302,373
Plant and Equipment 4,805,950 4,804,876
Fixtures and fittings 16,127 8,362
Motor vehicles 657,055 627,312
Land Improvements 1,687,356 1,668,923
Mining Operations 1,910,255 1,710,599
Mine development 552,278 510,866
Other Assets 741,045 755,801
Total Property, Plant and Equipment, net 17,463,983 17,023,542

F-50

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see Note 1.2)

b) Movement of Property, plant and equipment:

Work in Land | Buildings viera os a , Land S as Devetonmert Other Assets Total
Thus$ ThUSs$ | Thus$ Thus$ ThUS$ Thus$ Thus$ Thus$ Thus$ Thuss ThUS$
Opening Balance as of 1/1/2013 5,515,165 | 119,265 | 1,302,373 4,804,876 8,362 627,312 1,668,923 1,710,599 510,866 755,801 17,023,542
Additions 767,881 – 24 57 11 – – 110,976 – 4,256 883,205
Disposals 2) – 2) (1,005) – (344) – (920) . – (2,273)
Capitalizations (386,326) – 6,593 77,016 – 55,365 27,594 152,424 69,889 – 2,555
Depreciation and Amortization – – | (27,529) (159,870) (799) | (22,843) (40,831) (101,347) (28,477) (15,350) (397,046)
Reclassifications (218,158) (82) 13,928 84,594 8,547 (2,486) 31,670 85,687 . (3,702) (2)
Impairment – – – – – – – – – – –
Others (16) 213 590 282 6 51 – (47,164) – 40 (45,998)
Total movements 163,379 131 (6,396) 1,074 7,765 29,743 18,433 199,656 41,412 (14,756) 440,441
Final Balance 3/31/2013 5,678,544 | 119,306 | 1,205,977 4,805,950 16,127 657,055 1,687,356 1,910,255 552,278 7ALO4S | 17,463,983
more AREA
ThUS$ ThUS$ || Thuss Thus$ Thus$ Thus$ Thus$ Thus$ ThUS$ ThUs$ Thuss
Opening Balance as of 1/1/2012 3,320,333 | 101,057 | 1,267,656 4,582,960 10,264 539,512 1,341,482 1,305,747 428,326 319,175 13,216,512
Additions 3,921,379 3 16,808 7,446 304 34 – 334,286 – 414,905 4,695,165
Disposals (20,010) – (1,900) (11,814) . (1,087) (6) (14,279) – (16) (49,112)
Capitalizations (1,585,623) 10,992 82,949 506,584 791 200,367 379,438 222,573 195,122 – 13,193
Depreciation and Amortization . – | (109,539) (586,455) (2,267) | (90,171) (138,757) | (367,654) (112,589) (63,695) | (1,471,127)
Reclassifications (190,746) | 6,202 (433) (70,723) (510) | — (20,497) 49,027 96,466 7 85,407 (45,800)
Impairment . – – (8,380) (335) – – – – – (8,715)
Closure provision – – 50,824 441,937 227 12 38,688 – – – 531,688
Others 69,832 | 1,011 (3,992) (56,679) (112) (858) (949) 133,460 – 25 141,738
Total movements 2,194,832 18,208 34,717 221,916 (1,902) 87,800 327,441 404,852 82,540 436,626 3,807,030
Final Balance 12/31/2012 5,515,165 | 119,265 | 1,302,373 4,804,876 8,362 627,312 1,668,923 | 1,710,599 510,866 755,801 17,023,542

F-51

CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

c)

The value of construction in progress, is directly associated with the operating activities of the
Corporation and its subsidiaries, and relates to the acquisition of equipment and projects in
construction.

The Corporation has contracted insurance policies to cover the potential risks to which the
various elements of property, plant and equipment are subject, and any claims that could arise
from their activities during the period, these policies provide adequate coverage of the potential
risks.

Borrowing costs capitalized for the first quarter of 2013 amounted to TRUS$ 25,000, calculated on
an annual capitalization rate of 4.32%. The amount for the same period of 2012 was ThUS$
11,379 calculated on an annual compounding rate of 4.34%.

The item “Other assets” under “Property, plant and equipment” includes:

Other assets, net 3/31/2013 | 12/31/2012
‘ ThUus$ ThUs$
Leasing assets 80,278 80,745
Mining properties from purchase of Anglo American Sur S.A. shares 402,000 402,000
Others 258,767 273,056
Total other assets, net 741,045 755,801

With the exception of assets under lease whose legal title corresponds to the lessor, the
Corporation currently has no ownership restrictions relating to assets belonging to Property, plant
and equipment.

Codelco has not granted “Property, plant and equipment” assets as collateral to third parties in

order to enable the realization of its normal business activities or as a commitment to support
payment obligations.

F-52
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

8. Investments accounted for using the equity method

The following table sets forth the carrying amount and the share of profit of the investments accounted
for using the equity method:

Equity Method Accrued Net Income
Items 3/31/2013 | 12/31/2012 111/2013 111/2012
3/31/2013 3/31/2012
ThUS$ ThUS$ ThUS$ ThUS$
Investments in associates accounted for using the equity method 7,285,239 7,466,286 73,064 75,886
Joint Ventures 167,360 178,326 26,159 40,243
Total 7,452,599 | 7,644,612 99,223 116,129

a)

Associates
Agua de la Falda S.A.

As of March 31, 2013, Codelco has a 43.28% interest in Agua de la Falda S.A., with the
remaining 56.72% owned by Minera Meridian Limitada.

The line of business of this company is to exploit deposits of gold and other minerals, in the third
region of the country.

Sociedad Contractual Minera El Abra

Sociedad Contractual Minera El Abra was formed in 1994. As of March 31, 2013, Codelco has a
49% interest in Sociedad Contractual Minera El Abra, with the remaining 51% owned by Cyprus
El Abra Corporation, a subsidiary of Freeport-McMoRan Copper 8 Gold Inc.

Company activities involve the extraction, production and marketing of copper cathodes.

Sociedad Contractual Minera Purén

As of March 31, 2013, Codelco has a 35% interest in Sociedad Contractual Minera Purén, with
the remaining 65% owned by Compañía Minera Mantos de Oro.

This company’s line of business is to explore, identify, survey, investigate, develop and exploit
mineral deposits in order to extract, produce and process ore.

F-53
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Kairos Mining S.A.

Until November 26, 2012 Codelco maintained a 40% interst in Kairos Mining S.A., with the
remaining 60% majority owned by Honeywell Chile S.A. Kairos Mining S.A. provides automation
and control services for industrial and mining activities and to license technology and software
licenses.

On November 21, 2012, the Corporation sold part of its stake to Honeywell Chile S.A.. After the
sale, Codelco held a 5% share on March 31, 2013, while the remaining 95% was held by
Honeywell Chile S.A, resulting in revenue before tax was ThUS$ 13.

Mining Industry Robotic Solutions S.A.

As of March 31, 2013, Codelco has a 36% interest in Mining Industry Robotic Solutions S.A., with
the remainder owned by Support Company Limited with 53%, Nippon Mining 8 Metals Co. Ltd.,
9% and Kuka Roboter GmbH, 2%.

The company’s line of business is the research, design, creation, invention, manufacture,
installation, supply, maintenance and marketing in any form or type of robot products, technology
products of a robotic nature or complementary supplies necessary for the marketing and
maintenance of those products that can be used in the mining and metals industry and related
services; to produce under license, license and market the licensing of products, processes and
technology services of a robotic nature for the mining and metallurgical industry, as well as any
other form of use by third parties of products or services based on such technology. In addition,
the company can also form all types of companies and participate as a partner or shareholder in
any existing company.

Sociedad GNL Mejillones S.A.

As of March 31, 2013, Codelco has a 37% interest in Sociedad GNL Mejillones S.A., with the
remaining 63% owned by Suez Energy Andino S.A. These interests were established on
November 5, 2010 when the Corporation did not increase the capital agreed upon by the meeting
of shareholders of such company. Before the actual increase, both the Corporation and Suez
Energy Andino S.A. had a 50% interest each.

This company’s line of business is the production, storage, marketing, transportation and
distribution of all types of fuel, and the acquisition, construction, maintenance and operation of
infrastructure facilities and construction projects necessary for transport, reception, processing
and storage both in Chile and abroad, singly or in partnership with third parties.

F-54
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Comotech S.A.

As of March 31, 2013, Codelco has a 48.19% interest in Comotech S.A. through its indirect
subsidiary Innovaciones en Cobre S.A.

The company’s line of business is to carry out research activities to increase the demand for
molybdenum at the national and international level through new and better applications, uses
and/or markets.

Inca de Oro S.A.

On June 1, 2009 Codelco’s Board authorized the formation of a company destined to developing
studies to allow continuity of the Inca de Oro Project.

On February 15, 2011, the association of Codelco and Minera PanAust IDO Ltda. was approved
in respect to the Inca de Oro deposit, with 66% of the share of Inca de Oro S.A. held by Minera
PanAust IDO Ltda. and Codelco maintains a 34% share. Before the materialization of this
association, Codelco owned the 100% of the society.

Copper for Energy S.A.

As of March 31, 2013, Codelco has a 25% interest in the share capital of International Copper
Association Ltd., a 25% interest in Fundación Chile and a 25% interest in Universidad de Chile.

Copper for Energy S.A.’s line of business is to develop and commercialize new products and
applications for copper, destined to make the most efficient use of energy and/ or to generate and
utilize renewable energy; conducting and ordering research, carrying out studies and projects,
rendering of training services and activities.

Deutsche Giessdraht GmbH

As of March 31, 2013, Aurubis and Codelco through its affiliate, Codelco Kupferhandel
GmbH, have a 60% and 40% interest, respectively.

The company produces wire rods in its Emmerich, Germany facility.

Anglo American Sur S.A.

On August 24, 2012, the company Inversiones Mineras Acrux SpA. (Acrux) and its affiliates (the
shares divided between Mitsui 8 Co. Ltd. (Mitsui) and Codelco, but with Codelco maintaining
control), acquired a 29.5% share interest in Anglo American Sur S.A. (AAS), of which, 24.5%

corresponds to the indirect ownership of Codelco on AAS.

F-55
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Subsequently, on November 26, 2012, Codelco sold 44,900 of its shares of Acrux to its partner
Mitsui, generating a profit before tax of ThUS$ 7,626.

After the sale, and as of March 31, 2013, Codelco reduced its indirect share interest in AAS to
20%, while Mitsui increased its participation to 9.5%.

At March 31, 2013, the control of AAS belongs to Inversiones Anglo American Sur S.A. with a
50.06% share interest, while the non-controlling interest corresponds to Acrux through its
subsidiary Inversiones Mineras Becrux SpA., with a 29.5% and Mitsubishi group with a 20.44%.

The principal activities of the Company are the exploration, extraction, exploitation, production,
processing and trading of minerals, concentrates, precipitates, copper bars and all metallic and
non-metallic minerals, all fossil substances and liquid and gaseous hydrocarbons naturally
presented. This includes the exploration, exploitation and use of all natural energy sources
capable of industrial use and the products or by-products obtained, as well as any other related,
connected or complementary activities in which the shareholders agree.

The following table demonstrates the equity value and accrued results of investments in
associates:

Equity Interest Equity Method Accrued Net Income

Associates Taxpayer Functional 1/1/2013 1/1/2012

Number Currency | ajgrjzo13 | azigarzor2 | ar3aizo13 | 1213112012 | 3/gaizo13 | 3/31/2012

% % ThUS$ ThUS$ ThUus$ ThUus$
Deutsche Geissdraht GmbH Foreign EURO 40.00% 40.00% 2,668 3,820 203 310
Agua de la Falda S.A. 96.801.450-1 USD 43.28% 43.28% 5,639 5,639 (60)
Sociedad Contractual Minera El Abra | 96.701.340-4 USD 49.00% 49.00% 825,406 805,973 37,358 62,577
Minera Purén SCM 76.028.880-2 USD 35.00% 35.00% 9,039 9,096 (56) 485
Sociedad GNL Mejillones S.A. 76.775.710-7 USD 37.00% 37.00% 54,881 48,304 6,956 13,096
Kairos Mining S.A. 76.781.030-K CLP 5.00% 5.00% – 20
MI Robotic Solutions S.A. 76.869.100-2 CLP 36.00% 36.00% 1,305 1,615 (270) (562)
Inca de Oro S.A. 73.063.022-5 USD 34.00% 34.00% 53,539 51,847 46 18
Anglo American Sur S.A. 77.762.940-9 USD 29.50% 29.50% 6,332,762 | 6,537,503 28,872 –
Others 2,489 (45) 2
TOTAL 7,285,239 | 7,466,286 73,064 75,886

The following tables provide details of the assets, liabilities and major movements in investments
in associates accounted for using the equity method and their respective results during the 3
months period ended on March 31, 2013 and December 31, 2012.

F-56

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
Assets and liabilities 318112013 3112/2012
ThUS$ ThUS$
Current assets 1,996,495 2,404,840
Non-Current assets 6,672,940 6,789,002
Current liabilities 984,573 1,004,201
Non-Current liabilities 1,691,408 1,692,517
1/1/2013 1/1/2012
Net Income 3/31/2013 3/31/2012
ThUS$ ThUS$
Revenue 1,084,421 266,013
Cost of sales (752,650) (185,037)
Profit for the period 331,771 80,976

Movements of Investment in 1/1/2013 1/01/2012

Associates 3/31/2013 3/31/2012
ThUS$ ThUS$
Opening balances 7,466,286 748,284
Contributions 1,547 –
Dividends (231,940) (1,410)
Net income for the period 73,064 75,886
Foreign exchange differences (40) (70)
Transfer of negative equity – (11,049)
Other comprehensive income (379) (2,042)
Other (23,299) (66)
Final balance 7,285,239 809,533

b) Joint ventures

At March 31, 2013, the Corporation participates in the Copper Partners Investment Company
Limited Joint venture. This partnership dates from March 2006 when Codelco Chile through its
subsidiary Codelco International Ltd., executed the agreement with Album Enterprises Limited (a
subsidiary of Minmetals) to form the company, in which both companies hold equal interests.

F-57
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

c)

d)

see Note 1.2)
Assets and liabilities 3/81/2013 12/81/2012
ThUS$ ThUS$
Current assets 32,239 54,397
Non-Current assets 302,512 308,621
Current liabilities 32 6,370
Non-Current liabilities – –
1/1/2013 1/1/2012
Net Income 3/31/2013 3/31/2012
ThUS$ ThUS$
Revenue 75,116 116,890
Cost of sales (22,798) (36,404)
Profit for the period 52,318 80,486
. 1/1/2013 1/1/2012
Movements of the investment
in joint ventures 3/31/2013 3/31/2012
ThUS$ ThUS$
Opening balance 178,326 196,771
Net income for the period 26,159 40,243
Dividends (38,000) (35,000)
Other 875 502
Final balance 167,360 202,516

Interest in negative equity
The Corporation, at March 31, 2013 and December 31, 2012, has no interest in negative equities.

Additional information about unrealized profit

The Corporation has recognized unrealized profit for purchases and sales of products, mining
properties, property, plant and equipment and ownership rights. The most significant transactions
include the transaction carried out in 1994 for the initial contribution of mining properties to
Sociedad Contractual Minera El Abra.

The balance of unrealized profit at March 31, 2013 corresponds to TRUS$ 72,972 (December 31,
2012: ThUS$ 72,972).

Codelco carries out copper purchases and sales with this company. At the end of the first quarter

of 2013 the value of finished products in Inventory includes an unrealized profit accrual of TRUS$
13,546. On December 31, 2012 there was an unrealized profit accrual of TRUS$ 6,971.

F-58
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Moreover, Codelco carries out copper purchases and sales with this company with Anglo
American Sur S.A. The value of finished products in Inventory at March 31, 2013 includes an
unrealized profit of ThUS$ 5,600 and there was no accrual of unrealized profit on December 31,
2012.

Share in companies acquired at fair value versus carrying amount

The acquisition by Codelco of its participation in Anglo American Sur S.A., on August 24, 2012,
was recorded based on the acquisition method, which involved the initial recognition of an
investment in the amount of ThUS$ 6,490,000, corresponding to the percentage of the share
interest acquired (29.5%) over the fair value of the net assets of the company, while the book
value at the acquisition date was ThUS$ 1,699,795.

In determining the fair value of the net assets of the acquired share interest, the Corporation
considered both the resources and mineral reserves that can be recovered reliably and the
assessment of intangibles and all other considerations about assets and contingent liabilities was
performed.

The fair value of the assets acquired and liabilities assumed at the acquisition date are as follows:

F-59
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
Balance at Fair Value
August 24, 2012
(US$ million)

Property, plant and equipments 17,718
Intangibles –
Mining resources 10,450
Water rights 28
Non-current assets 28,196
Inventories 211
Trade receivable and other receivables 693
Hedging instruments 1
Recoverable taxes 36
Cash and cash equivalents 599
Current assets 1,540
Total Assets 29,736
Capital 1,241
Retained earnings 2,895
Other reserves 18,510
Total Equity 22,646
Trade payables and other payables 1,599
Provision for employees benefits 76
Deferred taxes 4,925
Provisions 220
Non-Current liabilities 6,820
Trade payables and other payables 258
Provisions 12
Current liabilities 270
Total Liabilities 29,736

The allocation of the purchase price to fair value between the identifiable assets and liabilities has
been prepared by management using its best estimates and taking into account all relevant
information available at the time of the acquisition of Anglo American Sur S.A., and final
determination will be completed within the period of 12 months from the date of acquisition.

The transaction has not resulted in the acquisition of control of the acquired company.

The Corporation used the model of discounted cash flows to estimate cash flow projections,
based on the life of the mines. These projections are based on estimated production and future
prices of minerals, operating costs and capital costs at the date of acquisition, among other

F-60
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

estimates. Additionally, resources and potential resources to explore are not included in the plan
because they have been valued separately using a market model. These resources include the
concept of “Mineral Resources”.

As part of this process and the application of the discounted cash flow model, the fair value of the
net assets of Anglo American Sur S.A. valued at US$ 22,646 million in proportion to the
ownership by Inversiones Mineras Becrux SpA (29.5%) which amounts to US$ 6,681 million at
fair value.

On March 31, 2013 and December 31, 2012 neither the amount recognized for the total
consideration transferred, nor the range of estimates or assumptions used to determine
reasonable values at the acquisition date have changed.

The earnings before tax, corresponding to the proportion of the gains of Anglo American Sur S.A.
recognized between the date of acquisition to March 31,2013 was ThUS$ 66,056, while the
adjustment for depreciation and decrease in the fair value of the net assets of the company
recognized at the acquisition date, meant an effect of lower profit before tax of TRUS$ 31,585 and
is decreasing the item “Equity in earnings (losses) of associates and joint ventures accounted for
using the equity method” of the comprehensive income statement.

F-61
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

9. Subsidiaries

The following tables present a detail of the assets, liabilities and results of the Corporation’s
subsidiaries, prior to consolidation adjustments:

Assets and liabilities 3/81/2013 12/31/2012

ThUS$ ThUS$
Current assets 466,642 509,590
Non-current assets 6.916,930 7,134,568
Current liabilities 248,037 478,875
Non-current liabilities 1,108,932 1,789,191

1/1/2013 1/1/2012

Net Income 3/31/2013 12/31/2012
ThUS$ ThUS$
Revenue 515,294 613,110
Cost of sales (467,089) (563,802)
Profit (loss) for the period 48,835 49,308

10. Other non-current non-financial assets

Other non-current non-financial assets included in the interim consolidated statement of financial
position as of March 31, 2013 and 2012 ¡is detailed as follows:

. : 3/31/2013 12/31/2012
Other non-current financial assets
ThUS$ ThUS$
Law No. 13,196 asset (1) 30,252 30,862
Other 7,574 6,815
TOTAL 37,826 37,677

(1) Corresponds to the recording of the commitment related to Law No. 13,196, for the advance
payment received for the copper sales contract signed with Copper Partners Investment
Company Limited. This amount will be amortized according to the shipments made.

F-62
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

11. Current and non-current financial assets

Current and non-current financial assets included in the statement of financial position are detailed as

follows:
3/31/2013
Classification in the statement of financial Atfair value . . Total financial
position though profit Loans and Hedging Available assets
receivables | derivatives for sale

and loss ThUS$
Cash and Cash equivalents 17,713 1,313,045 – – 1,330,758
Trade and other current receivables (93,291) 1,213,492 – – 1,120,201
Rights receivables, non – current – 169,856 – – 169,856
Due from related companies, current – 13,085 – – 13,085
Due from related companies, non – current – 21,356 – – 21,356
Other current financial assets – 12,806 10,902 – 23,708
Other non – current financial assets – 10,501 130,599 – 141,100
TOTAL (75,578) 2,754,141 141,501 – 2,820,064

12/31/2012
Classification in the statement of financial At fair value . . Total financial
position though profit Loans and Hedging Available assets
dl receivables derivatives for sale

and loss ThUS$
Cash and Cash equivalents 11,137 1,252,686 – – 1,263,823
Trade and other current receivables 36,534 2,112,569 – – 2,149,103
Rights receivables, non – current – 171,699 – – 171,699
Due from related companies, current – 29,442 – – 29,442
Due from related companies, non – current – 41,305 – – 41,305
Other current financial assets – 7,825 884 – 8,709
Other non – current financial assets – 11,820 121,179 – 132,999
TOTAL 47,671 3,627,346 122,063 . 3,797,080

+ Financial assets designated at fair value through profit or loss: At March 31, 2013, this
category mainly includes unfinished product sale invoices and mutual fund investments made by
Codelco Chile subsidiaries.

The effects on results of open invoices are determined by the differences between the provisional
price at the date of shipment and the futures price curve of products, as explained under the title
Accounting policies (letter p of number 2 of Chapter 11), while mutual funds affect the result by the
change in fair value of shares.

+ Loans granted and receivables: These correspond to financial assets with fixed or determinable
payments that are not traded in an active market.

F-63
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The effects on the period’s statements of comprehensive income generated by these assets, come
mainly from financial interest gains and from the exchange rate differences related to the balances
in currencies other than the functional currency.

No material impairments were recognized in accounts receivable.

+ Hedging derivatives: Correspond to the receivable balances for derivative contracts for the
exposure generated by existing operations and which affect the period profit and loss from the
liquidation of these operations. The detail of derivative transactions is included in Note 27.

+ Available-for-sale financial assets: These correspond primarily to non-derivative financial assets
that are specifically designated as available for sale or are not classified as: a) loans and
receivables, b) investments held to maturity or c) financial assets carried at fair value through profit
or loss (IAS 39, paragraph 9).

Within the period presented, there was no reclassification of financial instruments among the
different categories established under lAS 39.

12. Interest-bearing borrowings

Current and non-current interest-bearing borrowings correspond to Borrowings from financial
institutions, Bond obligations and Finance leases, which are recorded by the Corporation at amortized
cost using the effective interest rate method. The following tables detail the composition of the item
“other financial liabilities, current and non-current.”

F-64
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The tables below show the composition of the other financial liabilities, current and non-current.

3/31/2013
Current Non-current
Items e deals Total OS dales Total
ThUS$ ThUS$ ThUS$ ThUs$ ThUsS$ ThUs$

Loans from financial entities 267,355 – 267,355 2,580,925 – 2,580,925

Bonds 595,632 – 595,632 6,518,739 – | 6,518,739

Financial Lease 32,229 – 32,229 89,781 – 89,781

Hedge obligations 6,047 3,172 9,219 – 7 7

Other financial liabilities 1,447 – 1,447 81,740 – 81,740

Total 902,710 3,172 905,882 9,271,185 7 | 9,271,192

12/31/2012
Current Non-current
Items e deals Total er raVabes deals Total
ThUs$ ThUS$ ThUs$ ThUs$ ThUS$ ThUS$

Loans from financial entities 219,686 – 219,686 2,577,896 – 2,577,896
Bonds 594,006 – 594,006 6,511,090 – | 6,511,090
Financial Lease 35,601 – 35,601 91,306 – 91,306
Hedge obligations – 14,537 14,537 – 1,533 1,533
Other financial liabilities 949 – 949 80,499 – 80,499
Total 850,242 14,537 864,779 9,260,791 1,533 | 9,262,324

These items are generated by the following situations:
– Borrowings from financial institutions:

The loans obtained by the Corporation to finance its production operations oriented towards the
foreign market.

On August 23, 2012, the subsidiary Inversiones Gacrux SpA (Gacrux), agreed to funding from
Oriente Copper Netherlands BV (a subsidiary of Mitsui 8 Co. Ltd.) for approximately US$$1,863
million, renewable monthly until November 26, 2012, after which, if not paid or renegotiated, will
automatically become a loan with a 7.5 years maturity from the date of disbursement, and an
annual rate of Libor + 2.5%. This credit has no personal guarantees (“non-recourse”) on Codelco’s
part.

Codelco’sndirect subsidiary Codelco Inversiones Mineras Becrux SpA used this funding for the
acquisition of 24.5% of the shares of Anglo American Sur S.A. and other related expenses.

F-65
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

On October 31, 2012, new terms of the amended Credit Agreement were agreed, which remains
without personal guarantees of Codelco (‘non-recourse”), and establish a fixed rate of 3.25% per
annum and a duration 20 years, to be payable in 40 semi-annual quotas of principal and interest.
Under previous agreements, Mitsui is entitled to additional interest equivalent to one-third of the
savings that result to Gacrux from the difference between refinanced credit and the Credit
Agreement originally signed. Furthermore, Mitsui (through a subsidiary) held an option to purchase
from Gacrux an additional 15.25% of the shares issued by the company Inversiones Mineras Acrux
SpA. (“Acrux”), at a fixed price of approximately US$ 998 million to be used in full to prepay
Gacrux’s debt under the Credit Agreement, reducing it to US$ 875 million.

Subsequently, on November 26, 2012, Mitsui materialized the purchase of additional 15.25% share
interest in Acrux, so Codelco reduced its debt with Mitsui, which at March 31, 2013, has a balance
of ThUS$ 864,523.

Bond obligations:

On November 18, 2002, the Corporation issued and placed bonds in the domestic market, under
the rules of the Superintendency of Securities and Insurance. These bonds were issued for a
nominal amount of UF 7,000,000, in a single series denominated Series A, and consist of 70,000
bonds for UF100 each of those with a 4.0% annual interest rate and with bi-annual interest
payments. These bonds are payable in a single installment on September 1st, 2012, date on which
the instrument was paid. No balance was due at December 31, 2012.

On November 30, 2002, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$435,000. These bonds are payable in a
single installment on November 30, 2012, with a 6.375% annual interest rate and with bi-annual
interest payments. No balance was due at December 31, 2012

On October 15, 2003, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 15, 2013, with a 5.5% annual interest rate and with bi-annual interest
payments.

On October 15, 2004, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 15, 2014, with a 4.750% annual interest rate and with bi-annual interest
payments.

On May 10, 2005, the Corporation issued and placed bonds in the domestic market for a nominal
amount of UF6,900,000, in a single series denominated Series B, and consist of 6,900 bonds for

F-66
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

UF1,000 each. These bonds are payable in a single installment on April 1, 2025, with an 3.96%
annual interest rate and with bi-annual interest payments.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of TRUS$500,000. These bonds are payable in a
single installment on September 21, 2035, with a 5.6250% annual interest rate and with bi-annual
interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 24, 2036, with a 6.15% annual interest rate and with bi-annual interest
payments.

On January 20, 2009, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$600,000. These bonds mature in a single
installment on January 15, 2019, at an interest rate of 7.5% per annum with interest paid bi-
annually.

On November 4, 2010 the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$1,000,000. These bonds mature in a
single installment on November 4, 2020, at an interest rate of 3.75% per annum with interest paid
bi-annually.

On November 3, 2011, the Corporation issued and placed bonds in the U.S. market under
Rule 144A and Regulation S, for a nominal amount of ThUS $1,150,000. These bonds mature in a
single installment on November 4, 2021, with an interest rate of 3.875% per annum, with interest
paid bi-annually.

On July 17, 2012, the Company issued and placed bonds in the U.S. market under Rule 144-A and
Regulation S, for a nominal amount of US$ 2,000 million. The ThUS$ 1,250,000 with an interest
rate of 3% per annum mature on July 17, 2022 and the Th$750,000 with an interest rate of 4.29%
mature on July 17, 2042, and each have interest paid bi-annually.

Financial debt commissions and expenses:
Obtaining financial resources generates, in addition to the interest rate, fees and other expenses
charged by the financial institutions, and the Corporation receives the net value of the loans.

These expenses are amortized based on the effective interest rate determined using the amortized
cost method.

F-67
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

– Finance leases:

Finance lease transactions are generated for service contracts, principally for buildings and
machinery.

F-68
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

At March 31, 2013, the detail of Borrowings from financial institutions and Bond obligations is as follows:

3/31/2018
Taxpayer County Loans wi financial Tnstructon Matuiy | Rate Amount Type ol amortizaton E Efective Current Nor-current
Number entities Currency interest rate interestrate | — balance balance

Thus$ Thus$

Foreign United States of America — | Syndicated credit BBVA Bancomer 09/27/2014 | Floating US$ 40,000,000 | 9 ra lo | Quarter 0.48% 0.54% 133,414 133,175

97836000k | Chile Bilateral Credit Banco Santander S.A. 1130/2015 | Floating | US$ 75,000,000 | Maturty Quarterly 1.14% 1.26% 15 74,799

Foreign Bermuda Bilateral Credit HSBC Bank Bermuda Limited 1211712015 | Floating | US$ 162,500.00 | Maturity Quarterly 1.13% 1.25% 83 162,063

Foreign United States of America. — | Bilateral Credit Bank of Tokyo-Mitsubishi 1212212015 | Floating | US$ 100,000,000 | Maturity Quarterly 1.03% 1.13% 17 99,763

97836000k | Chile Bilateral Credit Banco Santander S.A. 12/23/2015 | Floating | US$ 100,000,000 | Maturity Quarterly 1.13% 1.25% 19 99,717

Foreign United States of America á | Bilateral Credit Export. Dev. Canada 12/26/2015 | Floating | US$ 250,000,000 | Maturiy Quarterly 1.08% 1.20% 23 249,311

Foreign United States of America. — | Bilateral Credit Sumitomo Mitsui Banking 02/18/2016 | Floating | US$ 100,000,000 | Maturity Quarterly 1.11% 1.20% 40 99,766

Foreign United States of America. — | Bilateral Credit Mizuho Corporate Bank Ltd 10/13/2016 | Floating | US$ 100,000,000 | Maturity Quarterly 0.91% 1.18% 191 99,070

Foreign United States of America. — | Bilateral Credit Bank Of Tokyo Mitsubishi Ltd. 10/14/2016 | Floating | US$ 250,000,000 | Maturiy Quarterly 0.81% 1.11% 425 247.392

Foreign United States of America. — | Bilateral Credit HSBC Bank USA. N.A. 10/11/2016 | Floating | US$ 250,000,000 | Maturiy Quarterly 0.91% 1.21% 509 247.438

Foreign United States of America. — | Bilateral Credit Export Dev Canada 11/8/2016 | Floating | US$ 250,000,000 | Maturiy Quarterly 0.80% 1.16% 339 246,904

Foreign Netherlands Bilateral Credit Oriente Copper Netherlands B.V. | 11/26/2032 | Fixed US$ 874,959,000 valen ol principal — | Semiannual 3.25% 5.43% 56,177 807,746

Foreign Germany Credit Line HSBC Trinkaus 8 Burkhardt Floating | Euro 5.21% 5.24% 20,875

Foreign Germany Credit Line Deutsche Bank Floating | Euro 5.21% 5.24% 11,562

Other institutions 43,066 13,781
TOTAL 267,355 2,580,925
Current Nor-current
Bonds Country Maturity Rae ueney Amount Type of amortization Pame ol a o balance
Thus$ Thus$
144-A REG.S United States of America 10/15/2013 | Fixed US$ 500,000,000 | Maturity Semi annual 5.50% 557% 512,654 –
144-A REG:S United States of America 10/15/2014 | Fixed US$ 500,000.00 | Maturity Semi annual 4.75% 4.99% 11,092 498,234
114AREGS United States of America 1115/2019 | Fixed US$ 600,000,000 | Maturiy Semi annual 7.50% 7.79% 9,820 592,073
114AREGS United States of America 14/4/2020 | Fixed uss | 1,000,000,000 | Maturiy Semi annual 3.75% 3.98% 15,331 984,809
114AREGS United States of America 14/4/2021 | Fixed US$ | 1,150,000,000 | Maturiy Semi annual 3.88% 4.07% 18,219 1,134,174
144-A REG:S United States of America 7hzI2022 | Fixed uss | 1,250,000,000 | Maturiy Semi annual 3.00% 3.16% 7,562 1,232,742
BCODE-B Chile 4/1/2025 | Fixed UE. 6,900,000 | Maturty Semi annual 4.00% 3.24% 36 359,587
144-A REG:S United States of America 912112035 | Fixed US$ 500,000.00 | Maturity Semi annual 5.63% 5.78% 994 490,375
144-A REG:S United States of America 10/24/2036 | Fixed US$ 50,000,000 | Maturty Semi annual 6.15% 6.22% 13,496 495.893
144-A REG:S United States of America 11/4/2042 | Fixed US$ 750,000.00 | Maturty Semi annual 4.25% 4.40% 6.428 730,902
TOTAL. 595632 6518739

Nominal and effective interest rates presented above correspond to annual rates.

F-69

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

At December 31, 2012, the detail of Borrowings from financial institutions and Bond obligations is as follows:

12/31/2012
Taxpayer o Loans with financial Type of Paymentof || Effective | Current [| Nomcurrent
Number ‘ountry entities Institution Maturity Rate Currency Amount amortization interest Nomin interest Balance Balance
al rate rate ThUus$ ThUS$
3 annual
a , installments
Foreign United States of America Syndicated credit BBVA Bancomer 09/27/2014 | Floating US$ 400,000,000 of principal Quarterly
at maturity 0.51% 0.57% 133,350 133,136
97836000-K Chile Bilateral Credit Banco Santander S.A. 11/30/2015 | Floating US$ 75,000,000 Maturity Quarterly 1.16% 1.28% 85 74,781
Foreign Bermuda Bilateral Credit HSBC Bank Bermuda Limited 12/17/2015 | Floating US$ 162,500,000 Maturity Quarterly 1.16% 1.28% 97 162,015
Foreign United States of America Bilateral Credit Bank of Tokyo-Mitsubishi 12/22/2015 | Floating US$ 100,000,000 | Maturity Quarterly 1.06% 1.15% 22 99,744
97836000-K Chile Bilateral Credit Banco Santander S.A. 12/23/2015 | Floating US$ 100,000,000 Maturity Quarterly 1.16% 1.28% 27 99,691
Foreign United States of America Bilateral Credit Export. Dev. Canada 12/28/2015 | Floating US$ 250,000,000 | Maturity Quarterly 1.11% 1.23% 24 249,234
Foreign United States of America Bilateral Credit Sumitomo Mitsui Banking 02/18/2016 | Floating US$ 100,000,000 | Maturity Quarterly 1.14% 1.23% 44 99,746
Foreign United States of America Bilateral Credit Mizuho Corporate Bank Ltd 10/13/2016 | Floating US$ 100,000,000 | Maturity Quarterly 0.93% 1.21% 197 99,006
Foreign United States of America Bilateral Credit Bank Of Tokyo Mitsubishi Ltd. 10/14/2016 | Floating US$ 250,000,000 | Maturity Quarterly 0.84% 1.15% 468 247,220
Foreign United States of America Bilateral Credit HSBC Bank United States of America. N.A. 10/11/2016 | Floating US$ 250,000,000 Maturity Quarterly 0.95% 1.26% 549 247,258
Foreign United States of America Bilateral Credit Export Dev Canada 11/3/2016 | Floating US$ 250,000,000 | Maturity Quarterly 0.81% 1.18% 356 246,695
Semi annual
installments of
Foreign Netherlands Bilateral Credit Oriente Copper Netherlands B.V. 11/26/2032 | Fixed US$ 874,959,000 | principal Semi annual 3.25% 3.60% 44,612 809,035
Foreign Germany Credit Line HSBC Trinkaus 8 Burkhardt Floating Euro 5.52% 5.28% 19,818 –
Foreign Germany Credit Line Deutsche Bank Floating Euro 5.52% 5.28% 17,585 –
Other institutions 2,452 10,335
TOTAL 219,686 2,577,896
Type of Payment of . Effective Current Non-current
Bonds Country Maturity Rate Currency Amount amortization interest Nomin interest Balance Balance
al rate rate ThUS$ ThUS$
144-A REG.S United States of America 10/15/2013 | Fixed US$ 500,000,000 Maturity Semi annual 5.50% 5.57% 505,771 –
144-A REG.S United States of America 10/15/2014 | Fixed US$ 500,000,000 Maturity Semi annual 4.75% 4.99% 5,220 497,966
144-A REG.S United States of America 01/15/2019 | Fixed US$ 600,000,000 Maturity Semi annual 7.50% 7.79% 21,140 591,807
144-A REG.S United States of America 11/04/2020 | Fixed US$ 1,000,000,000 Maturity Semi annual 3.75% 3.98% 6,008 984,386
144-A REG.S United States of America 11/04/2021 Fixed US$ 1,150,000,000 Maturity Semi annual 3.88% 4.07% 7,139 1,133,794
144-A REG.S United States of America 07/17/2022 | Fixed US$ 1,250,000,000 Maturity Semi annual 3.00% 3.16% 17,027 1,232,384
BCODE-B Chile 4/1/2025 | Fixed U.F. 6,900,000 Maturity Semi annual 4.00% 3.24% 3,340 353,728
144-A REG.S United States of America 09/21/2035 | Fixed US$ 500,000,000 Maturity Semi annual 5.63% 5.78% 8,080 490,324
144-A REG.S United States of America 10/24/2036 | Fixed US$ 500,000,000 Maturity Semi annual 6.15% 6.22% 5,808 495,874
144-A REG.S United States of America 11/04/2042 | Fixed US$ 750,000,000 Maturity Semi annual 4.25% 4.40% 14,473 730,827
TOTAL 594,006 6,511,090

Nominal and effective interest rates presented above correspond to annual rates.

F-70

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

At March 31, 2013, the detail of amounts due undiscounted that the Corporation has with financial institutions is as follows:

23/31/2013 Current Norrcurrent
Debtor’s name o TN Paymentofinterest Less than 90 | Morethan90 | cyprongrora | Onetohee | Threetolve More than Non-current
urrency | interest rate days days jears jears five years total

BBVA BANCOMER US$ 0.54% 0.48% | Quartely 329 133,997 134,326 133,663 – – 133,663
BANCO SANTANDER SAA. US$ 1.26% 1.14% | Quarterly 218 654 872 76,517 – – 76,517
HSBC BANK BERMUDA LIMITED US$ 1.25% 1.13% | Quarterly 474 1,408 1,882 165,765 – – 165,765
THE BANK OF TOKYO M. US$ 1.13% 1.03% | Quartery 261 778 1,039 101,838 – – 101,838
BANCO SANTANDER SAA. US$ 1.25% 1.13% | Quarterly 287 857 1,144 102,016 – – 102,016
EXPORT DEVELOP CANADA US$ 1.20% 1.08% | Quartery 692 2,054 2,746 254,816 – – 254,816
SUMITOMO MITSUI BANKING US$ 1.20% 1.11% | Quartery 284 833 1,117 102,254 – – 102,254
MIZUHO CORPORATE BANK LTD US$ 1.18% 0.91% | Quarterly 229 691 920 1,835 100,689 – 102,524
BANK OF TOKYO-MITSUBISHI LTD. US$ 1.11% 0.81% | Quarterly 509 1,537 2,046 4,081 251,532 – 255,613
HSBC BANK USA, NA US$ 1.21% 0.91% | Quarterly 1,138 1,722 2,860 4,022 251,722 – 255,744
EXPORT DEVELOP CANADA US$ 1.16% 0.80% | Quarterly 500 1,529 2,029 4,058 251,523 – 255,581
ORIENTE COPPER NETHERLANDS B.v. US$ 5.43% 3.25% | Semianual 40,740 40,614 81,354 158,384 152,685 960,949 1,272,018
BONO 144-A REG. 2013 US$ 5.57% 5.50% | Semianual 13,750 513,750 527,500 – – –
BONO 144-A REG. 2014 US$ 4.99% 4.75% | Semiamnual 11,875 11,875 23,750 523,750 – – 523,750
BONO 144-A REG. 2019 US$ 7.79% 7.50% | Semianual 45,000 45,000 90,000 90,000 645,000 825,000
BONO 144-A REG. 2020 US$ 3.98% 3.75% | Semianual 18,750 18,750 37,500 75,000 75,000 1,112,500 1,262,500
BONO 144-A REG. 2021 US$ 4.07% 3.8% | Semianual 22,281 22,281 44,562 89,125 89,125 1,328,250 1,506,500
BONO 144-A REG. 2022 US$ 3.16% 3.00% | Semiannual 37,500 37,500 75,000 75,000 1,418,750 1,568,750
BONO 144-A REG. 2035 US$ 5.78% 5.63% | Semiannual 28,125 28,125 56,250 42,188 1,006,250 1,104,688
BONO 144-A REG. 2036 US$ 6.22% 6.15% | Semianual 15,975 15,375 30,750 61,500 61,500 1,084,250 1,207,250
BONO 144-A REG. 2042 US$ 4.40% 4.25% | Semiannual 31,875 31,875 63,750 63,750 1,530,938 1,658,438

Total THUSS 127,692 911,206 1,038,897 2,143,624 1,504,714 9,086,887 12735225
BONO BCODE-8 2025 UE 3.24% 4.00% | Semiannual 276,000 276,000 414,000 552,000 8,970,000 9,936,000

Total U.F. 276,000 276,000 414,000 552,000, 8,970,000 9,936,000

Subtotal TRUS$ 13,372 13,372 20,058 26,744 434,588 481,389

Total THUSS 127,692 924,577 1,052,269 2,163,682 1,531,458 9/521,475 13,216,614

Nominal and effective interest rates presented above correspond to annual rates.

F-71

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

At December 31, 2012, the detail of amounts due undiscounted that the Corporation has with financial institutions is as follows:

12/31/2012 Current Nor+-current
o Nominal Less than More than Current One to Three to More than Non-current
Debtor’s Name Cureno Effective : Payment ofinterest 90 days 90 days Total three years five years five years Total
y interest rate pate

BBVA BANCOMER US$ 0.57% 0.51% | Quarterly 340 134,212 134,552 133,851 – – 133,851
BANCO SANTANDER S.A. US$ 1.28% 1.16% | Quarterly 220 673 893 76,766 – – 76,766
HSBC BANK BERMUDA LIMITED US$ 1.28% 1.16% | Quarterly 471 1,460 1,931 166,321 – 166,321
THE BANK OF TOKYO M. US$ 1.15% 1.06% | Quarterly 268 801 1,069 102,149 – 102,149
BANCO SANTANDER S.A. US$ 1.28% 1.16% | Quarterly 293 880 1,173 102,352 – – 102,352
EXPORT DEVELOP CANADA US$ 1.23% 1.11% | Quarterly 694 2,120 2,814 255,627 – – 255,627
SUMITOMO MITSUI BANKING US$ 1.23% 1.14% | Quarterly 288 860 1,148 2,308 100,288 102,596
MIZUHO CORPORATE BANK LTD US$ 1.21% 0.93% | Quarterly 467 475 942 1,894 100,950 102,844
BANK OF TOKYO-MITSUBISHI LTD. US$ 1.15% 0.84% | Quarterly 1,077 1,071 2,148 4,272 252,142 256,414
HSBC BANK USA, N.A. US$ 1.26% 0.95% | Quarterly 1,204 1,819 3,023 4,219 252,420 256,639
EXPORT DEVELOP CANADA US$ 1.18% 0.81% | Quarterly 520 1,542 2,062 4,123 252,067 – 256,190
ORIENTE COPPER NETHERLANDS B.V. US$ 3.60% 3.25% | Semi annual – 71,829 71,829 139,392 133,705 821,504 1,094,601
BONO 144-A REG. 2013 US$ 5.57% 5.50% | Semi annual 527,500 527,500 – – – –
BONO 144-A REG. 2014 US$ 4.99% 4.75% | Semi annual – 23,750 23,750 523,750 – – 523,750
BONO 144-A REG. 2019 US$ 7.79% 7.50% | Semiannual 22,500 22,500 45,000 90,000 90,000 667,500 847,500
BONO 144-A REG. 2020 US$ 3.98% 3.75% | Semi annual – 37,500 37,500 75,000 75,000 1,112,500 1,262,500
BONO 144-A REG. 2021 US$ 4.07% 3.88% | Semi annual – 44,563 44,563 89,125 89,125 1,328,250 1,506,500
BONO 144-A REG. 2022 US$ 3.16% 3.00% | Semi annual 18,750 18,750 37,500 75,000 75,000 1,437,500 1,587,500
BONO 144-A REG. 2035 US$ 5.78% 5.63% | Semi annual 14,063 14,063 28,126 56,250 56,250 1,006,250 1,118,750
BONO 144-A REG. 2036 US$ 6.22% 6.15% | Semiannual – 30,750 30,750 61,500 61,500 1,084,250 1,207,250
BONO 144-A REG. 2042 US$ 4.40% 4.25% | Semi annual 15,938 15,938 31,876 63,750 63,750 1,546,875 1,674,375

Total TRUS$ 77,093 953,056 1,030,149 2,027,649 1,602,197 9,004,629 12,634,475
BONO BCODE-B 2025 v.F. 3.24% 4.00% | Semi annual 138,000 138,000 276,000 552,000 552,000 8,970,000 10,074,000

Total U.F. 138,000 138,000 276,000 552,000 552,000 8,970,000 10,074,000

Subtotal ThUS$ 6,567 6,567 13,135 26,269 26,269 426,872 479,410

Total ThUS$ 83,660 959,623 1,043,284 2,053,918 1,628,466 9,431,501 13,113,885

Nominal and effective interest rates presented above correspond to annual rates.

F-72

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Payment commitments for financial leasing transactions are summarized in the following table:

3/31/2013 12/31/2012
Financial Leasing Gross | Interest Net Gross | Interest Net
ThUus$ ThUS$ ThUS$ | ThUus$ ThUS$ ThUS$
Less than one year 34,987 (2,758) 32,229 38,785 (3,184) 35,601
Between one and five years 85,400 (33,985) 51,415 76,538 (27,996) 48,542
More than five years 73,161 (34,795) 38,366 84,499 (41,735) 42,764
Total 193,548 | (71,538) | 122,010 | 199,822 | (72,915) | 126,907

Commitment to future payments for operating
statements of comprehensive income are summarized in the following table:

leases and lease payments recognized in the

: 3/31/2013 12/31/2012
Future payments for operating leases
ThUS$ ThUS$
Less than one year 814,293 753,718
Between one and five years 516,012 386,619
More than five years 260,888 324,428
TOTAL 1,591,193 1,464,765
Rental fees recognized in the Statement of 3/31/2013 12/31/2012
Comprehensive Income
ThUS$ ThUS$
Minimum payments for operating leases 101,240 32,999

13. Fair Value of financial assets and liabilities

As the carrying amount of financial assets and liabilities is a reasonable approximation of their fair
value, no incremental disclosures are required in accordance with IFRS 7.

14. Fair value hierarchy

Each of the estimated market values for the Corporation’s portfolio of financial instruments is based on
a calculation and data input methodology. Each of these methodologies has been analyzed to
determine to which of the following levels they can be assigned:

+. Level 1 corresponds to Fair Value measurement methodologies through market quotes
(unadjusted) in active markets and considering the same valued Assets and Liabilities.

F-73
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

+ Level 2 corresponds to Fair Value measurement methodologies using market quote data, not
included in Level 1, that are either directly (prices) or indirectly (derived from the prices)
observable for the valued Assets and Liabilities.

+ Level 3 corresponds to Fair Value measurement methodologies that use valuation techniques
that include data on the valued Assets and Liabilities that are not supported by observable market
data.

Based on the methodologies, inputs, and previous definitions the following market levels have been
established for the financial instruments portfolio held by the Corporation at March 31, 2013:

s ; a . . 3/31/2013
Financial Assets and liabilities at fair value with Level 1 Level 2 Level 3 Total

an effect in profit and loss statement
ThUS$ ThUS$ ThUS$ ThUS$

Financial Assets:

Provisionally priced sales contracts – | (93,291) – (93,291)
Cross Currency Swap – 130,227 – 130,227
Mutual fund units 17,713 – – 17,713
Metals Futures 11,275 – – 11,275
Financial Liabilities:

Metals Futures 3,178 – – 3,178

No transfers between different levels of market values were observed for the reporting period.

15. Trade and other payables
Total trade and other payables, current and non-current, are detailed as follows:

Current Liabilities
ltems 3/31/2013 12/31/2012
ThUS$ ThUS$
Trade payables 1,331,086 1,775,773
Payables to employees 31,602 23,611
Withholdings 130,666 116,905
Tax withholdings 59,102 167,146
Other payables 97,875 162,157
Total 1,650,331 2,245,592

F-74
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

16. Other provisions

Other short-term accrued expenses and provisions as of the indicated dates are detailed as follows:

Current Non-current
Other provisions 3/31/2013 12/31/2012 3/31/2013 12/31/2012
ThUS$ ThUS$ ThUS$ ThUS$

Trade (1) 7,865 13,880 –
Operating (2) 66,863 36,014
Law No. 13,196 42,144 112,014 – –
Sundry 41,443 47,987 5,363 6,869
Closure, decommissioning and restoration (3) – – 1,497,270 1,471,157
Contingencies – – 61,811 76,141

Total 158,315 209,895 1,564,444 1,554,167

Current Non-current
Accrual for employee benefits 3/31/2013 12/31/2012 3/31/2013 12/31/2012
ThUS$ ThUS$ ThUS$ ThUS$

Employees’ collective bargaining agreements 92,567 214,598 – –
Employee termination benefit 55,525 48,717 770,111 749,358
Bonus 16,406 4,888
Vacation 141,751 153,925 – –
Medical care programs (4) 636 576 367,907 373,703
Retirement plans (5) 111,374 113,112 171,375 128,696
Other 6,683 14,159 21,925 71,537

Total 424,942 549,975 1,331,318 1,323,294

(1) Corresponds to a sales-related accrual, which includes charges for freight, loading, and unloading that were not
invoiced at the end of the period.

(2) Corresponds to a provision for customs duties, freight on purchases, electricity, among others.

(3) Corresponds to future asset retirement provision costs primarily related to tailing dams, closures of mine operations
and other assets. The value is calculated in present value discounted at a real annual discount rate before tax of
3.04% in Chilean pesos, (in 2011 cash flows were expressed in Chilean pesos discounted at a rate of 3% in real
terms), and reflects the corresponding assessments of the value of money in time, that the market is being affected.
The discount rate includes the risks associated to the liability that is being determined, except those that are included
in the cash flows. The discount period varies between 11 and 82 years.

The new law on mine and mining facilities closure, published in the Official newspaper on November 11, 2011, will
have effects in future periods on this provision, as mentioned in Note 29, “Contingencies and restrictions.”

The Company determines and records the liability in accordance with the accounting policies mentioned in note 2,
letter 0) of the Accounting Policies.

(4) Corresponds to an accrual for contributions to medical care institutions agreed upon with current and former
employees.

(5) Corresponds to an accrual for employees who have agreed or expected to agree to retire in accordance with plans in
force for personnel retirement.

F-75
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

In respect of these plans, and following the ending of the collective bargaining process that the
Codelco – Chuquicamata administration had during the month of December 2012 with the unions of
that Division, the Collective Agreement subscribed to by the parties established a scheduled
voluntary retirement plan. As a result, the Corporation recognized a provision for this in current
and noncurrent liabilities in the amounts of US$73,371 and $128,696, respectively. The values are
discounted at a discount rate equivalent to that used for the calculation of provisions for employee
benefits that are part of the account balances at December 31, 2012.

Movements of Other provisions were as follows:

1/1/2013
3/31/2013
Movements Provision for . : Other
mine closure Contingencies provisions Total
ThUS$ ThUS$ ThUS$ ThUS$

Opening balance 1,471,157 76,141 6,869 1,554,167
Annual cost – – 551 551
Adjustment of closure provision – –
Financial expenses 4,633 – – 4,633
Payment of liabilities (6,242) (13,802) – (20,044)
Foreign Exchange rate differences 28,103 (528) (20) 27,555
Other variations (381) – (2,037) (2,418)
Final Balance 1,497,270 61,811 5,363 1,564,444

17. Employee benefits
a) Provisions for post employment benefits and other long term benefits

Provision for post employment benefits corresponds to medical care plans and is intended to cover the
payment obligations that the Corporation has contracted with its employees, according to contracts or
collective bargaining agreements, to partially cover the costs of medical services.

Both long term benefits are based on the agreements in the employment contracts or collective
bargaining agreements signed between the Corporation and workers.

These accruals are recorded in the statement of financial position, at the present value of estimated
future obligations. The discount rate applied is determined on the basis of the rates of financial
instruments in the same currency in which the obligations are to be paid and with similar maturities.

The basis for the registration of these obligations are denominated in Chilean pesos, therefore the
amount include in the Corporation’s financial statements represents exposure to financial risk of
exchange rate.

F-76
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The results from adjustments and changes in actuarial variables are charged or credited to the
statements of other comprehensive income in the period in which they occur.

During January-March 2013 period, there were no significant changes in post-employment benefits
plans.

Actuarial assumptions for calculating the employee termination benefit accrual are as follows:

Actuarial assumptions
Discount rate 5.49% — 5.76%
Turnover rate – resignation 3.11% Men — 0.25% Women
(Average) wage increase 1.08% – Annual
Men’s retirement age 65
Women’s retirement age 60

The mortality tables used for the actuarial calculations correspond to current issued by the Superintendency of Securities
and Insurance, corresponding to updating RV 2009.

Reconciliation of post employment benefit and other long term benefits provision:

1/1/2013 – 3/31/2013
Retirement Plan Health Plan
Movements ThUS$ ThUS$

Opening balance 798,076 374,279
Cost 20,355 465
Finance expense 5,440 739
Indemnities paid (13,345) (8,194)
Subtotal 810,526 367,289
(Gains) Losses from foreign

exchange differences 15,110 1,254
Total balance 825,636 368,543

Moreover, the effect on the provision for severance benefit service on March 31, 2013, got a change in
the discount rate by one percentage, in conjunction with the same variation in the rate of inflation is
linked directly with such discount rate shown in the table below:

Effect of inflation and discount rate + 1 percent point – 1 percent point
Carrying amount on 3/31/2013 825,636 825,636
Actuarial variation (6,612) 6,729
Balance after actuarial variation 819,024 832,365

F-77
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

b) Provision for termination benefits

The Corporation under its operational optimization programs seeks to reduce costs and increased
labor productivity, facilitated by the incorporation of modern technologies and/or best management
practices, has established personnel severance programs, using the corresponding addendum to
contracts or collective bargaining agreements, with benefits that encourage retirement, for which
necessary provisions are made based on the accrued obligation at present value.

At March 31, 2013 and December 31, 2012, shows a current balance on these obligations ThUS$
111,374 and ThUS$113,112 respectively, while non-current balance is for ThUS$171,375 and ThUS$
128,696 respectively, the latter associated with the provision related to the finalization of the collective
bargaining process that the Administration of Codelco -Chuquicamata division had during the month
of December 2012 with workers of the syndicates of the division. These values have been discounted
using a discount rate equivalent to that used for the calculation of provisions for employee benefits
and are part of the accounting balances at March 31, 2013 and December 31, 2012.

c) Employee benefits expenses by nature of the benefits

The costs associated with employee benefits classified by their nature, are:

. 1/1/2013 1/1/2012
Expenses according to the nature of 3/3112013 1213112012
the benefits

ThUS$ ThUS$
Current benefits 492,116 444,852
Post-employment benefits 465 3,177
Employee termination benefits 10,545 1,761
Benefits for indemnities 20,355 13,269
Total 523,481 463,059

18. Net equity

In accordance with article 6 of Decree Law 1,350 of 1976, it is established that, before March 30 of
each year, the Board must approve the corporation’s Business and Development Plan for the next
three-year period. Taking that plan as a reference, and keeping in mind the corporation’s balance
sheet for the immediately previous year, and in order to ensure its competitiveness, before June 30 of
each year the amounts that the corporation shall allocate to the formation of capitalization funds and
reserves shall be determined by founded decree from the Ministries of Mining and Treasury.

Net income shown in the balance sheets, after deducting the amounts referred to in the previous
paragraph, shall belong to the State and becomes part of the Nation’s general income.

F-78
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

b)

On June 26, 2012, pursuant to Decree Law No. 674 of the Ministries of Mining and Finance the
capitalization of reserve funds amounting to US$ 800 million, corresponding to part of the profits
generated by Codelco in 2011 was approved. Additionally and according to the provisions of decree
law No. 1160 the Ministries of Mining and Finance authorized the retention of profits before tax for the
year 2011 in an amount equivalent to US$ 473 million through earnings obtained from the sale of
electricity assets.

As of March 31, 2013 and December 31, 2012, no dividends payable were provisioned due to the
Corporation’s authorized net income withholding policy.

In the financial statement “Statement of Changes in Net Equity” the changes experienced in the
Corporation’s equity are disclosed.

Due to the bylaws that govern the Corporation, these financial statements do not consider disclosure
of information related to earnings per share.

The movement and composition of other equity reserves is presented in the Consolidated Statement
of Changes in Net Consolidated Equity.

Other reserves

Other equity reserves are listed in the table below, as of the dates indicated in each case.

Other reserves 3/31/2013 12/31/2012
ThUS$ ThUS$
Foreign exchange differences on conversion reserves 1,842 1,609
Cash flow hedge reserves (5,017) (5,673)
Capitalization fund and reserves 2,729,556 2,729,556
Reserve of gains (losses) of defined benefit plans (54,686) (54,686)
Other reserves 615,606 638,689
Total other reserves 3,287,301 3,309,495

Non-controlling equity interests

The details of non-controlling equity interests, included in liabilities and net income, are listed in the
table below, as of the dates indicated in each case.

F-79
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
Net Equity Profit (loss)
1/1/2013 1/1/2012
Company 3/31/2013 12/31/2012
3/31/2013 12/31/2012

ThUS$ ThUS$ ThUS$ ThUS$
Asociación Garantizadora de Pensiones 13 21 – (1)
Biosigma S.A. 884 762 (274) (179)
Instituto de Innovación en Minería y Metalurgia S.A. 3 3 – –
Clínica San Lorenzo Ltda. 8 8 (1) –
Micomo S.A. – – – (18)
Inversiones Mineras Gacrux SpA 2,108,886 2,098,607 11,171 –
Fundación de Salud El Teniente 5 5 – (1)
TOTAL 2,109,799 | 2,099,406 10,896 (199)

The percentage of non-controlling interest over the assets of Inversiones Mineras Acrux SpA is equal
to 32.2% and generates a non-controlling interest in the affiliated company Inversiones Gacrux SpA,
which had the following figures in its statement of financial position, income statements and cash flow

statement:
Assets and Liabilities 3/81/2013 12/81/2012
ThUS$ ThUS$
Current assets 223,087 2,363
Non-current assets 6,363,196 6,567,659
Current liabilities 70,825 44,663
Non-current liabilities 807,746 809,035
1/1/2013 1/1/2012
Results 3/31/2013 3/31/2012
ThUS$ ThUS$
Revenues 19,366 –
Expenses 6,624 –
Profit (loss) of the period 25,990 –
1/1/2013 1/1/2012
Results 3/31/2013 3/31/2012
ThUS$ ThUS$
Net Cash flow from operating activities 534 –
Net Cash flow from investing activities 206,566 –

F-80
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

19. Operating income

The following table shows the sources of the Corporation’s consolidated revenue.

1/1/2013 1/1/2012
Item 3/31/2013 3/31/2012
MUS$ MUS$

Revenue from sales of the Corporation’s copper 2,662,680 3,366,520
Revenue from sales of copper bought to third parties 384,344 428,906
Revenue from sales of molybdenum 125,485 159,393
Revenue from sales of other products 100,270 211,892
Loss in futures market 4,897 (202,856)
Total 3,277,676 3,963,855

20. Expenses by nature

The Corporation’s consolidated expenses by nature are detailed as follows:

1/1/2013 1/1/2012
Item 3/31/2013 3/31/2012
ThUS$ ThUS$
Personnel Expenses 492,116 444,852
Depreciation 252,326 255,669
Amortization 144,710 137,133
Total 889,152 837,654

21. Other revenues and expenses by function

Other revenues and expenses by function are detailed in the following tables:

a) Other income by function

Item

1/1/2013 | 1/1/2012
3/31/2013 | 3/31/2012
ThUS$ ThUS$

Penalties to suppliers

Delegated Administration
Miscellaneous sales (net)
Compensation by insurance companies
Other income

2,347 2,400
1,216 1,147
6,023 10,554
– 7,122
22,389 4,345

Total

31,975 | 25,568

F-81

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
b) Other expenses by function
1/1/2013 1/1/2012
Item 3/31/2013 | 3/31/2012
ThUS$ ThUS$
Law No. 13,196 (268,006) | (305,059)
Research expenses (7,046) (9,112)
Bonus for the end of collective bargaining (512) (13,667)
Retirement plan (10,545) (1,761)
Penalty fixed assets (503) (112)
Medical care plan (465) (3,177)
Other Expenses (14,347) (19,441)
Total (301,424) | (352,329)
22. Finance costs
Finance costs are detailed as follows:
1/1/2013 1/1/2012
Item 3/31/2013 3/31/2012
ThUS$ ThUS$
Bond interests (54,844) (42,479)
Bank loan interests (14,643) (2,170)
Exchange differences on severance indemnity provision (5,440) (5,451)
Exchange differences on other non-current provisions (7,793) (11,420)
Other (6,525) (8,074)
Total (89,245) (69,594)

23. Operating segments

In Section |l, “Summary of Significant Accounting Policies” it has been indicated that, in conformity
with IFRS No. 8, “Operating Segments”, the operating segments are determined according to the
Divisions that make up Codelco. The revenues and expenses of the Head Office, are distributed
among the defined opening segments.

Mining sites in operation, in which the Corporation carries out its extractive and processing production
processes, are managed into the Chuquicamata, Radomiro Tomic, Salvador, Andina and El Teniente
and Gabriela Mistral divisions. Additionally the Ventanas division is added even though it is operating
only as a smelter and refinery, and Ministro Hales that is estimated to be opened at the end of 2013.
Those operations are administered independently and are reporting directly to the Executive
President. The details and operations related to each mine are the following:

F-82
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Chuquicamata

Types of mine sites: open pit mines

Operating: since 1915

Location: Calama — Region Il

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

Radomiro Tomic

Types of mine sites: open pit mines

Operating: since 1997.

Location: Calama — Region Il

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

Salvador

Type of mine: underground mine and open pit mine

Operating: since 1926

Location: Salvador — Region |1l

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

Andina

Type of mines: underground and open pit mines
Operating: since 1970

Location: Los Andes – Region V

Product: copper concentrate

El Teniente

Type of mine: underground mine

Operating: since 1905

Location: Rancagua — Region VI

Products: fire-refined copper and copper anodes

Ministro Hales
In charge of the future development of the open pit mine Ministro Hales whose authorization is dated
November 19, 2010,.The estimated date for the start of operations is late 2013.

Gabriela Mistral

Type of mine: open pit mine

Operating: since 2008

Location: Calama — Region Il

Products: electrolytic (electro-obtained) cathodes

F-83
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

a) Head Office Distribution

Revenue and expenses controlled by the Head Office are allotted to operating segments based on the
criteria detailed as follows.

Main items are allocated according to the following criteria:

Sales and Cost of Sales of Head Office commercial transactions

+ Distribution to the operating segments made proportionally to the value of the products and sub-
products invoiced by each division.

Other income, by function

+ Other income by function, associated and identified with each operating segment, is allotted directly.

+ Recognition of realized profits and other income by function of subsidiaries is distributed in proportion
to the operating income of each operating segment.

+ The remaining other income ¡is distributed in proportion to the addition of balances of “other income”
and “finance income” of the respective operating segment.

Distribution costs

+ Expenses associated and identified with each operating segment are allotted directly.
+ Distribution costs of subsidiaries are allotted in proportion to the operating income of each operating
segment.

Administrative Expenses

+ Administrative expenses associated and identified with each segment are allotted directly.

+ Administrative expenses are recorded in cost centers associated with the sales function. Administrative
expenses of subsidiaries are distributed in proportion to the operating income of each operating
segment.

+ Administrative expenses recorded in cost centers associated with the supply function are allocated in
relation to material account balances in each division warehouse

+ The remaining administrative expenses are distributed in relation to operating cash expenses of each
operating segment.

F-84
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Other Expenses, by function

+ Expenses associated and identified with each operating segment are allotted directly.
+ Expenses for pre-investment studies and other expenses of subsidiaries by function are distributed in
proportion to the operating income of each operating segment.

Other Earnings

+ Other earnings associated and identified with each individual operating segment are allotted directly
+ Other earnings of subsidiaries are distributed in proportion to the operating income of each operating
segment.

Finance Income

+ Finance income associated and identified with each operating segment is allotted directly.

+ Finance income of subsidiaries is distributed in proportion to the operating income of each operating
segment.

+ The remaining finance income is distributed in relation to the operating cash expenses of each
operating segment.

Finance costs

+ Finance costs associated and identified with each operating segment in particular are allotted directly.
+ Finance costs of subsidiaries are distributed in proportion to the operating income of each operating
segment.

Share in profit (losses) of Associates and joint ventures, which are accounted for using the equity
method

+ The share in profit or losses of associates and joint ventures identified for each individual operating
segment is allotted directly.

Foreign currency conversion

+ Foreign currency conversion identifiable with each individual operating segment is allotted directly.
+ Foreign currency conversion of subsidiaries is distributed in proportion to the operating income of each
operating segment.

F-85
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

b)

+ Theremaining foreign currency conversion is distributed in relation to operating cash expenses of each
operating segment.

Contribution to the Treasury of Chile Law No. 13,196

+ The amount of the contribution is distributed and accounted for in relation to values invoiced and
accounted for in the copper and sub-product exports of each operating segment, subject to taxation.

Income tax income (expenses)

+» First category income tax (corporate), of D.L. 2,398 and specific mining tax are distributed based on
the pre-tax income of each operating segment, considering for this purpose the income and expenses
distribution criteria of the Head Office and subsidiaries mentioned above.

+ Other tax expenses are distributed in proportion to the first category income tax, specific mining tax
and D.L. 2,398 allotted to each operating segment.

Transactions between segments

Transactions between segments are made up mainly by products processing services (or
maquilas), which are recognized as revenue for the segment that makes maquilas and as the cost
of sales for the segment that receives the service. Such recognition is performed in the period in
which these services are provided, as well as disposal of both factors on corporate financial
statements.

Cash flow from segments

The operating segments defined by the Corporation, maintain a cash management which refers
mainly to operational activities that need to be covered periodically with fixed funds constituted in
each of these segments and whose amounts are not significant in the context of the category

Corporate balances cash and cash equivalents.

Conversely, activities such as obtaining financing, investment and payment of relevant duties are
mainly based at the Head Office.

F-86
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)
d) Impairment

No reversals of impairment were made during the first quarter of 2013 and the year ended
December 31, 2012, respectively.

e) Anglo American Sur S.A. participation

The effect of the result of the acquisition of Anglo American Sur S.A. on the assets and liabilities of
the Corporation are shown separately.

F-87
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

CORPORACION NACIONAL DEL COBRE DE CHILE

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

The following tables detail the financial information organized by operating segments:

1/1/2013 – 3/34/2013

se a . Subsidiaries, associates .
Chuquicamata R Tomic Salvador Andina El Teniente Ventanas G. Mistral M Hales Total Segments and office, net Consolidated Total
Thus$ Thus$ Thuss Thuss ThuUSs ThuUSs Thus$ Thus$ Thus$ Thuss Thuss

Revenue from sales of the Corporation’s cooper 490671 632.570 147,709 424,793 669,134 110762 152,302 – 2.603.950 28730 2,562,680
Revenue from sales of cooper bought from third parties – – – – – 10,198 – 13,108 871,146 384,344
Revenue from sales of molybdenum 51m 0400 6925 24018 40,982 – 125485 – 125485
Revenue from sales of other products 25416 – 21.021 1,106 13.416 40,778 (40m – 100270 – 100,270
Revenue from futures market (463) 3,024 1,153 (137) 382 783 – 4,742 155 4897
Revenue between segmenis 27,045 – 4,822 147 236 10,969 – 43,218 (43,218) –
Revenue from regular activities 583,840 644,042 181,630 459,927 724,099 175,707 151,618 – 2,920,863 356,813 3,277,676
Costof sales af the Comporalion’s cooper (455,508) | (272,689) (144,111) (250,656) (891,733) (116,390) (118,914) – (1,750,001) 1,030 (1,748,971)
Costof sales of cooper bought from third parties – – – – – (10.404) – (10,404) (964479) (874,883)
Costo! sales of molytdenum (14,409) (6,582) (4,285) (7.399) (8,199) . (40,874) . (40,874)
Costof sales of other products (6508) – (2510 (5 (21.560) (48.501 – e59Ta – (85375)
Costof sales between segments (72,729) – (12,913) (277) (883) (27.442) – – (114,244) 114,244 –
Gross Profit 35,686 364,771 10,711 201,499 301,724 (27,130) 32,704 – 919,965. 107,608 1,027,573
Other revenue per function 21,708 00 2859 1248 608 206 25 2 28.046 3,929 31,975
Distribution costs (ss) 3) 3) 7 en – (178) (8,197) (8,373)
Adminstralive expenses (12,418) (6,797) (4,253) (5,933) (21,495) (2.831) (13,737) 31 (67.433) (69.850) (127,283)
Other expenses per function (13.425) e5) 1087 (ens) 01 en es) en (9/23) (277,601) (801,424)
Other gains (losses) – – – – – – – 10,759 10,759
Finance income 706 226 209 183 931 157 73 6 2491 9,266 14,757
Finance costs (22,717) (5,449) (1,713) (27.695) (12,064) (755) (13,400) (43) (83,836) (5,409) (69,245)
Share in the profit (loss) of associates and joint ventures

accounted by the equity method 35 – (104) 115 – – 46 sm 99223
Exchange differences (30,666) (5,453) (8,843) (6,442) (11,224) (2,404) (3,168) 602 (62,598) 2,440 (60,158)
Profit (loss) before taxes (21,052) 347,920 4,940 160,995 249,822 (82,794) 2,266 585 712,682 (112,878) 599,804
Income tax expenses 51,615 (221,025) 5,442 (88,544) (135,531) 23,873 16,186 (1,321) (849,305) 6,991 (642,314)

F-88

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

1/1/2012 – 3/31/2012

Chuquicamata R Tomic Salvador Andina El Teniente Ventanas G. Mistral M Hales Total Segments a e and Head en
Segments
Thus$ Thus$ Thus$ Thuss Thus$ Thus$ Thus$ Thus$ Thuss Thuss Thuss
Revenue from sales of the Corporation’s cooper 625,234 771,326 169,404 509.423 849,976 163,731 268,880 3,357,974 8,546 3,366,520
Revenue from sales of cooper bought from third parties – . – – – 23,085 23,085 405,821 428,906
Revenue from sales of molybdenum 68.250 16,544 6551 21,326 46,622 159,393 – 159,393
Revenue from sales of other products 55,485 . 20,003 492 63,697 72,465 212,142 (250) 211,892
Revenue from futuras market (28,878) (51,876) (10,779) (41,687) (53,540) (16,102) (202,862) 6 (202,856)
Revenue between segments 25,636 Ñ 14,253 398 432 13,605 54,324 (64,324) Ñ
Revenue fromregular activities. 745,727 736,094. 199,432 489,952 907,187 272,886 252,778 – 3,604,056 359,799 3,963,855.
Costof sales of the Corporation’s cooper (422,125) (291,377) | — (167,520) (206,277) (819,479) (168,236) (124,061) (1,699,075) (3.929) (1,703,004)
Cost of sales of cooper bought from third parties . . . . – (28,540) (28,540) (402,490) (431,030)
Costo! sales of molytdenum (15,986) (8,563) (4,831) (5,093) (13,107) (47,580) – (47,580)
Costof sales of other products (9,021) . (9,643) (5) (80,205) (77,360) (126,234) – (126,234)
Costof sales between segments 22,086 97,953 2,393 11,950 39,067 4,052 177,501 (177,501) –
Cost of sales (425,046) (os | (179601 (199,425) (823,724) (270,084) (124,061) – (1,723,928) (683,920) (2,307,848)
Gross Profit 320,681 534,107 19,831 290,527 583,463 2,802 128,717 – 1,880,128 (224,121) 1,656,007
Other revenue per function 3,330 1,474 2,264 1,441 13,234 276 22,019 3,549 25,568
Distribution costs (29) (12) (12) (48) (61) (182) (8,351) (8,533)
Administrative expenses (18,834) (13,667) (6,288) (7,593) (15,317) (3,616) (6,515) 44 (71,786) (40,317) (112,103)
Other expenses per function (7,038) (2,236) (3.398) (16,573) (6.875) (314) (4) (86,438) (815,891) (852,329)
Other gains (losses) . – – – – – 8,504 8,504
Finance income 1,129 561 188 485 1,800 291 226 4 4,684 5445 10,129
Finance costs (23,035) (4,092) (1,525) (16,565) (11,492) (674) (9,870) 8) (67,256) (2,338) (69,594)
pue pr loss of associates and joint ventures accounted 360 – $7 343 – (6,348) (6.588) 121,717 116,129
Exchange diflerences (34,919) (3.700) (7,313) (13,309) (16,848) (3,284) 108 1,766 (77.499) 4,528 (12,971)
Profit (loss) before taxes 241,645 512,435 3,804 238,708 547,884 (4,5519) 106,318 1,807 1,648,082 (442,275) 1,205,807
Income tax expenses (54287) (244,248) 22,740 (123,477) (290,583) 23,406 (2873) (1019) (720,306) 6) (123,485)
Profit (loss) 187,358 268,187 26,544 115,231 257,301 18,917 53,445 793 927,776 (445,454) 482,322

F-89

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note

12)

The assets and liabilities related to each operating segment, including the Corporation’s corporate center
(head office) as of March 31, 2013 and of December 31, 2012 are detailed in the following tables:

3/31/2013
” Subsidiaries, Participation ss
Chuquicamata Paco | Salvador | Andina | apio Ventanas | G.Mistral | M.Hales | associatesand | Anglo American | CoMsondated
Balance Sheet Item omic niente Head office, net Sur otal
Thuss ThUs$ ThUs$ Thuss Thuss Thus$ Thuss Thus$ Thuss ThUs$ Thus$
Current asset 1,023,784 729,735 424,000 306,034 832,929 264,353 336,622 97,098 1,443,137 223,087 5,680,779
Non-current asset 3,374,243 1,515,897 604,727 3,544,102 3,817,558 257,385 1,099,782 2,520,914 2,226,202 6,363,196 25,324,006
Current liabilities 576,868 188,768 120,292 197,572 429,732 139,780 127,058 167,208 1,300,675 70,825 3,318,778
Non-current liabilities 1,282,369 265,867. 163,664 243,758 824,041 40,811 87,641 11,565,933 807,746 15,281,830
12/31/2012
a Subsidiaries, Participation ”
Chuquicamata Radomiro Salvador Andina El Ventanas G. Mistral M.Hales | associatesand | Anglo American | COMSolidated
Balance Sheet Item Tomic Teniente Head ofice, net Sa Total
Thus$ Thus$ Thus$ Thuss Thus$ Thuss Thuss Thuss Thus$ Thuss Thuss
Current asset 1,348,606 850,741 449,560 309,229 854,587 206,191 550,637 120,102 1,841,693 3,281 6,534,627
Non-current asset 3,304,986 1,535,565 637,243 3,507,881 3,716,190 252,403 1,049,336 2,222,911 2,024,770 6,837,731 25,089,016
Current liabilities 849,472 232,009 164,586 219,207 510,923 156,769 219,483 249,908 1,491,943 44,672 4,138,972
Non-current liabilities 1,252,439 260,746 160,320 253,355 829,236 39,255 93,336 10,963,155 1,463,606 15,315,448
Revenue classified by geographical area ¡is detailed as follows:
1/1/2013 1/1/2012
Revenue per geographical areas 3/31/2013 3/31/2012
ThUS$ ThUS$
Total revenue from local customers 171,595 291,796
Total revenue from foreign customers 3,106,081 3,672,059
Total 3,277,676 3,963,855
1/1/2013 1/1/2012
Revenue per geographical areas 3/31/2013 3/31/2012
ThUS$ ThUS$
China 808,385 898,733
Restof Asia 528,234 81,568
Europe 419,866 621,173
Other 1,521,191 2,362,381
Total 3,277,676 3,963,855

F-90

CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

24,

25.

Sales are allocated to different geographical areas depending on the residence of the clients
that have signed sales contracts with Codelco.

Non-current assets other than financial instruments, deferred tax assets, Post-employment benefit
assets, and rights arising under insurance contracts, are located mainly in Chile, with no significant
exceptions, located in foreign subsidiaries, and which do not exceed more than 1% of such assets.

Foreign exchange differences

According to Decree Law 1,350, the Corporation maintains ¡ts accounting records in United States
dollars (US$), recording transactions in currencies other than U.S. dollars at the exchange rate current
at the date of each transaction and subsequently updating them, when necessary, according to the
exchange rate determined by the Superintendency of Securities and Insurance as of closing reporting
for each of the financial statements.

The following table summarizes the foreign exchange differences in Codelco Chile and subsidiaries
interim consolidated statements of income:

: , a 1/1/2013 1/1/2012
Gain (loss) from cs differences 3/31/2013 313112012
ThUS$ ThUS$
Gain from foreign exchange differences 25,969 106,548
Loss from foreign exchange differences (86,127) (179,519)
Total foreign exchange differences, net (60,158) (72,971)

Statement of cash flows

The following table shows the items that comprise other collections and payments from operating

activities in the Statement of Cash Flows:

. . 1/1/2013 1/1/2012
Other collections from operating
activities 3/31/2013 3/31/2012
ThUS$ ThUS$
VAT Refund 516,381 399,639
Other 78,081 113,255
Total 594,462 512,894

F-91
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
1/1/2013 1/1/2012
Other payments for operating activities 3/31/2013 3/31/2012
ThUS$ ThUS$

Contribution to the Chilean Treasury (Law No. 13,196) (322,995) (318,982)
Finance hedges and sales (59,123) (217,246)
VAT and other similar taxes paid (353,289) (391,658)
Total (735,407) (927,886)

26. Financial risk management, objectives and policies

Codelco has created committees within its organization to generate strategies with which to minimize
the financial risks to which it may be exposed.

The risks to which Codelco is exposed are detailed as follows, along with a brief description of the
management procedures that are carried out in each case.

a. Financial risks
Exchange rate risk:

According to IFRS 7, exchange rate risk is understood to be the risk that arises from financial
instruments that are denominated in foreign currencies, that is, a currency other than the
Corporation’s functional currency (U.S. dollar).

Codelco’s activities that generate this exposure correspond to funding in UF, accounts payable
and receivable in Chilean pesos, other foreign currencies used in its business operations and
obligations with employees.

The majority of transactions in currencies other than US$ are denominated in Chilean pesos.

Taking the assets and financial liabilities as of March 31, 2013 as the base, a fluctuation (positive
or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other variables constant),
could affect profits by + / – US$61 million. This result is obtained by identifying the principle
areas affected by exchange rate, including assets and financial liabilities, in order to measure the
impact on income that a variation of +/- 10 Chilean pesos would have to US$, with respect to the
real exchange rate as of the date of this financial statement.

F-92
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Codelco has signed deposits in national currency to cover the effects of exchange rate
fluctuations between the dollar and the Chilean peso due to the obligations of the Corporation
held in Chilean pesos.

As of March 31, 2013, the balance of these deposits is US$ 433 million and US$ 539 million as of
December 31, 2012.

Interest rate risk:

This risk is generated by interest rate fluctuations in Codelco’s investment and financing activities.
This movement can affect future cash flows or the market value of fixed rate financial
instruments.

These rate variations refer to U.S. dollar variations, mostly with respect to the LIBOR rate. To
manage this risk, Codelco maintains an adequate combination of fixed and variable rate debt,
which is complemented by the possibility of using interest-rate derivatives to meet the strategic
guidelines defined by Codelco’s Corporate Finance Department.

It is estimated that, on the basis of net debt as of March 31, 2013, a 1% change in interest rates
on the financial liabilities subject to variable interest rates would mean approximately a US$5
million change in finance costs, before tax. This estimation is made by identifying the liabilities
assigned to variable interest, accrued at the endof the financial statements, which may
vary with a change of one percentage point in variable interest rates.

Total fixed and variable interest rate obligations maintained by Codelco as of March 31, 2013,
amount to ThUS$ 7,114,371 and ThUS$ 2,848,280 respectively.

b. Market risks
Commodity price risk:

As a result of its commercial operations and activities, the Corporation’s income ¡is mainly
exposed to the volatility of copper prices and certain sub-products such as gold and silver.

Copper and molybdenum concentrate sale agreements and copper cathode sale agreements
generally provide for provisional pricing of sales at the time of shipment, with final pricing based
on the monthly average market price for specified future periods. The host contract is the sale of
metals contained in the concentrate or cathode at the provisional invoice price, and the
embedded derivative is the forward contract for which the provisional sale is subsequently
adjusted. At the reporting date, the provisionally priced metal sales are marked-to-market, with
adjustments (both gains and losses) being recorded in revenues in the consolidated statements

F-93
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

of comprehensive income. Forward prices at the period end are used for copper sales, while
period-end average prices are used for molybdenum concentrate sales due to the absence of
assets futures market.

As of March 31, 2013, if the future price of copper were to vary by + / – 5% (with the other
variables constant), net income would vary by + / – US$141 million as a result of the mark to
market adjustment of sales revenue at provisional prices current at March 31, 2013 (ThTMF 365).
For the indicated estimate, all physical sales contracts were identified that will be valued
according to the average of the month immediately prior to the closing date of the financial
statements, after which the definitive liquidation price will be estimated if there is a difference of
+/- 5% with respect to the known future price on that date for the given period.

In order to protect its cash flows and, if necessary, adjust its sales contracts to its commercial
policy, the Corporation performs transactions in the metal derivative market. At the reporting date,
the contracts are adjusted to their fair value, registering that effect, at the maturity of the hedge
operations, being recorded in revenues of product sales.

Forward prices at the period-end are used for copper sales, while period-end average prices are
used for molybdenum concentrate sales due to the absence of assets derivative market.

As of March 31, 2013, a USE 1 variation in the price per pound of copper, because of the effect
on derivative instrument contracts entered into by the Corporation, would result in a variation in
revenue or payments for existing contracts (exposure) of ThUS$ 184, before taxes. This
calculation is obtained from a simulation of the change of future copper prices, which are used to
value all derivative instruments entered into by the Corporation. Estimates will vary if there is an
increase / decrease of U.S. £ 1 in the price of the pound of copper.

No hedging contracts have been entered into for the specific purpose of mitigating the price risk
caused by fluctuations in the price of production supplies.

Cc. Liquidity risk
The Corporation ensures that it has sufficient resources, such as pre-approved credit lines
(including refinancing), in order to meet short-term requirements, after considering the necessary

working capital for its operations and any other commitments it has.

In this sense, Codelco Chile maintains resources at its disposal sufficient to meet its obligations,
whether in cash, liquid financial instruments or credit facilities. .

In addition, the Finance Department constantly monitors the Corporation’s cash flow projections
based on short and long term projections and available financing alternatives. In addition, the

F-94
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Corporation estimates that it has enough room to increase the level of borrowing for the normal
requirements of its operations and investments established in its development plan.

In this context, according to current existing commitments with creditors, the cash requirements to
cover financial liabilities classified by maturity and presented in the statement of financial position
are detailed as follows:

a . a Less than Between one More than
Maturities of financial liabilities at . a
March 31, 2013 ayear and five years five years
ThUS$ ThUS$ ThUS$

Loans from financial institutions 267,355 1,773,179 807,746
Bonds 595,632 498,234 6,020,505
Finance leases 32,229 51,415 38,366
Derivatives 9,219 7 –
Other financial liabilities 1,447 81,740 –
Total 905,882 2,404,575 6,866,617

d. Credit risk

This risk comprises the possibility that a third party does not fulfill its contractual obligations,
thereby causing a loss for the Corporation.

Given the Corporation’s sales policy, principally with cash and advance payments and bank
letters of credit, the uncollectibility of client debt balances is minimal. This is complemented by
the familiarity the Corporation has with its clients and the length of time it has operated with them.
Therefore, the credit risk of these transactions ¡is not significant.

In general, the Corporation’s other accounts receivable have a high credit quality according to the
Corporation’s evaluations, based on each debtor’s solvency analysis and payment history.

The maximum credit risk exposure as of March 31, 2013 is represented by the financial asset
items presented in the Corporation’s Statement of Financial Position.

The Corporation’s accounts receivable do not include customers with balances that could be
classified as a significant concentration of debt and would represent a material exposure for
Codelco. This exposure is distributed among a large number of clients and other counterparties.

The client items include allowances, which are not significant, designed to cover possible

insolvencies. These provisions are determined based on review of the debt balances and the
clients’ characteristics, to cover possible insolvencies.

F-95
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Explanatory note 2 in “Trade and other receivables” presents overdue balances that have not
been impaired.

The Corporation estimates that unimpaired amounts overdue over 30 days are recoverable based
on clients’ historical payment behavior and their existing credit ratings.

As of March 31, 2013 and March 31, 2012, there are no receivable balances that have been
renegotiated.

Codelco works with major banks, which have high national and international ratings, and
continually assesses them; therefore, the risk that could affect the availability of the Corporation’s
funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit insurance
policies through which it transfers to third parties the commercial risk associated with some
aspects of its business.

During the periods ended March 31, 2013 and 2012, no assets have been obtained as a result of
the execution of guarantees contracted to insure the collection of third party debt.

Personnel loans are mainly generated by mortgage loans, according to programs included in
collective agreements, which are guaranteed by housing mortgages which are paid for through
payroll discounts.

27. Derivatives contracts

As stated in the Board of Directors’ policy, ratified on March 27, 2009, the Corporation has operations
to hedge cash flows, to minimize the risk of foreign exchange rate variations and sales price
variations, detailed as follows:

a.

Exchange rate hedges

The Corporation has protection operations from exchange rate variations, whose net deferred tax
positive exposure amounts to TRUS$ 1,779, which will expire in April 2025.

The following table summarizes the exposure of the financial hedges contracted by the
Corporation, dated on March 31, 2013:

F-96
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Hedge Item

Type of derivative
contract

Amount of the hedge Swap
item value
ThUS$ ThUS$ ThUS$

Bank Maturity | Currency Exposure

Bond UF Maturity 2025 | Credit Suisse (USA) Swap 4/1/2025 US$ 334,298 208,519 130,227

Total

334,298 208,519 130,277

b.1.

b.2.

The current methodology for valuing the currency swap, using the bootstrapping technique from
the Mid and Mid Swap rates build curves (zero) in UF and USD respectively, from market
information.

Cash flows and commercial policy adjustment hedging contracts

The Corporation performs transactions in the metal derivatives market, recording their results at
maturity. These results are added to or deduced from sales revenue. This addition or deduction
is made because sales revenue incorporates the positive or negative effect of market prices. At
March 31, 2013, these operations generated a higher net realized income of ThUS$ 5,165 (plus
an effect of higher net income equivalents to ThUS$ 155 in subsidiaries), which ¡is detailed below:

Commercial operations of current copper contracts

The purpose of these contracts is to adjust the price of shipments to the price defined in the
Corporation’s related policy, defined in accordance with the London Metal Exchange (LME). As of
March 31, 2013, the Corporation performed derivative market transactions of copper that
represent 454,900 metric tons of fine copper. These hedging operations are part of the
Corporation’s commercial policy.

The current contracts as of March 31, 2013 presenting a ThUS$ 6,124 positive exposure, and
their final result will only be known at their maturity, offsetting the hedging transactions with
revenue from the sale of the hedged products.

The transactions completed between January 1st and March 31, 2013 generated a net positive
effect on net income of ThUS$ 3,490, which is deducted from the amounts paid for purchase
contracts and added to the values received for sales contracts of the products affected by these
pricing transactions.

Commercial Transactions of Current Gold and Silver Contracts

As of March 31, 2013 the Corporation maintains contracts for derivatives the sale of gold for
ThTOZ 43 and silver for TATOZ 1,495.

F-97

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

The contracts outstanding at March 31, 2013 show a positive exposure of ThUS $ 1,972. The
final result will only be known at the expiration of such operations, after offsetting between
hedging and income from the sale of the goods.

The transactions completed between January 1st and March 31, 2013 generated a positive effect
on net income of ThUS$ 1,675, which is added to the amounts received for the sales contracts of
the products affected by these pricing transactions. These hedging transactions mature in July
2013.

b.3. Cash flow hedging operations backed by future production
The Corporation does not hold actual transactions at March 31, 2013, resulting from these
operations, which allowed protecting future cash flows, by way of ensuring the sales prices levels

of production.

The following table summarizes the exposure of the metal hedges contracted by the Corporation,
indicated in letter b above:

3/31/2013 Maturity Date
ThUS$ 2013 2014 2015 2016 2017 Following Total
Flex Com Copper (Asset) 8,119 1,136 121 – – – 9,376
Flex Com Copper (Liability) (2,941) (311) – – – – (3,252)
Flex Com Gold/Silver 1,972 – – – – – 1,972
Price setting – – – – – – –
Metal options – – – – – – –
Total 7,150 825 121 – – – 8,096
12/31/2012 Maturity Date
ThUS$ 2012 2013 2014 2015 2016 Following Total

Flex Com Copper (Asset) 685 – – – – – 685
Flex Com Copper (Liability) (13,012) (3,032) – – – – (16,044)
Flex Com Gold/Silver – – – – – – –
Price setting
Metal options – – – – – – –
Total (12,327) | (3,032) – – – – | (5,359)
3/31/2013 Maturity Date

Th TM/Ounces 2013 2014 2015 2016 2017 Following Total
Copper Futures [TM] 319.2 124.2 11.0 0.5 – – 454.9
Gold/Silver Futures [MOZ] 1,538.0 – – – 1,538.0
Copper price setting [TM] – –
Copper Options [TM]
12/31/2012 Maturity Date

Th TM/Ounces 2013 2014 2015 2016 2017 Following Total
Copper Futures [TM] 323.0 51.0 – 0.5 – 374,5
Gold/Silver Futures [MOZ] – – – – –
Copper price setting [TM]
Copper Options [TM]

F-98
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

28. Contingencies and restrictions
a) Litigations and contingencies

There are various lawsuits and legal actions initiated by or against the Corporation, which derive
from its operations and the industry in which it operates. In general, these are civil, tax, labor and
mining litigations, all related to the Corporation’s activities.

In the opinion of Management and ¡ts legal advisors, the lawsuits in which the Corporation is
being sued, and could have negative results, do not represent significant loss contingencies or
cash flows. Codelco defends its rights and employs all corresponding relevant legal instances,
resources and procedures.

The most significant lawsuits that involve Codelco are related to the following matters:

– — Tax Lawsuits: There are several tax lawsuits due to Internal Revenue Service tax
assessments, for which the Corporation has filed the corresponding opposition.

– Labor Lawsuits: Labor lawsuits filed by workers of the Andina Division against the
Corporation, relating to occupational illness (silicosis).

– Mining and Other Lawsuits derived from operations: The Corporation has been participating
and will probably continue to participate as a claimant and defendant in certain lawsuits
relating to its operations and mining activities, through which it seeks to exercise or oppose
certain actions or exceptions with regard to certain mining concessions that have been
established or are pending constitution, and its other activities. These processes do not
currently have a fixed amount and not essentially affect the development of Codelco.

A case by case analysis of these lawsuits has shown that there are a total of 255 cases that have
a clearly estimated value. lt is estimated that 186 of these, which represent 72.94% of the total
and which amount to ThUS$ 56,429, could have a negative impact on the Corporation. There are
also 59 lawsuits, representing 23.14% of the total and which amount to ThUS$ 1,176, about
which there is no certainty that the outcome would be unfavorable for Codelco. For the 10
remaining cases, amounting to ThUS$ 294, the Corporation’s legal advisors believe that an
unfavorable outcome is unlikely. In addition, there are 110 lawsuits for undetermined amounts. lt
is believed that the result of 32 of these could be unfavorable to Codelco.

The Corporation received liquidations No. 45, 46 and 47, issued dated June 29, 2012 by the
Large Taxpayers Internal Tax Service (Servicio de Impuestos Internos, or Sl, in Spanish), all
relating to the audit of the transactions that the Company has with investee Copper Partners
Investment Company Limited, for which Codelco has asked the Review of the Performance Audit

F-99
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

(RAF in Spanish), joining similar audit request by the Liquidations No. 1 and No. 2 and SDF Ex.
Resolution No. 1, issued dated July 30, 2010 by the Division of Enforcement of SII, in relation to
transactions of the same types mentioned above. The SII, to March 31, 2013, has not made any
pronouncements concerning these performance reviews audit made by the Corporation.

The necessary provisions have been made for the lawsuits with probable losses and their legal
costs. These provisions are recorded as contingency provisions.

As is public knowledge, the Corporation has submitted Appeals for Protection before the
respective Courts of Appeals, challenging the findings reported by the Labor Department, deriving
from inspections performed under the framework of Law No.20,123, which regulates
subcontracted work schemes and temporary service firms. Five of these appeals were accepted
and one was rejected, the latter of which has been appealed by the Corporation. All appeals are
currently pending in the Supreme Court.

b) Other Commitments

On February 29, 2010, the Board agreed to continue mining operations of the Salvador
Division until 2016, and if market and operating conditions are maintained, until 2021, both
extensions are subject to the condition that management improvements and cost reduction
commitments made by the Division are met, these commitments were filed at the Board of
Directors in August 2010, and the extension was approved.

On May 31, 2005, Codelco, through its subsidiary Codelco International Ltd. signed an
agreement with Minmetals to form a company, Copper Partners Investment Company Ltd.,
in which both companies have an equal equity interest. A 15-year copper cathode sales
contract to that associated company was agreed upon, as well as a purchase contract from
Minmetals to the latter for the same period and for equal monthly shipments to complete a
total of 836,250 metric tons. Each shipment shall be paid by the buyer at a price formed by
a fixed re-adjustable component plus a variable component, which depends on current
copper prices at the time of shipment.

During the first quarter of 2006 and on the basis of the negotiated financial terms, financing
contracts were formalized with the China Development Bank allowing Copper Partners
Investment Company Ltd. to make the US$550 million advance payment to Codelco in
March 2006.

As of March 31, 2013, the contract is operational, and monthly shipments began in June
2006.

F-100
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

With regard to financial obligations incurred by the associate Copper Partners Investment
Company Ltd. with the China Development Bank, Codelco Chile and Codelco International
Ltd. must meet certain commitments, mainly relating to the delivery of financial information.
In addition, Codelco Chile must maintain 51% ownership of Codelco International Limited.

According to the Sponsor Agreement, dated March 8, 2006, the Codelco International Ltd.
subsidiary gave ¡ts participation in Copper Partners Investment Company Limited as a
guarantee to the China Development Bank.

Subsequently, on March 14, 2012, Copper Partners Investment Company Ltd. paid off his
debt to the abovementioned bank. As of December 31, 2012, Codelco does not hold any
indirect guarantee regarding its participation in this associated company.

Regarding the financing agreement signed on August 23, 2012, between the subsidiary,
Gacrux Inversiones SpA and Mitsui 8 Co. Ltd. for the acquisition of the 24.5% stake in Anglo
American Sur S.A, which was subsequently amended on October 31, 2012, includes a
pledge over the shares that the subsidiary has on Acrux Inversiones SpA (shared
participation with Mitsui and minority shareholder in Anglo American Sur S.A.), in order to
ensure compliance with the obligations that the financial agreement contemplates.

This pledge extends to the right to collect and receive from Acrux, dividends which have
been agreed in the corresponding meetings of shareholders of the company and any other
distributions paid or payable to Gacrux respect of the pledged shares.

The Corporation has signed gas supply contracts with its associate GNL Mejillones S.A.,
which began operations in October 2010, and through this contract, the associate agrees to
sell part of a minimum equivalent to 27 Terra BTU’s (British Thermal Units) per year during
the 2010 – 2012 period. Additionally, the Corporation has signed an option contract together
with other participating mining companies that includes the option to:

+ Acquire the right to the long-term use of the terminal’s capacity from the end of the
contract, or

+ To acquire the company’s shares; the companies are committed to choosing one or
other of these two alternatives.

On March 31, 2013, the Corporation has guarantees for 37% of the total exposure of the
derivative transactions made by GNL Mejillones S.A., up to a maximum of ThUS$ 229,400.

Law 19,993 dated December 17, 2004, which authorized the purchase of the Fundición y
Refinería Las Ventanas assets from ENAMI, established that the Corporation must ensure
that the smelting and refining capacity required is maintained, without any restriction and

F-101
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

vi.

vii.

viii.

limitation, for treating the products of the small and medium mining sector sent by ENAMI,
under the form of toll production mode or another form agreed upon by the parties.

Obligations with the public for bond issues means that the Corporation must meet certain
restrictions related to limits on pledges and leaseback transactions on ¡ts principal assets
and on its ownership interest in subsidiaries.

The Corporation, during the first quarter of 2013 and the year 2012, has met these
conditions.

On January 20, 2010, the Corporation signed two energy supply contracts with Colbún S.A.,

which includes energy and power purchases for a total of 351 MW. The contract provides a
discount for that energy consumption due to lower demand from Codelco’s SIC divisions
with respect to the amount of contracted power. The discount is equivalent to the value of
the sale of that energy on the spot market.

In addition, through a supplementary agreement, Codelco has ensured the supply by Colbún
of 159 MW, adapted to Codelco’s long-term energy and power requirements from the SIC of
approximately 510 MW.

This contract is based on energy production from Colbún’s Santa María thermal power
station, which is currently under construction. This plant is coal-fired, and therefore the
electric energy tariff rate applied for the energy supplied to Codelco is linked to the price of
coal.

Through these contracts, which operate through take or pay, the Corporation agrees to pay
for the contracted energy and Colbún undertakes to return at market price the energy not
consumed by Codelco.

These contracts have maturity date in 2027 and 2045.

On November 6, 2009, Codelco signed the following long-term electric energy supply
contracts with ELECTROANDINA S.A.(associate until January 2011), with a maturity in
2017:

+ This Contract replaces the one signed on November 22, 1995, for the supply of
electricity to the Chuquicamata work center, for a 15-year term beginning in January
2010 for between 200 and 280 MW in power and all associated electric energy. The
approximate cost of the contract is US$1,380 million for the whole period.

+. Modification of the contract dated December 21, 1995 for the Radomiro Tomic work
center, for a maximum power of 110 MW, in which new prices are established, for the

F-102
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

Xi.

power and energy contemplated in the contract as well as their new adjustment
formulas from January 2010.

The Corporation entered into business relations with JP Morgan Chase Bank, a bilateral
funding commitment by US$400 million current at March 31, 2013.The agreement was
signed with the aim of Codelco, when so required and within the limits laid down in the
contract, to have the necessary funds to finance investments and refinance liabilities.

On November 11, 2011, Law No. 20,551 was published in the Official Journal, which
regulates the tasks and closure of mining facilities. Additionally, on November 22, 2012, the
Decreto Supremo No. 41 of the Ministerio de Minería, which appoves the Regulations of this
law was published in the Diario Oficial.

This law requires the Corporation, among other requirements, to provide financial
guarantees to the State to ensure the implementation of closure plans. It also establishes the
obligation to make contributions to a fund which aims to cover the costs of post-closure
activities.

The Corporation, in accordance with the mentioned regulation, must provide to
SERNAGEOMIN the Mine Closure Plan in October 2014, while in April 2015 it must submit a
proposal for the creation of guaranties. In the month of June 2015, Codelco should create
guarantees for the initial 20% of the obligation under the regulations of this Code. The
remaining 80% should be adjusted proportionately each year over the remaining period of
fourteen years. The guarantee will be determined in present value of all actions and
measures within the mine closure plan.

The Corporation is in the process of updating its mine closure plan and the process of
valuation, which must comply with the requirements of Law No. 20,551, considering that the
accounting liability record caused by this obligation, differs from the law’s requirement,
mainly by differences concerning the horizon that is considered for the projection of flows, in
which the the law requires the determination of the obligations in terms of mineral reserves,
while the financial-accounting approach incorporates some of its mineral resources.
Therefore, the discount rate established by law, may differ from that used by the Corporation
under the criteria set out in lAS 37 and described in Note 2, letter o) of Main Accounting
Policies.

On May 24, 2012, the Corporation signed a financing agreement with Japan Bank for
International Cooperation and Bank of Tokyo-Mitsubishi UFJ Ltd., for a financing for up to
US$ 320 million for the development, construction and operation of a plant metal processing
in the second region of Chile.

F-103
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

xi.

On March 31, 2013, actual disbursements of this funding have not been materialized.

On August 24, 2012, Codelco through its subsidiary Inversiones Mineras Nueva Acrux
(Nueva Acrux)SpA (which minority shareholder is Mitsui), signed a contract with Anglo
American Sur S.A.. Under this contract Codelco agreed to sell a portion of its annual copper
production to the mentioned subsidiary, who in turn agrees to purchase such production.

Such annual portion is determined by the share of Codelco’s indirect subsidiary, Inversiones
Mineras Becrux SpA (also shared ownership with Mitsui), maintained for the shares of Anglo
American Sur S.A.

In turn, Nueva Acrux agrees to sell to Mitsui, the products purchased under the agreement
described in the preceding paragraphs.

The term of the contract will occur when the shareholders agreement of Anglo American Sur
S.A ends or other events related to the completion of mining activities of the company take
place.

29, Guarantees

The Corporation as a result of its activities has received and given guarantees.

The following tables list the main guarantees given to financial institutions:

Direct Guarantees provided to Financial Institutions
. 3/31/2013 12/31/2012
Creditor of the Guarantee Type of guarantee –
Maturity ThUS$ ThUS$
Oriente Copper Netherlands B.V. Pledge on shares Nov – 2032 877,813 877,813
Total 877,813 877,813
Indirect Guarantees given to Financial Institutions
. o Type of 3/31/2013 | 12/31/2012
Creditor of the Guarantee Debtor guaranteed Relationship te
guaranies ThUS$ ThuS$
Barclays Bank PLC Sociedad GNL Mejillones S.A. Associate Guarantee 37,000 37,000
Morgan Stanley Capital Group INC. | Sociedad GNL Mejillones S.A. Associate Guarantee 148,000 148,000
Koch Supply 8 Trading LP Sociedad GNL Mejillones S.A. Associate Guarantee 44,400 44,400
Total 229,400 229,400

As for the documents received as collateral, they cover mainly obligations of suppliers and contractors
related to the various development projects. Below are given the amounts received as collateral, grouped
according to the Operating Divisions that have received these amounts:

F-104
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
Guarantees received from third parties
Division 3/31/2013 | 12/31/2012
ThUS$ ThUS$

Andina 28,676 23,469

Chuquicamata 42,933 51,784

Head Office 561,008 483,711

Radomiro Tomic 15,403 19,164

Salvador 42,251 42,149

Ministro Hales 7,281 7,925

El Teniente 64,452 74,274

Ventanas 3,761 4,184

Gabriela Mistral 986 21,075

Total 766,751 727,735

30. Balances in foreign currency
a) Assets by Type of Currency
Item 3/31/2013 12/31/2012
ThUS$ ThUS$
Liquid Assets 1,354,466 1,272,532
US Dollars 684,402 702,901
Euros 583 1,626
Other currencies 381,489 6,208
Non-indexed Ch$ 278,056 560,976
UE. 9,936 821
Cash and Cash Equivalents 1,330,758 1,263,823
US Dollars 673,592 699,317
Euros 208 1,168
Other currencies 380,042 4,761
Non-indexed Ch$ 276,095 557,756
UE 821 821
Other current financial assets 23,708 8,709
US Dollars 10,810 3,584
Euros 375 458
Other currencies 1,447 1,447
Non-indexed Ch$ 1,961 3,220
UE 9,115

F-105
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
ltem 3/31/2013 12/31/2012
ThUS$ ThUS$
Short and long terms receivables 1,324,498 2,391,548
US Dollars 869,521 1,668,745
Euros 102,233 114,457
Other currencies 5,754 21,104
Non-indexed Ch$ 341,532 568,044
UF. 5,458 19,198
Trade and other receivables 1,120,201 2,149,103
US Dollars 667,920 1,610,536
Euros 99,915 113,241
Other currencies 5,560 20,920
Non-indexed Ch$ 341,348 397,628
UF. 5,458 6,778
Rights receivables, non-current 169,856 171,699
US Dollars 167,231 2
Euros 2,318 1,216
Other currencies 194 65
Non-indexed Ch$ 113 170,416
UE – –
Due from related companies, current 13,085 29,442
US Dollars 13,069 16,903
Euros – –
Other currencies – 119
Non-indexed Ch$ 16 –
UF. – 12,420
Due from related companies, non-current 21,356 41,305
US Dollars 21,301 41,305
Euros – –
Other currencies – –
Non-indexed Ch$ 55 –
UF. – –
Rest of assets 28,325,821 27,959,562
US Dollars 25,279,467 24,921,135
Euros 383,413 431,024
Other currencies 32,893 32,335
Non-indexed Ch$ 2,215,534 2,166,828
UF. 414,514 408,240
Total Assets 31,004,785 31,623,643
US Dollars 26,833,390 27,292,782
Euros 486,229 547,107
Other currencies 420,136 59,647
Non-indexed Ch$ 2,835,122 3,295,848
UE. 429,908 428,259

F-106
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
b) Liability by type of currency:
3/31/2013 12/31/2012
Current liability by currency
Up to 90 days ThUS$ 90 days to 1 year ThUS$ Up to 90 days ThUS$ 90 days to 1 year TRUS$
Current liabilities 2,449,550 869,228 3,325,680 813,292
US Dollars 1,629,673 854,360 1,980,142 775,889
Euros 46,022 – 5,520 37,403
Other currencies 1,487 – 1,184 –
Non-indexed Ch$ 763,396 8,538 1,330,388 –
v.F. 8,972 6,330 8,446 –
Other current financial liabilities 59,926 845,956 51,487 813,292
US Dollars 24,357 840,313 45,409 775,889
Euros 32,437 – – 37,403
Other currencies – – – –
Non-indexed Ch$ 372 47 1,009 –
v.F. 2,760 5,596 5,069 –
Bank loans 47,968 219,387 400 219,286
US Dollars 15,112 219,387 – 181,883
Euros 32,437 – – 37,403
Other currencies – – – –
Non-indexed Ch$ – – – –
v.F. 419 – 400 –
Obligations – 595,632 – 594,006
US Dollars – 595,596 – 594,006
Euros – – – –
Other currencies – – – –
Non-indexed Ch$ – – – –
v.F. – 36 – –
Finance lease 1,292 30,937 35,601 –
US Dollars 26 25,330 30,715 –
Euros – – – –
Other currency – – – –
Non-indexed Ch$ 372 47 217 –
Y. 894 5,560 4,669 –
Others 10,666 – 15,486 –
US Dollars 9,219 – 14,694 –
Euros – – –
Other currencies – – – –
Non-indexed Ch$ – 792 –
UF 1,447 – – –
Other current liabilities 2,389,624 23,272 3,274,193 –
US Dollars 1,605,316 14,047 1,934,733 –
Euros 13,585 – 5,520 –
Other currencies 1,487 – 1,184 –
Non-indexed Ch$ 763,024 8,491 1,329,379 –
v.F. 6,212 734 3,377 –

F-107
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

CORPORACION NACIONAL DEL COBRE DE CHILE

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)
3/31/2013 12/31/2012
Non- Current liability by 3t05 5to 10
currency 1to 3 years years years More than 10 1to 3 years 3 to 5 years 5 to 10 years More than 10
ThUSS$ Thuss ThUus$ years Thus$ ThUS$ ThUS$ ThUS$ years Thus$

Non-Current liabilities 7,612,775 840,804 3,943,798 2,884,453 7,518,622 974,667 3,942,371 2,879,788
US Dollars 6,517,875 840,804 ,943,798 2,524,916 5,943,787 974,667 3,942,371 2,526,060
Euros – – – – – – – –
Other currencies – – – –

Non-indexed Ch$ 1,035,749 – – 1,515,446 – –
v.F. 59,151 – 359,537 59,389 – 353,728

Other non-current

financial liabilities 1,602,137 840,804 3,943,798 2,884,453 1,465,498 974,667 3,942,371 2,879,788
US Dollars 1,540,161 840,804 3,943,798 2,524,916 1,441,452 974,667 3,942,371 2,526,060
Euros – – – – – – – –
Other currencies – – –

Non-indexed Ch$ 38,108 – – – – –
v.F. 23,868 – 359,537 24,046 – – 353,728

Bank loans 932,375 840,804 807,746 828,936 939,925 – 809,035
US Dollars 930,644 840,804 807,746 827,164 939,925 – 809,035
Euros – – – – – – –
Other currencies – – – –
Non-indexed Ch$ – – – – –
v.F. 1,731 – – – 1,772 – –

Obligations 498,234 – 3,943,798 2,076,707 497,966 3,942,371 2,070,753
US Dollars 498,234 – 3,943,798 1,717,170 497,966 3,942,371 1,717,025
Euros – – – – – – –
Other currencies – – –

Non-indexed Ch$ – – – –
Uv. – – 359,537 – – – 353,728

Finance Lease 89,781 – – 56,564 34,742 – –
US Dollars 29,536 – 34,290 34,742 – –
Euros – – – – – –
Other currencies – – – – –
Non-indexed Ch$ 38,108 – – – –
v.F. 22,137 – 22,274 –

Others 81,747 – 82,032 – –
US Dollars 81,747 – 82,032 – –
Euros – – – –

Other currencies – – –
Non-indexed Ch$ – –
Uv. – – – –

Other liabilities non

current 6,010,638 – 6,053,124 – –
US Dollars 4,977,714 – 4,502,335 – –
Euros – – – – –
Other currencies – – – – –
Non-indexed Ch$ 997,641 – 1,515,446 –

v.F. 35,283 – 35,343 – –

F-108

CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

31. Sanctions

As of March 31, 2013 and December 31, 2012, neither Codelco Chile nor its Directors and Managers
have been sanctioned by the Superintendency of Securities and Insurance or any other administrative
authorities.

33. Subsequent events

On April 1, 2013, an essential event was reported that Mr. Francisco Palacios Carvajal’s resignation
from the position of General Manager of division Radomiro Tomic was accepted.

Mr. Aranis Julio Vargas, in his capacity as Vice President of Operations in North, replaced Mr. Carvajal
and temporarily assumed the duties of General Manager of the Radomiro Tomic division. He holds
both positions simultaneously.

On this same date, April 1, 2013, the Radomiro Tomic division announced that its production and
operations would continue normally.

On April 9, 2013, was reported as an essential fact that the Copper Workers Federation called an
illegal work stoppage for 24 hours. lts effects on production and results were estimated to be U.S. $ 35
million a day in lower operating income.

On April 9, 2013, it was reported that Codelco’s Board decided to convene a meeting on Friday, April

26, 2013, at 11:30 am at the offices of the Company located at Huérfanos 1270, 13 floor, Santiago, to
discuss matters pertaining to ordinary shareholders.

On April 16, 2013, the following designations were reported and became effective:

1. Mr. Juan Medel Fernández was appointed General Manager of the Radomiro Tomic division.
2. Mr. Claudio Valdivia Olguín was appointed General Manager of the Ministro Hales division.
3. Mr. Oscar Jiménez Medina was appointed General Manager of the Gabriela Mistral division.

The designations indicated above will govern from that date.

F-109
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —

see Note 1.2)

33.

On April 26, 2013, as essential fact is reported that the ordinary shareholders of Codelco held a
meeting on April 26, 2013 and, with the assistance of the Ministers of Finance and Mining, as
delegates from S.E. the President of the Republic, adopted the following resolutions:

1. The annual report, Balance Sheet and other financial statements for the year ended December
31, 2012, and report of the external auditors, were approved.

2. The Company appointed Ernst 8 Young as External Auditors for the year of 2013.

3. Feller Rate, Fitch Ratings, Moody’s and Standard 4 Poor’s risk classification agencies were
appointed for the year of 2013.

4. The newspaper Diario Financiero was appointed as the official source for publications relating to
Codelco, as regulated in the law of corporations and instructions of the SVS.

5. The transactions with related parties were approved as required by the Article 44 of Law No.
18,046.

6. The expenses incurred by the Board of Directors and the Audit Committee during 2012 were
declared.

On May 23, 2013, an essential event was reported that the President appointed, effective as of the
same date, as members of the Board of Directors of Codelco Mr. Blas Tomic Errázuriz Miranda and
Mr. Gerardo Jofré. The latter was appointed by the President as Chairman of the Board.

It was also reported that the new Board members would form part of the Committee of Directors of
Codelco Chile.

From January 1, 2013 to the date of the issuance of these financial statements (May 30, 2013), the
Company’s management is not aware of other significant financial facts or of any other nature that
would affect these statements and future cash flows.

Environmental Expenditures

Each of Codelco’s operations is subject to national, regional and local regulations related to protection
of the environment and natural resources, including standards relating to water, air, noise and disposal
and transportation of dangerous residues, among others. Chile has adopted environmental regulations
that have obligated the companies that operate in the country, including Codelco, to carry out
programs to reduce, control or eliminate relevant environmental impacts. Codelco has executed and
shall continue to execute a series of environmental projects to comply with these regulations.

F-110
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish —
see Note 1.2)

Pursuant to the Letter of Values approved in 2010, Codelco is governed by a series of internal policies
and regulations that frame its commitment to the environment, including the Sustainable Development
Policy (2003) and the Corporate Security, Occupational Health and Environmental Management Policy
(2007).

The environmental management systems of the divisions and the Head Office, structure their efforts in
order to comply with the commitments assumed by the corporation’s environmental policies,
incorporating planning, operation, verification and activities review elements. As of March 31, 2013,
they have received ISO 14001 certification for the environmental management of the Chuquicamata,
Radomiro Tomic, Andina, Salvador, El Teniente and Ventanas Division, Gabriela Mistral and the Head
Office.

To comply with the Circular N*1.901 of 2008 of the Chilean Superintendency of Securities and

Insurance, below are the details of the Corporation’s main expenditures related to the environment
during the first quarter of 2013 and 2012 respectively, and the projected future expenses.

F-111
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED HNANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish – see Note 1.2)

Disbursements made up to 3/31/2013 3/31/2012 Expenditures
. ” Project Amount Asset Amount Amount Estimated
Corporation Project iture Asset Item/ Expenditure oe
Chuquicamata 23,732 37,376 113,923
Codelco Chile Talambre dam extension, 7th stage In process 4,883 Asset Property, plant and equipment 3973 62,333 2014
Codelco Chile Expansion capacity Talabre dam, 8th stage Finished – Asset Property, plant and equipment 198 – 2012
Codelco Chile Emergency restoration system dust control crushing plant 2 9/3 * In process 1,824 Asset Property, plant and equipment – 11,985 2014
Codelco Chile Acid plants In process 15,383 Expenditure Administrative expenses 27,374 33,626 2013
Codelco Chile Solid waste In process 916 Expenditure Administrative expenses 2,624 25535 2013
Codelco Chile Water treatment plant In process 726 Expenditure Administrative expenses 3,207 3,444 2013
Salvador 384 1456 10,297
In process .
Codelco Chile Dust collection improvement 384 Asset Property, plant and equipment 138 6.852 2014
Codelco Chile Trench construction of hazardous waste Finished . Asset Property, plant and equipment 510 . –
Codelco Chile Construction V stage of talling treatment In process – Asset Property, plant and equipment 544 3,445 2013
Codelco Chile Acid plants In process – Expenditure Administrative expenses – – 2013
Codelco Chile Solid waste In process – Expenditure Administrative expenses 230 – 2013
Codelco Chile Water treatment plant In process – Expenditure Administrative expenses 34 – 2013
Andina 23,000 4,138 203,591
Construction of water trap for east ballast deposit in process
Codelco Chile P 431 Asset Property, plant and equipment 1,749 8,507 2014
District warehouse installation finished
Codelco Chile ¡nishe: – Asset Property, plant and equipment 317 – –
Drains expansion stage 5 ,
Codelco Chile In process 245 Asset Property, plant and equipment 974 901 2013
Drain water treatment In process
Codelco Chile P 44 Asset Property, plant and equipment – 1,692 2013
Drain internal water treatment El in process
Codelco Chile P 587 Asset Property, plant and equipment – 9272 2013
Drainage water treatment In process
Codelco Chile P 18,383 Asset Property, plant and equipment 346 113,991 2014
Standard Water Phase 2 in orocess
Codelco Chile e 1,489 Asset Property, plant and equipment – 36,887 2015
Bullding evacuation and capturing towers Ovejería in orocess –
Codelco Chile P 441 Asset Property, plant and equipment – 27,291 2014
Construction Ovejería talings canal in process
Codelco Chile P 1,066 Asset Property, plant and equipment – 2,152 2013
Improved interception infitrates Ovejería in process
Codelco Chile P 217 Asset Property, plant and equipment 7 508 2013
Codelco Chile Solid waste In process 577 Expenditure Administrative expenses 394 1,572 2013
Codelco Chile Water treatment plant In process 342 Expenditure Administrative expenses 286 818 2013
Subtotal 47,116 42,970 327.841

F-112

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of interim unaudited consolidated financial statements originally issued in Spanish — see Note 1.2)

Disbursements made up to 3/31/2013 313142012 Expenditures
“Corporation Project Project Status “Amount ThUS$. Asset Expenditure Asset Item/ Expenditure “Amount ThUS$’ “Amount ThUS$. Estimated Date
El Teniente 24,389 4,875 78,051
Codelco Chile Construction of 5th phase of Carén Finished – Asset Property, plant and equipment 3,201 – .
Codelco Chile Monitoring online of tailings Flnished: – Asset Property, plant and equipment 548 – –
Codelco Chile Apliation of tailing 4 Flnished: – Asset Property, plant and equipment 359 – 7
Codelco Chile Apliation of tag Route 5 Inprocess 7 Asset Property, plant and equipment 743 – –
Codelco Chile Construction of 6th phase of Carén In process 5,998 Asset Property, plant and equipment – 3,830 2013
Codelco Chile Acid plants Inprocess 15,197 Expenditure Administrative expenses 20 63,093 2013
Codelco Chile Solid waste In process 387 Expenditure Administrative expenses 1 1,932 2013
Codelco Chile Effluent treatment plant Inprocess 2,800 Expenditure Administrative expenses 3 9,196 2013
Minera Gaby Mm 18 96
. Finished
Minera Gaby S.p A. . | Installation of gravel dump phase IV – Asset Property, plant and equipment 18 – –
Minera Gaby S.p A. | Implementation waste treatment system Finished 11 Asset Property, plant and equipment – 916 2013
Ventanas 9,910 13,985 21,745
Codelco Chile Mitigation of environmental concentrator stock In process – Asset Property, plant and equipment 1963 – –
Codelco Chile Standization of rainwater pools In process – Asset Property, plant and equipment 314 – –
Cold load system Cps N 2 In roces
Codelco Chile Pp – Asset Property, plant and equipment 691 – –
Arsenio supply in electric oven
Codelco Chile Inprocess 33 Asset Property, plant and equipment – 236 2013
Increase uptake Mat. ,
Codelco Chile n process – Asset Property, plant and equipment – – –
Increase uptake Mp He ,
Codelco Chile n process 18 Asset Property, plant and equipment 4,010 – –
Cold load mechanical system Cps N?1 y 3 In process
Codelco Chile pl 616 Asset Property, plant and equipment – 61 2013
Acid plants In process
Codelco Chile pl 6.435 Expenditure Administrative expenses 5,579 11,876 2013
Solid waste ,
Codelco Chile hn process 1,100 Expenditure Administrative expenses 183 2,191 2013
Water treatment plant ,
Codelco Chile hn process 1,708 Expenditure Administrative expenses 1,245 6,831 2013
Radomiro Tomic
440 440 –
Codelco Chile Solid waste Inprocess 380 Expenditure Administrative expenses 380 – 2013
a In process o
Codelco Chile Efluent treatment plant 60 Expenditure Administrative expenses 60 – 2013
Subtotal 34,750. 19,318 100,712
Koa Less | 62,88 | 428523 |

F-113

$

CODELCO

CODELCO – CHILE

Consolidated Financial Statements as of December 31, 2012

(Translation to English of consolidated financial statements originally issued in
Spanish – see Note 1.2)

F-114
TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS
(As of and for the years ended as of December 31, 2012 and 2011)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ..

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ccccnccccccccconccnanannannnna conan anananas 121
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUATION)…………. 122
CONSOLIDATED STATEMENTS OF CASH FLOWS – DIRECT METHO D…conccnonccnonccnancncacnnanans 123
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY connnicccnoccincnnancnancnnnacnannnan oran annnnaas 124
l. GENERAL INFORMATlON ..comcccoccoosccnosccnanonan aora carac orinar nana rare rn anar 126
1. CORPORATE INFORMATION oocmoococnconconconncononnnonnrnanrnnrnanranronrnn nro nr nnrnc nan rn nro n rra rro arar rra arnrnrnnrinnnnss 126
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS cococccocconnonncnnnrnnonons 127
II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ..occonccnicccncaccnnncnnnacnnaccnan ac nanananac o nana 128
1. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS ..ccccccccccocnnonnnnnnonononnnos 128

2. SIGNIFICANT ACCOUNTING POLICIES

3 NEw ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE ccccoccccocccioncnannnnonnnnn nana nccnanananccnnnon 148
I.. EXPLANATORY NOTES .onmococionnmnna 152
1. CASH AND CASH EQUIVALENTS ..cocccccccccnononnnnonononononnnonnnnnnnnnnnnnnnnnnnnnnnnnnrnnnnnnnnrnnnnnnnnrnnnnnnnnnnnnnns 152
2. TRADE AND OTHER RECEIVABLES .cccoccococccooncnancnnnncnnnanonnnnnnncnnnncnn nn nan nn nan ncnnnnnnn nc ran na nn n cnn na nana cnns 152
3. BALANCE AND RELATED PARTY DISCLOSURES ..ccoccccocccnoncnanncnoncnnnannnncnnn nn nan ncnn cnn nn c nan nc nan ncnnnnn 154
4. NS 161
5. DEFERRED TAXES AND INCOME TAXES ..coocococccconccnnccnonncnnnanan cn nan canon on nncnnn nn nnnn cnn narran canina 162
6. CURRENT TAX ASSETS AND LIABILITIES …ooocoocccoonnnonccnnnananncnancnnonnnnancnnn carac cnn nn nn nc cnn nn nar nc nnncnnnos 165
7. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE coccccoocccocccnoncninncnan cnn nccnn ca nann crac nc nanncnnnon 166
8. PROPERTY, PLANT AND EQUIPMENT
9. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD…coocccocccconccannnnonncnnananncnnnncnanncnnnoo 171
10. —SUBSIDIARIES ..ccccocccooccnoncnnnnnnannnnnn cnn nncnnn cnn nn nan nn anna nan n cnn canina rra 180
11. (OTHER NON-CURRENT NON-FINANCIAL ASSETS ..cooocccoocccoccnnoncnnnnnnanccnnncnnn canon nc nn cnn nc nan ca nar ncnnn no 181
12. CURRENT AND NON-CURRENT FINANCIAL ASSETS…cccooccnocncooncnonncnanccnoncnnn canon cnn na nnnn cnn canon ncnnnn 182
13. INTEREST-BEARING BORROWINGS ..ccoocccooccconccconccnananannnnnncnnoncnnnncnn occ nnnn nan na nnn nc narran n cra na nr nan 184
14. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES ..ooooonocncnoncnooncnanccnonacanca rancio nana nan n cnn n anar ncnnnn 192
15. FAIR VALUE HIERARCHY coccccocccooncnonnnnnncnnnnnnannnnnnnnnn canon nnnnn cnn nn n anna nan n cnn cnn rana n rana nar nena r anni nc 192
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.

TRADE AND OTHER PAYABLES .cccoocccocccconcconnonancnnonnnnnnanannnnnnnnnnn nn nn nn nan nn non nnn nn nnnnnnnn nan nn cnn nn nan nc 193
OTHER PROVISIONS occocccooccconccoonnnanncnnnnnnonanonnnnnn canon cnn non no ncn anna nnn nc nan nnnn nn nan cnn nnnnn cane nn nan nc nnnnnnnns 194
EMPLOYEE BENEFITS ..ccooccconcconcnnnnnnnoncnnn non nnnnnnnnnnnnnnnn canon nnnn nn anna nn n cnn cane nn nan cnn enn nan ncnn na nanncannnas 195
NS AN 197
OPERATING INCOME cccocccoccconccnononanncnnn nono nononnnnnnnnnan cnn corno ncnnn nan nnnnnnnnnn nn nan nnnn enn nnn cane nn nnnncnnnnnnns 199
EXPENSES BY NATURE ccccccooccconccnonnnannnnnnnononannnnnnnnnnnanncnnnnnnnnnnnnnanan nc nn nnnn nn nan cnn n nn nan ncnn na nanncannnes 199
OTHER REVENUES AND EXPENSES BY FUNCTION ..coocccoocccocncconnnnnncnoncnnncnnanncnn conan ncnnnnnnnn nc nnnannnos 200
ANNA An 201
OPERATING SEGMENTS cooccccocccnonononncnonnnnnnnnnnnnnonnnannnnnnannnncnnnnnnn nn anna nnnnnnan cnn nn nan n cane na nanncnnnncnnns 201
FOREIGN EXCHANGE DIFFERENCES .ooocccoccccocncconcnannnnonnnnncnnnnnnnnnnnnonnnnnncnnn na nann cnn nnnnnncnn na nnncnnnaes 210
STATEMENT OF CASH FLOWS eccoocccooncconnnnonnnonnnnnnnnnannnnnnannnnnnnnnnnnn nena n cnn nn nan nc aran nn nnann na nan nc nnna canos 210
FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES …cccoccccocccconcnonnanoncnnananann cnn nc nan canino 212
DERIVATIVES CONTRACTS coccccocccnonnnannnnannnnnnncnonnnnnnnnannnnn cnn non nnnnnanan nn nan nnnn nan ann naar nn nin n cnn na nann cananea 216
CONTINGENCIES AND RESTRICTIONS …ccococccconccoccnnonccannnnannnnnnncnonnnnnnn nan nn nan n cnn anar cn anna nn cananea ninos 219
INN 224
BALANCES IN FOREIGN CURRENCY cocoocccoccononnnnononannnnonncnn canon nn nan nnnonnnnnennn nn nnn cnn nn nnn nn cnn nan nncnnnias 226
ANO AN 232
SUBSEQUENT EVENTS cooocoooooonnnnoncnnnoncnnnnnnnnnnnnnnnnn non nrnnrnnrnnnnnrnnnnnnnnnnnnnnnnnnnnnnnrrnrrrrnnrnnrnnnnenininns 232
ENVIRONMENTAL EXPENDITURES ..cccoocccoononocncconocnnnnnonnnnn canon nnnnn nn nan nn nn nn nan nn nann cnn nn nn nc nana nn ncnnnias 232

F-116
—

re tnsratocne o

Presidente Riesco 5435, piso 4
Las Condes
Santiago

Tel: +56 (2) 2676 1000
Fax: +56 (2) 2676 1010
wwvmw.eychile.cl

Report of Independent Auditors

(A free translation of the original report issued in Spanish)

To the Shareholders of
Corporación Nacional del Cobre de Chile

We have audited the accompanying consolidated statements of financial statements of
Corporación Nacional del Cobre de Chile and its subsidiaries, which comprise the consolidated
statements of financial position as of December 31, 2012 and 2011 and the related consolidated
statements of comprehensive income, changes in shareholders? equity, and cash flows for the
years then ended, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements
in conformity with International Financial Reporting Standards; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free of material misstatement, whether due to fraud
or ertor.

Auditor?s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in Chile. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor”s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity?s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity”s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.

F-117

A member firm of Ernst Young Global Limited
A

e emeratosse

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Corporación Nacional del Cobre de Chile and its
subsidiaries as of December 31, 2012 and 2011, and the consolidated results of its operations, and
its cash flows for the years then ended, in accordance with International Financial Reporting
Standards.

Emphasis of a matter, Anglo American Sur S.A.

As a result of the negotiation with Anglo American, in which Corporación Nacional del Cobre de
Chile acquired certain mining concessions as well as 29.5% of Anglo American Sur S.A.,
through its subsidiary Inversiones Mineras Becrux SpA., the conditions that precluded
remeasurement of the purchase option over the interest in Anglo American Sur S.A. to fair value
were removed. The results of these measurements to fair value generated a non-cash gain of US$
3,920 million for the year ended as of December 31, 2012, less tax effects of US$ 776 million,
which are disclosed in Notes 26 and Note 5.

As indicated in Note 9, the purchase price allocation based on the fair value of the identifiable
assets and liabilities has been prepared by the Management using its best estimates while
considering all relevant information available as of the acquisition date of Anglo American Sur
S.A., however, is subject to adjustments for up to one year from the date of acquisition.

is not modified with respect to these matters.

ERNST $: YOUNG LTDA.

F-118

A member firm of Ernst 8 Young Globs! Limited
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Notes 12/31/2012 12/31/2011

Assets
Current Assets
Cash and cash equivalents 1 1,263,823 1,382,876
Other current financial assets 12 8,709 193,237
Other current non-financial assets 24,015 36,413
Trade and other current receivables 2 2,149,103 1,968,269
Accounts receivables due from related companies, current 3 29,442 56,357
Inventory 4 2,431,965 2,014,838
Current tax assets 6.a 627,570 254,930
Total current assets 6,534,627 5,906,920
Non-current assets

Other non-current financial assets 12 133,000 102,593
Other non-current non-financial assets 11 37,677 203,950
Non-current receivables 2 171,699 132,721
Accounts receivables due from related companies, non-current 3 41,305 75,860
Investment accounted for using the equity method 9 7,644,612 945,055
Intangible assets other than goodwill 19,178 12,292
Property, Plant and Equipment, net 8 17,044,931 13,437,764
Investment property 18,004 17,789
Total non-current assets 25,110,406 14,928,024
Total assets 31,645,033 20,834,944

The accompanying notes form an integral part of these consolidated financial statements.

F-119
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Notes 12/31/2012 12/31/2011
Liabilities and Equity

Liabilities
Current liabilities
Other current financial liabilities 13 864,779 1,643,424
Trade and other current payables 16. 2,245,592 1,782,459
Accounts payables to related companies, current 3 143,364 126,850
Other current provisions 17 209,895 210,514
Current tax liabilities 6.b 50,205 137,267
Current employee benefit accruals 17 549,975 459,251
Other current non- financial liabilities 75,162 56,317
Total current liabilities 4,138,972 4,416,082
Non-current liabilities
Other non-current financial liabilities 13 9,262,324 6,395,154
Other non-current payables – 319
Accounts payables to related companies, non-current 3 275,011 308,616
Other non-current provisions and accrued expenses 17 1,554,167 1,013,441
Deferred tax liabilities 5 2,909,095 1,540,242
Non-current employee benefit accruals 17 1,323,294 1,092,966
Other non-current non-financial liabilities 4,390 3,094
Total non-current liabilities 15,328,281 10,353,832
Total liabilities 19,467,253 14,769,914
Equity

Issued Capital 2,524,423 2,524,423
Retained earnings 4,189,769 1,709,068
Other Reserves 19 3,364,182 1,829,519
Equity attributable to owners of the parent 10,078,374 6,063,010
Non-controlling interests 19 2,099,406 2,020
Total equity 12,177,780 6,065,030
Total liabilities and equity 31,645,033 20,834,944

The accompanying notes form an integral part of these consolidated financial statements.

F-120
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the years ended as of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Notes 1/1/2012 1/1/2011
12/31/2012 12/31/2011
Profit (loss)
Revenue 20 15,860,432 17,515,296
Cost of sales (10,851,680) (10,283,026)
| Gross profit 5,008,752 7,232,270
Other Income, by function 22a 4,092,339 726,185
Distribution costs (12,654) (11,114)
Administrative expenses (543,531) (452,217)
Other expenses 22b (2,275,954) (2,307,326)
Other gains (losses) 35,400 38,709
Profit (losses) from operating activities 6,304,352 5,226,507
Finance income 59,023 44,701
Finance costs 23 (406,278) (294,496)
Share of profit of associates and joint ventures accounted for using the 9 457,230 353,440
equity method
Foreign exchange differences 25 (165,801) 216,998
| Profit for the period before tax 6,248,526 5,547,150
Income tax expense 5 (2,373,206) (3,491,798)
| Profit for the period 3,875,320 2,055,352
Profit (loss) attributable to:
Profit attributable to owners of the parent 3,867,960 2,056,414
Loss attributable to non-controlling interests 19.b 7,360 (1,062)
| Profit for the period 3,875,320 2,055,352

F-121

The accompanying notes form an integral part of these consolidated financial statements.
CORPORACION NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUATION)

For the years ended as of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Notes 1/1/2012 1/1/2011
12/31/2012 12/31/2011
Profit for the period 3,875,320 2,055,352 |
Components of other comprehensive income (loss), before tax:
Exchange differences on conversion
Gain (loss) on exchange differences on conversion, before tax 1,326 (2,633)
er comprehensive income, before tax, exchange differences on 1,326 (2,633)
Cash flow hedges
Gain (loss) on cash flow hedges, before tax 646,416 1,594,322
er comprehensive income before tax, exchange differences on 646,416 1,594,322
Share of other comprehensive income (loss) of associates and joint ventures (6.418) 81,376
accounted for using the equity method
Other comprehensive income (loss) before tax 641,324 1,673,065 |
Income tax related to components of other comprehensive income:
Income tax related to cash flow hedges of other comprehensive income 5 (379,740) _ (897,100)
Aggregated income tax related to components of other (379,740) — (897,100)
comprehensive income
Other comprehensive income (loss) 261,584 775,965
Total comprehensive income 4,136,904 2,831,317
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent 4,129,544 2,832,379
Comprehensive income attributable to non-controlling interests 19.b 7,360 (1,062)
| Total comprehensive income 4,136,904 2,831,317 |

The accompanying notes form an integral part of these consolidated financial statements.

F-122
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF CASH FLOWS – DIRECT METHOD

For the years ended as of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Notes 1/1/2012 1/1/2011

Cash flows provided by (used in) operating activities: 12/31/2012 12/31/2011
Cash receipts provided by operating activities
Cash flows provided by sales of goods and rendering of services 16,932,810 19,702,113
Other cash flows provided by operating activities 26 2,161,658 1,843,793
Types of cash payments
Payments to suppliers for goods and services (9,880,753) (8,741,815)
Payments to and on behalf of employees (2,100,391) (2,196,072)
Other cash flows used in operating activities 26 (3,562,099) (4,191,069)
Dividends received 276,672 85,750
Income taxes paid (1,892,661) (3,852,469)
Net cash flows provided by operating activities 1,935,236 2,650,231 |
Cash flows provided by (used in) investing activities:
Net cash used for the purchase of associate 26 (2,799,795) –
Other payments to acquire equity or debt instruments of other entities (31,408) –
Other collections from the sale of interests in joint ventures and associates 26 – 1,088,351
Borrowings to related companies (8,405) –
Purchases of property plant and equipment (3,687,182) (2,251,630)
Collections from related companies 61,050 40,700
Interest received 43,137 26,912
Other inflows (outflows) of cash 91,576 36,543
Net cash flows from (used in) investing activities (6,331,027) — (1,059,124) |
Cash flows provided by (used in) financing activities:

Proceeds from the issue of shares 1,100,000 –
Proceeds from current borrowings 5,481,146 1,232,049
Repayments of borrowings (1,505,414) (517,534)
Dividends paid (106,000) (1,472,048)
Interest paid (541,988) (324,737)
Other inflows (outflows) of cash (151,006) –
Net cash flows from (used in) financing activities 4,276,738 (1,082,270)

: Net increase (decrease) in cash and cash equivalents before foreign exchange (119,053) 508,837
difference
Net increase (decrease) in cash and cash equivalents (119,053) 508,837
Cash and cash equivalents at beginning of period 1 1,382,876 874,039
Cash and cash equivalents at end of period 1 1,263,823 1,382,876

The accompanying notes form an integral part of these consolidated financial statements.

F-123
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the years ended as of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish — see Note 1.2)

Foreign currency | Cash flow Other Total other | Accumulated Non-controlling

December 31, 2012 Issued Capital conversion hedge miscellaneous reserves retained Equity attributable to interests

owners of the parent Total Equity

reserve reserve reserves Note 19 earnings Note 19

Initial Balance as of 1/1/2012 2,524,423 (272,349) 2,101,585 1,829,519 1,709,068 6,063,010 2,020 6,065,030
Changes in equity
Profit for the period 3,867,960 3,867,960 7,360 3,875,320
Other comprehensive income (loss) 266,676 261,584 261,584 – 261,584
Comprehensive income 4,129,544 7,360 4,136,904
Dividends Paid (106,000) (106,000) (106,000)
Increase (decrease) through transfers and other 1,273,079 1,273,079 | (1,281,259) (8,180) 2,090,026 2,081,846
Increase (decrease) in equity – 1,326 266,676 1,266,661 1,534,663 2,480,701 4,015,364 2,097,386 6,112,750

Final Balance as of 12/31/2012 2,524,423 1,609 (5,673) 3,368,246 3,364,182 4,189,769 10,078,374 2,099,406 12,177,780

The accompanying notes form an integral part of these consolidated financial statements.

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CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the years ended as of December 31, 2012 and 2011
(In thousands of US dollars – TRUS$)

(Translation to English of consolidated financial statements originally issued in Spanish — see Note 1.2)

Foreign
currency
conversion
reserve

2,916

December 31, 2011 Issued Capital

Initial Balance as of 1/1/2011 2,524,423
Changes in equity

Profit for the period

Other comprehensive income (loss)

(2,633)

Comprehensive income

Dividends Paid

Increase (decrease) through transfers and other changes – –
(2,633)

2,524,423 283

Increase (decrease) in equity

Final Balance as of 12/31/2011

Cash flow
hedge
reserve

(969,571)

697,222

697,222
(272,349)

Other
miscellaneous
reserves

1,642,058

81,376

378,151
459,527
2,101,585

The accompanying notes form an integral part of these consolidated financial statements.

F-125

Total other
reserves

Note 19
675,403

775,965

378,151
1,154,116
1,829,519

Accumulated
retained
earnings

1,329,392

2,056,414

(1,674,916)
(1,822)
379,676
1,709,068

Equity
attributable to
owners of the

parent

4,529,218

2,056,414
775,965
2,832,379
(1,674,916)
376,329
1,533,792
6,063,010

Non-
controlling
interests

Note 19
1,994

Total Equity

4,531,212

2,055,352
775,965
2,831,317
(1,674,916)
377,417
1,533,818
6,065,030

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

GENERAL INFORMATION

Corporate Information

Corporación Nacional del Cobre de Chile, Codelco (hereinafter referred to as “Codelco – Chile”, the
“Corporation”), is the largest copper producer in the world. lts most important product is refined
copper, primarily in the form of cathodes. The Corporation also produces copper concentrates, blister
and anode copper and by-products such as molybdenum, anode slime and sulfuric acid. Codelco also
manufactures wire rods in Germany, a semi-manufactured product that uses copper cathodes as raw
material, through an associated company that is disclosed in Note 9. The Corporation trades its
products based on a policy with the objective of selling refined copper to manufacturers or producers
of semi-manufactured products.

These products contribute to diverse fields of community development, particularly those intended to
improve areas such as public health, energy efficiency, and sustainable development, among others.

Codelco is registered under Securities Registry No. 785 of the Chilean Superintendency of Securities
and Insurance (the “SVS”) and is subject to the supervision of said SVS. According to Article 10 of
Law No. 20,392 (on the new Corporate Governance of Codelco), such supervision will be on the same
terms as publicly traded companies, notwithstanding the provisions in Decree Law (D.L.) No. 1,349 of
1976, which created the Comisión Chilena del Cobre (“Chilean Copper Commission”).

Codelco’s Head Office is located in Santiago, Chile, at 1270 Huérfanos, telephone number (56 2)
6903000.

Codelco Chile was formed as stipulated by D.L. No. 1,350 of 1976, which is the statutory decree of the
Corporation. In accordance with the statutory decree, Codelco is a state-owned mining, industrial and
commercial company, which is a separate legal entity with its own equity. Codelco – Chile currently
carries out its mining business through its divisions Chuquicamata, Radomiro Tomic, Salvador,
Andina, El Teniente and Ventanas and Gabriela Mistral. The Gabriela Mistral division is in charge of
the ore deposit of the same name, whose operations were, until December 31, 2012 the responsibility
of its subsidiary Minera Gaby SpA., a wholly owned subsidiary of the Corporation and on that date
was absorbed by Codelco. Also, in 2010 the Corporation was authorized by the Board of Directors of
the Corporation to invest in the operation of the new division Ministro Hales Mine, whose estimated
initial operating date is at the last quarter of 2013. The Corporation also carries out similar activities in
other mining deposits in association with third parties.

In accordance with letter e) of Article 10 of Law No. 20,392, Codelco is governed by its organic
standards set forth in Decree Law No. 1,350 (D.L. No. 1,350) and that of its statutes, and in matters
not covered by them and, insofar as they are compatible and do not go against the provisions of these
rules, the rules that govern publicly traded companies and the common laws as applicable to them.

F-126
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

In accordance with D.L. No. 1,350 Section IV related to the Company’s Exchange and Budget
Regulations, Codelco’s financial activities are conducted following a budgeting system that is
composed of an Operations Budget, an Investment Budget and a Debt Amortization Budget.

The tax system applicable to Codelco’s income is in accordance with Article 26 of D. L. No. 1,350,
which refers to Decree Laws No. 824 on Income Tax of 1974 and Decree Law No. 2,398 (Article 2) of
1978, as applicable. The Corporation’s income is also subject to a tax in accordance with Law No.
20,026 of 2005 (Specific Mining Tax).

The Corporation is subject to Law No. 13,196, which mandates the payment of a 10% tax over the
foreign currency return on the export value of copper production, including its by-products.

The subsidiaries whose financial statements are included in these consolidated financial statements
correspond to companies located in Chile and abroad, which are detailed in Note 2 d of Section Il to the
Summary of Significant Accounting Policies.

The associates correspond to companies located in Chile and abroad, which are detailed in the
Explanatory Notes Section 11! Note 9.

Basis of Presentation of the Consolidated Financial Statements

The Corporation’s consolidated financial statements are stated in thousands of US dollars and were
prepared based on the accounting records maintained by Codelco – Chile and ¡ts subsidiaries, and
have been prepared in accordance with International Financial Reporting Standards (*IFRS”), issued
by the International Accounting Standards Board (hereinafter “lASB”).

Responsibility for the Information and Use of Estimates

The Board of Directors of the Corporation has been informed of the information included in these
financial statements and expressly states ¡ts responsibility for the consistent and reliable nature of the
information included in the consolidated financial statements as of December 31, 2012, for the effects
of which IFRS principles issued by the IlASB have been applied in full. The December 31, 2012
consolidated financial statements were approved by the Board of Directors in the meeting on March
28, 2013.

Accounting Principles
These consolidated financial statements and the related notes reflect the financial position of Codelco
Chile and its subsidiaries as of December 31, 2012 and 2011, the results of their operations, the

changes in net equity and cash flows for periods ended December 31, 2012 and 2011, and their
related notes, all of which have been prepared and presented in accordance with IAS 1 “Presentation

F-127
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1.

of Financial Statements” which considers the respective regulations of the Chilean Superintendency of
Securities and Insurance (*SVS”), and do not conflict with IFRS.

For the convenience of the reader, these consolidated financial statements and their accompanying
notes have been translated from Spanish to English.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Judgments, Estimates and Assumptions

The preparation of these consolidated financial statements in conformity with IFRS requires the use of
certain critical accounting estimates and assumptions that affect the amounts of assets and liabilities
recognized as of the date of financial statements and the amounts of income and expenses during the
reporting period. lt also requires the Corporation’s management to exercise its judgment in the
process of applying the Corporation’s accounting principles. The areas involving a higher degree of
judgment or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements as follows:

a) Useful Economic Lives and Residual Values of Property, Plant and Equipment – The useful
lives and residual values of property, plant and equipment assets that are used for calculating the
depreciation are determined based on technical studies prepared by specialists (internal or
external). When there are indicators that could lead to changes in the estimated useful lives of
such assets, these changes are determined by using technical estimates considering specific
factors related to the use of the assets.

The studies consider specific factors related to the use of assets.

b) Ore Reserves – The measurements of ore reserves are based on estimates of the ore resources
that are economically exploitable, and reflect the technical considerations of the Corporation
regarding the amount of resources that could be exploited and sold at prices exceeding the total
cost associated with the extraction and processing.

The Corporation applies judgment in determining the ore reserves, and as such, possible
changes in these estimates could significantly impact the estimates of net revenues over time.
For such reason, these changes would lead to modifications in the usage estimates of certain
assets and of the amount of certain decommissioning and restoration costs.

The Corporation estimates ¡ts reserves and mineral resources based on the information compiled
by the Competent Persons of the Corporation, defined and regulated by the Chilean Law N*
20.235. The estimations are based on the JORC (Joint Ore Reserves Committee) methodology,
taking into consideration the historical information of the cost of goods sold and copper prices at
an international market.

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CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The Corporation also periodically reviews such estimates, supported by world-class external
experts, who certify the determined reserves.

c) Impairment of Assets – The Corporation reviews the carrying amount of its assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the assets is estimated in order to determine the
extent of the impairment loss with regard to the carrying amount. In the evaluation of impairment,
the assets are grouped into cash generating units (“CGU’s”) to which the assets belong. The
recoverable amount of these assets or CGU’s is calculated as the present value of the cash flows
expected to be derived from such assets, considering a pre-tax discount rate that reflects current
market assessments of the time value of money and risks specific to the asset. Ifthe recoverable
amount of the assets ¡is less than their carrying amount, an impairment loss exists.

The Corporation defines the CGUs and also estimates the timing and cash flows that such CGUs
should generate. Subsequent changes in the grouping of the CGU, or changes in the
assumptions supporting the estimates of cash flows or the discount rate, could impact the
carrying amounts of the corresponding assets.

The Corporation has assessed and defined that the CGUs are constituted at the level of each of
its current operating divisions.

The review for impairment includes subsidiaries and associates.

d) Provisions for Decommissioning and Site Restoration Costs – An obligation to incur in
decommissioning and site restoration costs when environmental disturbance is caused by the
development or ongoing production of a mining property. Costs are estimated on the basis of a
formal closure plan and are reassessed annually or as of the date such obligations become
known.

For these purposes, a defined list of mine sites, installations and other equipment assigned to this
process, considered at the engineering level profile, the cubings of assets that will be subject to
removal and restoration, weighted by a structure of market prices of goods and services,
reflecting the best knowledge at the time to carry out such activities, as well as techniques and
more efficient construction procedures to date. In the process of valuation of the activities
mentioned, the assumptions of the exchange rate for tradable goods and services must be made,
and the discount rate applied to update the relevant cash flows over time, which reflects the time
value of money and includes the risks associated with liabilities, which is determined based on
the currency in which disbursements will be made.

The provision as of a reporting date represents management’s best estimate of the present value

of the future decommissioning and site restoration costs required. Changes to estimated future
costs are recognized in the statement of financial position by either increasing or decreasing the

F-129
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

rehabilitation liability and rehabilitation asset if the initial estimate was originally recognized as
part of an asset measured in accordance with lAS 16 Property, Plant and Equipment. Any
reduction in the decommissioning and site restoration liability and therefore any deduction from
the decommissioning and site restoration asset may not exceed the carrying amount of that
asset. Ifit does, any excess over the carrying value is taken immediately to profit or loss.

If the change in estimate results in an increase in the decommissioning and site restoration
liability and therefore an addition to the carrying value of the asset, the entity is required to
consider whether this is an indication of impairment of the asset as a whole and test for
impairment in accordance with lAS 36. If the revised asset net of decommissioning and site
restoration provisions exceeds the recoverable value, that portion of the increase is charged
directly to profit or loss statement. Any decommissioning and site restoration costs that arose as
a result of the production phase of a mine, should be expensed as incurred.

The costs arising from the installation of a plant or other site preparation projects are discounted
at net present value, provided for and capitalized at the beginning of each project, as soon as the
obligation to incur such costs arises. These decommissioning costs are charged to net income
over the life of the mine, through depreciation of the asset. The depreciation is included in
operating costs, while the unwinding of the discount in the provision is included in finance costs.

e) Accrual for Employee Benefits – Employee benefits costs for severance payments and health
benefits for services rendered by the employees are determined based on actuarial calculations
using the Projected Credit Unit Method, and are charged to profit or loss on an accrual basis.

The Corporation uses assumptions to determine the best estimate for these benefits. Such
estimates, as well as assumptions, are determined together with an external actuary. These
assumptions include demographic assumptions, mortality and morbidity, discount rate and
expected salary increases and rotation levels, among other factors. Although the Corporation
believes that the assumptions used are appropriate, a change in these assumptions could affect
net income.

f) Accruals for Open Invoices – The Corporation uses information on future copper prices, through
which it recognizes adjustments to its revenues and trade receivables, due to the conditions of its
provisional invoicing. These adjustments are updated on a monthly basis and the accounting
principle on “Revenue recognition” is referred to in letter q) of the section 2 “Significant
accounting policies” of the current document.

g) Fair Value of Derivatives and Other Instruments – Management may use ¡ts judgment to
choose an adequate and proper valuation method for the instruments that are not quoted in an
active market The Corporation applies customary valuation techniques used by other
professionals in the industry. In the case of derivative financial instruments, assumptions are

F-130
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

based on the observable market inputs, adjusted in conformity with the specific features of the
instruments.

h) Lawsuits and Contingencies – The Corporation assesses the probability of lawsuits and
contingency losses on an ongoing basis according to estimates performed by its legal advisors.
For cases in which management and the Corporation’s legal advisors believe that a favorable
outcome will be obtained or when the results are uncertain and the lawsuits are still pending
resolution, no provisions are recognized.

Although these above-mentioned estimates have been made based on the best information
available as of the date of issuance of these consolidated financial statements, it is possible that
future developments may force the Corporation to modify these estimates in upcoming periods.
Such modifications, if occurred, would be adjusted prospectively, recognizing the effects of the
change in estimate on the corresponding future consolidated financial statements, as required by
lAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.

2. Significant accounting policies

a) Period covered – The accompanying consolidated financial statements of Corporación Nacional
del Cobre de Chile include:

– Statements of Financial Position as of December 31, 2012 and 2011.

– Statements of Comprehensive Income for the years ending December 31, 2012 and 2011,
respectively

– Statements of Changes in Equity for the years ending December 31, 2012 and 2011.

– Statements of Cash Flows for the years ending December 31, 2012 and 2011.

b) Basis of Preparation – The consolidated financial statements of the Corporation for the period
ended as of December 31, 2012 have been prepared in conformity with IFRS, as issued by the
¡ASB.

The consolidated statement of financial position as of December 31, 2011 and the statements of
comprehensive income, of net equity and of cash flows for the year ended December 31, 2011,
included for comparative purposes, have been prepared in conformity with IFRS, on a consistent
basis with the criteria used by the Corporation for the same period ended December 31, 2012.

These consolidated financial statements have been prepared based on the accounting records
kept by the Corporation.

c) Functional Currency – The functional currency of Codelco is the US dollar, which is the currency
of the primary economic environment in which the Corporation operates and the currency in

F-131
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

d)

which it receives its revenues. Transactions other than those in the Corporation’s functional
currency are translated at the exchange rate prevailing at the date of the transactions. Monetary

assets and liabilities denominated in currencies other than the functional currency are
retranslated at closing exchange rates. Gains and losses from foreign currency conversion are
included in the period profit or loss within the line item “Foreign Exchange differences”.

The presentation currency of the consolidated financial statements of Codelco is the US dollar.

The functional currency of subsidiaries, associates and joint ventures, likewise corresponds to the
currency of the primary economic environment in which those entities operate and the currency in
which they receive their revenues, as established in lAS 21. However, regarding those
subsidiaries and associates that correspond only to an extension of the operations of Codelco
(entities that are not self-sufficient and whose main transactions are performed with Codelco), the
functional currency ¡is also the US dollar, as this is the functional currency of Codelco.

When the indicators are mixed and the functional currency is not obvious, management uses its
judgment to determine the functional currency that most faithfully represents the economic effects
of the underlying transactions, events and conditions under which each entity operates.

Basis of Consolidation – The consolidated financial statements incorporate the financial
statements of the Corporation and its subsidiaries.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the
Corporation obtains control, and continue to be consolidated until the date when such control
Ceases.

The financial statements of the subsidiaries are prepared for the same reporting period as the
parent company, using consistent accounting policies.

In the consolidation process, all significant balances and transactions between the consolidated
companies have been fully eliminated, and the equity share of non-controlling interests has been
recognized and presented as “Non-controlling Interests”. The consolidated financial statements
take into account the elimination of intercompany balances, transactions and unrealized profit
and loss between the consolidated companies, including foreign and local subsidiaries. The
companies incorporated in the consolidation are detailed as follows:

F-132
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

12/31/2012 12/31/2011
Taxpayer Functional ii
Number Company Country Currency | Entity Share Percentage na
Direct Indirect Total Total
Foreign Chile Copper Limited England GBP 100.000 – | 100.000 100.000
Foreign Codelco Services Limited England GBP – 100.000 | 100.000 100.000
Foreign Codelco Group Inc. United States of America USD 100.000 – | 100.000 100.000
Foreign Codelco Metals Inc. United States of America USD – 100.000 | 100.000 100.000
Foreign Codelco USA Inc. United States of America USD – 100.000 | 100.000 100.000
Foreign Codelco International Limited Bermuda USD 100.000 – | 100.000 100.000
Foreign Codelco Technologies Ltd. Bermuda USD – 100.000 | 100.000 100.000
Foreign Codelco do Brasil Mineracao Brazil BRL – 100.000 | 100.000 100.000
Foreign Codelco Kupferhandel GmbH Germany EURO 100.000 – | 100.000 100.000
Foreign Metall Agentur GmbH Germany EURO – 100.000 | 100.000 100.000
Foreign Ecometales Limited Anglonormandars USD – 100.000 | 100.000 100.000
Foreign Codelco Shanghai Company Limited China USD 100.000 100.000 100.000
76.561.210-1 | Mining Information Communications and Monitoring S.A. Chile USD – – – 66.000
78.712.170-5 | Compañia Minera Picacho (SCM) Chile USD 99.990 0.010 | 100.000 100.000
78.860.780-6 | Compañia Contractual Minera los Andes Chile USD 99.970 0.030 | 100.000 100.000
79.566.720-2 | Isapre Chuquicamata Ltda. Chile CLP 98.300 1.700 | 100.000 100.000
81.767.200-0 | Asociacion Garantizadora de Pensiones Chile CLP 96.690 – | 96.690 96.690
88.497.100-4 | Clínica San Lorenzo Limitada Chile CLP 99.900 0.100 | 100.000 99.900
76.521.250-2 | San Lorenzo Institución de Salud Previsional Ltda, Chile CLP 99.900 | 99.900 99.900
89.441.300-K | Isapre Río Blanco Ltda. Chile CLP 99.990 0.010 | 100.000 100.000
96.817.780-K | Ejecutora Hospital del Cobre Calama S.A. Chile USD 99.990 0.010 | 100.000 100.000
96.819.040-7 | Complejo Portuario Mejillones S.A. Chile USD 99.990 0.010 | 100.000 100.000
96.854.500-0 | Instituto de Innovación en Minería y Metalurgia S.A. Chile USD 99.930 0.070 | 100.000 99.930
96.876.140-4 | Santiago de Río Grande S.A. Chile USD 99.990 0.010 | 100.000 100.000
96.991.180-9 | Biosigma S.A. Chile USD 66.670 – | 66.670 66.670
99.569.520-0 | Exploraciones Mineras Andinas S.A. Chile USD 99.900 0.100 | 100.000 100.000
99.573.600-4 | Clinica Río Blanco S.A. Chile CLP 99.000 1.000 | 100.000 100.000
76.064.682-2 | Centro de Especialidades Médicas Río Blanco Ltda. Chile CLP 99.000 1.000 | 100.000 100.000
76.152.363-5 | Minera Gaby SpA Chile USD – – – 100.000
77.773.260-9 | Sociedad de Inversiones Copperfield Ltda. Chile USD 99.990 0.010 | 100.000 100.000
76.883.610-8 | Energía Minera S.A. Chile USD 99.000 1.000 | 100.000 100.000
76.043.396-9 | Innovaciones en Cobre S.A Chile USD 0.100 99.900 | 100.000 100.000
76.148.338-2 | Sociedad de Procesamiento de Molibdeno Ltda. Chile USD 99.900 0.100 | 100.000 100.000
76.167.903-1 | Inversiones Mineras Acrux SpA. Chile USD 67.800 | 67.800 100.000
76.173.357-5 | Inversiones Gacrux SpA. Chile USD 100.000 – | 100.000 100.000
76.231.838-5 | Inversiones Mineras Nueva Acrux SpA Chile USD 67.800 | 67.800 –
76.237.866-3 | Inversiones Mineras Los Leones SpA Chile USD 100.000 – | 100.000 –
76.173.783-K | Inversiones Mineras Becrux SpA Chile USD 67.800 | 67.800 100.000
76.082.774-6 | Inversiones Tocopilla 28 S.A. Chile USD – – 100.000
76.082.158-6 | Inversiones Mejillones 2 S.A. Chile USD – – 100.000
76.124.156-7 | Centro de Especialidades Médicas San Lorenzo Ltda. Chile USD 100.000 | 100.000 100.000
76.255.061-K | Central Eléctrica Luz Minera SpA Chile USD 100.000 – | 100.000 –
76.255.054-7 | Planta Recuperadora de Metales SpA Chile USD 100.000 – | 100.000 –
76.255.667-7 | MCM Equipos S.A. Chile USD 100.000 – | 100.000 –
70.905.700-6 _ | Fusat (Special Purpose Entity) Chile CLP – – – –

For the purposes of these consolidated financial statements, subsidiaries, associates, acquisitions and
disposals and joint ventures are defined as follows:

Subsidiaries – A subsidiary is an entity over which the Corporation has power to govern its
operating and financial policies in order to obtain benefits from its activities. The
consolidated financial statements include all assets, liabilities, revenues, expenses and cash
flows of Codelco and its subsidiaries, after eliminating all inter-company balances and

F-133

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

transactions. For partially owned subsidiaries, the net assets and net earnings attributable
to non-controlling shareholders are presented as “Non-controlling interests” in the
consolidated statements of financial position and consolidated statement of income.

Likewise, on consolidation, the Corporation incorporates those entities in which it does not
hold any direct or indirect ownership interest but instead represent special purpose entities,
in accordance with the criteria established in SIC Interpretation 12, Consolidation – Special
Purpose Entities.

– Associates – An associate is an entity over which Codelco is in the position to exercise
significant influence, but not to control or jointly control, through the power to participate in
the financial and operating policy decisions of that entity.

Codelco’s share of the net assets of such entities is included in the consolidated financial
statements by using the equity method. This requires recording the initial investment at cost
and then, in subsequent periods, adjusting the carrying amount of the investment to reflect
Codelco’s share in the income of associates, less any impairment of goodwill and any other
changes in the associate’s net assets.

The Corporation makes adjustments to the proportional gains or losses obtained by the
associate after the acquisition, in order to consider the effects that may exist in the
depreciation of fair value of the assets according to the date of acquisition.

– — Acquisitions and Disposals – The results of businesses acquired are incorporated in the
consolidated financial statements from the acquisition date; the results of businesses sold
during the period are incorporated into the consolidated financial statements up to the
effective date of disposal. Gains or losses from the disposal are calculated as the difference
between the sale proceeds (net of expenses) and the net assets attributable to the
ownership interest that has been sold.

Upon the occurrence of operations that generate a loss of control over a subsidiary, the
valuation of investment which results from the loss of control in the subsidiary must be
based on the fair values of such companies.

If at the time of acquisition of an investment in an associate, Codelco’s share in the net fair
value of identifiaable assets and liabilities of the associate is higher than the cost of the
investment, the Corporation recognizes revenue in the period in which such purchase was
made.

– Joint Ventures – The entities that qualify as joint ventures, in which joint control exists over
the operating and financial decisions, are accounted for using the equity method.

F-134
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

e)

– Special Purpose Entities (SPE’s) – The substance of the relationship between Codelco
and Fundación de Salud El Teniente (FUSAT), indicate that this entity is controlled by
Codelco. As such, the consolidated financial statements of FUSAT are incorporated into the
consolidation of Codelco, according to lAS 27. The consolidated financial statements of
FUSAT include the following entities:

Entity Country Equity share percentage
12/31/2012 | 12/31/2011
Centro de Servicios Médicos Porvenir Ltda. Chile 99.00% 99.00%
Inmobiliaria Centro de Especialidades Torre Médica S.A. | Chile 75.09% 75.09%
Inmobiliaria e Inversiones Río Cipreces Ltda. Chile 99.99% 100.00%
Prestaciones de Servicios de la Salud Intersalud Ltda. Chile 99.00% 100.00%
Institución de Salud Previsional Fusat Ltda. Chile 99.69% 100.00%

Foreign currency transactions – Monetary assets and liabilities denominated in foreign
currency have been translated into U.S. dollars at the closing exchange rate of the period.

At the reporting period-end, monetary assets and liabilities denominated in currency other than
the functional currency, indexed in unidades de fomento (UF or inflation index-linked units of
account) (12/31/2012: US$ 47.51 ; 12/31/2011: US$ 43.03 ), are translated into U.S. dollars at
the closing exchange rates of each period.

Income and expenses denominated in Chilean pesos have been translated into U.S. dollars at
the exchange rate at the date when the transaction was recorded in the accounting records.

Exchange differences are recognized in net income in accordance with IFRS.
The financial statements of subsidiaries, associates and jointly controlled entities, whose
functional currency is different from the presentation currency of Codelco, are translated using

the following procedures:

– — Assets and liabilities for each statement of financial position presented shall be translated at
the closing rate at the date of that statement of financial position.

– Income and expenses for each statement of comprehensive income shall be translated at
average exchange rates of the reporting period.

All resulting exchange differences are recognized as a separate component of net equity.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

9)

The exchange rates used in each period are as follows:

Period-end exchange rates
Rate 12/31/2012 | 12/31/2011
USD / CLP 0.00208 0.00193
USD / GBP 1.61629 1.55087
USD / BRL 0.48957 0.53588
USD / EURO 1.32188 1.29618

Offsetting Balances and Transactions: As a general standard, assets and liabilities, income
and expenses, are not offset in the financial statements, except for those cases in which
offsetting is required or is allowed by some standard and the presentation is a reflection of the
transaction.

Income or expenses arising from transactions which, for contractual or legal reasons, consider
the possibility of offsetting and which the Corporation intends to liquidate for their net value or
realize the assets and pay the liabilities simultaneously, are stated net in the statement of
income.

Property, plant and equipment and depreciation – Property, plant and equipment items are
initially recognized at cost. After their initial recognition, they are recorded at cost, less any
accumulated depreciation and any accumulated impairment losses.

The costs of property, plant and equipment items related to the extension, modernization or
improvement representing an increase of the productivity, capacity or efficiency or an increase in
the useful life of the assets is capitalized as cost of the corresponding assets.

Furthermore, investments in assets acquired under finance lease contractsare not legally owned
by the Corporation until the corresponding purchase option is exercised.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Items included in property, plant and equipment are depreciated in accordance with the straight-
line method over their economic useful lives, which are summarized in the following table:

Minimum Maximum

ltems useful life useful life

Buildings 15 years 50 years
Plant and equipment 2 years 35 years
Fixtures and fittings 2 years 15 years
Motor vehicles 5 years 25 years
Mining Operations 20 years 35 years
Construction in progress (Mine development) 1 year 5 years
Land improvements 10 years 35 years
Other 5 years 24 years

The straight-line depreciation method mentioned above does not differ materially from
depreciation results based on calculations which detect changes in production units.

The assets maintained under finance leases are depreciated during the estimated period of the
lease contract or in accordance with the useful life of the assets, whichever is lower.

Estimated useful lives, residual values and the depreciation method are reviewed at each year
end, recording prospectively the effect of any change in estimates.

The profit or loss from disposal or withdrawal of an asset is calculated as the difference between
the price obtained in the disposal and the value recorded in the ledgers recognizing the charge or
credit to net income for the year.

Work in progress includes the amounts invested in the construction of property, plant and
equipment assets and in mining development projects. Works in progress are transferred to
assets in operation once the testing period has terminated and when they are available for use,
and start to be depreciated as of that moment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1 (one
US dollar).

Without limiting the foregoing, reserves and resources acquired as part of acquisitions of shares
in companies where the economic value of such properties differs from the carrying amount are
recorded at fair value less any accumulated losses for impairment, and deducting the value
associated with the use and/or consumption of such reserves.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

h)

Borrowing costs that are directly attributable to the acquisition or construction of assets that
require a substantial period of time before they are ready for use or sale will be considered as
part of the cost of property, plant and equipment items.

Impairment of Property, Plant and Equipment and Intangible Assets – Property, plant and
equipment items and intangible assets of definite useful life are reviewed for impairment, in order
to verify whether there is any indication that the carrying value cannot be recovered. If such an
indicator exists, the recoverable amount of the assets is estimated to determine the extent of the
impairment loss. Where the asset does not generate cash flows independently from other
assets, Codelco estimates the recoverable amount of the cash-generating unit (CGU) to which
the asset belongs.

For assets with indefinite useful lives, the estimated recoverable amount is performed at the end
of each year.

If the asset does not generate cash flows that are independent from other assets, Codelco
determines the recoverable amount of the CGU to which the asset belongs.

For such purposes, each division of the Corporation has been defined as a cash generating unit.
The measurement of impairment includes subsidiaries and associates.

The recoverable amount of an asset will be the higher of the fair value less costs to sell the asset
and its value in use. When evaluating the value in use, the estimated future cash flows are
discounted using an interest rate, before taxes, that shows the market evaluations corresponding
to the time value of money and the specific risks of the asset, for which the future cash flow
estimates have not been adjusted.

If the recoverable value of an asset or cash generating unit is estimated to be less than its
carrying amount, an impairment loss is immediately recognized, reducing the carrying amount up
to its recoverable amount with a charge to net income. In case of a subsequent reversal of the
impairment, the carrying amount increases to the reviewed estimate of the recoverable amount,
but only to the point that it does not exceed the carrying amount that would have been
determined if no impairment had been recognized previously. A reversal is recognized as a
decrease in the charge for depreciation for the year.

For CGU’s, future cash flow estimates are based on the estimates of future production levels,
future prices of basic products and future production costs. lAS 36 “Impairment of Assets”
includes a series of restrictions to the future cash flows that can be recognized regarding the
restructurings and future improvements related to expenses. When calculating the value in use,
it is also necessary to base the calculations on the current exchange rates at the moment of the
measurement.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

¡)

j)

k)

Exploration, Mine Development and Mining Operations Costs and Expenses – The
Corporation has defined an accounting criterion for each of these costs and expenses.

Development expenses for deposits under exploitation whose purpose is to maintain production
levels are charged to net income when incurred.

Expenses for exploration and drillings of deposits include the expenses destined to locate
mineralized areas to determine their potential for commercial exploitation. The accounting policy
for these expenses has been defined by the Corporation in accordance with IFRS 6 paragraph 9,
which will mainly be treated as expenses in profit or loss in the period when the expenses
occurred.

Pre-operating and mine development expenses (PP4.E) incurred during the execution of a project
and until its start-up are capitalized and amortized in relation to the future production of the mine.
These costs include extraction of waste material, constructing the mine’s infrastructure and other
works carried out prior to the production phase.

Finally, the costs for the delimitation of new areas or deposit areas in exploitation and of mining
operations (PP8E) are recorded in property, plant and equipment and are charged to net income
during the period in which the benefits are obtained.

Income Taxes and Deferred Taxes – Codelco and its Chilean subsidiaries record Income Tax
based on the net taxable income determined as per the standards established in the Income Tax
Law and Article 2 of the D.L. 2,398, as well as the specific tax on mining referred to in Law
20,026 of 2005. Its foreign subsidiaries record income tax according to the taxation standards of
each country.

Deferred taxes due to temporary differences and other events that generate difference between
the accounting and tax bases for assets and liabilities are recorded in accordance with the
standards established in IAS 12 “Income taxes”.

In addition, a deferred tax is recognized for the net income of subsidiaries, associates and special
purpose entities, originated by withholding taxes on remittances of dividends paid by such
companies to the Corporation.

Inventory – Inventory is stated at cost, which does not exceed its net realizable value. The net
realizable value represents the estimated sales price less all finishing costs and marketing, sales
and distribution expenses. Costs have been determined according to the following methods:

Finished Products and Products in Process: This inventory is stated at average production
cost, according to the absorption costing method, including labor and the depreciation of

F-139
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

property, plant and equipment, the amortization of intangible assets and the indirect expenses
of each period.

Materials in Warehouse: This inventory is stated at acquisition cost, and the Corporation
determines an allowance for obsolescence considering the permanence in stock of slow
moving materials in the warehouse.

Materials in Transit: This inventory is stated at cost incurred until the period-end date. Any
difference, due to the estimate of a lower net realizable value of the inventory, in relation to ¡ts
accounting value, is adjusted with a charge to net income.

Non-current assets classified as held for sale – These assets are valued at the lower of its
carrying amount and fair value less costs to sell.

Dividends – The payment obligation of net revenues presented in the financial statements, as
determined in Article 6 of D.L. 1,350, is recognized based on the accrued payment obligation.

Employee Benefits – Codelco recognizes accruals for employee benefits when there is a current
obligation as a result of the services provided.

The contract conditions stipulate, subject to compliance with certain conditions, the payment of
an employee termination benefit when an employment contract ends. In general, this
corresponds to one monthly salary per year of service and considers the components of the final
remunerations which are contractually defined as the basis for the indemnity. This benefit has
been defined as a long-term benefit.

Codelco has also agreed to post-employment medical care for certain employees, which are paid
based on a fixed percentage of the monthly tax base of the employees covered by this
agreement. This benefit has been defined as a post-employment medical care benefit.

The employee termination benefit obligation and the post-employment medical plans are
calculated in accordance with valuations performed by an independent actuary, using the
projected unit credit method, which are updated on a regular basis. The obligation recognized in
the statement of financial position represents the net present value of the employee termination
benefit obligation and the post-employment medical benefit. Actuarial gains and losses are
recognized immediately in the statement of comprehensive income.

Management uses assumptions to determine the best estimate of these benefits. Such

assumptions include an annual discount rate, mortality and morbidity tables, expected increases
in compensation and future permanence, among other factors.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

p)

In accordance with its operating optimization programs to reduce costs and increase labor
productivity by incorporating new current technologies and/or practical management best
practices, the Corporation has established employee retirement programs by means of related
addenda to employee contracts or collective union agreements with benefits that encourage
employees to retire. Accordingly, the required accruals are established based on the accrued
obligation at current value. In case of employee retirement programs which involve multiyear
periods, the provisioned obligations for these concepts, are updated considering a discount rate
determined by financial instruments for the same currency used to pay the obligations and similar
maturities.

Provisions for Dismantling and Restoration Costs – An obligation, legal or constructive, arises
when dismantling and restoration costs are incurred as a result of alterations caused by a mining
activity (in development or in production). Costs are estimated on the basis of a formal closure
plan and are subject to yearly reviews.

The costs arising from the obligation to dismantle the installation of a plant or other project for the
preparation of the site, discounted at their net present value, are accrued and capitalized at the
beginning of each project, at which time the obligation to incur such costs is arises.

These dismantling costs are recorded in income via the depreciation of the asset that gave rise to
this cost, and the provision is used when the dismantling takes place. Subsequent changes in the
estimates of liabilities related to dismantling are added to or deducted from the costs of the
related assets in the period in which the adjustment is made.

The restoration costs are accrued at their net present value against operating income, and the
provision is used in the period during which the restoration works are performed. Changes in
measurement of the liability related to the location of the mining activity (discount rate or time) are
recorded in operating income and depreciated based on the useful lives of assets which give rise
to these changes.

The effects of updating the liability, due to the discount rate and/or time, are recorded as finance
costs.

Leases – (Codelco as a lessee) — Leases are classified as finance leases when the terms of the
lease transfer all risks and rewards of ownership to the lessee. All other leases are classified as
operating leases. Lease costs under operating leases are charged toincome over the lease
term. Assets acquired under finance leases are recognized as assets at the start of the lease at
either the fair value or the present value of minimum lease payments for the discounted lease
at the contracted interest rate, whichever is lower. Interest is charged in the finance costs, at
a fixed periodic rate, in the same depreciation period of the asset. The lease obligations net of
financing costs are included in other current or non-current liabilities, as appropriate.

F-141
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

a)

Under the provisions of International Financial Reporting Interpretations Committee (“IFRIC”) 4
(IFRIC 4) titled “Determining whether an Arrangement Contains a Lease”, an arrangement is, or
contains a lease at the start date, if it uses a specific asset or assets or if it grants the right to use
the asset, even if that right is not explicitly specified. For agreements occurring before January 1,
2005, thestart dateis consideredas January 1,2005 in accordance with the
transitional requirements of IFRIC 4.

All take-or-pay contracts and any other service and supply contracts that meet the conditions
established in IFRIC 4, are reviewed for indicators of a lease on inception.

Revenue Recognition – Revenue is recorded when ownership rights and obligations have been
substantially transferred to the purchaser, according to the shipment or dispatch of the products,
in conformity with the agreed upon conditions and are subject to variations related to the content
and/or sales price at their liquidation date. Notwithstanding the foregoing, there are certain
contracts for which the rights and obligations are substantially transferred based on receipt of the
product at the buyer’s destination point, and for these contracts revenue is recorded at the
moment of transfer.

Sales contracts include a provisional price at the shipment date, whose final price is generally
based on the price recorded in the London Metals Exchange (“LME”). In the majority of cases,
the recognition of sales revenue for copper and other commodities is based on the estimates of
the future spread of metal price on the LME and/or the spot price at the date of shipment, with a
subsequent adjustment made upon final determination and presented as part of “Revenue”. The
terms of sales contracts with third parties contain provisional pricing arrangements whereby the
selling price for metal in concentrate is based on prevailing spot prices on a specified future date
after shipment to the customer (the “quotation period”). As such the final price will be fixed on the
dates indicated in the contracts. Adjustments to the sales price occurs based on movements in
quoted market prices on the LME up to the date of final settlement. The period between
provisional invoicing and final settlement can be between one and nine months. Changes in fair
value over the quotation period and up until final settlement are estimated by reference to forward
market prices for the applicable metals.

Sales in the national market are recorded in conformity with the regulations that govern domestic
sales as indicated in Articles 7, 8 and 9 of Law No. 16,624, modified by Article 15 of Decree Law
No. 1,349 of 1976, on the determination of the sales price for the internal market.

As indicated in the note related to hedging policies in the metal futures market, the Corporation
enters into operations in the futures market. The net results of these contracts are added to or
discounted from the revenues.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Additionally the Corporation recognizes revenue for providing services, mainly related to the
processing of minerals bought from third parties. Revenue is recognized when the amounts can
be measured reliably and when the services have been provided.

Derivative Contracts – Codelco uses derivative financial instruments to reduce the risk of
fluctuations in the sales prices of its products and of exchange rates.

Derivatives are initially recognized at fair value at the date on which the derivative is entered into
and subsequently updated at fair value at each reporting date.

The effective part of the changes in fair value of the derivatives that are allocated as “effective
cash flow hedges”, is recognized directly in equity, net of taxes, in the item “Cash flow hedge
reserves”, while the ineffective part is recorded in the statements of comprehensive income, on
lines Finance expenses or Finance income depending on the effect generated by the
ineffectiveness. The amount recognized in net equity is not transferred to other comprehensive
income account until the results of the hedged operations are recorded in the statements of
comprehensive income or until the maturity date of such operations.

A hedge is considered highly effective when the changes in fair value or in the cash flows of the
underlying item attributable to the hedged risk are offset with the changes in the fair value or in
the cash flows of the hedge instruments, with effectiveness between a range of 80% – 125%. The
corresponding unrealized profit or loss is recognized in comprehensive income for the period,
only in those cases in which the contracts are liquidated or when they no longer comply with
hedging characteristics.

The total fair value of the hedge derivatives is classified as a non-current asset or liability, if the
remaining maturity of the hedged item is greater than 12 months, and as a current asset or
liability, if the remaining maturity of the hedged item is lower than 12 months.

All derivatives designated as hedge instruments are classified as current or non-current assets or
liabilities, respectively, depending on the maturity date of the derivative.

The derivative contracts entered into by the Corporation are originated by the application of the
risk hedge policies indicated below, and are recorded as indicated for each case:

Hedging Policies for Exchange Rates
From time to time the Corporation enters into exchange rate and interest rate hedge
transactions to cover exchange rate variations between the US dollar and the other currencies

its transactions are conducted in. Pursuant to the policies established by the Board of
Directors these operations are only performed when there are a recognized assets or

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

s)

liabilities, the forecast of highly probable transactions or firm commitments, and not for
investment or speculative reasons.

The results of foreign exchange insurance operations are recorded atthe maturity or
liquidation date of the respective contracts.

Hedging Policies in the Metal Futures Markets

In accordance with the policies approved by the Board of Directors the Corporation entered
into contracts in order to hedge future metal prices, backed by physical production, in order to
minimize the inherent risks in price fluctuations.

The hedging policies seek to protect expected cash flows from the sale of products by fixing
the prices for a portion of future production, while to the extent necessary adjusting physical
contracts to its standard commercial policies. When the sales agreements are fulfilled and the
future contracts are settled, income from sales and futures operations is offset.

At each reporting date, these futures contracts are recorded and adjusted to marked-to-
market and recorded at the settlement date of the hedging operations, as a part of the sales
revenue of the products.

Hedging operations carried out by the Corporation are not of a speculative nature.
Embedded Derivatives

The Corporation has established a procedure that allows for evaluation of the existence of
embedded derivatives in financial and non-financial contracts. Where there is an embedded
derivative, and if the host contract is not recorded at fair value, the procedure determines
whether the characteristics and risks of the embedded derivative are not closely related to the
host contract, in which case it requires a separate recording.

The procedure consists of an initial characterization of each contract that allows for
distinguishing of those in which an embedded derivative could exist. In that case, the contract
is submitted to a more in-depth analysis. Ifas a result of this evaluation it is determined that
the contract has an embedded derivative that needs to be recorded separately, it is valued
and the movements in ¡ts fair value are recorded in comprehensive income in the consolidated
financial statements.

Financial Information by Segment – For the purposes of IFRS 8, Operating Segments the
segments are defined as Codelco’s Divisions, plus the Ministro Hales Division, whose operation
is expected to begin at the end of 2013. Income and expenses of the parent company are
distributed in the defined segments.

F-144
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

t

Presentation of Financial Statements – For the purposes of lAS 1, Presentation of the Financial
Statements, the Corporation establishes the presentation of its statement of financial position
classified in “current and non-current” and of its statements of income in conformity with the “by

function” method and its cash flows using the direct method.

Current and Non-Current Financial Assets – The Corporation determines the classification of
its investments upon initial recognition and reviews these at each closing date. This classification
depends on the purpose for which such investments were acquired.

In this section the following categories are observed:
Financial Assets at Fair Value through Profit or Loss:

This category includes those financial assets acquired for trading or sale in the short term.
Their initial and subsequent recognition is performed at fair value, which is obtained as of the
observable date in the market. The gains and losses from variations in fair value are included
in net income for the period.

Loans Granted and Accounts Receivable:

These correspond to financial assets with fixed or determined payments, and which are not
quoted in an active market. Their initial recognition is at fair value, which includes the
transaction costs that are directly attributed to the issuance of it. Subsequent to the initial
recognition, these are stated at amortized cost, recognizing in the statements of
comprehensive income the accrued interest according to the effective interest rate and the
possible losses in value of these assets.

A loss in value of the financial assets stated at amortized cost is caused when there is
objective evidence that the Corporation will not be able to recover all amounts in accordance
with the original terms.

The amount of loss in value ¡is the difference between the carrying amount and the net present
value of the future cash flows discounted at the effective interest rate, and it is recognized as
an expense in the statements of comprehensive income.

If in subsequent periods there is evidence of a recovery in the value of the financial asset
stated at amortized cost, the recognized impairment loss will be reversed as long as it does
not generate an amount in the financial asset ledgers that exceeds the one recorded prior to
the loss. The accounting of the reversal is recognized in net income for the period.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

v

Finally, an account receivable is not considered recoverable when situations arise such as the
dissolution of the company, lack of identifiable assets for its execution or a legal
pronouncement.

Financial Liabilities – Financial liabilities are recognized initially at fair value, net of the incurred
transaction costs. As the Corporation does not own any financial liabilities held for trading,
subsequent to their initial recognition, the financial liabilities are valued at amortized cost, using
the effective interest rate method, recognizing the interest expenses based on the effective
profitability.

The effective interest rate method is a method of calculating the amortized cost of a financial
liability and of allocating interest expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments through the expected life of the
financial liability, or when appropriate, a shorter period when the associated liability has a
prepayment option that is considered to be exercised.

Trade accounts payable and other payables are financial liabilities that do not explicitly accrue
interest and are recorded at their nominal value.

The financial liabilities are derecognized when the liabilities are paid or expire.

Allowance for Doubtful Accounts – The Corporation maintains an allowance for doubtful
accounts, based on the experience and analysis of Management regarding the portfolio of trade
accounts receivable and the aging of the items.

Cash and cash equivalents and Statement of Cash Flows prepared by direct method- Cash
equivalents are comprised of highly liquid investments, which have a limited risk in relation to
possible changes in value, and maturities of which are less than 90 days from date of purchase.

For the purposes of preparing the statement of cash flows, the Corporation has defined the
following:

Cash and cash equivalents in the statement of financial position include cash at banks and on
hand, and short term deposits and other highly liquid short term investments with an original
maturity of three months or less. In the statement of financial position, bank overdrafts are
classified as external resources in current liabilities.

Operating Activities: These are the activities that constitute the main source of operating

income for the Corporation, as well as other activities that cannot be classified as investment
or financing activities.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

y)

aa)

Investing Activities: These correspond to acquisition or sale activities or disposal through
other methods of long-term assets and other investments not included in cash and cash
equivalents.

Financing Activities: These are activities that cause changes in the size and composition
of net equity and of financial liabilities.

Law No. 13,196 – According to Law No. 13,196, the return on foreign currency of Codelco’s
copper export sales (FOB), including byproducts is taxed at 10%. The amount for this concept is
presented in the statement of income in the item Other expenses, by function.

Cost of Sales – Cost of sales is determined according to the absorption cost method, including
the direct and indirect costs, depreciation, amortization and any other expenses associated with
the production process.

Environment – The Corporation adheres to the principles of sustainable development, which
foster the economic development while safekeeping the environment and the health and safety of
its collaborators. The Corporation recognizes that these principles are key for the wellbeing of its
collaborators, care for the environment and success in its operations.

bb) Classification of Current and Non-Current Balances – In the consolidated statement of

financial position, the balances are classified according to their maturities, that is, as current
those with a maturity equal to or less than twelve months and as non-current those with a greater
maturity. Where there are obligations whose maturity is less than twelve months, but whose long-
term refinancing is insured upon a decision by the Corporation, through credit agreements
available unconditionally with long-term maturity, these could be classified as non-current
liabilities.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

3. New accounting pronouncements not yet effective

As of the issuance date of these consolidated financial statements, the following IFRS and IFRIC
interpretations have been issued by the lASB. Their application was not mandatory!:

New IFRS

Date of mandatory application

Summary

IFRS 9, Financial Instruments

Annual periods beginning on or after
January 1, 2015

Financial assets must be entirely
classified on the basis of the business
model of the entity for financial asset
management and the characteristics of
contractual cash flows of financial assets.
Financial assets under this standard are
measured either at amortized cost or fair
value. Only financial assets classified as
measured at amortized cost must be
tested for impairment.

IFRS 10, Consolidated Financial
Statements

Annual periods beginning on or after
January 1, 2013

Establishes a single control model that
applies to all entities (including special
purpose entities). In addition, this
standard requires that management
exercise professional judgment in
determining which entity is controlled and
must be consolidated.

IFRS 11, Joint Agreements

Annual periods beginning on or after
January 1, 2013

Establishes only two forms of joint
agreements (joint ventures and joint
operations). This standard uses the
principle of control of IFRS 10 to
determine whether there is joint control.
There is no option for accounting for joint
control entities (JCEs) using proportional
consolidation. In the case of joint
ventures, these must be accounted for
using the equity method. For joint
operations, which include jointly controlled
assets, initial joint operations and initial
joint control entities (JCEs) their assets,
liabilities, income and expenses are
recognized.

IFRS 12, Disclosure of interests in
other entities

Annual periods beginning on or after
January 1, 2013

Establishes the disclosures of lAS 27, lAS
31 and IAS 28. A number of new
disclosures are included in this standard.

IFRS 13, Fair Value

Annual periods beginning on or after
January 1, 2013

Establishes a single source to measure
fair value. Does not change when an
entity must use fair value. The standard
changes the definition of fair value.
Additionally incorporates certain new
disclosures.

F-148

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

IFRIC 20, Accounting for waste
removal costs

Annual periods beginning on or after
January 1, 2013

Establishes criteria for the recognition and
measurement of assets for costs of
removal (stripping cost) under production.

IFRS Amendments

Date of mandatory application

Summary

lAS 19, Employee Benefits

Annual periods beginning on or after
January 1, 2013

Changes the accounting for defined
benefit plans the termination benefits. For
modification of defined benefits and plan
assets, the focus of the broker is
eliminated, recognizing past service costs
in an accelerated manner. Changes in the
defined benefits obligation and plan
assets are broken down into three
components: service costs, net interest on
defined benefit, net liabilities (assets). Net
interest is calculated using the rate of
return for government issued bonds. This
could be lower than the rate currently
used to calculate expected return on plan
assets, resulting in a decrease in net
income for the period.

IAS 32, Financial Instrument
Presentation

Annual periods beginning on or after
January 1, 2014

Clarifies the requirements regarding the
application of compensations between
financial entries.

IFRS 7, Financial Instruments:
Disclosures

Annual periods beginning on or after
January 1, 2013

Establishes new requirements related to
disclosures in order to improve the
comparison between financial statements
prepared under IFRS and US GAAP.

IAS 27, Separate Financial
Statements (former IAS 27 –
Consolidated and

Separate Financial Statements)

Annual periods beginning on or after
January 1, 2013

The name and content of this rule
changed as a result of the publication of
the new IFRS 10 – Consolidated Financial
Statements. IAS 27 refers only to separate
financial statements.

1AS 28, Investments in associate
entities and joint ventures
(former IAS 28 – Investments in
Associates)

Annual periods beginning on or after
January 1, 2013

The name and content of this rule
changed as a result of the publication of
the new IFRS 11 – Joint Arrangements.

IFRS 1, First time adoption of the
International Financial Reporting
Standards

Annual periods beginning on or after
January 1, 2013

An exception is aggregated to record
government granted loans on an interest
rate lower than the market.

1 lAS, International Accounting Standards; IFRS, International Financial Reporting Standards, IFRIC, International Financial Reporting

Standards Interpretations Committee

F-149

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Management is currently in the process of evaluating the initial effects of the application of the
standards, amendments and interpretations that will be adopted in the consolidated financial
statements of the Corporation in the respective years indicated.

a) Estimated impacts of IFRIC 20

The effects of the application of this standard will be presented in the following consolidated
interimfinancial statements of Codelco published after January 1, 2013.

The interpretation requires for comparative purposes the appliance of the interpretation since January
1, 2012. If there should exist balances of stripping costs as of December 31, 2011 that were being
treated using a different accounting policy than IFRIC 20 requires, those balances could be assigned to
the stripping activity asset only and if those are related to the same mineral that creates benefits to the
Corporation.

The current accounting policy applied by the Corporation recognizing stripping costs in the production
phase is to capitalize stripping costs in line with the period when the future benefits are expected to be
obtained by the extraction or new areas or levels to be explored by the Corporation.

The effects on the income statement are reflected based on the installments of depreciation based on
the useful lives of the mineral being extracted so that at the end of the period all the remaining balance
is being depreciated completely.

It is estimated that the impact of this standard on the financial statements at December 31, 2012 would
be as follows (1):

Thus
Effects of IFRIC 20 on Retained earnings, as of January 1, 2012 $
The balance of retained earnings, as of January 1, 2012 according to the prior 1.709.068
accounting policies prior to applying IFRIC 20 no
Adjustments to the balances prior to applying IFRIC 20, net of deferred taxes (22,923)
The balance of retained earnings, as of January 1, 2012 adjusted by IFRIC 20 1,686,145
Effects of IFRIC 20 on PPé¿E, net as of December 31, 2012 ThUS$
The balance of PPéE, net as of December 31, 2012 under prior accounting policies 484,900
Adjustments to IFRIC 20 (60,174)
Booking under IFRIC 20 160,440
Adjusted balance of PP£E as of December 31, 2012 585,166

F-150
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Thus
Effects of IFRIC 20 on gain (loss), before taxes as of December 31, 2012 $
Gain (loss) before taxes under prior accounting policies as of December 31, 2012 before 3,875,320
applying IFRIC 20 o
Reverse of amounts recorded in the books before applying IFRIC 20 256,881
Booking under IFRIC 20 (157,110)
Gain (loss) before taxes after applying IFRIC 20 as of December 31, 2012 3,975,091

(1) These impacts will be reflected in the comparative financial statements for those submitted from January 1, 2012.

The Corporation anticipates no significant impacts with respect to other regulatory pronouncements.

F-151
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1.

EXPLANATORY NOTES

Cash and cash equivalents

Cash and cash equivalents are detailed as follows:

hems 12/31/2012 12/31/2011
ThUS$ ThUS$

Cash On hand 4,703 11,738
Bank Balances 33,439 24,650
Time deposits 1,124,459 1,331,904
Mutual Funds — Money Market 11,137 7,240
Resale Agreements 90,085 7,344
Total Cash and Cash Equivalents 1,263,823 1,382,876

Valuation of time deposits is made on an accrual basis with an interest rate associated with each of
these instruments.

The Corporation does not maintain any significant amounts of cash and cash equivalents that are not
available for use.

Trade and other receivables

a) Accrual for open sales invoices
As mentioned in the Article of Summary of Significant Accounting Policies, the Corporation
adjusts its revenues and balances from trade accounts receivable, based on future copper prices,

by recording an accrual for open sales invoices.

When the future price of copper is lower than the provisional invoice amount, this provision is
presented in the Statement of Financial Position as follows:

+ Customers that have debt balances with the Corporation are presented in Current Assets,
decreasing the amounts owed by these customers.

+ Customers that do not have debt balances with the Corporation are presented in the item
Trade and other payables under Current Liabilities.

When the future copper price is higher than the provisional invoice price, the provision is
presented in current assets, increasing the amounts owed by customers.

F-152
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Based on the above-mentioned, trade receivables as of December 31, 2012 and 2011 include an
accrual of ThUS$ 36,534 and ThUS$ (47,781), respectively, related to the accrual of open
invoices.

b) Trade and other receivables

The following chart shows the amounts of Trade and other receivables, with their corresponding

allowances:
Current Non-current
Items 12/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011
ThUS$ ThUS$ ThUS$ ThUS$

Trade Receivables (1) 1,616,493 1,551,444
Allowance for doubtful accounts (3) (1,925) (2,027)
Subtotal trade receivables, Net 1,614,568 1,549,417 – –
Other Receivables (2) 540,243 423,193 171,698 132,721
Allowance for doubtful accounts (3) (5,708) (4,341) – –
Subtotal other receivables, Net 534,535 418,852 171,698 132,721
Total 2,149,103 1,968,269 171,698 132,721

(1) Trade receivables are generated by sales ofthe Corporation, which are generally sold for
cash or by bank guarantee.

(2) Other receivables include the amounts owed mainly by:

+ Personnel of the Corporation, including short-term loans and mortgage loans, payment
for which is withheld on a monthly basis from employee paychecks. The mortgage
loans are backed by mortgage guarantees.

+ Claims from insurance companies.

+ — Liquidations to the Central Bank as per Law 13,196.

+ Advance payments to suppliers and contractors, to be discounted from the
corresponding payment statements.

+ Accounts receivable for toll services (Ventanas’ Smelter).

(3) The Corporation maintains an allowance for doubtful accounts, based on the experience and

analysis of Management regarding the portfolio of trade accounts receivable and the aging
of the entries.

F-153
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

3.

a)

The movement of the allowance for doubtful accounts in the periods ended at December 31,
2012 and 2011 are detailed as follows:

Movements of allowance for | 12/31/2012 | 12/31/2011
doubtful accounts ThUuS$ ThUS$
Opening balance 6,368 6,557
Increases 1,841 279
Write-offs/applications (576) (468)
Movement, subtotal 1,265 (189)
Final balance 7,633 6,368

Past due and not impaired balances are detailed as follows:

o 12/31/2012 12/31/2011
Past-due and not impaired
ThUS$ ThUS$
Less than 90 days 22,250 33,908
Between 90 days and 1 year 19,075 2,197
More than 1 year 24,975 7,181
Total past-due and not impaired 66,300 43,286

Balance and Related Party Disclosures

Transactions with the Board of Directors

According to the New Corporate Governance Law, Codelco’s Board Members were affected in
business with related parties, as described in Title XVI of the Corporations law (regarding
transactions with related parties in publically traded companies and their affiliates).

As provided in the final paragraph of Article 147 b) of Title XVI, which
contains exceptions regarding the approval process forrelated party transactions, the
Corporation has set a general policy of regularity (reported to the SVS as a material fact), which
establishes common transactions ordinarily made with its related parties within their line of
business, contributes to their social interestand are necessary for Codelco’s normal
developmental activities.

In addition, consistent with the legal framework, the Corporation maintains within its internal
framework a specific policy about transactions with persons and companies related to Codelco
personnel. Codelco Corporate Standard No. 18 (NCC No. 18), whose latest version currently in
force was approved by the Executive President and the Board.

F-154
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish — see Note 1.2)

Codelco, without the authorization indicated in NCC No. 18 and the Board of Directors, when
required by Law or the Corporate Statute, shall not enter into contracts involving one or more
Directors, Executive President, members ofthe Committee of Managing Directors, Vice
President, Legal Counsel, General Auditor, General Manager, Senior Management or staff who
must make recommendations and/or has the authority to resolve tenders, purchases and
assignments and/or purchases of goods and services and the staff thar holds management
positions (until the fourth hierarchical level in the organization), including their spouses, children
and other relatives up tothe 2nd degree ofrelation, with an interestin itself, directly, or
represented by third parties or on behalf of another person. The NCC No. 18 obligates the
Corporation’s contract to declare all such relationships, as well as remove related job
responsibilities from any member within these positions who may be involved.

This prohibition also includes the companies in which such individuals are involved through
ownership or management, whether directly or through representation of other natural persons or
legal entities, or individuals who have ownership or management interests in those companies.

The Board of Directors has been informed of the transactions covered by Codelco Corporate
Standard No. 18, and upon which it must decide, according to this standard.

Among these operations are those indicated in the following chart, for the total amounts
indicated, which need to be executed in the periods specified by each contract:

F-155
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1/1/2012 1/1/2011
Entity Taxpayer Country Nature of the Deseriprion 1213112012 | 12/31/2011
number relationship transaction Amount Amount
ThUuS$ ThUS$
Domingo Iraola Vera 2.320.212-3 Chile Employee’s relative Services – 8,550
Inmobiliaria e Inversiones Rio Cipreses 77.928.890-9 Chile Special Purpose Entity. | Services 216 –
Hatch Ingenieros y Consultores Ltda. 78.784.4804 | Chile Employee’s relative Services 973 –
Centro de Capacitación y Recreación Radomiro Tomic 75.985.550-7 | Chile Other related Services 700 –
Codelco Shanghai Company Limited Foreign China Subsidiary Services 400 –
Cosando Construcción y Montaje Ltda. 77.755.770K | Chile Employee’s relative Services 4,228 7,938
Fundación Orquesta Sinfónica Infantil de los Andes 65.018.784-9 Chile Founder Services 279 –
Kairos Mining S.A. 76.781.030K | Chile Other related Services 56,065 –
Mining Information Comunications and Monitoring S.A. 76.561.210-1 Chile Ex associate Services – 181
Servicios Aridam S.A. 76.033.531-2 Chile Employee’s relative Services 9,306 12,022
Nucleo Educativo S.A. 96.940.740-K Chile Director’s ownership Services 175 –
Ecometales Ltd. 59.097.530-9 | Chile Subsidiary Services 10,713 23,255
Fundación de Salud El Teniente 70.905.700-6 | Chile Special Purpose Entity | Services 11,094 5,606
Biosigma S.A. 96.991.180-9 | Chile Subsidiary Services 17 –
Minera Gaby S.p.A. 76.685.790-6 | Chile Ex associate Services 561 –
Club Deportes Cobresal 70.658.405 Chile dond a Services 653 –
Consultora Jannet Troncoso C.E.I.R.L. 76.174.237K | Chile Employee’s relative Services 41 –
Exploraciones Mineras Andinas 99.569.520-0 Chile Subsidiary Services – 83,000
CAID S.A. 76.069.751-6 | Chile Executive’s relative Services – –
ANMAR S.A. 76.134.858-0 | Chile Employee’s relative Services 1,525 438
B. BOSCH. S.A. 84.716.400 | Chile Executive’s relative | Services – 20,244
CIS Ingenieros Asociados Ltda. 88.422.600-7 | Chile Director’s ownership Services 24 26
E-CLSA. o , o 88.006.900-4 | Chile Associate Services – 900
NO Minera y Metalúrgica (Fundación 70.001.300-6 | Chile Founder Senos – 116
Isapre Chuquicamata Ltda. 79.566.720-2 | Chile Subsidiary Services 3,637 123,479
Sinclair Knight Merz (Chile) Ltda 76.334.600-5 | Chile Executive’s relative Services 21 –
Clínica Río Blanco S.A 99.573.600-4 | Chile Subsidiary Services 9,633 11,027
Instituto Innovación en Minería y Metalúrgica 96.854.500-0 | Chile Subsidiary Services 40,200 10,300
Centro de Especialidades Médicas Río Blanco Ltda. 76.064.682-2 | Chile Subsidiary Services 11,390 10,990
S 8 S Ingenieros Consultores Ltda. 84.146.100-2 | Chile Employee’s relative Services 85 –
Salomón Sack S.A. 90.970.000-0 | Chile Director’s ownership_— | Supplies 1,036 1,627

F-156

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

b) Key Personnel of the Corporation

In accordance with the policy established by the Board of Directors and its related regulation,
those transactions affecting the Directors, its Executive President, Vice presidents, Corporate
Auditor, the members of the Divisional Management Committees and Divisional General
Managers should be approved by this Board.

During 2012 and 2011, the members of the Board of Directors have received the following
amounts as per diems, salaries and fees:

1/1/2012 1/1/2011
Name Taxpayer Country Nature of the Description of 12/31/2012 | 12/31/2011
number relationship the transaction Amount Amount
ThUS$ ThUS$
Jorge Bande Bruck 5.899.738-2 | Chile Director Director’s fees 108 109
Raimundo Espinoza Concha 6.512.182-4 | Chile Director Payroll 47 44
Raimundo Espinoza Concha 6.512.182-4 | Chile Director Director’s fees 95 78
Jaime Gutiérrez Castillo 6.772.588-3 | Chile Director Payroll – 30
Jaime Gutiérrez Castillo 6.772.588-3 | Chile Director Director’s fees – 26
Gerardo Jofré Miranda 5.672.444-3 | Chile Chairman ofthe Board | Director’s fees 162 156
Marcos Biichi Buc (1) 7.383.017-6 | Chile Director Director’s fees
Fernando Porcile Valenzuela | 4.027.183-K | Chile Director Director’s fees 95 78
Andrés Tagle Domínguez 5.895.255-9 | Chile Director Director’s fees 95 78
Marcos Lima Aravena 5.119.963-4 | Chile Director Director’s fees 135 130
Juan Luis Ossa Bulnes 3.638.915-K | Chile Director Director’s fees 95 71
Augusto González Aguirre 6.826.386-7 | Chile Director Payroll 44
Augusto González Aguirre 6.826.386-7 | Chile Director Director’s fees 27

(1) During the periods from January 1 to December 31, 2012 and 2011, the Corporation
has not issued any payment instrument for the concept of remunerations to Mr.
Marcos Búchi Buc, derived from his participation as Corporation Director, since he has
expressly and irrevocably waived those payments, as well as any present or future
collection action for such payments.

Through Supreme Decree of the Treasury Department No. 302, dated February 29, 2012, the
method for determining the remunerations of the Corporation’s directors was actualized. This
document details the calculation method of such remunerations, as per the following:

F-157
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

a) The monthly salary of the directors of Codelco for participating in the Board meetings is fixed
in the amount of Ch$3,282,300 – (three million two hundred and eighty two thousand three
hundred Chilean pesos).

b) A unique monthly salary of Ch$6,564,600 – (six million five hundred and sixty four thousand
six hundred Chilean pesos) is established for the Chairman of the Board.

c) Directors that shall participate in a Board Committee, whether the one referred to in Article 50
bis) of law No. 18,046 or another established by the by-laws of the Corporation, receive a
single additional monthly amount of Ch$1,094,100 – (one million ninety four thousand and one
hundred Chilean pesos) for their participation, notwithstanding the number of committees in
which they participate. In addition, the director holding the chair of the Directors* Committee
shall receive a single monthly remuneration for his participation in committees of
Ch$2,188,200 – (two million one hundred eighty eight thousand and two hundred Chilean
pesos).

d) The compensation established in this legal document will be valid for a period of two years,
starting from March 1, 2012, and will be adjusted as of January 1, 2013, following the same
standards that apply to the employees of the public sector of the Republic of Chile.

The short-term benefits related to the executives of the Corporation, paid during the period
January – December 2012, amount to TRUS$ 10,773 (2011: ThUS$ 7,180).

The criteria used to determine the remunerations of the executives were established by the Board
on January 29, 2003.

Codelco made severance payments to senior executives in the amount US$ 502, 000.

There were no non-current benefit payments during 2012 and 2011, different than those
mentioned in the previous paragraph.

There are no share-based benefit plans.

c) Operations with Codelco Investees

In addition, the Corporation performs necessary commercial and financial transactions with
entities in which it has capital ownership. The financial transactions correspond mainly to loans in
checking accounts.

The commercial operations with related companies refer to the purchase and sale of products or

services, at market conditions and prices and which do not consider interest or indexation. These
companies, for 2012 and 2011, are the following: Sociedad GNL Mejillones S.A., Copper

F-158
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Partners Investment Corporation Ltd., Copper for Energy, Sociedad Contractual Minera Purén,
Kairos Mining S.A., MI Robotic Solutions S.A., Sociedad Contractual Minera El Abra,
Electroandina S.A., Agua de La Falda S.A., Ecosea Farming S.A., Comotech S.A., E-CL S.A.,
Deutsche Geissdraht GmbH, Inca de Oro S.A. and Anglo American Sur S.A..

The Corporation does not establish an allowance for doubtful accounts for the main items
receivable from their related companies, as these have been registered by including the relevant
safeguards in the respective debt contracts.

Accounts receivable from and payable to related companies as of December 31, 2012 and 2011,

are detailed as follows:

Accounts receivable from related companies

Current Non-current
Taxpayer Compan Count Nature of the Indexation
Number pany ry relationship currency 12/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011
ThUS$ ThUuS$ ThUS$ ThUS$
76.775.710-7 | GNL Mejillones S.A. Chile Associate USD 19,238 46,065 41,022 75,602
96.701.340-4 | Sociedad Contractual Minera El Abra | Chile Associate USD 3,232 50
Copper Partners Invest. Company
Foreign Ltd. Bermuda | Joint venture USD 6,345 10,226
96.801.450-1 | Agua de la Falda S.A. Chile Associate USD 224 224
76.024.442-2 | Ecosea Farming S.A. Chile Associate CLP 480 59 34
Other
76.781.030-K | Kairos Mining S.A. Chile investments CLP 147 16
Total 29,442 56,357 41,305 75,860
Accounts payable to related companies
Current Non-current
Taxpayer Company Country | Natureofthe | Indexation [,2j952012 | 1of31/2011 | 1213112012 | 12/31/2011
Number relationship currency
ThUS$ ThUS$ ThUS$ ThUS$
Copper Partners Investment
Extranjera Company Ltd. Bermuda | Joint venture USD 33,610 36,666 275,011 308,616
Extranjera Deutsche Geissdraht GmbH Germany | Associate EURO 2,985 4,065
Other
76.781.030-K Kairos Mining S.A. Chile investments CLP 20,138
Mining Industry Robotic Solutions
76.869.100-2 S.A. Chile Associate CLP 93 251
Sociedad Contractual Minera El
96.701.340-4 | Abra Chile Associate USD 58,372 49,720
76.775.710-7 GNL Mejillones S.A. Chile Associate USD 2,686 16,010
77.762.940-9 Anglo American Sur S.A. Chile Associate USD 45,618
Total 143,364 126,850 275,011 308,616

The transactions performed between the Corporation and its related companies during the years ended
December 31, 2012 and 2011 are detailed in the next chart together with their corresponding effects on
profit or loss:

F-159

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1/1/2012 1/1/2011
12/31/2012 12/31/2011
ina] Company Nature of the relationship | Country pla armo Elec on net oro Estts one
(charges)/credits (charges)Icredits
ThUS$ ThUs$ ThUS$ ThUS$

Foreign Copper Partners Investment Co. Ltd. Sales of products Bermuda USD 131,950 131,950 125,012 125,012
Foreign Copper Partners Investment Co. Ltd. Dividends received Bermuda USD 175,500 – – –
77.762.940-9 | Anglo American Sur S.A. Purchase of products Chile USD 142,384 (142,384) – –
76.775.710-7 Sociedad GNL Mejillones S.A. Purchase of energy Chile USD 152,086 (152,086) | 178,026 (178,026)
76.775.710-7 Sociedad GNL Mejillones S.A. Collection of loan Chile USD 61,417 – 35,655 –
76.775.710-7 Sociedad GNL Mejillones S.A. Loan interests Chile USD 1,295 1,295 5,047 5,047
76.775.710-7 Sociedad GNL Mejillones S.A. Guarantee fee Chile USD 753 753 666 666
76.133.034-9 | Copper for Energy S.A. Contribution Chile CLP – – 203 –
76.781.030-K | Kairos Mining S.A. Purchase of services Chile CLP 14,248 (14,248) 20,406 (20,406)
76.781.030-K | Kairos Mining S.A. Dividends received Chile CLP 96 – – –
76.869.100-2 Mining Industry Robotic Solutions S.A | Purchase of services Chile CLP 523 (523) 1,292 (1,292)
96.701.340-4 | SCMEI Abra Dividends received Chile USD 63,700 – | 85,750 –
96.701.340-4 SCM El Abra Purchase of products Chile USD 499,742 (499,742) | 432,345 (432,345)
96.701.340-4 SCM El Abra Sales of products Chile USD 65,857 65,857 58,143 58,143
96.701.340-4 | SCMEI Abra Purchase of services Chile USD 1,732 (1,732) 5,815 (5,815)
96.701.340-4 | SCMEIAbra Commissions received Chile USD 156 156 123 123
Foreign Deutsche Geissdraht GmbH Dividends received Germany EURO 1,381 – 1,384 –
73.063.022-5 | Inca de Oro S.A. Contribution Chile USD 6,764 – – –
76.028.880-2 | Minera Purén SCM Dividends received Chile USD 14,000 – – –

F-160

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

4.

d) Additional Information

On August 24, 2012, the Corporation, with the approval of its Board of Directors, purchased
shares in Anglo American Sur SA, from Inversiones Anglo American Sur SA, Taxpayer number:
77,762,890-9, whose operation meant a disbursement of ThUS $ 2,799,795 through the
Corporation’s subsidiary Inversiones Mineras Becrux SpA. That amount included ThUS $ 1.1
million for the stake acquired by Mitsui.

The current and non-current account payable to the company Copper Partners Investment
Company Ltd., corresponds to the balance of an advance payment received (US$550 million) due
to the commercial agreement with the company Minmetals.

The current and non-current receivables balance from Sociedad GNL Mejillones S.A. refers to a
loan agreement signed with the company, with a maturity of December 31, 2016 and accrues an
interest of Libor 180 days+3% until June 30, 2010. From July 1, 2010 to December 31, 2012 the
interest rate is Libor 90 days+3% and afterwards the rate is being fixed at Libor 90 days +4.5%
until the full payment by Sociedad GNL Mejillones S.A.

Products purchase transactions with Anglo American Sur S.A. correspond to both companies’
normal operations to acquire copper and other products.

Inventories

Inventories as of December 31, 2012 and 2011 are detailed as follows:

ltems 12/31/2012 12/31/2011
ThUs$ ThUus$

Finished products 736,064 459,795
Subtotal finished products, net 736,064 459,795
Products in process 1,196,720 1,142,531
Subtotal products in process, net 1,196,720 1,142,531
Material in warehouse and other 581,128 485,012
Obsolescence allowance adjustment (81,947) (72,500)
Subtotal material in warehouse and other, net 499,181 412,512
Total 2,431,965 2,014,838

The value of finished products is stated net of unrealized profit corresponding to the purchase and
sales operations of associates and subsidiaries, and which according to accounting standards need to
be discounted from the entries that originated them.

F-161
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The inventory recognized as an expense in the cost of sales during period the ended December 31,
2012 and 2011, corresponds to finished products and amounts to ThUS$10,781,926 and
ThUS$9,712,011, respectively.

The change in the obsolescence provision is described in the following table:

obsolescones allerence TRUS$
Initial Balance 1/1/2012 (72,500)
Additions (39,130)
Reversals 29,683
Final Balance 12/31/2012 (81,947)

As of December 31, 2012 and 2011 Codelco has not written off inventory that has been recognized in
the Statements of Compreheinsive Income.

The Corporation performed inventory adjustments on those assets whose book value exceeds their
net realizable value. This adjustment, for the year ended December 31, 2012, was ThUS$ 48,937,
while the book value of inventories adjusted, to December 31, 2012, corresponded to ThUS$ 262,773.
During the year ended December 31, 2011, no adjustments were made for this item.

Deferred taxes and income taxes

This provision is stated in the item Current Tax Liabilities, in current liabilities, net of monthly
provisional tax payments and other tax credits (Note 6).

For the Specific Tax on Mining Activities, in accordance with Law 20,469, a tax rate of 5.7% was
estimated for this fiscal period.

As a result of Law 20,630 becoming effective, the income tax rate increased from 17% to 20%.

The effect of this change resulted in a deferred tax liability with a charge to income of ThUS$ 97,118.
With the entry into force of the Law on Mine Closure, and the publication of its rules in 2012, the
expenses related to the closure tasks not correspond to accepted expenditure for purposes of specific

tax to mining activity, therefore proceeded to reverse the deferred tax asset relating to the closure
provisions with a charge to income of ThUS$ 43,076.

F-162
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Deferred tax assets and liabilities are detailed as follows:

Deferred tax assets 12/31/2012 | 12/31/2011
ThUus$ Thus$
Provisions 1,046,454 808,037
Unrealized gains 43,783 49,157
Finance lease 28,078 27,685
Specific mining tax – 35,854
Derivatives – futures 9,112 317,888
Advances from clients 185,173 196,811
Derivatives interest rate swaps – 70,259
Tax loss 28,265 –
Amortization in fair value of Anglo American Sur S.A. investment 8,817 –
Health care plans 14,654 14,879
Other 7,081 8,506
Total deferred tax assets 1,371,417 | 1,529,076
Deferred tax liabilities 12/81/2012 | 1213112011
ThUs$ Thus$
Financial liabilities under effective interest rate – 138
Derivatives – exchange rate 706 –
Specific mining tax 41,236 –
Price-level restatement of property, plant and equipment, IFRS first time
adoption 752,988 775,202
Valuation of employee termination benefit 109,646 81,566
Accelerated depreciation 2,520,323 2,206,342
Anglo American Sur S.A. investment 704,486 –
Income from fair value of mining properties 80,382 –
Other 70,745 6,070
Total deferred tax liabilities 4,280,512 3,069,318

The effect of deferred taxes affecting equity is summarized as follows:

Deferred taxes affecting Equity 12/81/2012 12/81/2011
ThUS$ ThUus$
Cash Flow Hedge (379,740) (897,100)
Total deferred taxes affecting equity (379,740) (897,100)

F-163
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

A reconciliation of taxes considering the legal tax rate and the calculation of the taxes actually paid ¡is
detailed as follows:

12/31/2012

Items Taxabo base Taxabe hase Tax rate 20% Additiona] tax Total

ThUS$ ThUS$ ThUS$ ThUuS$ ThUS$
Profit (losses) before taxes 6,248,526 6,248,526 1,249,705 2,499,410 3,749,115
Permanent differences 20% (606,282) – (121,256) – (121,256)
Permanent differences 40% – (4,418,904) – (1,767,562) (1,767,562)
Income from corporations and other (310,676) (310,676) (62,135) (124,270) (186,405)
Income from contractual companies (180,054) – (36,011) – (36,011)
Income from Isapres (Private health insurance companies) (458) – (92) – (92)
Foreign exchange differences 2,556 2,556 511 1,022 1,533
Specific mining tax (163,636) (163,635) (82,727) (65,454) (88,181)
Others 45,986 (27,542) 9,198 (11,017) (1,819)
Anglo American Sur S.A. investment – (3,517,690) – (1,407,076) (1,407,076)
Income from fair value of mining properties – 401,917 160,767 (160,767)
Specific mining tax net for deferred tax – – – – 235,817
Change of criteria in Closure Law 43.076
Change in annual rate 101,945
Effect of subsidiaries 132,071
Total tax expense 1,128,449 731,848 2,373,206

F-164

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

12/31/2011

Items Taxabe ase Taxalie base Tax rate 20% Addon 12% Total

ThUS$ ThUS$ ThUS$ ThUuS$ ThUS$
Profit (losses) before taxes 5,547,150 5,547,150 1,109,430 2,218,860 3,328,290
Permanent differences 20% (751,284) (150,257) (150,257)
Permanent differences 40% (183,497) (73,399) (73,399)
Income from corporations and other (192,514) (192,514) (38,503) (77,006) (115,509)
Income from contractual companies (232,853) (46,571) (46,571)
Income from Isapres (Private health insurance companies) 1,391 278 278
Foreign exchange differences (5,966) (5,966) (1,193) (2,386) (3,579)
Specific mining tax (384,838) (384,838) (76,968) (153,935) (230,903)
Dividends receivable 67,104 26,842 26,842
Other 63,496 332,717 12,700 133,086 145,786
Specific mining tax net of deferred tax 358,738
Reverse from rate change (20,118)
Effect of subsidiaries 48,544
Total tax expense 959,173 2,145,461 3,491,798

The deferred tax associated with the operation of Anglo American Sur S.A. is ThUS$ 597,837,
calculated at the time of operation with a rate of 17%. Due to the increase in the 1? Category Tax Rate
from 17% to 20%, under Law No. 20,630 published on September 27, 2012, the effect of the change
inthe rate associated with the operation generates a higher deferred tax of Th$ 106,449.

6. Current tax assets and liabilities

a) Current tax assets

This item shows the right to collect VAT fiscal credit, income taxes and other taxes receivable, and ¡is

detailed as follows:

Current tax assets 12/31/2012 12/31/2011
Thus$ ThUs$
VAT fiscal credit 203,883 177,105
Other taxes 23,027 9,437
Income tax 400,660 68,388
Total 627,570 254,930

F-165

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

7.

8.

a)

b) Current tax liabilities

This item shows the income tax liabilities, net of monthly provisional payments:

Current tax liabilities 12/31/2012 12/31/2011
Thus$ ThUs$
Income tax payable 50,205 137,267
Total 50,205 137,267

Non-current assets classified as held for sale

At 1 of January, 2011, the ownership of E-CL S.A. was represented by Codelco’s 40% participation
(16.35% direct participation and 23.65% indirect participation through Inversiones Mejillones 2 S.A.), a
52.4% stake of Suez Energy Andino S.A. and a remaining 7.6% stake held by non-controlling
shareholders.

Subsequently, on January 27, 2011, Codelco made the placement of 424,251,415 shares issued by E-
CL S.A. (representing 40% of the shares of that company), which amounted to a total Ch$
509,101,698,000, equivalent to US$ 1,051,558 million, according to the observed dollar exchange rate
on the effective day.

The financial profit after tax generated during the period ended at December 31, 2011 by this operation
was ThUS$ 29,819.

Property, Plant and Equipment

The balances of Property, plant and equipment at December 31, 2012 comparative with December 31,
2011, are as follows:

Property, Plant and Equipment, gross 1218112012 1213112011
ThUS$ ThUS$

Work in progress 5,515,165 3,320,333
Land 119,265 101,057
Buildings 3,430,809 3,282,133
Plant and Equipment 11,465,568 10,632,843
Fixtures and fittings 35,648 35,085
Motor vehicles 1,434,168 1,263,540
Land Improvements 3,751,829 3,282,628
Mining Operations 3,652,641 3,061,596
Mine development 986,283 791,161
Other Assets 1,223,265 727,499
Total Property, Plant and Equipment, gross 31,614,641 26,497,875

F-166
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Property, Plant and Equipment, accumulated depreciation 1213112012 12/81/2011
ThUS$ ThUS$
Work in progress
Land – –
Buildings 2,128,436 2,014,477
Plant and Equipment 6,660,692 6,049,883
Fixtures and fittings 27,286 24,821
Motor vehicles 806,856 724,028
Land Improvements 2,082,906 1,941,146
Mining Operations 1,920,653 1,534,597
Mine development 475,417 362,835
Other Assets 467,464 408,324
Total Property, Plant and Equipment, accumulated depreciation 14,569,710 13,060,111
Property, Plant and Equipment, net 12/81/2012 1218112011
ThUS$ ThUS$
Work in progress 5,515,165 3,320,333
Land 119,265 101,057
Buildings 1,302,373 1,267,656
Plant and Equipment 4,804,876 4,582,960
Fixtures and fittings 8,362 10,264
Motor vehicles 627,312 539,512
Land Improvements 1,668,923 1,341,482
Mining Operations 1,731,988 1,526,999
Mine development 510,866 428,326
Other Assets 755,801 319,175
Total Property, Plant and Equipment, net 17,044,931 13,437,764

F-167
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

b) Movement of Property, plant and equipment:

Does Land | Buildings onera os Ml , Land ns Develonient Other Assets Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Thus$ ThUs$ Thuss Thuss Thus$ Thuss
Opening Balance as of 1/1/2012 3,320,333 101,057 | 1,267,656 4,582,960 10,264 539,512 1,341,482 1,526,999 428,326 319,175 13,437,764
Additions 3,921,379 3 16,808 7,446 304 34 334,286 414,905 4,695,165
Disposals (20,010) (1,900) (11,814) (1,087) (6) (14,279) (16) (49,112)
Capitalizations (1,585,623) 10,992 82,949 506,584 791 200,367 379,438 222,573 195,122 13,193
Depreciation and Amortization (109,539) (586,455) (2,267) | (90,171) (138,757) (434,057) (112,589) (63,695) | (1,537,530)
Reclassifications (190,746) 6,202 (433) (70,723) (510) | — (20,497) 49,027 96,466 7 85,407 (45,800)
Impairment (8,380) (335) (8,715)
Closure provision 50,824 441,937 227 12 38,688 531,688
Others 69,832 1,011 (3,992) (56,679) (112) (858) (949) 25 8,278
Total movements 2,194,832 18,208 34,717 221,916 (1,902) 87,800 327,441 204,989 82,540 436,626 3,607,167
Final Balance 12/31/2012 5,515,165 119,265 | 1,302,373 4,804,876 8,362 627,312 1,668,923 1,731,988 510,866 755,801 | 17,044,931

F-168

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

, EE AAA

ThUS$ Thuss Thuss ThUS$ ThUuss ThUuss Thus$ Thuss ThUuss$ Thuss ThUuss$
Opening Balance as of 1/1/2011 2,756,793 | 108,087 | 1,258,790 | 4,360,776 11,477 | 463,060 1,247,097 | 1,364,142 420,976 360,232 | 12,351,430
Additions 2,335,287 17,625 | 129,884 12,116 1,233 23 1,571 337,598 13,298 | 2,848,635
Disposals (19) (12,280) (106) (4,336) 2) (49,052) (554) (66,349)
Capitalizations (1,441,799) 387 99,270 916,880 1,362 | 179,530 193,632 53,617 313 3,192
Depreciation and Amortization (111,659) (681,574) (2,340) | (96,803) (119,920) | — (364,876) (46,267) (56,145) | (1,479,584)
Redlassifications (273,272) 32,727 40,832 549 (1,450) 20,272 239,187 (1,480) 57,365
Impairment (7,259) (6,277) | (10,525) (42,348) (106) (569) (1,168) (1,748) (70,000)
Others (49,417) | (18,746) | (130,831) (11,442) (1,805) 57 5,259 (206,925)
Total movements 563,540 (7,030) 8,866 222,184 (1,213) 76,452 94,385 162,857 7,350 (41,057) | 1,086,334
Final Balance 12/31/2011 3,320,333 101,057 | 1,267,656 4,582,960 10,264 539,512 1,341,482 1,526,999 428,326 319,175 13,437,764.

F-169

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

c)

The value of construction in progress, is directly associated with the operating activities of the
Corporation and its subsidiaries, and relates to the acquisition of equipment and projects in
construction.

The Corporation has contracted insurance policies to cover the potential risks to which the
various elements of property, plant and equipment are subject, and any claims that could arise
from their activities during the period. These policies provide adequate coverage of the potential
risks.

Borrowing costs capitalized for the year ended December 31, 2012 amounted to ThUS $ 96,805,
calculated on an annual capitalization rate of 4.18%. The amount for the same period of 2011
was ThUS $ 45,514 calculated on an annual compounding rate of 4.31%.

The item “Other assets” under “Property, plant and equipment” includes:

Other assets, net 12/31/2012 | 12/31/2011
‘ ThUus$ ThUS$
Leasing assets 80,745 82,123
Mining properties from purchase of Anglo American Sur S.A. shares 402,000 –
Others 273,056 237,052
Total other assets, net 755,801 319,175

With the exception of assets under lease whose legal title corresponds to the lessor, the
Corporation currently has no ownership restrictions relating to assets belonging to Property, plant
and equipment.

Codelco has not granted “Property, plant and equipment” assets as collateral to third parties in order
to enable the realization of its normal business activities or as a commitment to support payment
obligations.

F-170
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Investments accounted for using the equity method

The following table sets forth the carrying amount and the share of profit of the investments accounted
for using the equity method:

Equity Method Accrued Net Income
Items 12/31/2012 | 12/31/2011 111/2012 111/2011
12/31/2012 12/31/2011
ThUS$ ThUS$ ThUS$ ThUS$
Investments in associates accounted for using the equity method 7,466,286 748,284 300,177 268,637
Joint Ventures 178,326 196,771 157,053 84,803
Total 7,644,612 945,055 457,230 353,440

a)

Associates
Agua de la Falda S.A.

As of December 31, 2012, Codelco has a 43.28% interest in Agua de la Falda S.A., with the
remaining 56.72% owned by Minera Meridian Limitada.

The line of business of this company is to exploit deposits of gold and other minerals, in the third
region of the country.

Sociedad Contractual Minera El Abra

Sociedad Contractual Minera El Abra was formed in 1994. As of December 31, 2012, Codelco
has a 49% interest in Sociedad Contractual Minera El Abra, with the remaining 51% owned by
Cyprus El Abra Corporation, a subsidiary of Freeport-McMoRan Copper 8 Gold Inc.

Company activities involve the extraction, production and marketing of copper cathodes.

Sociedad Contractual Minera Purén

As of December 31, 2012, Codelco has a 35% interest in Sociedad Contractual Minera Purén,
with the remaining 65% owned by Compañía Minera Mantos de Oro.

This company’s line of business is to explore, identify, survey, investigate, develop and exploit
mineral deposits in order to extract, produce and process ore.

F-171
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Kairos Mining S.A.

Until November 26, 2012 Codelco maintained a 40% interest in Kairos Mining S.A., with the
remaining 60% majority owned by Honeywell Chile S.A.

Kairos Mining S.A. provides automation and control services for industrial and mining activities
and to license technology and software licenses.

On November 21, 2012, the Corporation sold part of its stake to Honeywell Chile SA. After the
sale, Codelco held a 5 % share on December 31, 2012, while the remaining 95% was held by
Honeywell Chile SA, resulting in revenue before tax of ThUS $ 13.

Mining Industry Robotic Solutions S.A.

As of December 31, 2012, Codelco has a 36% interest in Mining Industry Robotic Solutions S.A.,
with the remainder owned by Support Company Limited with 53%, Nippon Mining 8 Metals Co.
Ltd., 9% and Kuka Roboter GmbH, 2%.

The company’s line of business is the research, design, creation, invention, manufacture,
installation, supply, maintenance and marketing in any form or type of robot products, technology
products of a robotic nature or complementary supplies necessary for the marketing and
maintenance of those products that can be used in the mining and metals industry and related
services; to produce under license, license and market the licensing of products, processes and
technology services of a robotic nature for the mining and metallurgical industry, as well as any
other form of use by third parties of products or services based on such technology. In addition,
the company can also form all types of companies and participate as a partner or shareholder in
any existing company.

Sociedad GNL Mejillones S.A.

As of December 31, 2012, Codelco has a 37% interest in Sociedad GNL Mejillones S.A., with the
remaining 63% owned by Suez Energy Andino S.A. These interests were established on
November 5, 2010 when the Corporation did not increase the capital agreed upon by the meeting
of shareholders of such company. Before the actual increase, both the Corporation and Suez
Energy Andino S.A. had a 50% interest each.

This company’s line of business is the production, storage, marketing, transportation and
distribution of all types of fuel, and the acquisition, construction, maintenance and operation of
infrastructure facilities and construction projects necessary for transport, reception, processing
and storage both in Chile and abroad, singly or in partnership with third parties.

F-172
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Comotech S.A.

As of December 31, 2012, Codelco has a 48.19% interest in Comotech S.A. through its indirect
subsidiary Innovaciones en Cobre S.A.

The company’s line of business is to carry out research activities to increase the demand for
molybdenum at the national and international level through new and better applications, uses
and/or markets.

Inca de Oro S.A.

On June 1, 2009 Codelco’s Board authorized the formation of a company destined to developing
studies to allow continuity of the Inca de Oro Project.

On February 15, 2011, the association of Codelco and Minera PanAust IDO Ltda. was approved
in respect to the Inca de Oro deposit, with 66% of the share of Inca de Oro S.A. held by Minera
PanAust IDO Ltda and Codelcomaintains a 34% share. Before the materialization of this
association, Codelco owned100% of the society.

This operation generated during the period ended at December 31, 2011 a net gain after taxes in
the amount of TRUS$ 33,669.

Copper for Energy S.A.

As of December 31, 2012, Codelco has a 25% interest in the share capital of International
Copper Association Ltd., a 25% interest in Fundación Chile and a 25% interest in Universidad de
Chile.

Copper for Energy S.A.’s line of business is to develop and commercialize new products and
applications for copper, destined to make the most efficient use of energy and/ or to generate and
utilize renewable energy; conducting and ordering research, carrying out studies and projects,
rendering of training services and activities.

Ecosea Farming S.A.
At December 31, 2012, the indirect affiliate of Codelco, Innovaciones de Cobre S.A., holds a

stake of 85.03% in Ecosea Farming S.A.. However, the Corporation does not exercise control
over it, since ¡t does not have the majority voting rights.

F-173
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish — see Note 1.2)

The companys objective isthe transfer, adaptation, researchand development
of technologies and support services based on copper and alloys for aquaculture and related
areas, and the production and marketing of all forms of products and / or services obtained
from them.

Deutsche Giessdraht GmbH

As of December 31, 2012, Aurubis and Codelco through its affiliate, Codelco Kupferhandel
GmbH, have a 60% and 40% interest, respectively.

The company produces wire rods in its Emmerich, Germany facility.
Anglo American Sur S.A.

On August 24, 2012, the company Inversiones Mineras Acrux SpA. (Acrux) and its affiliates (the
shares divided between Mitsui 8 Co. Ltd. (Mitsui) and Codelco, but with Codelco maintaining
control), acquired a 29.5% share interest in Anglo American Sur S.A. (AAS), of which, 24.5%
corresponds to the indirect ownership of Codelco on AAS.

Subsequently, on November 26, 2012, Codelco sold 44,900 of its shares of Acrux to its partner
Mitsui, generating a profit before tax of ThUS $ 7,626.

After the sale, and as of December 31, 2012, Codelco reduced its indirect share interest in AAS.
to 20%, while Mitsui increased its participation to 9.5%.

At December 31, 2012, the control of AAS belongs to Inversiones Anglo American Sur S.A. with
a 50.06% share interest, while the non-controlling interest corresponds to Acrux through its
subsidiary Inversiones Mineras Becrux SpA., with a 29.5% and Mitsubishi group with a 20.44%.

The principal activities of the Company are the exploration, extraction, exploitation, production,
processing and trading of minerals, concentrates, precipitates, copper bars and all metallic and
non-metallic minerals, all fossil substances and liquid and gaseous hydrocarbons naturally
presented. This includes the exploration, exploitation and use of all natural energy sources
capable of industrial use and the products or by-products obtained, as well as any other related,
connected or complementary activities in which the shareholders agree.

F-174
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The following table demonstrates the equity value and accrued results of investments in

associates:

Equity Interest Equity Method Accrued Net Income

Associates Taxpayer | Functional | popgap2g52 | aarsajzora | aarsarzona | aaraarzona | o | 0
Number Currency 12/31/2012 | 12/31/2011

% % ThUS$ ThUS$ ThUS$ ThUS$
Deutsche Geissdraht GmbH Foreign EURO 40.00% 40.00% 3,820 4,283 1,347 1,674
Agua de la Falda S.A. 96.801.450-1 USD 43.28% 43.28% 5,639 5,731 (92) (26)
Sociedad Contractual Minera El Abra | 96.701.340-4 USD 49.00% 49.00% 805,973 | 666,968 182,465 210,093
Minera Purén SCM 76.028.880-2 USD 35.00% 35.00% 9,096 23,033 62 17,626
Sociedad GNL Mejillones S.A. 76.775.710-7 USD 37.00% 37.00% 48,304 68,805 39,516
Kairos Mining S.A. 76.781.030-K CLP 5.00% 40.00% 130 11 52
MI Robotic Solutions S.A. 76.869.100-2 CLP 36.00% 36.00% 1,615 2,241 (851) (136)
Inca de Oro S.A. 73.063.022-5 USD 34.00% 34.00% 51,847 44,817 270 (149)

Anglo American Sur S.A. 77.762.940-9 USD 29.50% 6,537,503 47,503

Others 2,489 1,081 657 (13)
TOTAL 7,466,286 | 748,84 | 300,177 | 268,637

The following tables provide details of the assets, liabilities and major movements in investments
in associates accounted for using the equity method and their respective results during period
ended December 31, 2012 and 2011.

Assets and liabilities 12/81/2012 12/31/2011
ThUS$ ThUS$
Current assets 2,404,840 808,605
Non-Current assets 6,789,002 1,717,531
Current liabilities 1,004,201 513,798
Non-Current liabilities 1,692,517 361,182
1/1/2012 1/1/2011
Net Income 12/31/2012 12/31/2011
ThUS$ ThUS$
Revenue 4,858,707 1,752,929
Cost of sales (3,351,045) | (1,167,780)
Profit for the period 1,507,662 585,149

F-175

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1/1/2012 1/1/2011
Movements of Investment in Associates 12/31/2012 12/31/2011

ThUS$ ThUS$
Opening balances 748,284 561,730
Contributions 6,764 22,259
Purchase of the participation (1) 2,799,795 –
Adjustments for fair value participation acquisition (1) 3,690,205 –
Dividends (79,177) (85,750)
Net income for the period 300,177 268,637
Foreign exchange differences (64) (228)
Fair Value adjustment by the Loss of control – 20,904
Transfer of negative equity (15,462) (30,094)
Other comprehensive income (5,039) (12,001)
Other 20,803 2,827
Final balance 7,466,286 748,284

(1) Corresponds to the investment in Anglo American Sur S.A., totaling ThUS$6,490,000.
b) Joint ventures

At December 31, 2012, the Corporation participates in the Copper Partners Investment Company
Limited Joint venture. This partnership dates from March 2006 when Codelco Chile through its
subsidiary Codelco International Ltd., executed the agreement with Album Enterprises Limited (a
subsidiary of Minmetals) to form the company, in which both companies hold equal interests.

Assets and liabilities 12/81/2012 12/81/2011
ThUS$ ThUS$
Current assets 54,397 210,515
Non-Current assets 308,621 308,616
Current liabilities 6,370 40,161
Non-Current liabilities – 85,428
1/1/2012 1/1/2011
Net Income 12/31/2012 12/31/2011
ThUS$ ThUS$
Revenue 447,503 490,846
Cost of sales (133,397) (321,240)
Profit for the period 314,106 169,606

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

c)

d)

Movements of the investment in 111/2012 1/1/2011
joint ventures 12/31/2012 12/31/2011
ThUS$ ThUS$
Opening Balance 196,771 26,635
Net income for the period 157,053 84,803
Dividends (175,500) –
Distributions – (7,818)
Other comprehensive income – 93,151
Other 2 –
Final Balance 178,326 196,771

Interest in negative equity

The Corporation, at December 31, 2012 and December 31, 2011, has an interest in the following
negative equities (amounts expressed in TRUS$):

Equity Negative Equity
Entity interest
percentage 12/31/2012 | 12/31/2011
Sociedad GNL Mejillones S.A. 37% – (41,789)
Copper for Energy S.A. 25% – (44)

Additional information about unrealized profit

The Corporation has recognized unrealized profit for purchases and sales of products, mining
properties, property, plant and equipment and ownership rights. The most significant transactions
include the transaction carried out in 1994 for the initial contribution of mining properties to
Sociedad Contractual Minera El Abra.

During the year ended December 31, 2012 a gain of ThUS$ 13,268 was recognized as
unrealized profits with a balance of unrealized profits at December 31, 2012 of ThUS$72,972
(compared to a balance at the December 31, 2011of ThUS$86,240), .

Codelco carries out copper purchases and sales with this company. At December 31, 2012, , the
value of finished products in Inventory includes an unrealized profit accrual of ThUS$6,971. At
December 31, 2011 there is no accrual of unrealized profit.

Share in companies acquired at fair value versus carrying amount

The acquisition by Codelco of its participation in Anglo American Sur S.A., on August 24, 2012,
was recorded based on the acquisition method, which involved the initial recognition of

F-177
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

aninvestment in the amount of TRUS$ 6,490,000, corresponding to the percentage of the share
interest acquired (29.5%) over the fair value of the net assets of the company, while the book
value at the acquisition date was ThUS$ 1,217,668.

In determining the fair value of the net assets of the acquired share interest, the Corporation
considered both the resources and mineral reserves that can be recovered reliably and the
assessment of intangibles and all other considerations about assets and contingent liabilities was
performed.

There was no difference between the fair value and the amount paid. Therefore, no goodwill was
registered as a result of the operation.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The fair value of the assets acquired and liabilities assumed at the acquisition date are as follows:

(US$ million)
Cash and cash equivalents 599
Hedging instruments 1
Trade receivable and other receivables 693
Inventories 211
Recoverable taxes 36
Current assets 1,540
Property, plant and equipments 17,718
Mining resources 9,218
Water rights 28
Intangibles –
Non-current assets 26,964
Total Assets 28,504
Trade payables and other payables 1,598
Provision for employees benefits 76
Deferred taxes 4,339
Provisions 220
Non-Current liabilities 6,233
Trade payables and other payables 259
Provisions 12
Current liabilities 271
Capital 1,241
Retained earnings 2,895
Other reserves 17,864
Total Equity 22,000
Total Liabilities 28,504
Net Asset 22,000
Summary of the operation at acquisition date (US$ million)
Identifiable net assets at fair value of Anglo America
Sur S.A. 22,000
Effective investment in the acquisition 29.5%
Total fair value of the investment 6,490
Amount paid in cash 2,800
Adjustment of fair value of the purchase option 3,690

Goodwill generated in the investment –

F-179
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The allocation of the purchase price to fair value between the identifiable assets and liabilities has
been prepared by management using its best estimates and taking into account all relevant
information available at the time of the acquisition of Anglo American Sur S.A., and final
determination will be completed within the period of 12 months from the date of acquisition.

The transaction has not resulted in the acquisition of control of the acquired company.

The Corporation used the model of discounted cash flows to estimate cash flow projections,
based on the life of the mines. These projections are based on estimated production and future
prices of minerals, operating costs and capital costs at the date of acquisition, among other
estimates. Additionally, resources and potential resources to explore are not included in the plan
because they have been valued separately using a market model. These resources include the
concept of “Mineral Resources”.

At December 31, 2012, neither the amount recognized for the total consideration transferred, nor
the range of estimates or assumptions used to determine fair values at the acquisition date have
changed.

The earnings before tax, corresponding to the proportion of the gains of Anglo American Sur S.A.
recognized between the date of acquisition to December 31, 2012 was ThUS$ 91,590, while the
adjustment for depreciation and decrease in the fair value of the net assets of the company
recognized at the acquisition date, meant an effect of lower profit before tax of TRUS$ 44,087 and
is decreasing the item “Equity in earnings (losses) of associates and joint ventures accounted for
using the equity method” of the comprehensive income statement.

10. Subsidiaries

The following tables present a detail of the assets, liabilities and results of the Corporation’s
subsidiaries, prior to consolidation adjustments:

Assets and liabilities 12/81/2012 12/31/2011
ThUS$ ThUS$
Current assets 509,590 697,933
Non-current assets 7,134,568 618,753
Current liabilities 478,875 431,813
Non-current liabilities 1,789,191 305,783

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

At December 31, 2012, the Corporation absorbed the assets and liabilities of the Minera Gaby S.p.A.
subsidiary, forming a part of the new Gabriela Mistral Division.

1/1/2012 1/1/2011
Net Income 12/31/2012 | 12/31/2011
ThUS$ ThUS$
Revenue 2,458,238 2,634,729
Cost of sales (2,363,448) | (2,477,072)
Profit (loss) for the period 94,790 157,657

11. Other non-current non-financial assets

Other non-current non-financial assets included in the consolidated statement of financial position as
of December 31, 2012 and 2011 is detailed as follows:

. : 12/31/2012 12/31/2011
Other non-current financial assets
ThUS$ ThUS$
Anglo American Purchase Option (1) – 162,558
Law No. 13,196 asset (2) 30,862 34,528
Other 6,815 6,864
TOTAL 37,677 203,950

(1) On December 19, 2008, Empresa Nacional de Minería (ENAMI) assigned Codelco Chile the right
to buy up to 49% of the shares of Anglo American Sur S.A.

The figures as of December 31, 2011, correspond to the amounts paid by Codelco to Enami in
2010.

During the 2012 trial between Codelco and Anglo American plc which occurred due to the
exercise of the Call Option and before their reconciliation in August 2012, the value of this asset
remained valued at cost plus any expenses incurred during the performance of the
aforementioned option. Revaluation adjustments did not exist based on the fair value of this
financial instrument because the characteristics and other factors present during the period made
it difficult to determine the fair value in accordance with the terms set forth in IAS 39 AG81.

Due to the reconciliation recognized legally and the subsequent execution of the transaction on
the terms stipulated in the settlement agreement, the Corporation proceeded to revalue the
financial instrument based on fair value, which, as of the date of execution, amounted to
ThUS$3,690,205.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

As of December 31, 2012, no amounts were recorded for the asset corresponding to the right to
purchase shares, since the Call Option, revalued as mentioned in the above paragraph, was
provided to the affiliate Inversiones Mineras Becrux SpA. The final purchase option was agreed
for the acquisition of 24.5% of the share interest of Anglo American Sur S.A. (details are
disclosed in Note No. 9 a).

(2) Corresponds to the recording of the commitment related to Law N*13,196, for the advance
payment received for the copper sales contract signed with Copper Partners Investment
Company Limited. This amount will be amortized according to the shipments made.

12. Current and non-current financial assets

Current and non-current financial assets included in the statement of financial position are detailed as
follows:

12/31/2012
Classification in the statement of At fair value . . Total financial
financial position though profit Loans and Hedging Available assets
receivables | derivatives | for sale
and loss ThUS$
Cash and Cash equivalents 11,137 1,252,686 – – 1,263,823
Trade and other current receivables 36,534 2,112,569 – – 2,149,103
Rights receivables, non – current – 171,698 – – 171,698
Due from related companies, current – 29,442 – – 29,442
Due from related companies, non – – 41,305 – – 41,305
current
Other current financial assets – 7,825 884 – 8,709
Other non – current financial assets – 11,820 121,180 – 133,000
TOTAL 47,671 3,627,345 122,064 – 3,797,080
12/31/2011
Classification in the statement of At fair value . . Total financial
financial position a anos | domatmes | forte PSSS
and loss ThUS$
Cash and Cash equivalents 7,240 | 1,375,636 – – 1,382,876
Trade and other current receivables (47,781) | 2,016,050 – – 1,968,269
Rights receivables, non – current – 132,721 – – 132,721
Due from related companies, current – 56,357 – – 56,357
Due from related companies, non – – 75,860 – – 75,860
current
Other current financial assets – 1,171 192,066 – 193,237
Other non – current financial assets – 9,275 93,318 – 102,593
TOTAL (40,541) | 3,667,070 285,384 – 3,911,913

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

+ Financial assets designated at fair value through profit or loss: At December 31, 2012, this
category mainly includes unfinished product sale invoices and mutual fund investments made by
Codelco Chile subsidiaries.

The effects on results of open invoices are determined by the differences between the provisional
price at the date of shipment and the futures price curve of products, as explained under the title
Accounting policies (letter p of number 2 of Chapter 11), while mutual funds affect the result by the
change in fair value of shares.

+ Loans granted and receivables: These correspond to financial assets with fixed or determinable
payments that are not traded in an active market.

The effects on the period’s statements of comprehensive income generated by these assets, come
mainly from financial interest gains and from the exchange rate differences related to the balances
in currencies other than the functional currency.

No material impairments were recognized in accounts receivable.

+ Hedging derivatives: Correspond to the receivable balances for derivative contracts for the
exposure generated by existing operations and which affect the period profit and lossfrom the
liquidation of these operations. The detail of derivative transactions is included in Note 28.

+ Available-for-sale financial assets: These correspond primarily to non-derivative financial assets
that are specifically designated as available for sale or are not classified as: a) loans and
receivables, b) investments held to maturity or c) financial assets carried at fair value through profit
or loss (IAS 39, paragraph 9).

Within the period presented, there was no reclassification of financial instruments among the
different categories established under lAS 39.

F-183
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

13. Interest-bearing borrowings

Current and non-current interest-bearing borrowings correspond to Borrowings from financial
institutions, Bond obligations and Finance leases, which are recorded by the Corporation at amortized
cost using the effective interest rate method. The following tables detail the composition of the item
“other financial liabilities, current and non-current.”

12/31/2012
Current Non-current
Loans and Hedge Loans and Hedge
Items other payables derivatvos Total other payables derivalvos Total
ThUS$ ThUS$ Thus$ Thus$ Thus$ Thus$
Loans from financial entities 219,686 – 219,686 2,577,896 – | 2,577,896
Bonds 594,006 – 594,006 6,511,090 – | 6,511,090
Financial Lease 35,601 – 35,601 91,306 – 91,306
Hedge obligations – 14,537 14,537 – 1,533 1,533
Other financial liabilities 949 – 949 80,499 – 80,499
Total 850,242 14,537 864,779 9,260,791 1,533 | 9,262,324
12/31/2011
Current Non-current
Loans and Hedge Loans and Hedge
Items other payables derivatvos Total other payables derivatvos Total
Thus$ ThUs$ Thus$ Thus$ ThUs$ ThUs$
Loans from financial entities 41,276 – 41,276 1,196,645 – | 1,196,645
Bonds 802,954 – 802,954 5,008,399 – | 5,008,399
Financial Lease 22,954 – 22,954 106,095 – 106,095
Hedge obligations – 770,666 770,666 – 25 25
Other financial liabilities 5,574 – 5,574 83,990 – 83,990
Total 872,758 770,666 | 1,643,424 6,395,129 25 | 6,395,154

These items are generated by the following situations:
– Borrowings from financial institutions:

The loans obtained by the Corporation to finance its production operations oriented towards the
foreign market.

On August 23, 2012, the subsidiary Inversiones Gacrux SpA (Gacrux), agreed to funding from

Oriente Copper Netherlands BV (a subsidiary of Mitsui 8 Co. Ltd.) for approximately US$$1,863
million, renewable monthly until November 26, 2012, after which, if not paid or renegotiated, will

F-184
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

automatically become a loan with a 7.5 years maturity from the date of disbursement, and an
annual rate of Libor + 2.5%. This credit has no personal guarantees (“non-recourse”) on Codelco’s
part.

Codelco’s indirect subsidiary Codelco Inversiones Mineras Becrux SpA used this funding for the
acquisition of 24.5% of the shares of Anglo American Sur S.A. and other related expenses.

On October 31, 2012, new terms of the amended Credit Agreement were agreed, which remains
without personal guarantees of Codelco (‘non-recourse”), and establish a fixed rate of 3.25% per
annum and a duration 20 years, to be payable in 40 semi-annual quotas of principal and interest.
Under previous agreements, Mitsui is entitled to additional interest equivalent to one-third
partsavings that result to Gacrux from the difference between the refinanced credit and the credit
agreement originally signed. Furthermore, Mitsui (through a subsidiary) held an option to purchase
from Gacrux an additional 15.25% of the shares issued by the company Inversiones Mineras Acrux
SpA. (“Acrux”), at a fixed price of approximately US$ 998 million to be used in full to
prepayGacrux’s debt under the Credit Agreement, reducing it to US$ 875 million.

Subsequently, on November 26, 2012, Mitsui materialized the purchase of additional 15.25% share
interest in Acrux, so Codelco reduced its debt with Mitsui, which at December 31, 2012, has a
balance of ThUS$ 853,647.

Bond obligations:

On November 18, 2002, the Corporation issued and placed bonds on the domestic market, under
the rules of the Superintendency of Securities and Insurance. These bonds were issued for a
nominal amount of UF7,000,000, in a single series denominated Series A, and consist of 70,000
bonds for UF100 each. These bonds are payable in a single installment on September 1, 2012,
with a 4.0% annual interest rate and with bi-annual interest payments. No balance was due at
December 31, 2012.

On November 30, 2002, the Corporation issued and placed bonds on the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$435,000. These bonds are payable in a
single installment on November 30, 2012, with a 6.375% annual interest rate and with bi-annual
interest payments. No balance was due at December 31, 2012.

On October 15, 2003, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 15, 2013, with a 5.5% annual interest rate and with bi-annual interest
payments.

F-185
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

On October 15, 2004, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 15, 2014, with a 4.750% annual interest rate and with bi-annual interest
payments.

On May 10, 2005, the Corporation issued and placed bonds on the domestic market for a nominal
amount of UF6,900,000, in a single series denominated Series B, and consist of 6,900 bonds for
UF1,000 each. These bonds are payable in a single installment on April 1, 2025, with an 3.96%
annual interest rate and with bi-annual interest payments.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of TRUS$500,000. These bonds are payable in a
single installment on September 21, 2035, with a 5.6250% annual interest rate and with bi-annual
interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable in a single
installment on October 24, 2036, with a 6.15% annual interest rate and with bi-annual interest
payments.

On January 20, 2009, the Corporation issued and placed bonds in the U.S. market under Rule 144-
A and Regulation S, for a nominal amount of ThUS$600,000. These bonds mature in a single
installment on January 15, 2019, at an interest rate of 7.5% per annum with interest paid bi-
annually.

On November 4, 2010 the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$1,000,000. These bonds mature in a
single installment on November 4, 2020, at an interest rate of 3.75% per annum with interest paid
bi-annually.

On November 3, 2011, the Corporation issued and placed bonds in the U.S. market under
Rule 144A and Regulation S, for a nominal amount of ThUS $1,150,000. These bonds mature in a
single installment on November 4, 2021, with an interest rate of 3.875% per annum, with interest
paid bi-annually.

On July 17, 2012, the Company issued and placed bonds in the U.S. market under Rule 144-A and
Regulation S, for a nominal amount of US$ 2,000 million. The ThUS$ 1,250,000 with an interest
rate of 3% per annum mature on July 17, 2022 and the ThUS$750,000 with an interest rate of
4.29% mature on July 17, 2042, and each have interest paid bi-annually.

F-186
CORPORACION NACIONAL DEL COBRE DE CHILE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)
– Financial debt commissions and expenses:

Obtaining financial resources generates, in addition to the interest rate, fees and other expenses
charged by the financial institutions, and the Corporation receives the net value of the loans.
These expenses are amortized based on the effective interest rate determined using the amortized
cost method.

Finance leases:

Finance lease transactions are generated for service contracts, principally for buildings and
machinery.

F-187
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

At December 31, 2012, the detail of Borrowings from financial institutions and Bond obligations is as follows:

12/31/2012
Taxpayer Loans with financial Typeof | Paymentof | Efecive | Cureni [| Nomcurent
Number Country entities Institution Maturity Rate Currency Amount amortization interest Nomin interest Balance Balance
al rate rate Thus$ ThUS$
3 annual
a . a installments
Foreign United States of America Export pre-funding BBVA Bancomer 09/27/2014 | Floating US$ 400,000,000 of principal Quaterly
at maturity 0.51% 0.57% 133,350 133,136
97836000-K Chile Bilateral Credit Banco Santander S.A. 11/30/2015 | Floating US$ 75,000,000 | Maturity Quaterly 1.16% 1.28% 85 74,781
Foreign Bermuda Bilateral Credit HSBC Bank Bermuda Limited 12/17/2015 | Floating US$ 162,500,000 | Maturity Quaterly 1.16% 1.28% 97 162,015
Foreign United States of America Bilateral Credit Bank of Tokyo-Mitsubishi 12/22/2015 | Floating US$ 100,000,000 | Maturity Quaterly 1.06% 1.15% 22 99,744
97836000-K Chile Bilateral Credit Banco Santander S.A. 12/23/2015 | Floating US$ 100,000,000 | Maturity Quaterly 1.16% 1.28% 27 99,691
Foreign Canada Bilateral Credit Export. Dev. Canada 12/28/2015 | Floating US$ 250,000,000 | Maturity Quaterly 1.11% 1.23% 24 249,234
Foreign United States of America Bilateral Credit Sumitomo Mitsui Banking 2/18/2016 | Floating US$ 100,000,000 | Maturity Quaterly 1.14% 1.23% 44 99,746
Foreign United States of America Bilateral Credit Mizuho Corporate Bank Ltd 10/13/2016 | Floating US$ 100,000,000 | Maturity Quaterly 0.93% 1.21% 197 99,006
Foreign United States of America Bilateral Credit Bank Of Tokyo Mitsubishi Ltd. 10/14/2016 | Floating US$ 250,000,000 | Maturity Quaterly 0.84% 1.15% 468 247,220
Foreign United States of America Bilateral Credit HSBC Bank United States of America. N.A. 10/11/2016 | Floating US$ 250,000,000 Maturity Quaterly 0.95% 1.26% 549 247,258
Foreign United States of America Bilateral Credit Export Dev Canada 11/03/2016 | Floating US$ 250,000,000 Maturity Quaterly 0.81% 1.18% 356 246,695
Foreign Netherlands Bilateral Credit Oriente Copper Netherlands B.V. 11/26/2032 | Fixed US$ 874,959,000 Maturity Semi annual 3.25% 3.60% 44,612 809,035
Foreign Germany Credit Line HSBC Trinkaus 8 Burkhardt Floating Euro 5.52% 5.28% 19,818 –
Foreign Germany Credit Line Deutsche Bank Floating Euro 5.52% 5.28% 17,585 –
Other institutions 2,452 10,335
TOTAL 219,686 2,577,896
Type of Payment of . Effective Current Non-current

Bonds Country Maturity Rate Currency Amount amortization interest Nomin interest Balance Balance

al rate rate Thus$ ThUS$
144-A REG.S United States of America 10/15/2013 | Fixed US$ 500,000,000 Maturity Semi annual 5.50% 5.57% 505,771 –
144-A REG.S United States of America 10/15/2014 | Fixed US$ 500,000,000 Maturity Semi annual 4.75% 4.99% 5,220 497,966
144-A REG.S United States of America 1/15/2019 | Fixed US$ 600,000,000 Maturity Semi annual 7.50% 7.79% 21,140 591,807
144-A REG.S United States of America 11/04/2020 | Fixed US$ 1,000,000,000 Maturity Semi annual 3.75% 3.98% 6,008 984,386
144-A REG.S United States of America 11/04/2021 Fixed US$ 1,150,000,000 Maturity Semi annual 3.88% 4.07% 7,139 1,133,794
144-A REG.S United States of America 7/17/2022 | Fixed US$ 1,250,000,000 Maturity Semi annual 3.00% 3.16% 17,027 1,232,384
BCODE-B Chile 4/01/2025 | Fixed U.F. 6,900,000 Maturity Semi annual 4.00% 3.24% 3,340 353,728
144-A REG.S United States of America 9/21/2035 | Fixed US$ 500,000,000 Maturity Semi annual 5.63% 5.78% 8,080 490,324
144-A REG.S United States of America 10/24/2036 | Fixed US$ 500,000,000 Maturity Semi annual 6.15% 6.22% 5,808 495,874
144-A REG.S United States of America 11/04/2042 | Fixed US$ 750,000,000 Maturity Semi annual 4.25% 4.40% 14,473 730,827
TOTAL 594,006 6,511,090

Nominal and effective interest rates presented above correspond to annual rates.

F-188

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

At December 31, 2011, the detail of Borrowings from financial institutions and Bond obligations is as follows:

12/31/2011
Loans with Effective Current Non-current
paar Country financial Institution Maturity Rate Currency Amount nd Pame of Nominal interest Balance Balance
entities rate rate Thus$ Thus$
3 annual
, s A installments of
Foreign United States of America Bilateral Credit BBVA Bancomer 09/27/2014 Floating US$ 400,000,000 principal at Quaterly 6 399,643
maturity 0.75% 0.80%
97836000-K Chile Bilateral Credit Banco Santander 11/30/2015 Floating US$ 75,000,000 Maturity Quaterly 1.36% 1.49% 94 74,714
Foreign Bermuda Bilateral Credit | HSBC Bank Bermuda Limited 12/17/2015 Floating US$ 162,500,000 | Maturity Quaterly 1.41% 1.53% 66 161,870
Foreign United States of America Bilateral Credit | Bank of Tokyo-Mitsubishi 12/22/2015 Floating US$ 100,000,000 | Maturity Quaterly 1.32% 1.42% 28 99,678
97836000-K | Chile Bilateral Credit | Banco Santander 12/23/2015 Floating US$ 100,000,000 | Maturity Quaterly 1.42% 1.55% 27 99,600
Foreign Canada Bilateral Credit | Export. Dev. Canada 12/28/2015 Floating US$ 250,000,000 | Maturity Quaterly 1.38% 1.50% 24 248,996
Foreign United States of America Bilateral Credit | Sumitomo Mitsui Banking 02/18/2016 Floating US$ 100,000,000 | Maturity Quaterly 1.38% 1.45% 52 99,686
Foreign Germany Credit Line HSBC Trinkaus 4 Burkhardt Floating Euro 15,364,000 1.65% 1.65% 19,915 –
Foreign Germany Credit Line Deutsche Bank Floating Euro 14,562,000 1.65% 1.65% 18,875 –
Other institutions – – – 2,189 12,458
TOTAL 41,276 1,196,645
Type of Paymentof Effective Current Non-current
Bonds Country Maturity Rate Currency Amount amortization interest Nominal interest Balance Balance
rate rate ThUS$ ThUS$
BCODE-A Chile 09/01/2012 | Fixed UE. 7,000,000 | Maturity Semi annual 3.96% 4.45% 303,701

144-A REG.S United States of America 11/30/2012 | Fixed US$ 435,000,000 | Maturity Semi annual 6.38% 6.48% 437,206 –
144-A REG.S United States of America 10/15/2013 | Fixed US$ 500,000,000 | Maturity Semi annual 5.50% 5.57% 6,011 499,399
144-A REG.S United States of America 10/15/2014 | Fixed US$ 500,000,000 | Maturity Semi annual 4.75% 4.99% 5,191 496,911
114-A REG.S United States of America 01/15/2019 | Fixed US$ 600,000,000 | Maturity Semi annual 7.50% 7.79% 20,788 590,785
114-A REG.S United States of America 11/04/2020 | Fixed US$ 1,000,000,000 | Maturity Semi annual 3.75% 3.98% 5,975 982,719
114-A REG.S United States of America 11/03/2021 | Fixed US$ 1,150,000,000 | Maturity Semi annual 3.88% 4.07% 7,184 1,132,295
BCODE-B Chile 04/01/2025 | Fixed UE. 6,900,000 | Maturity Semi annual 4.00% 3.24% 2,981 320,369
144-A REG.S United States of America 09/21/2035 | Fixed US$ 500,000,000 | Maturity Semi annual 5.63% 5.78% 8,036 490,121
144-A REG.S United States of America 10/24/2036 | Fixed US$ 500,000,000 | Maturity Semi annual 6.15% 6.22% 5,881 495,800
TOTAL 802,954 5,008,399

Nominal and effective interest rates presented above correspond to annual rates.

F-189

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HNANCIAL STATEMENTS

At December 31, 2012, the detail of amounts due undiscounted that the Corporation has with financial institutions is as follows:

12/31/2012 Current Nor+-current
o Nominal . Less than More than Current One to Three to More than Non-current
Debtor’s Name Currena Effective te Type of amortization 90 days 90 days Total three years five years five years Total
y interest rate rate

3 annual quotes of
BBVA BANCOMER US$ 0.57% 05% incipal al matuy 340 134,212 134,552 133,851 . 133,851
BANCO SANTANDER S.A. US$ 1.28% 1.16% | Quaterly 220 673 893 76,766 – 76,766
HSBC BANK BERMUDA LIMITED US$ 1.28% 1.16% | Quaterly 471 1,460 1,931 166,321 – 166,321
THE BANK OF TOKYO M. US$ 1.15% 1.06% | Quaterly 268 801 1,069 102,149 – 102,149
BANCO SANTANDER S.A. US$ 1.28% 1.16% | Quaterly 293 880 1,173 102,352 – 102,352
EXPORT DEVELOP CANADA US$ 1.23% 1.11% | Quaterly 694 2,120 2,814 255,627 – – 255,627
SUMITOMO MITSUI BANKING US$ 1.23% 1.14% | Quaterly 288 860 1,148 2,308 100,288 102,596
MIZUHO CORPORATE BANK LTD US$ 1.21% 0.93% | Quaterly 467 475 942 1,894 100,950 102,844
BANK OF TOKYO-MITSUBISHI LTD. US$ 1.15% 0.84% | Quaterly 1,077 1,071 2,148 4,272 252,142 256,414
HSBC BANK USA, N.A. US$ 1.26% 0.95% | Quaterly 1,204 1,819 3,023 4,219 252,420 256,639
EXPORT DEVELOP CANADA US$ 1.18% 0.81% | Quaterly 520 1,542 2,062 4,123 252,067 – 256,190
ORIENTE COPPER NETHERLANDS B.V. US$ 3.60% 3.25% | Semi annual – 71,829 71,829 139,392 133,705 821,504 1,094,601
BONO 144-A REG. 2013 US$ 5.57% 5.50% | Semi annual 527,500 527,500 – – – –
BONO 144-A REG. 2014 US$ 4.99% 4.75% | Semi annual – 23,750 23,750 523,750 – – 523,750
BONO 144-A REG. 2019 US$ 7.79% 7.50% | Semiannual 22,500 22,500 45,000 90,000 90,000 667,500 847,500
BONO 144-A REG. 2020 US$ 3.98% 3.75% | Semi annual – 37,500 37,500 75,000 75,000 1,112,500 1,262,500
BONO 144-A REG. 2021 US$ 4.07% 3.88% | Semi annual – 44,563 44,563 89,125 89,125 1,328,250 1,506,500
BONO 144-A REG. 2022 US$ 3.16% 3.00% | Semi annual 18,750 18,750 37,500 75,000 75,000 1,437,500 1,587,500
BONO 144-A REG. 2035 US$ 5.78% 5.63% | Semi annual 14,063 14,063 28,126 56,250 56,250 1,006,250 1,118,750
BONO 144-A REG. 2036 US$ 6.22% 6.15% | Semiannual – 30,750 30,750 61,500 61,500 1,084,250 1,207,250
BONO 144-A REG. 2042 US$ 4.40% 4.25% | Semi annual 15,938 15,938 31,876 63,750 63,750 1,546,875 1,674,375

Total TRUS$ 77,093 953,056 1,030,149 2,027,649 1,602,197 9,004,629 12,634,475
BONO BCODE-B 2025 L.F. 3.24% 4.00% | Semiannual 138,000 138,000 276,000 552,000 552,000 8,970,000 10,074,000

Total U.F. 138,000 138,000 276,000 552,000 552,000 8,970,000 10,074,000

Subtotal MUS$ 6,567 6,567 13,135 26,269 26,269 426,872 479,410

Total ThUS$ 83,660 959,623 1,043,284 2,053,918 1,628,466 9,431,501 13,113,885

Nominal and effective interest rates presented above correspond to annual rates.

F-190

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

CORPORACION NACIONAL DEL COBRE DE CHILE

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

At December 31, 2011, the detail of amounts due undiscounted that the Corporation has with financial institutions is as follows:

12/34/2011, Current Nor+current
. . Nominal . Less than More than Current One to Three to More than Non-current
Debtor’s Name Currena . Effective le Type of amortization 90 days 90 days Total three years five years five years Total
Y_| interestrate rate

THE BANK OF TOKYO M. US$ 1.42% 1.32% | Quaterly 353 1,059 1,412 2,826 101,415 104,241
HSBC BANK BERMUDA LIMITED US$ 1.53% 1.41% | Quaterly 619 1,858 2,477 4,961 164,984 – 169,945

3 annual quotes of principal at
BBVA BANCOMER US$ 0.80% 0.75 | maturity 798 2,394 3,192 405,588 – 405,588
EXPORT DEVELOP CANADA US$ 1.50% 1.38% | Quaterly 933 2,802 3,735 7,481 253,746 261,227
BANCO SANTANDER US$ 1.49% 1.36% | Quaterly 277 833 1,110 2,223 76,113 78,336
BANCO SANTANDER US$ 1.55% 1.42% | Quaterly 385 1,155 1,540 3,084 101,544 104,628
SUMITOMO MITSUI BANKING US$ 1.45% 1.38% | Quaterly 348 1,084 1,432 2,791 101,992 – 104,783
BONO 144-A REG. 2012 US$ 6.48% 6.38% | Semi annual 463,150 463,150 – – –
BONO 144-A REG. 2013 US$ 5.57% 5.50% | Semi annual 27,824 27,824 527,842 – 527,842
BONO 144-A REG. 2014 US$ 4.99% 4.75% | Semi annual – 24,796 24,796 549,753 – – 549,753
BONO 144-A REG. 2035 US$ 5.78% 5.63% | Semi annual 14,161 28,324 42,485 56,684 56,736 1,043,188 1,156,608
BONO 144-A REG. 2036 US$ 6.22% 6.15% | Semi annual – 30,823 30,823 61,661 61,682 1,118,796 1,242,139
BONO 144-A REG. 2019 US$ 7.79% 7.50% | Semi annual 22,986 23,005 45,991 92,224 92,591 716,349 901,164
BONO 144-A REG. 2020 US$ 3.98% 3.75% | Semi annual – 39,154 39,154 78,510 78,798 1,158,558 1,315,866
BONO 144-A REG. 2021 US$ 4.07% 3.88% | Semi annual – 46,050 46,050 92,286 92,551 1,382,689 1,567,526
Total TRUS$ 40,860 694,311 735,171 1,887,914 1,182,152 5,419,580 8,489,646
BONO BCODE-A 2012 v.F. 4.45% 3.96% | Semi annual 154,996 7,155,360 7,310,356 – – – –
BONO BCODE-B 2025 v.E. 3.24% 4.00% | Semi annual 6,900 241,789 248,689 480,188 475,419 8,859,557 9,815,164
Total U.F. 161,896 7,397,149 7,559,045 480,188 475,419 8,859,557 9,815,164
Subtotal ThUS$ 6,954 317,738 324,692 20,626 20,421 380,554 421,601
Total ThUS$ 47,814 1,012,049 1,059,863 1,908,540 1,202,573 5,800,134 8,911,247

Nominal and effective interest rates presented above correspond to annual rates.

F-191

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Payment commitments for financial leasing transactions are summarized in the following table:

12/31/2012 12/31/2011
Financial Leasing Gross | Interest Net Gross | Interest Net
ThUS$ | ThUuS$ | ThUS$ | ThUS$ | ThUuS$ | ThUS$
Less than one year 38,785 (3,184) | 35,601 | 28,897 (5,943) | 22,954
Between one and five years | 76,538 | (27,996) | 48,542 | 85,842 | (29,918) | 55,924
More than five years 84,499 | (41,735) | 42,764 | 97,476 | (47,305) | 50,171
Total 199,822 | (72,915) | 126,907 | 212,215 | (83,166) | 129,049

Commitment to future payments for operating
statements of comprehensive income are summarized in the following table:

leases and lease

payments recognized in the

: 12/31/2012 12/31/2011
Future payments for operating leases
ThUS$ ThUS$
Less than one year 753,718 160,208
Between one and five years 386,619 188,733
More than five years 324,428 118,033
TOTAL 1,464,765 466,974
Rental fees recognized in the Statement of 12/31/2012 12/31/2011
Comprehensive Income
ThUS$ ThUS$
Minimum payments for operating leases 208,854 179,418

14. Fair Value of financial assets and liabilities

As the carrying amount of financial assets and liabilities is a reasonable approximation of their fair
value, no incremental disclosures are required in accordance with IFRS 7.

15. Fair value hierarchy

Each of the estimated market values for the Corporation’s portfolio of financial instruments is based on
a calculation and data input methodology. Each of these methodologies has been analyzed to
determine to which of the following levels they can be assigned:

+. Level 1 corresponds to Fair Value measurement methodologies through market quotes
(unadjusted) in active markets and considering the same valued Assets and Liabilities.

F-192
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

+ Level 2 corresponds to Fair Value measurement methodologies using market quote data, not
included in Level 1, that are either directly (prices) or indirectly (derived from the prices)
observable for the valued Assets and Liabilities.

+ Level 3 corresponds to Fair Value measurement methodologies that use valuation techniques
that include data on the valued Assets and Liabilities that are not supported by observable market
data.

Based on the methodologies, inputs, and previous definitions the following market levels have been
established for the financial instruments portfolio held by the Corporation at December 31, 2012:

12/31/2012
Level 1 | Level2 | Level 3 Total
ThUS$ | ThUuS$ | ThUuS$ ThUS$

Financial Assets and liabilities at fair value
with an effect in profit and loss statement

Financial Assets:

Provisionally priced sales contracts – 36,534 – 36,534
Cross Currency Swap – | 121,180 – 121,180
Mutual fund units 11,137 – – 11,137
Metals Futures 884 – – 884
Financial Liabilities:

Metals Futures 16,070 – – 16,070

No transfers between different levels of market values were observed for the reporting period.
16. Trade and other payables

Total trade and other payables, current and non-current, are detailed as follows:

Current Liabilities
Items 12/31/2012 12/31/2011
ThUS$ ThUS$

Trade payables 1,775,773 1,475,980
Payables to employees 23,611 22,519
Withholdings 116,905 88,723
Tax withholdings 167,146 50,791
Other payables 162,157 144,446

Total 2,245,592 1,782,459

F-193
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

17.

Other provisions

Other short-term accrued expenses and provisions as of the indicated dates are detailed as follows:

Current Non-current

Other provisions 12/31/2012 12/31/2011 12/31/2012 12/31/2011

ThUS$ ThUS$ ThUS$ ThUS$
Trade (1) 13,880 14,562 – –
Operating (2) 36,014 43,810 – –
Law No. 13,196 112,014 110,350 – –
Sundry 47,987 41,792 6,869 25,922
Closure, decommissioning and restoration (3) – – 1,471,157 861,530
Contingencies – – 76,141 125,989
Total 209,895 210,514 1,554,167 1,013,441

Current Non-current

Accrual for employee benefits 12/31/2012 12/31/2011 | 12/31/2012 12/31/2011

ThUS$ ThUS$ ThUS$ ThUS$
Employees’ collective bargaining agreements 214,598 209,525 – –
Employee termination benefit 48,717 45,494 749,358 692,206
Bonus 4,888 3,715 – –
Vacation 153,925 128,994 – –
Medical care programs (4) 576 521 373,703 336,862
Retirement plans (5) 113,112 62,003 128,696 –
Other 14,159 8,999 71,537 63,898
Total 549,975 459,251 1,323,294 1,092,966

1) Corresponds to a sales-related accrual, which includes charges for freight, loading, and unloading that were not
invoiced at the end of the period.

2) Corresponds to a provision for customs duties, freight on purchases, electricity, among others.
3) Corresponds to future asset retirement provision costs primarily related to tailing dams, closures of mine operations

and other assets. The value is calculated in present value discounted at a real annual discount rate before tax of
3.04% in Chilean pesos, (in 2011 cash flows were expressed in Chilean pesos discounted at a rate of 3% in real
terms), and reflects the corresponding assessments of the value of money in time that the market is being affected.
The discount rate includes the risks associated withthe liability that is being determined, except those that are included
in the cash flows. The discount period varies between 11 and 82 years.

The new law on mine and mining facilities closure, published in the Official newspaper on November 11, 2011, will
have effects in future periods on this provision, as mentioned in Note 29, “Contingencies and restrictions.”

The Company determines and records the liability in accordance with the accounting policies mentioned in note 2,
letter 0) of the Accounting Policies.

(4) Corresponds to an accrual for contributions to medical care institutions agreed upon with current and former

employees.

(5) Corresponds to an accrual for employees who have agreed or expected to agree to retire in accordance with plans in

force for personnel retirement.

F-194
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

In respect of these plans, and following the ending of the collective bargaining process that the Codelco –
Chuquicamata administration had during the month of December 2012 with the unions of that Division, the
Collective Agreement subscribed to by the parties established a scheduled voluntary retirement plan. As a
result, the Corporation recognized a provision for this in current and noncurrent liabilities in the amounts of
US$73,371 and $128,696, respectively. The values are discounted at a discount rate equivalent to that
used for the calculation of provisions for employee benefits that are part of the account balances at
December 31, 2012.

Movements of Other provisions were as follows:

1/1/2012
12/31/2012
Movements Provision for : : Other
mine closure Contingencies provisions Total
ThUS$ ThUS$ ThUS$ ThUS$

Opening balance 861,530 125,989 25,922 1,013,441
Annual cost 8,457 143,773 2,790 155,020
Adjustment ARO 531,688 – – 531,688
Financial expenses 26,813 – – 26,813
Payment of liabilities (25,809) (195,165) (2,803) (223,777)
Foreign Exchange rate

a 62206 1,544 (176) 63,654
Reverses – – (15,462) (15,462)
Other variations 6,192 – (3,402) 2,790
Final Balance 1,471,157 76,141 6,869 1,554,167

18. Employee benefits
a) Provisions for post employment benefits and other long term benefits

Provision for post employment benefits corresponds to medical care plans and is intended to cover the
payment obligations that the Corporation has contracted with its employees, according to contracts or
collective bargaining agreements, to partially cover the costs of medical services.

Other long term benefits provision refers to employee termination benefit for years of service which is
registered to reflect the termination liabilities to be paid to employees when they leave the Corporation
based on the agreements in the employment contracts or collective bargaining agreements.

These accruals are recorded in the statement of financial position, at the present value of estimated

future obligations. The discount rate applied is determined on the basis of the rates of financial
instruments in the same currency in which the obligations are to be paid and with similar maturities.

F-195
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The results from adjustments and changes in actuarial variables are charged or credited to the
statements of comprehensive income in the period in which they occur.

Actuarial assumptions for calculating the employee termination benefit accrual are as follows:

Actuarial assumptions
Discount rate 5.49% — 5.76%
Turnover rate – resignation 3.11% Men — 0.25% Women
(Average) wage increase 1.08% – Annual
Men’s retirement age 65
Women’s retirement age 60

The Corporation has used the effective mortality schedules issued by the Superintendency of Securities and
Insurance, last updated in 2009.

Reconciliation of post employment benefit and other long term benefits provision:

1/1/2012 1/1/2011
12/31/2012 12/31/2011
Movements Retirement Health Plan Retirement Health Plan
Plan Plan
ThUS$ ThUS$ ThUS$ ThUS$

Opening balance 737,700 337,383 846,460 305,356
Cost 59,202 63,893 54,341 59,743
Finance expense 22,098 8,235 33,226 4,025
Indemnities paid (41,857) (13,282) (102,065) (12,189)
Subtotal 777,143 396,229 831,962 356,935
(Gains) Losses from foreign exchange
differences 20,933 (21,950) (94,262) (19,552)
Total balance 798,076 374,279 737,700 337,383

F-196
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

b) Employee benefits expenses by nature of the benefits

The costs associated with employee benefits classified by their nature, are:

Expenses according to the nature vu2012 v1u2011
of the benefits 12/81/2012 | 12/31/2041

ThUS$ ThUS$
Current benefits 1,814,171 1,649,717
Post-employment benefits 63,893 59,743
Employee termination benefits 218,570 74,311
Benefits for indemnities 59,201 54,341
Total 2,155,835 1,838,112

19. Net equity

In accordance with article 6 of Decree Law 1,350 of 1976, it is established that, before March 30 of
each year, the Board must approve the corporation’s Business and Development Plan for the next
three-year period. Taking that plan as a reference, and keeping in mind the corporation’s balance
sheet for the immediately previous year, and in order to ensure its competitiveness, before June 30 of
each year the amounts that the corporation shall allocate to the formation of capitalization funds and
reserves shall be determined by founded decree from the Ministries of Mining and Treasury.

Net income shown in the balance sheets, after deducting the amounts referred to in the previous
paragraph, shall belong to the State and becomes part of the Nation’s general income.

On June 26, 2012, pursuant to Decree Law No. 674 of the Ministries of Mining and Finance the
capitalization of reserve funds amounting to US$ 800 million, corresponding to part of the profits
generated by Codelco in 2011 was approved. Additionally and according to the provisions of decree
law No. 1160 the Ministries of Mining and Finance authorized the retention of profits before tax for the
year 2011 in an amount equivalent to US$ 473 million through earnings obtained from the sale of
electricity assets.

As of December 31, 2012 and December 31, 2011, no dividends payable were provisioned due to the
Corporation’s authorized net income withholding policy.

In the financial statement “Statement of Changes in Net Equity” the changes experienced in the
Corporation’s equity are disclosed.

Due to the bylaws that govern the Corporation, these financial statements do not consider disclosure
of information related to earnings per share.

F-197
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The movement and composition of other equity reserves is presented in the Consolidated Statement
of Changes in Net Consolidated Equity.
a) Other reserves

Other equity reserves are listed in the table below, as of the dates indicated in each case.

12/31/2012 | 12/31/2011
Other reserves
ThUS$ ThUS$

Foreign exchange differences on conversion
reserves 1,609 283
Cash flow hedge reserves (5,673) (272,349)
Capitalization fund and reserves 2,729,556 1,456,476
Other reserves 638,690 645,109
Total other reserves 3,364,182 1,829,519

b) Non-controlling equity interests

The details of non-controlling equity interests, included in liabilities and net income, are listed in the
table below, as of the dates indicated in each case.

Net Equity Profit (loss)
1/1/2012 1/1/2011
Company 12/31/2012 | 12/31/2011 1213112012 | 1213112011

ThUS$ ThUS$ ThUS$ ThUS$
Asociación Garantizadora de Pensiones 21 21 (1) (1)
Biosigma S.A. 762 1,032 (1,270) (1,092)
Instituto de Innovación en Minería y Metalurgia S.A. 3 4 (1) –
Clínica San Lorenzo Ltda. 8 – 2 –
Micomo S.A. – 946 (212) 32
Inversiones Mineras Gacrux SpA 2,098,607 – 8,842 –
Fundación de Salud El Teniente 5 17 – (1)
TOTAL 2,099,406 2,020 7,360 (1,062)

F-198
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

20. Operating income

The following table shows the sources of the Corporation’s consolidated revenue.

1/1/2012 1/1/2011
Item 12/31/2012 | 12/31/2011

ThUS$ ThUS$
Revenue from sales of the Corporation’s copper 13,556,369 15,565,681
Revenue from sales of copper bought to third parties 1,668,961 1,346,056
Revenue from sales of molybdenum 544,041 777,843
Revenue from sales of other products 855,636 1,053,776
Loss in futures market (764,575) (1,228,060)
Total 15,860,432 17,515,296

21. Expenses by nature

The Corporation’s consolidated expenses by nature are detailed as follows:

1/1/2012 1/1/2011
Item 12/31/2012 12/31/2011
ThUS$ ThUS$
Personnel Expenses 1,814,171 1,649,717
Depreciation 1,005,026 1,020,118
Amortization 601,139 465,239
Total 3,420,336 3,135,074

F-199

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

22. Other revenues and expenses by function
Other revenues and expenses by function are detailed in the following tables:

a) Other income by function

1/1/2012 1/1/2011
Item 12/31/2012 12/31/2011
Thus$ Thus$
Penalties to suppliers 16,583 21,189
Delegated Administration 4,518 6,423
Miscellaneous sales (net) 58,525 160,151
Profit of E-CL S.A. Sale – 375,080
Profit of Inca de Oro Sale – 72,463
Compensation by insurance companies 16,538 9,535
Stock option revaluation Anglo American Sur 3,517,690 –
Net fair value acquired mining properties 401,918
Income from sales of Inv. Mineras Acrux SpA. shares 7,626 –
Other income 68,941 81,344
Total 4,092,339 726,185

b) Other expenses by function

1/1/2012 1/1/2011
Item 12/31/2012 12/31/2011

Thus$ Thus$
Law No. 13,196 (1,269,908) (1,485,551)
Research expenses (102,285) (106,179)
Bonus for the end of collective bargaining (418,006) (179,245)
Closing expense – (10,606)
Retirement plan (218,570) (74,311)
Penalty fixed assets (20,981) (63,967)
Medical care plan (63,893) (59,743)
Actuarial results – (150,818)
Impairment Ventanas smelter – (70,000)
Expenses from sales of Inv. Mineras Acrux SpA. shares (136,322) –
Other Expenses (45,989) (106,906)
Total (2,275,954) (2,307,326)

F-200
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

23. Finance costs

Finance costs are detailed as follows:

1/1/2012 1/1/2011
Item 12/31/2012 | 12/31/2011
ThUS$ ThUS$
Bond interests (289,219) (183,834)
Bank loan interests (26,597) (9,009)
Exchange differences on severance indemnity
provision (22,098) (33,226)
Exchange differences on other non-current provisions (36,077) (37,803)
Other (32,287) (30,624)
Total (406,278) (294,496)

24. Operating segments

In Section |l, “Summary of Significant Accounting Policies” it has been indicated that, in conformity
with IFRS No. 8, “Operating Segments”, the operating segments are determined according to the
Divisions that make up Codelco. The revenues and expenses of the Head Office, are distributed
among the defined operating segments.

Mining sites in operation, in which the Corporation carries out its extractive and processing production
processes, are managed into the Chuquicamata, Radomiro Tomic, Salvador, Andina and El Teniente
and Gabriela Mistral divisions. Additionally the Ventanas division is added even though it is operating
only as a smelter and refinery, and Ministro Hales that is estimated to be opened at the end of 2013.
Those operations are administered independently and are reporting directly to the Executive
President. The details and operations related to each mine are the following:

Chuquicamata

Types of mine sites: open pit mines

Operating: since 1915

Location: Calama — Region Il

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

Radomiro Tomic

Types of mine sites: open pit mines

Operating: since 1997.

Location: Calama — Region Il

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

F-201
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Salvador

Type of mine: underground mine and open pit mine

Operating: since 1926

Location: Salvador — Region |1l

Products: electrorefined and electrolytic (electro-obtained) copper cathodes and copper concentrate

Andina

Type of mines: underground and open pit mines
Operating: since 1970

Location: Los Andes – Region V

Product: copper concentrate

El Teniente

Type of mine: underground mine

Operating: since 1905

Location: Rancagua — Region VI

Products: fire-refined copper and copper anodes

Ministro Hales
In charge of the future development of the open pit mine Ministro Hales whose authorization is dated
November 19, 2010. The estimated date for the start of operations is late 2013.

Gabriela Mistral

Type of mine: open pit mine

Operating: since 2008

Location: Calama — Region Il

Products: electrolytic (electro-obtained) cathodes

a) Head Office Distribution

Revenue and expenses controlled by the Head Office are allotted to operating segments based on the
criteria detailed as follows.

Main items are allocated according to the following criteria:
Sales and Cost of Sales of Head Office commercial transactions
+ Distribution to the operating segments made proportionally to the value of the products and sub-

products invoiced by each division.
Other income, by function

F-202
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

+ Other income by function, associated and identified with each operating segment, is allotted directly.

+ Recognition of realized profits and other income by function of subsidiaries is distributed in proportion
to the operating income of each operating segment.

+ The remaining other income ¡is distributed in proportion to the addition of balances of “other income”
and “finance income” of the respective operating segment.

Distribution costs

+ Expenses associated and identified with each operating segment are allotted directly.
+ Distribution costs of subsidiaries are allotted in proportion to the operating income of each operating
segment.

Administrative Expenses

+ Administrative expenses associated and identified with each segment are allotted directly.

+ Administrative expenses are recorded in cost centers associated with the sales function. Administrative
expenses of subsidiaries are distributed in proportion to the operating income of each operating
segment.

+ Administrative expenses recorded in cost centers associated with the supply function are allocated in
relation to material account balances in each division warehouse

+ The remaining administrative expenses are distributed in relation to operating cash expenses of each
operating segment.

Other Expenses, by function

+ Expenses associated and identified with each operating segment are allotted directly.

+ Expenses for pre-investment studies and other expenses of subsidiaries by function are distributed in
proportion to the operating income of each operating segment.

Other Earnings

+ Other earnings associated and identified with each individual operating segment are allotted directly

+ Other earnings of subsidiaries are distributed in proportion to the operating income of each operating
segment.

F-203
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Finance Income

+ Finance income associated and identified with each operating segment is allotted directly.

+ Finance income of subsidiaries is distributed in proportion to the operating income of each operating
segment.

+ The remaining finance income is distributed in relation to the operating cash expenses of each
operating segment.

Finance costs

+ Finance costs associated and identified with each operating segment in particular are allotted directly.
+ Finance costs of subsidiaries are distributed in proportion to the operating income of each operating
segment.

Share in profit (losses) of Associates and joint ventures, which are accounted for using the equity
method

+ The share in profit or losses of associates and joint ventures identified for each individual operating
segment is allotted directly.

Foreign currency conversion

+ Foreign currency conversion identifiable with each individual operating segment is allotted directly.

+ Foreign currency conversion of subsidiaries is distributed in proportion to the operating income of each
operating segment.

+ Theremaining foreign currency conversion is distributed in relation to operating cash expenses of each
operating segment.

Contribution to the Treasury of Chile Law No. 13,196

+ The amount of the contribution is distributed and accounted for in relation to values invoiced and
accounted for in the copper and sub-product exports of each operating segment, subject to taxation.

Income tax income (expenses)
+» First category income tax (corporate), of D.L. 2,398 and specific mining tax are distributed based on

the pre-tax income of each operating segment, considering for this purpose the income and expenses
distribution criteria of the Head Office and subsidiaries mentioned above.

F-204
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

+ Other tax expenses are distributed in proportion to the first category income tax, specific mining tax
and D.L. 2,398 allotted to each operating segment.

b) Transactions between segments

Transactions between segments are made up mainly by products processing services (or
maquilas), which are recognized as revenue for the segment that makes maquilas and as the cost
of sales for the segment that receives the service. Such recognition is performed in the period in
which these services are provided, as well as disposal of both factors on corporate financial
statements.

c) Cash flow from segments

The operating segments defined by the Corporation, maintain a cash management which refers
mainly to operational activities that need to be covered periodically with fixed funds constituted in
each of these segments and whose amounts are not significant in the context of the category
Corporate balances cash and cash equivalents.

Conversely, activities such as obtaining financing, investment and payment of relevant duties are
mainly based at the Head Office.

d) Impairment
In its income statement for 2011, the Ventanas division operating segment presented an
impairment loss of US$70,000 before taxes, corresponding to the impairment of assets of property,

plant and equipment assigned to this division based on the CGU evaluation method.

This impairment was registered under the valuation of the recoverable amount of the mentioned
assets, which result was lower than their book value of them at December 31, 2011.

The recoverable amount for the assets of the Ventanas division is the use in value, and the
discount rate used to calculate this was 8%.

No reversals of impairment were made during the years ended December 31, 2012 and 2011.

e) Anglo American Sur S.A. participation

F-205
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Presents separately, the financial economic effect of the result of the acquisition operation of the share
participation of the company Anglo American Sur S.A., which are not distributed to the usual business
operating segments of Codelco, by their character as investments valued at fair value.

The following tables detail the financial information organized by operating segments:

F-206
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

From 1/1/2012
to 12/31/2012
a cination .
Chuquicamata | RTomic | Salvador Andina | ElTeniente | Ventanas Meal M Hales Semen a o Deia
net
ThUs$ ThUS$ ThUS$ ThUs$ ThUs$ ThUs$ ThUS$ ThUs$ ThUS$ Thus$ ThUs$ ThUs$

Revenue from sales of the Corporation’s
cooper 3,031,820 3,235,066 704,655 1,791,456 3,304,523 455,473 | 1,058,421 – 13,581,414 (25,046) – 13,556,368
Revenue from sales of cooper bought from
third parties – – – – – 94,717 – – 94,717 1,574,244 – 1,668,961
Revenue from sales of molybdenum 222,108 42,380 24,763 100,192 154,598 – – – 544,041 – – 544,041
Revenue from sales of other products 216,207 – 95,268 8,950 241,560 293,902 – – 855,887 (250) – 855,637
Revenue from futures market (163,893) | — (195,229) (39,792) (116,313) (190,211) – | (59,032) – | (764,470) (105) – (764,575)
Revenue between segments 101,312 – 44,323 1,273 1,459 62,315 – – 210,682 (210,682) – –
Revenue fromregular activities 3,407,554 | 3,082,217 829,217 1,785,558 3,511,929 906,407 | 999,389 – | 145522271 1,338,161 – 15,860,432
Cost of sales of the Corporation’s cooper (2,515,466) | (1,531,901) (768,278) (928,703) (1,626,354) (471,960) | (632,115) – (8,474,777) (4,444) – (8,479,221)
Cost of sales of cooper bought from third
parties – – – – – | (106,891) – – | (106,891) (1,539,773) – | (1,646,664)
Cost of sales of molybdenum (69,583) (24,702) (15,997) (24,417) (41,039) – – – (175,738) – – (175,738)
Cost of sales of other products (63,038) (8) (51,989) (505) (143,485) (291,037) – – | (550,057) – – (550,057)
Cost of sales between segments (231,605) 139,477 (78,388) 9,795 26,334 (76,295) – – (210,682) 210,682 – –
Cost of sales (2,879,692) | (1,417,129) (14,652) (843,830) | (1,784,544) (946,183) | (632,115) – | (0,518,145) (1,333,535) – | (10,851,680)
Gross Profit 527,862 | 1,665,088 (65,435) 841,728 1,727,385 (69,776) | 367,274 – 5,004,126 4,626 – 5,008,752.
Other revenue per function 56,708 9,724 9,832 5,722 44,385 1,803 6,913 178 135,265 29,840 3,927,234 4,092,339
Distribution costs (101) (65) (43) (187) (236) – – – (632) (12,022) – (12,654)
Administrative expenses (65,390) (52,736) (24,958) (34,409) (76,044) (14,321) | — (36,946) 458 (304,346) (239,185) – (543,531)
Other expenses per function (829,049) (303,260) (120,625) (242,994) (377,661) (71,193) | (105,395) 42 (2,014,135) (89,497) (136,322) (2,275,954)
Other gains (losses) – – – – – – – – – 35,400 – 35,400
Finance income 4,005 1,701 889 1,436 6,460 899 465 25 15,880 43,143 – 59,023
Finance costs (89,037) (22,209) (5,281) (132,569) (78,146) (3,573) (62,543) (32) (393,390) (12,888) – (406,278)
Share in the profit (loss) of associates and
Ie ventures accounted by the equity 159 . (90) 294 . – | (81,033) . (30,870) 487,900 . 457,230
Exchange differences (80,094) (10,615) (25,070) (28,897) (85,311) (4,687) (9,302) 1,544 (192,432) 26,631 – (165,801)
Profit (loss) before taxes (474,937) | 1,287,628 (250,781) 410,124 1,210,832 (130,848) | 129,433 2215 2,219,666 273,948 3,790,912 6,248,526
Income tax expenses 241,719 (866,505) 152,607 (284,400) (823,574) 79,220 | (111,508) (4,554) (1,616,994) 2915 (759,127) (2,373,206)
Profit (loss) (233,218) 421,123 (98,174) 125724 387,258 (51628) 17,925 | (2329) 602,672 276,863 3,031,785 3,875,320

F-207

NOTES TO THE CONSOLIDATED HNANCIAL STATEMENTS

CORPORACION NACIONAL DEL COBRE DE CHILE

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)

(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

From 1/1/2011
to 12/31/2011
‘Segments Subsidiaries, .
icamata | RTomic | Salvador Andina | ElTeniente | Ventanas a M Hales rol associates ana | Co”solidated
Chuqui Mistral Segments | oo net Total
ThUS$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$ ThUs$

Revenue from sales of the Corporation’s cooper 4,055,772 3,637,504 1,037,086 1,888,662 3,414,537 527,582 996,340 15,557,483 8,199 15,565,682
Revenue from sales of cooper bought from third parties – – – – – 33,994 – 33,994 1,312,062 1,346,056
Revenue from sales of molybdenum 432,275 29,290 31,257 98,922 185,757 – – 777,501 341 777,842
Revenue from sales of other products 469,878 – 166,836 5,791 209,570 368,715 – 1,220,790 (167,014) 1,053,776
Revenue from futures market (329,285) (291,592) (86,912) (166,856) (275,177) – (76,788) (1,226,610) (1,450) (1,228,060)
Revenue between segments 44,523 – 29,744 1,270 1,503 42,290 – 119,330 (119,330) –
Revenue from regular activities 4,673,163 3,375,202 1,178,011 1,827,789 3,536,190 972581 | 919,552 – 16,482,488 1,032,808 17,515,296
Cost of sales of the Corporation’s cooper (2,741,733) (1,221,534) (832,069) (910,569) (1,364,186) (543,608) | (521,828) (8,135,527) 21,162 (8,114,365)
Cost of sales of cooper bought from third parties – – – – – (34,497) – (34,497) (1,296,119) (1,330,616)
Cost of sales of molybdenum (82,312) (11,519) (11,398) (22,040) (37,352) – – (164,621) – (164,621)
Cost of sales of other products (348,465) – (128,342) (3,970) (144,389) (393,023) – (1,018,189) 344,765 (673,424)
Cost of sales between segments 22,086 97,953 2,393 11,950 39,067 4,052 – 177,501 (177,501) –
Cost of sales (8,150,424) | (1,135,100) (869,416) (924,629) (1,506,860) | (967,076) | (521,828) – | (9175333) (1,107,693) (10,283,026)
Gross Profit 1,522,739 2,240,102 208,595 903,160 2,029,330 5505 | 397,724 – 7,307,155 (74,885) 7,232,270
Other revenue per function 79,070 9,630 10,167 17,678 65,974 3,241 – 5 185,765 540,420 726,185
Distribution costs (194) (43) (16) (109) (152) – – – (514) (10,600) (11,114)
Administrative expenses (63,424) (17,651) (25,474) (26,895) (71,166) (13,723) (21,474) (367) (240,174) (212,043) (452,217)
Other expenses per function (633,392) (406,236) (124,024) (205,905) (630,085) (145,668) (93,076) (235) (2,238,621) (68,705) (2,307,326)
Other gains (losses) – – – – – – – – 38,709 38,709
Finance income 5,390 1,627 1,468 1,042 5,850 778 194 3 16,352 28,349 44,701
Finance costs (87,383) (12,178) (9,011) (70,477) (58,773) (3,161) (45,028) (286,011) (8,485) (294,496)
Share in the profit (loss) of associates and joint ventures
counted by the e) elnod J 286 – (206) (808) – (22,044) (22,772) 376,212 353,440
Exchange differences 70,294 28,586 28,568 35,881 63,383 12,425 7,977 (3,623) 243,491 (26,493) 216,998
Profit (loss) before taxes 893,386 1,843,837 90,067 653,567 1,404,361 | (140,603) | 224,273 (4,217) 4,964,671 582,479 5,547,150
Income tax expenses (645,906) | (1,226,886) (54,448) (448,913) (867,274) 114,446 | (145,852) 2801 | (3372032) (119,766) (8,491,798)
Profit (loss) 247,480 616,951 35,619 204,654 437,087 (26,157) 78,421 (1,416) 1,592,639 462,713 2,055,352

F-208

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The assets and liabilities related to each operating segment, including the Corporation’s corporate center
(Head Office) as of December 31, 2012 and 2011 are detailed in the following tables:

12/31/2012
a Subsidiaries, Participation ‘
Balance Chuquicamata Racomiro Salvador Andina El Teniente Ventanas G. Mistral M. Hales associates and Anglo American Consolidated
Sheet Item Head Office, net Sur
ThUS$ ThUuS$ | ThUSS ThUS$ Thuss ThuS$ ThusS ThuS$ ES ThUS$ ES
Current asset 1,348,606 | 850,741 | 449,560 309,229 854,587 206,191 550,637 120,102 1,841,693 3,281 6,534,627
Non-current
asset 3,304,986 | 1,535,565 | 637,243 | 3,507,881 | 3,716,190 252,403 | 1,049,336 | 2222911 1,944,388 6,939,503 25,110,406
Current
liabilities 849,472 | 232,009 | 164,586 219,207 510,923 156,769 219,483 249,908 1,491,943 44,673 4,138,972
Non-current
liabilities 1,252,439 | 260,746 | 160,320 253,355 829,236 39,255 93,336 10,882,773 1,556,821 15,328,281
12/31/2011
a Subsidiaries, ‘
Balance Chuquicamata radomro Salvador Andina El Teniente Ventanas G. Mistral M. Hales associates and Consodated
Sheet Item ome Head Office, net o
ES ES ThUSS ES ThuSS ThUS$ Thuss ThUS$ ThusS ThUS$
Current asset 1,234,261 714,252 337,625 298,668 796,300 251,296 220,463 93,490 1,960,565 5,906,920
Non-current
asset 2,821,238 | — 1,300,334 561,810 | 3,251,603 | 2,987,947 219,644 | 1,023,682 954,785 1,806,981 14,928,024
Current
liabilities 629,056 181,284 144,564 232,512 425,734 106,737 463 127,904 2,567,828 4,416,082
Non-current
liabilities 942,489 198,249 207,987 155,702 617,029 30,059 206 8,202,111 10,353,832
Revenue classified by geographical area ¡is detailed as follows:
1/1/2012 1/1/2011
Revenue per geographical areas 12/31/2012 12/31/2011
ThUS$ ThUS$
Total revenue from local customers 1,270,364 1,169,288
Total revenue from foreign customers 14,590,068 16,346,008
Total 15,860,432 17,515,296
1/1/2012 1/1/2011
Revenue per geographical areas 12/31/2012 12/31/2011
ThUS$ ThUS$
China 4,147,385 5,163,802
Rest of Asia 3,216,510 3,670,452
Europe 2,616,138 3,699,763
Other 5,880,399 4,981,279
Total 15,860,432 17,515,296

F-209

(

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
n thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

25.

26.

Sales are allocated to different geographical areas depending on the residence of the clients
that have signed sales contracts with Codelco.

Non-current assets other than financial instruments, deferred tax assets, post-employment benefit
assets, and rights arising under insurance contracts, are located mainly in Chile, with no significant
exceptions located in foreign subsidiaries, and which do not exceed more than 1% of such assets.

Foreign exchange differences

According to Decree Law 1,350, the Corporation maintains ¡ts accounting records in United States
dollars (US$), recording transactions in currencies other than U.S. dollars at the exchange rate current
at the date of each transaction and subsequently updating them, when necessary, according to the
exchange rate determined by the Superintendency of Securities and Insurance as of closing reporting
for each of the financial statements.

The following table summarizes the foreign exchange differences in Codelco Chile and subsidiaries
consolidated statements of income:

Gain (1 from forei h 1/1/2012 1/1/2011
ain (loss) from foreign exchange 12/31/2012 | 12/31/2011
differences recognized in income
ThUS$ ThUS$
Gain from foreign exchange differences 131,329 364,354
Loss from foreign exchange differences (297,130) (147,356)
Total foreign exchange differences, net (165,801) 216,998

Statement of cash flows

The following table shows the items that comprise other collections and payments from operating
activities in the Statement of Cash Flows:

Other collections from operating 1/1/2012 1/1/2011
activities 12/31/2012 12/31/2011
ThUS$ ThUS$
VAT Refund 1,749,426 1,343,162
Other 412,232 500,631
Total 2,161,658 1,843,793

F-210
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

1/1/2012 1/1/2011
Other payments for operating activities 12/31/2012 12/31/2011
ThUS$ ThUS$
Contribution to the Chilean Treasury (Law No. 13,196) (1,263,896) (1,576,057)
Finance hedges and sales (780,529) (1,223,076)
VAT and other similar taxes paid (1,517,674) (1,391,936)
Total (3,562,099) (4,191,069)
: 1/1/2012 1/1/2011
Other collections (payments) from sales (purchases) 12/31/2012 12/31/2011
of investments in joint ventures and associates
ThUS$ ThUS$
Purchase of participation in Anglo American Sur S.A. (2,799,795) –
Sale of ECL-S.A. – 1,055,351
Sale of Inca de Oro S.A. – 33,000
Total (2,799,795) 1,088,351

Earnings before taxes generated by the recognition of the fair value of assets acquired in the purchase
of the share interest of Anglo American Sur S.A., corresponding, first to shares of the company
(ThUuS$ 3,517,690) and the other part to mining properties (ThUS$ 401,918), did not generate positive
effects to the cash flows ofthe Corporation (see Note 22.a).

On Februrary, 15, 2011 the association of Codelco with Minera PanAust IDO Ltda. was approved in
relation to the mine site Inca de Oro. Additionally, Codelco became the holder of an equity interest of
34%, down from 100%, ceding control of Inca de Oro S.A. to PanAust IDO Ltda. This operation
generated a profit before tax of ThUS$72,463, of which ThUS$39,463 do not correspond to the
materialization of cash earnings.

1/1/2012 1/1/2011
Loss of control over subsidiaries 12/31/2012 12/31/2011
ThUS$ ThUS$
Total consideration received – 33,000
Consideration consisting of cash and cash equivalents – 33,000
Balance of cash and cash equivalents in the subsidiaries (*) – 575
Balance of other assets different than cash or cash equivalents (*)
Current assets – 489
Non-current assets – 2,665
Current liabilities – 18
Non-current liabilities
(*) Statement of Financial Position as of January 1, 2011

F-211
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

27. Financial risk management, objectives and policies

Codelco has created committees within its organization to generate strategies with which to minimize
the financial risks to which it may be exposed.

As December 31, 2012, the Market Risk Management Committee, the Vice-presidency of
Management and Finance and the Vice-presidency of Commercialization are responsible for
minimizing exposure to financial risk.

The risks to which Codelco is exposed are detailed as follows, along with a brief description of the
management procedures that are carried out in each case.

a. Financial risks
Exchange rate risk:

According to IFRS 7, exchange rate risk is understood to be the risk that arises from financial
instruments that are denominated in foreign currencies, that is, a currency other than the
Corporation’s functional currency (U.S. dollar).

Codelco’s activities that generate this exposure correspond to funding in UF, accounts payable
and receivable in Chilean pesos, other foreign currencies used in its business operations and
obligations with employees.

The majority of transactions in currencies other than US$ are denominated in Chilean pesos.

Taking the assets and financial liabilities as of December 31, 2012 as the base, a fluctuation
(positive or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other variables
constant), could affect profits by + / – US$27 million. This result is obtained by identifying the
principle areas affected by exchange rate, including assets and financial liabilities, in order
to measure the impact on income thata variation of +/- 10 Chilean pesos would have to US$,
with respect to the real exchange rate as of the date of this financial statement.

Codelco has signed deposits in national currency to cover the effects of exchange rate
fluctuations between the dollar and the Chilean peso due to the obligations of the Corporation
held in Chilean pesos.

As of December 31, 2012, the balance of these deposits is US$ 539 million. As of December 31,

2011, no balances were maintained for deposits in Chilean pesos.
Interest rate risk:

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

This risk is generated by interest rate fluctuations in Codelco’s investment and financing activities.
This movement can affect future cash flows or the market value of fixed rate financial
instruments.

These rate variations refer to U.S. dollar variations, mostly with respect to the LIBOR rate. To
manage this risk, Codelco maintains an adequate combination of fixed and variable rate debt,
which is complemented by the possibility of using interest-rate derivatives to meet the strategic
guidelines defined by Codelco’s Corporate Finance Department.

It is estimated that, on the basis of net debt as of December 31, 2012, a 1% change in interest
rates on the financial liabilities subject to variable interest rates would mean approximately a
US$16 million change in finance costs, before tax. This estimationis made by
identifying the liabilities assigned to variable interest, accrued at the endof the financial
statements, which may vary with a change of one percentage point in variable interest rates.

Total fixed and variable interest rate obligations maintained by Codelco as of December 31, 2012,
amount to ThUS$ 7,105,096 and ThUS$ 2,797,582 respectively.

b. Market risks
Commodity price risk:

As a result of its commercial operations and activities, the Corporation’s income ¡is mainly
exposed to the volatility of copper prices and certain sub-products such as gold and silver.

Copper and molybdenum concentrate sale agreements and copper cathode sale agreements
generally provide for provisional pricing of sales at the time of shipment, with final pricing based
on the monthly average market price for specified future periods. The host contract is the sale of
metals contained in the concentrate or cathode at the provisional invoice price, and the
embedded derivative is the forward contract for which the provisional sale is subsequently
adjusted. At the reporting date, the provisionally priced metal sales are marked-to-market, with
adjustments (both gains and losses) being recorded in revenues in the consolidated statements
of comprehensive income. Forward prices at the period end are used for copper sales, while
period-end average prices are used for molybdenum concentrate sales due to the absence of
assets futures market.

As of December 31, 2012, if the future price of copper were to vary by + / – 5% (with the other
variables constant), net income would vary by + / – US$182 million as a result of the mark to
market adjustment of sales revenue at provisional prices current at December 31, 2012 (ThTMF
469). For the indicated estimate, all physical sales contracts were identified that will be valued
according to the average of the month immediately prior to the closing date of the financial

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

statements, after which the definitive liquidation price will be estimated if there is a difference of
+/- 5% with respect to the known future price on that date for the given period.

In order to protect its cash flows and, if necessary, adjust its sales contracts to its commercial
policy, the Corporation performs transactions in the copper futures market. At the reporting date,
the contracts are adjusted to their fair value, registering that effect, at the maturity of the hedge
operations, being recorded in revenues of product sales.

Forward prices at the period-end are used for copper sales, while period-end average prices are
used for molybdenum concentrate sales due to the absence of assets future market.

As of December 31, 2012, a U.S.£ 1 variation in the price per pound of copper, because of the
effect on derivative instrument contracts entered into by the Corporation, would result in a
variation in revenue or payments for existing contracts (exposure) of TRUS$50, before taxes. This
calculation is obtained from a simulation of the change of future copper prices, which are used to
value all derivative instruments entered into by the Corporation. Estimates will vary if there is an
increase / decrease of U.S. £ 1 in the price of the pound of copper.

No hedging contracts have been entered into for the specific purpose of mitigating the price risk
caused by fluctuations in the price of production supplies.

Cc. Liquidity risk

The Corporation ensures that it has sufficient resources, such as pre-approved credit lines
(including refinancing), in order to meet short-term requirements, after considering the necessary
working capital for its operations and any other commitments it has.

In this sense, Codelco Chile maintains resources at its disposal sufficient to meet its obligations,
whether in cash, liquid financial instruments or credit facilities. .

In addition, the Finance Department constantly monitors the Corporation’s cash flow projections
based on short and long term projections and available financing alternatives. In addition, the
Corporation estimates that it has enough room to increase the level of borrowing for the normal
requirements of its operations and investments established in its development plan.

In this context, according to current existing commitments with creditors, the cash requirements to

cover financial liabilities classified by maturity and presented in the statement of financial position
are detailed as follows:

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

se . Lal alt Less than Between one More than
Maturities of financial liabilities at . .
December 31, 2012 ayear and five years five years
ThUS$ ThUS$ ThUS$

Loans from financial institutions 219,686 1,768,861 809,035
Bonds 594,006 497,966 6,013,124
Finance leases 35,601 48,542 42,764
Derivatives 14,537 1,533 –
Other financial liabilities 949 80,499 –
Total 864,779 2,397,401 6,864,923

d. Credit risk

This risk comprises the possibility that a third party does not fulfill its contractual obligations,
thereby causing a loss for the Corporation.

Given the Corporation’s sales policy, principally with cash and advance payments and bank
letters of credit, the uncollectibility of client debt balances is minimal. This is complemented by
the familiarity the Corporation has with its clients and the length of time it has operated with them.
Therefore, the credit risk of these transactions ¡is not significant.

In general, the Corporation’s other accounts receivable have a high credit quality according to the
Corporation’s evaluations, based on each debtor’s solvency analysis and payment history.

The maximum credit risk exposure as of December 31, 2012 is represented by the financial asset
items presented in the Corporation’s Statement of Financial Position.

The Corporation’s accounts receivable do not include customers with balances that could be
classified as a significant concentration of debt and would represent a material exposure for
Codelco. This exposure is distributed among a large number of clients and other counterparties.

The client items include allowances, which are not significant, designed to cover possible
insolvencies. These provisions are determined based on review of the debt balances and the
clients’ characteristics, to cover possible insolvencies.

Explanatory note 2 in “Trade and other receivables” presents overdue balances that have not
been impaired.

The Corporation estimates that unimpaired amounts overdue over 30 days are recoverable based
on clients’ historical payment behavior and their existing credit ratings.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

As of December 31, 2012 and December 31, 2011, there are no receivable balances that have
been renegotiated.

Codelco works with major banks, which have high national and international ratings, and
continually assesses them; therefore, the risk that could affect the availability of the Corporation’s
funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit insurance
policies through which it transfers to third parties the commercial risk associated with some
aspects of its business.

During the period as ended December 31, 2012 and 2011, no assets have been obtained as a
result of the execution of guarantees contracted to insure the collection of third party debt.

Personnel loans are mainly generated by mortgage loans, according to programs included in
collective agreements, which are guaranteed by housing mortgages which are paid for through
payroll discounts.

28. Derivatives contracts

As stated in the Board of Directors’ policy, ratified on March 27, 2009, the Corporation has operations
to hedge cash flows, to minimize the risk of foreign exchange rate variations and sales price
variations, detailed as follows:

a. Exchange rate hedges
The Corporation has protection operations from exchange rate variations, whose net deferred tax
positive exposure amounts to ThUS $ 470, which will expire in April 2025.
The following table summarizes the exposure of the financial hedges contracted by the
Corporation:
Type of
Hedge Item Bank derivative | Maturity | Currency Amon of te Sap Exposure
contract 9
ThUS$ ThUS$ ThUuS$
Credit Suisse
Bond UF Maturity 2025 | (USA) Swap 4/1/2025 US$ 328,523 208,519 121,180
Total 328,523 208,519 121,180

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

b.1.

b.2.

The current methodology for valuing the currency swap, using the bootstrapping technique from
the Mid and Mid Swap rates for Libor build curves (zero) in UF and USD respectively, from
market information.

Cash flows and commercial policy adjustment hedging contracts

The Corporation performs transactions in the futures market, recording their results at maturity.
These results are added to or deduced from sales revenue. This addition or deduction is made
because sales revenue incorporates the positive or negative effect of market prices. At December
31, 2012, these operations generated a lower net realized income of ThUS$761,571 and a
positive unrealized income of ThUS$173 (plus an effect of higher net income equivalent to ThUS$
95 in subsidiaries), which is detailed below:

Commercial operations of current copper contracts

The purpose of these contracts is to adjust the price of shipments to the price defined in the
Corporation’s related policy, defined in accordance with the London Metal Exchange (LME). As of
December 31, 2012, the Corporation performed futures market transactions that represent
374,540 metric tons of fine copper. These hedging operations are part of the Corporation’s
commercial policy.

The current contracts as of December 31, 2012 present a ThUS$15,359 negative exposure, and
their final result will only be known at their maturity, offsetting the hedging transactions with
revenue from the sale of the hedged products.

The transactions completed between January 1 and December 31, 2012 generated a net positive
effect on net income of ThUS$11,609, which is deducted from the amounts paid for purchase
contracts and added to the values received for sales contracts of the products affected by these
pricing transactions.

Commercial Transactions of Current Gold and Silver Contracts
As of December 31, 2012 the Corporation maintains contracts for pricing the sale of gold for
ThTOZ 2.5 and silver for THTOZ 120.8.

At December 31, 2012, there was a positive result of ThUS$173, corresponding to non-effective
exposure associated with these operations.

The transactions completed between January 1 and December 31, 2012 generated a negative
effect on net income of ThUS$247, which is subtracted from the amounts received for the sales
contracts of the products affected by these pricing transactions. These hedging transactions
mature in February 2013.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

b.3. Cash flow hedging operations backed by future production

The Corporation does not hold actual transactions at December 31, 2012, resulting from these
operations, which allow protecting future cash flows, by ensuring the sales prices levels of

production.

The futures transactions completed between January 1 and December 31, 2012, related to
production sold, generated a lower income of ThUS$772,933, which ¡is the result of offsetting the
hedging transaction and sales revenue from the sale of the products affected by this pricing.
These results are presented by reducing net operating income.

The following table summarizes the exposure of the metal hedges contracted by the Corporation,
indicated on previous letter b:

12/31/2012 Maturity Date
ThUS$ 2013 2014 2015 2016 2017 Following Total
Flex Com Copper (Asset) 685 – – 685
Flex Com Copper (Liability) (13,012) (3,032) (16,044)
Flex Com Gold/Silver – – – – –
Price setting – – – – – – –
Total (12,327) (3,032) – (15,359)
12/31/2011 Maturity Date
ThUS$ 2012 2013 2014 2015 2016 Following Total

Flex Com Copper (Asset) 176,973 1,554 – 178,527
Flex Com Copper (Liability) – (52) – – (52)
Flex Com Gold/Silver 131 – – 131
Price setting (661,714) (60,287) – (722,001)
Total (484,610) (58,785) – (543,395)
12/31/2012 Maturity Date

Th TM/Onzas 2013 2014 2015 2016 2017 Following Total
Copper Futures [TM] 323.0 51.0 – 0.5 – 374.5
Gold/Silver Futures [MOZ] – – – – –
Copper price setting [TM]
12/31/2011 Maturity Date

Th TM/Onzas 2012 2013 2014 2015 2016 Following Total
Copper Futures [TM] 352.0 47.9 0.5 0.5 400.9
Gold/Silver Futures [MOZ] 424.2 – – – 424.2
Copper price setting [TM] 137.5 12.5 150.0

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

29. Contingencies and restrictions
a) Litigations and contingencies

There are various lawsuits and legal actions initiated by or against the Corporation, which derive
from its operations and the industry in which it operates. In general, these are civil, tax, labor and
mining litigations, all related to the Corporation’s activities.

In the opinion of Management and ¡ts legal advisors, the lawsuits in which the Corporation is
being sued, and could have negative results, do not represent significant loss contingencies or
cash flows. Codelco defends its rights and employs all corresponding relevant legal instances,
resources and procedures.

The most significant lawsuits that involve Codelco are related to the following matters:

– — Tax Lawsuits: There are several tax lawsuits due to Internal Revenue Service tax
assessments, for which the Corporation has filed the corresponding opposition.

– Labor Lawsuits: Labor lawsuits filed by workers of the Andina Division against the
Corporation, relating to occupational illness (silicosis).

– — Mining and Other Lawsuits derived from operations: The Corporation has been participating
and will probably continue to participate as a claimant and defendant in certain lawsuits
relating to its operations and mining activities, through which it seeks to exercise or oppose
certain actions or exceptions with regard to certain mining concessions that have been
established or are pending constitution, and its other activities. These processes do not
currently have a fixed amount and not essentially affect the development of Codelco.

A case by case analysis of these lawsuits has shown that there are a total of 234 cases that have
a clearly estimated value. lt is estimated that 31 of these, which represent 13% of the total and
which amount to ThUS$30,413, could have a negative impact on the Corporation. There are also
141 lawsuits, representing 60% of the total and which amount to ThUS$46,101, about which
there is no certainty that the outcome would be unfavorable for Codelco. For the 62 remaining
cases, amounting to ThUS$3,821, the Corporation’s legal advisors believe that an unfavorable
outcome is unlikely. In addition, there are 85 lawsuits for undetermined amounts; it is believed
that the result of 29 of these could be unfavorable to Codelco.

The Corporation received liquidations No. 45, 46 and 47, issued dated June 29, 2012 by the
Large Taxpayers Internal Tax Service (SIl in spanish), all relating to the audit of the transactions
that the Company has with investee Copper Partners Investment Company Limited, for which
Codelco has asked the Review of the Performance Audit (RAF in spanish), joining similar audit

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

request by the Liquidations No. 1 and No. 2 and SDF Ex. Resolution No. 1, issued dated July 30,
2010 by the Division of Enforcement of SII, in relation to transactions of the same types
mentioned above. The SIl, to December 31, 2012, has not made any pronouncements
concerning these performance reviews audit made by the Corporation.

The necessary provisions have been made for the lawsuits with probable losses and their legal
costs.These provisions are recorded as contingency provisions.

As is public knowledge, the Corporation has submitted Appeals for Protection before the
respective Courts of Appeals, challenging the findings reported by the Labor Department, deriving
from inspections performed under the framework of Law No.20,123, which regulates
subcontracted work schemes and temporary service firms. Five of these appeals were accepted
and one was rejected, the latter of which has been appealed by the Corporation. All appeals are
currently pending in the Supreme Court.

b) Other Commitments

On February 29, 2010, the Board agreed to continue mining operations of the Salvador
Division until 2016, and if market and operating conditions are maintained, until 2021, both
extensions are subject to the condition that management improvements and cost reduction
commitments made by the Division are met, these commitments were filed at the Board of
Directors in August 2010, and the extension was approved.

On May 31, 2005, Codelco, through its subsidiary Codelco International Ltd. signed an
agreement with Minmetals to form a company, Copper Partners Investment Company Ltd.,
in which both companies have an equal equity interest. A 15-year copper cathode sales
contract to that associated company was agreed upon, as well as a purchase contract from
Minmetals to the latter for the same period and for equal monthly shipments to complete a
total of 836,250 metric tons. Each shipment shall be paid by the buyer at a price formed by
a fixed re-adjustable component plus a variable component, which depends on current
copper prices at the time of shipment.

During the first quarter of 2006 and on the basis of the negotiated financial terms, financing
contracts were formalized with the China Development Bank allowing Copper Partners
Investment Company Ltd. to make the US$550 million advance payment to Codelco in
March 2006.

As of December 31, 2012, the contract is operational, and monthly shipments began in June
2006.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

With regard to financial obligations incurred by the associate Copper Partners Investment
Company Ltd. with the China Development Bank, Codelco Chile and Codelco International
Ltd. must meet certain commitments, mainly relating to the delivery of financial information.
In addition, Codelco Chile must maintain 51% ownership of Codelco International Limited.

According to the Sponsor Agreement, dated March 8, 2006, the Codelco International Ltd.
subsidiary gave ¡ts participation in Copper Partners Investment Company Limited as a
guarantee to the China Development Bank.

Subsequently, on March 14, 2012, Copper Partners Investment Company Ltd. paid off his
debt to the abovementioned bank. As of December 31, 2012, Codelco does not hold any
indirect guarantee regarding its participation in this associated company.

Regarding the financing agreement signed on August 23, 2012, between the subsidiary,
Inversiones Gacrux SpA and Mitsui 8, Co. Ltd. for the acquisition of the 24.5% stake in Anglo
American Sur S.A., which was subsequently amended on October 31, 2012, includes a
pledge over the shares that the subsidiary has on Inversiones Mineras Acrux SpA (shared
participation with Mitsui and minority shareholder in Anglo American Sur S.A.), in order to
ensure compliance with the obligations that the financial agreement contemplates.

This pledge extends to the right to collect and receive from Acrux, dividends which have
been agreed in the corresponding meetings of shareholders of the company and any other
distributions paid or payable to Gacrux in respect of the pledged shares.

The Corporation has signed gas supply contracts with its associate GNL Mejillones S.A.,
which began operations in October 2010, and through this contract, the associate agrees
to sell part of a minimum equivalent to 27 Terra BTU’s (British Thermal Units) per year
during the 2010 – 2012 period. Additionally, the Corporation has signed an option contract
together with other participating mining companies that includes the option to:

+ Acquire the right to the long-term use of the terminal’s capacity from the end of the
contract, or

+ To acquire the company’s shares; the companies are committed to choosing one or
other of these two alternatives.

On December 31, 2012, the Corporation has guarantees for 37% of the total exposure of the
derivative transactions made by GNL Mejillones S.A., up to a maximum of ThUS$ 229,400.

Law 19,993 dated December 17, 2004, which authorized the purchase of the Fundición y
Refinería Las Ventanas assets from ENAMI, established that the Corporation must ensure

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

vi.

vii.

viii.

that the smelting and refining capacity required is maintained, without any restriction and
limitation, for treating the products of the small and medium mining sector sent by ENAMI,
under the form of toll production mode or another form agreed upon by the parties.

Obligations with the public for bond issues means that the Corporation must meet certain
restrictions related to limits on pledges and leaseback transactions on ¡ts principal assets
and on its ownership interest in subsidiaries.

The Corporation, as of December, 31, 2012 and 2011, has met these conditions.

On January 20, 2010, the Corporation signed two energy supply contracts with Colbún S.A.,

which includes energy and power purchases for a total of 351 MW. The contract provides a
discount for that energy consumption due to lower demand from Codelco’s SIC divisions
with respect to the amount of contracted power. The discount is equivalent to the value of
the sale of that energy on the spot market.

In addition, through a supplementary agreement, Codelco has ensured the supply by Colbún
of 159 MW, adapted to Codelco’s long-term energy and power requirements from the SIC of
approximately 510 MW.

This contract is based on energy production from Colbún’s Santa María thermal power
station, which is currently under construction. This plant is coal-fired, and therefore the
electric energy tariff rate applied for the energy supplied to Codelco is linked to the price of
coal.

Through these contracts, which operate through take or pay, the Corporation agrees to pay
for the contracted energy and Colbún undertakes to return at market price the energy not
consumed by Codelco.

These contracts have maturity date in 2027 and 2045.

On November 6, 2009, Codelco signed the following long-term electric energy supply
contracts with ELECTROANDINA S.A.(associate until January 2011), with a maturity in
2017:

+ This Contract replaces the one signed on November 22, 1995, for the supply of
electricity to the Chuquicamata work center, for a 15-year term beginning in January
2010 for between 200 and 280 MW in power and all associated electric energy. The
approximate cost of the contract is US$1,380 million for the whole period.

+. Modification of the contract dated December 21, 1995 for the Radomiro Tomic work
center, for a maximum power of 110 MW, in which new prices are established, for the

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Xi.

power and energy contemplated in the contract as well as their new adjustment
formulas from January 2010.

On December 31, 2009, Codelco has signed a purchase contract with Empresa Nacional de
Electricidad S.A., for the purchase of power and electricity from the Central Interconnected
System (SIC) to meet Codelco’s requirements for its Salvador Division.

The contractis effective from April 1, 2010 until March 31, 2013. The maximum power
agreed reaches HP 70 (MW) and HFP 71 (MW).

On November 11, 2011, Law No. 20,551 was published in the Official Journal, which
regulates the tasks and closure of mining facilities. Additionally, on November 22, 2012 the
Decreto Supremo No. 41 of the Ministerio de Minería, which appoves the Regulations of this
law, was published in the Diario Oficial.

This law requires the Corporation, among other requirements, to provide financial
guarantees to the State to ensure the implementation of closure plans. It also establishes the
obligation to make contributions to a fund which aims to cover the costs of post-closure
activities.

The Corporation, in accordance with the mentioned regulation, must provide to
SERNAGEOMIN the Mine Closure Plan in October 2014, while in April 2015 it must submit a
proposal for the creation of guaranties. In the month of June 2015, Codelco should create
guarantees for the initial 20% of the obligation under the regulations of this Code. The
remaining 80% should be adjusted proportionately each year over the remaining period of
fourteen years. The guarantee will be determined in present value of all actions and
measures within the mine closure plan.

The Corporation is in the process of updating its mine closure plan and the process of
valuation, which must comply with the requirements of Law No. 20,551, considering that the
accounting liability record caused by this obligation, differs from the law’s requirement,
mainly by differences concerning the horizon that is considered for the projection of flows, in
which the law requires the determination of the obligations in terms of mineral reserves,
while the financial-accounting approach incorporates some of its mineral resources.
Therefore, the discount rate established by law, may differ from that used by the Corporation
under the criteria set out in lAS 37 and described in Note 2, letter o) of Main Accounting
Policies.

On May 24, 2012, the Corporation signed financing agreements with Japan Bank for
International Cooperation and Bank of Tokyo-Mitsubishi UFJ Ltd., for a financing for up to

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

US$ 320 million for the development, construction and operation of a plant metal processing
in the second region of Chile.

On December 31, 2012, actual disbursements of this funding have not been materialized.

xii. On August 24, 2012, Codelco, through its subsidiary Inversiones Mineras Nueva Acrux
(Nueva Acrux) SpA (which minority shareholder is Mitsui), signed a contract with Anglo
American Sur SA. Under this contract Codelco agreed to sell a portion of its annual copper
production to the mentioned subsidiary, who in turn agrees to purchase such production.
Such annual portion is determined by the share of Codelco’s indirect subsidiary, Inversiones
Mineras Becrux SpA (also shared ownership with Mitsui), maintains in Anglo American Sur
SA.

In turn, Nueva Acrux agrees to sell to Mitsui, the products purchased under the agreement
described in the preceding paragraphs.

The term of the contract will occur when the shareholders agreement of Anglo American Sur
SA ends or other events related to the completion of mining activities of the company take
place.

The first purchase of products will be made in January 2013 and the set prices for the
realization of this agreement are adjusted to market conditions.

30. Guarantees
The Corporation as a result of its activities has received and given guarantees.

The following tables list the main guarantees given to financial institutions:

Direct Guarantees provided to Financial Institutions
. o 12/31/2012 12/31/2011
Creditor of the Guarantee Tipo de Garantía —
Maturity ThUS$ ThUS$
Koch Supply 8 Trading LP Standby Letter – Banco Santander Chile Jan – 2012 – 25,000
Oriente Copper Netherlands B.V. Pledge on shares Nov – 2032 2,915,275
Total 2,915,275 25,000

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Indirect Guarantees given to Financial Institutions
cres o Type of 1213112012 | 1213112011
reditor of the Guarantee Debtor guaranteed Relationship
guarantee ThUS$ ThUS$

Barclays Bank PLC Sociedad GNL Mejillones S.A. Associate Guarantee 37,000 74,000
Morgan Stanley Capital Group INC. | Sociedad GNL Mejillones S.A. Associate Guarantee 148,000 148,000
Koch Supply 8. Trading LP Sociedad GNL Mejillones S.A. Associate Guarantee 44,400 44,400
China Development Bank Copper Partners Investment Co. Ltd. Associate Rights – 59,621
Total 229,400 326,021

As for the documents received as collateral, they cover mainly obligations of suppliers and contractors
related to the various development projects. Below are given the amounts received as collateral, grouped
according to the Operating Divisions that have received these amounts:

Guarantees received from third parties

Division 12/31/2012 12/31/2011
Thus$ ThUs$

Andina 23,469 41,491
Chuquicamata 51,784 69,210
Head Office 483,711 207,967
Radomiro Tomic 19,164 23,003
Salvador 42,149 1,400
Ministro Hales 7,925 6,244
El Teniente 74,274 96,491
Ventanas 4,184 3,015
Gabriela Mistral 21,075 –
Total 727,735 448,821

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

31. Balances in foreign currency

a) Assets by Type of Currency

ltem 12/31/2012 | 12/31/2011
ThUS$ ThUS$
Liquid Assets 1,272,532 1,576,113
US Dollars 702,901 1,362,980
Euros 1,626 489
Other currencies 6,208 2,555
Non-indexed Ch$ 560,976 18,023
UF. 821 192,066
Cash and Cash Equivalents 1,263,823 1,382,876
US Dollars 699,317 1,362,612
Euros 1,168 179
Other currencies 4,761 2,555
Non-indexed Ch$ 557,756 17,530
UF. 821
Other current financial assets 8,709 193,237
US Dollars 3,584 368
Euros 458 310
Other currencies 1,447
Non-indexed Ch$ 3,220 493
UF. – 192,066
ltem 12/31/2012 | 12/31/2011
ThUs$ ThUS$
Short and long terms receivables 2,391,548 2,233,207
US Dollars 1,668,745 1,669,982
Euros 114,457 99,803
Other currencies 21,104 18,020
Non-indexed Ch$ 568,044 311,963
UE 19,198 133,439
Trade and other receivables 2,149,103 1,968,269
US Dollars 1,610,536 1,537,815
Euros 113,241 98,300
Other currencies 20,920 18,020
Non-indexed Ch$ 397,628 311,913
UE. 6,778 2,221

F-226
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

ltem 12/31/2012 | 12/31/2011
ThUS$ ThUS$

Rights receivables, non-current 171,699 132,721
US Dollars 2
Euros 1,216 1,503
Other currencies 65
Non-indexed Ch$ 70,416 –
UF. – 131,218
Due from related companies, current 29,442 56,357
US Dollars 16,903 56,341
Euros
Other currencies 119
Non-indexed Ch$ – 16
UF. 12,420
Due from related companies, non-current 41,305 75,860
US Dollars 41,305 75,826
Euros
Other currencies
Non-indexed Ch$ – 34
UE

Item 12/31/2012 | 12/31/2011

ThUS$ ThUS$

Rest of assets 27,980,952 | 17,025,624
US Dollars 24,942,525 | 16,115,389
Euros 431,024 138,349
Other currencies 32,335 5,415
Non-indexed Ch$ 2,166,828 672,820
UF. 408,240 93,651
Total Assets 31,645,033 | 20,834,944
US Dollars 27,314,172 | 19,148,351
Euros 547,107 238,641
Other currencies 59,647 25,990
Non-indexed Ch$ 3,295,848 1,002,806
UF. 428,259 419,156

F-227
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

b) Liability by type of currency:

12/31/2012 12/31/2011
Current liabilities by currency Upto From 90 days Upto From 90 days
90 days to 1 year 90 days to 1 year
ThUs$ ThUS$ ThUS$ ThUS$

Current liabilities 3,325,680 813,292 | 2,777,535 1,638,547
US Dollars 1,980,142 775,889 1,666,726 1,286,447
Euros 5,520 37,403 88,393 38,714
Other currencies 1,184 – 42,744 –
Non-indexed Ch$ 1,330,388 – 955,950 5,182
UE 8,446 – 23,722 308,204
Other current financial liabilities 51,487 813,292 4,877 1,638,547
US Dollars 45,409 775,889 4,716 1,286,447
Euros – 37,403 – 38,714
Other currencies – –
Non-indexed Ch$ 1,009 – – 5,182
UE. 5,069 – 161 308,204
Bank loans 400 219,286 – 41,276
US Dollars – 181,883 – 2,106
Euros – 37,403 – 38,714
Other currencies
Non-indexed Ch$ – – – 225
UE 400 – – 231

F-228
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

12/31/2012 12/31/2011
Current liabilities by currency Upto From 90 days Upto From 90 days
90 days to 1 year 90 days to 1 year
ThUs$ ThUS$ ThUS$ ThUS$

Bonds – 594,006 – 802,954
US Dollars – 594,006 – 496,272
Euros
Other currencies
Non-indexed Ch$ –
UE – – – 306,682
Finance lease 35,601 – 4,877 18,077
US Dollars 30,715 – 4,716 17,572
Euros
Other currencies –
Non-indexed Ch$ 217
UE. 4,669 – 161 505
Other 15,486 – – 776,240
US Dollars 14,694 – – 770,497
Euros
Other currencies – –
Non-indexed Ch$ 792 – – 4,957
UE – – – 786
Other current liabilities 3,274,193 – 2,772,658
US Dollars 1,934,733 – 1,662,010
Euros 5,520 – 88,393
Other currencies 1,184 – 42,744
Non-indexed Ch$ 1,329,379 – 955,950
UE. 3,377 – 23,561

F-229
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HNANCIAL STATEMENTS

12/31/2012 12/31/2011

Non: current iabilites by currency 1to3 3to5 5to 10 More than 1to3 3to5 5to 10 More than

years years years 10 years years years years 10 years
ThUus$ ThUS$ ThUS$ ThUS$ ThUus$ ThUS$ ThUS$ ThUS$

Nor-current liabilities 7,531,455 974,667 3,942,371 2,879,788 5,491,370 800,202 1,623,675 2,438,585
US Dollars 5,956,620 974,667 3,942,371 2,526,060 4,306,911 798,637 1,604,281 2,118,216
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed Ch$ 1,515,446 – – – 801,765 – – –
UF. 59,389 – – 353,728 382,694 1,565 19,394 320,369
Other non-current financial liabilities 1,465,498 974,667 3,942,371 2,879,788 1,532,692 800,202 1,623,675 2,438,585
US Dollars 1,441,452 974,667 3,942,371 2,526,060 1,529,318 798,637 1,604,281 2,118,216
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed Ch$ – – – – – – – –
UF. 2,046 – – 353,728 3,374 1,565 19,394 320,369
Bank loans 828,936 939,925 – 809,035 412,101 784,544 – –
US Dollars 827,164 939,925 – 809,035 410,258 784,544 – –
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed Ch$ – – – – – – – –
UF. 1,772 – – – 1,843 – – –
Bonds 497,966 – 3,942,371 2,070,753 996,310 – 1,573,504 2,438,585
US Dollars 497,966 – 3,942,371 1,717,025 996,310 – 1,573,504 2,118,216
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed Ch$ – – – – – – – –
v.A. – – – 353,728 – – – 320,369

F-230

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HNANCIAL STATEMENTS

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

12/31/2012 12/31/2011
Non: current iabilites by currency 1to3 3to5 5to 10 More than 1to3 3to5 5to 10 More than
years years years 10 years years years years 10 years
Thus$ ThUs$ ThUus$ Thus$ ThUus$ ThUSs$ ThUus$ ThUSs$
Financial Lease 56,564 34,742 40,266 15,658 50,171
US Dollars 34,290 34,742 38,735 14,093 30,777
Euros
Other currencies
Non-indexed Ch$
UF. 22,274 1,531 1,565 19,394
Others 82,032 84,015
US Dollars 82,032 84,015
Euros
Other currencies
Non-indexed Ch$
UF.
Other non-current financial liabilities 6,065,957 3,958,678
US Dollars 4,515,168 2,777,593
Euros
Other currencies – –
Non-indexed Ch$ 1,515,446 801,765
UF. 35,343 379,320

F-231

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

32. Sanctions

As of December 31, 2012 and December 31, 2011, neither Codelco Chile nor its Directors and
Managers have been sanctioned by the Superintendency of Securities and Insurance or any other
administrative authorities.

33. Subsequent events

On January 31, 2013, an essential event was reported in respect of the removal of the Vice
Presidency for Technology and Innovation and Vice Executive Presidency as part of Codelco, whose
functions become part of the Vice Presidency of Business Development.

The Vice Presidency of Corporate Affairs and Sustainability was created, from the current General
Manager of the same name, designating the position of Vice Presidency of Corporate Affairs and
Sustainability to Mr. Juan Pablo Schaeffer Fabres.

The changes listed above apply from 1 February, 2013.

During the month of January 2013, the Administration entered two separate addendum to the
collective agreements with workers and supervisors of Headquarters of Codelco, which establish
certain incentives associated with staff voluntary retirement plans, all in the context of a restructuring
program that the Corporation has enacted for the headquarters, which is expected to be completed
during 2013, with an estimated impact on expenditure for that year for TRUS$ 7,665 before taxes.

From January 1, 2013 to the date of the issuance of these financial statements (March 28, 2013), the
Company’s management is not aware of other significant financial facts or of any other nature that
would affect these statements and future cash flows.

34. Environmental Expenditures

Each of Codelco’s operations is subject to national, regional and local regulations related to protection
of the environment and natural resources, including standards relating to water, air, noise and disposal
and transportation of dangerous residues, among others. Chile has adopted environmental regulations
that have obligated the companies that operate in the country, including Codelco, to carry out
programs to reduce, control or eliminate relevant environmental impacts. Codelco has executed and
shall continue to execute a series of environmental projects to comply with these regulations.

Pursuant to the Letter of Values approved in 2010, Codelco is governed by a series of internal policies
and regulations that frame its commitment to the environment, including the Sustainable Development
Policy (2003) and the Corporate Security, Occupational Health and Environmental Management Policy
(2007).

F-232
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

The environmental management systems of the divisions and the Parent Corporation, structure their
efforts in order to comply with the commitments assumed by the corporation’s environmental policies,
incorporating planning, operation, verification and activities review elements. As of December 31,
2012, they have received ISO 14001 certification for the environmental management of the
Chuquicamata, Radomiro Tomic, Andina, Salvador, El Teniente and Ventanas Division, Gabriela
Mistral and the Parent Corporation.

To comply with the Circular N*1.901 of 2008 of the Chilean Superintendency of Securities and
Insurance, below are the details of the Corporation’s main expenditures related to the environment
during the periods ended as of December 31, 2012 and 2011 respectively, and the projected future
expenses.

F-233
CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Disbursements made up to 12/31/2012 121314201414 Expenditures

Corporation Project iture Asset Item/ Expenditure Date
Chuquicamata 100,244 67,779 130,761

Codelco Chile Talambre dam extension, 7th stage In process 34,253 Asset Property, plant and equipment 2,521 57,684 2013

Codelco Chile Expansion capacity Talabre dam, 8th stage In process 2,864 Asset Property, plant and equipment

Codelco Chile Emergency restoration system dust control crushing plant 2 * /3% In process 265 Asset Property, plant and equipment Ñ 13,865 2013

Codelco Chile Acid plants In process 56,022 Expenditure Administrative expenses 58,763 50,517 2013

Codelco Chile Solid waste In process 3,919 Expenditure Administrative expenses 2,453 3,919 2013

Codelco Chile Water treatment plant In process 2,921 Expenditure Administrative expenses 4,042 4,776 2013
Salvador 48,777 25,652 53,015

Codelco Chile Dust collection improvement In process 4,029 Asset Property, plant and equipment 126 7,168 2014

Codelco Chile Trench construction of hazardous waste In process 705 Asset Property, plant and equipment 456

Codelco Chile Construction V stage of tailing treatment In process 4,477 Asset Property, plant and equipment – 3,945 2013

Codelco Chile Acid plants In process 38,445 Expenditure Administrative expenses 24,200 40,584 2013

Codelco Chile Solid waste In process 976 Expenditure Administrative expenses 686 1,147 2013

Codelco Chile Water treatment plant In process 145 Expenditure Administrative expenses 184 171 2013
Andina 56,606 9,964 229,401.
Construction of water trap for east ballast deposit

Codelco Chile In process 3,780 Asset Property, plant and equipment 4,824 9,451 2014
Construction of drain tanks 2

Codelco Chile Finished – Asset Property, plant and equipment 1,929 – –
District warehouse installation

Codelco Chile In process 316 Asset Property, plant and equipment 584 – –
Drains expansion stage 5

Codelco Chile In process 14,753 Asset Property, plant and equipment 28 285 2013
Drain water treatment

Codelco Chile In process 3 Asset Property, plant and equipment – 1,973 2013
Drain internal water treatment E1

Codelco Chile In process 746 Asset Property, plant and equipment – 10,045 2013
Drainage water treatment

Codelco Chile In process 27,279 Asset Property, plant and equipment – 134,487 2014

F-234

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

Disbursements made up to 12/31/2012 121314201414 Expenditures

Corporation Project iture Asset Item/ Expenditure Date
Standard Water Phase 2

Codelco Chile In process 350 Asset Property, plant and equipment – 39,007 2015
Building evacuation and capturing towers Ovejería

Codelco Chile In process 2,312 Asset Property, plant and equipment – 26,040 2014
Construction Ovejería tailings canal

Codelco Chile In process 877 Asset Property, plant and equipment – 4,126 2013
Improved interception infiltrates Ovejería

Codelco Chile In process 3,285 Asset Property, plant and equipment – 802 2013

Codelco Chile Solid waste In process 1,721 Expenditure Administrative expenses 1,719 2,095 2013

Codelco Chile Water treatment plant In process 1,184 Expenditure Administrative expenses 880 1,090 2013

Subtotal 205,627 103,395 413,177

F-235

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS

Disbursements made up to 12/31/2012 12/31/2011 EXpenditures
. . Project Amount Asset/ Amount Amount Estimated
Corporation Project re Asset Item/ Expenditure Date
El Teniente 120,869 134,469 116,102
Construcción de la 5ta etapa embalse Carén
Codelco Chile In process 4,319 Asset Property, plant and equipment 49,232 – –
Monitoreo en línea de canal de relaves
Codelco Chile In process 6,744 Asset Property, plant and equipment 152 – –
Ampliación cajón relave cascada 4
Codelco Chile In process 754 Asset Property, plant and equipment 78 – –
Ampliación cajón relave Ruta 5
Codelco Chile In process 795 Asset Property, plant and equipment 101 – –
Construcción de la ta etapa embalse Carén
Codelco Chile In process 5,407 Asset Property, plant and equipment – 12,182 2013
Plantas de ácido
Codelco Chile In process 87,226 Expenditure Administrative expenses 71,030 89,309 2013
Residuos sólidos
Codelco Chile In process 3,570 Expenditure Administrative expenses 3,073 2,571 2013
Codelco Chile Planta de tratamiento de efluentes In process 12,054 Expenditure Administrative expenses 10,803 12,040 2013
Minera Gaby 40 6922 96
Installation of gravel dump phase IV
Minera Gaby S.p A. Finished – Asset Property, plant and equipment 6,922 – –
Implementation waste treatment system
Minera Gaby S.p A. Finished 40 Asset Property, plant and equipment – 946 2013
Ventanas 46,495 32,027 32,336
Mitigation of environmental concentrator stock
Codelco Chile In process 2,613 Asset Property, plant and equipment 4,926 – –
Standarization of rainwater pools
Codelco Chile In process 1,642 Asset Property, plant and equipment 6 – –
Cold load system Cps N 2
Codelco Chile In process 1,290 Asset Property, plant and equipment – – –
Arsenic supply in electric oven
Codelco Chile In process 25 Asset Property, plant and equipment – 268 2013
Increase uptake Mat.
Codelco Chile In process 2,234 Asset Property, plant and equipment – – –
Increase uptake Mp He
Codelco Chile In process 6,483 Asset Property, plant and equipment – – –
Cold load mechanical system Cps N*1 y 3
Codelco Chile In process 2,946 Asset Property, plant and equipment – 1,166 2013
Acid plants
Codelco Chile In process 22,970 Expenditure Administrative expenses 20,702 18,287 2013
Codelco Chile Solid waste In process 1,164 Expenditure Administrative expenses 956 1,937 2013

F-236

(In thousands of US dollars of the United States of America, except as indicated in other currency or unit)
(Translation to English of consolidated financial statements originally issued in Spanish – see Note 1.2)

CORPORACION NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS

Disbursements made up to 12/31/2012 12/31/2011 EXpenditures
. . Project Amount Asset/ Amount Amount Estimated
Corporation Project re Asset Item/ Expenditure Date
Codelco Chile Water treatment plant In process 5,128 Expenditure Administrative expenses 5,437 10,678 2013
Radomiro Tomic 2,636 1423 2,039
Codelco Chile Solid waste In process 2,278 Expenditure Administrative expenses 1,273 1,920 2013
Effluent treatment plant
Codelco Chile In process 358 Expenditure Administrative expenses 150 119 2013
Ecometales Limited 703 420 913
Leaching plant smelter powders
Ecometales Limited In process 703 Expenditure Administrative expenses 420 913 2013
Subtotal 170,743 175,261 152,336
Subtotal 376,370 278,656 565,513

F-237

O

CODELCO

CODELCO – CHILE

Consolidated Financial Statements as of December 31, 2010

F-238
TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS
(January – December 2010)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION F-242
CONSOLIDATED STATEMENTS OF INCOME F-244
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME F-245
CONSOLIDATED STATEMENTS OF CASH FLOWS F-246
CONSOLIDATED STATEMENTS OF CHANGES IN NET EQUITY F-247
I. GENERAL ASPECTS F-249
1. Corporate Information F-249
2. Basis of Presentation of the Consolidated Financial Statements F-250
ll. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES F-251
1. Critical Accounting Policies and Key Sources of estimates F-251
2. Principal Accounting Policies F-253
3. New Accounting Pronouncements F-270
TIT. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS F-271
1. First time adoption of IFRS F-271
2. Reconciliations between the Generally Accepted Accounting Principles in Chile “Chilean GAAP”

and the International Financial Reporting Standards F-272
IV. EXPLANATORY NOTES F-277
1. Cash and Cash Equivalents F-277
2. Trade and Other Receivables F-278
3. Balances and Transactions with Related Companies F-280
4. Inventories F-288
5. Deferred Taxes and Income Taxes F-289
6. Current Tax Assets and Liabilities F-292
7. Property, Plant and Equipment F-293
8. Investments Accounted For Using Equity Method F-295
9. Subsidiaries F-304
10. Intangible Assets Other Than Goodwill F-305
11. Other Non-Current Non-Financial Assets F-307
12. Current and Non-Current Financial Assets F-308
13. Interest-Bearing Borrowings F-309
14. Fair Value of Items Recognized at Amortized Cost F-319
15. Fair Value Hierarchy F-344
16. Trade and Other Payables F-321
17. Other Provisions F-321
18. Employee Benefits F-322
19. Net Equity F-323
20. Revenues F-326
21. Other Revenues and Expenses by Function F-326
22. Financial Costs F-327
23. Operating Segments F-327
24. Exchange Differences F-333
25. Statement of Cash Flows F-334
26. Financial Risk Management F-334
27. Derivative Contracts F-339
28. Contingencies and Restrictions F-342

F-239
29.
30.
31.
32.
33.

Guarantees

Balance by Foreign Currency
Sanctions

Subsequent Events
Environment

F-240

F-347
F-348
F-353
F-353
F-354
Deloitte.

Deloitte

Auditores y Consultores Limitada
RUT: 80.276.200-3

Av. Providencia 1760

Pisos 6, 7, 8, 9, 13 y 18
Providencia, Santiago

Chile

Fono: (56-2) 729 7000

Fax: (56-2) 374 9177

INDEPENDENT AUDITORS REPORT e-mail: deloittechileOdeloitte.com
www.deloitte.cl
To the Chairman and Members of the Board of Directors
of Corporación Nacional del Cobre de Chile

1. We have audited the accompanying consolidated statements of financial position of Corporación
Nacional del Cobre de Chile and subsidiaries (“the Corporation” or “the Company”) as of
December 31, 2010 and 2009, the opening consolidated statement of financial position as of
January 1, 2009, and the related consolidated statements of income, comprehensive income,
changes in net equity and cash flows for the years ended on December 31, 2010 and 2009. These
financial statements (including the related notes) are the responsibility of the Company”s
management. Our responsibility is to express an opinion on these consolidated financial
statements, based on our audits. We did not audit the financial statements as of December 31, 2010
and 2009 and the opening statements of financial position as of January 1, 2009 of certain
associates, jointly controlled entities and subsidiaries. Those financial statements were audited by
other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to the
amounts included for such associates, jointly controlled entities and subsidiaries, is based solely on
the reports of the other auditors. As of December 31, 2010 and 2009, and as of January 1, 2009,
the direct and indirect investment of the Corporation in such associates and jointly controlled
entities and the total assets reflected in the financial statements of such subsidiaries, constitutes
8.0%, 7.2% and 6.8%, respectively, of the total consolidated assets, and the total net income for
the year in those associates and jointly controlled entities and the total revenues reflected in the
financial statements of such subsidiaries, constitute 9.4% and 9.8% in 2010 and 2009,
respectively, of the total consolidated revenues.

2. We conducted our audits in accordance with auditing standards generally accepted in Chile. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by the management of the Corporation, as well as evaluating the overall
consolidated financial statements presentation. We believe that our audits provide a reasonable
basis for our opinion.

3. In our opinion, based on our audits and the reports of other auditors, such consolidated financial
statements present fairly, in all material respects, the financial position of Corporación Nacional
del Cobre de Chile and subsidiaries as of December 31, 2010 and 2009, and January 1, 2009, and
the results of their operations and their cash flows for the years ended December 31, 2010 and
2009 in conformity with International Financial Reporting Standards.

4. The accompanying consolidated financial statements have been translated into English solely for
the convenience of the readers outside of Chile.

NAO

March 23, 2011

F-241
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF ANANCIAL POSITION
As of December 31, 2010, December 31, 2009 and January 1, 2009
(In thousands of US dollars – TRUS$)

ASSETS
Current assets:
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Accounts receivables from related companies, current
Inventories
Current tax assets

Total current assets other than assets or disposal groups

classified as held for sale or as held for distribution to owners

Non-current assets or disposal groups classified as held for
sale or as held for distribution to owners

Total current assets

Non-current assets:

Other non-current financial assets

Other non-current non-financial assets

Non-current receivables

Accounts receivables from related companies, non-current
Investments accounted for using the equity method
Intangible assets other than goodwill

Property, Plant and Equipment

Investment property

Total non-current assets

TOTAL ASSETS

Notes 12-31-2010 12-31-2009 01-01-2009
THUS$ ThUS$ ThUS$

1 874,039 773,076 393,197

12 195,138 292,884 386,013

33,607 18,755 16,123

2 2,714,006 2,062,026 835,367

3 157,954 229,181 115,694

4 1,782,506 1,471,776 1,546,598

6.2 194,226 147,866 436,954

5,951,476 4,995,564 3,729,946

5,951,476 4,995,564 3,729,946

12 181,125 158,201 12,557

11 203,505 206,132 226.914

2 198,785 198,102 149,234

3 104,896 358,259 224

8 1,260,774 1,100,156 1,084,470

10.a 21,556 21,380 18,108

7 12,351,430 11,210,433 10,507,650

5,494 5,653 5,690

14,327,565 13,258,316 12,004,847

20,279,041 18,253,880 15,734,793

The accompanying notes are an integral part of these consolidated financial statements.

F-242
CORPORACIÓN NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF ANANCIAL POSITION
As of December 31, 2010, December 31, 2009 and January 1, 2009
(In thousands of US dollars – TRUS$)

Notes 12-31-2010 12-31-2009 01-01-2009
ThUS$ ThUS$ ThUS$
LIABILITIES AND EQUITY
Current liabilities

Other current financial liabilities 13 1,918,908 1,394,422 1,232,783
Trade and other current payables 16 1,803,276 1,822,752 1,153,119
Accounts payables to related companies, current 3 171,565 185,925 127,229
Other short-term provisions 17 296,713 208,733 186,173
Current tax liabilities 6.b 307,952 63,636 4,628
Current provisions for employee benefits 17 689,075 307,530 295,595
Other current non-financial liabilities 56,338 113,617 23,314

Total current liabilities other than liabilities included in
disposal groups classified as held for sale 5,243,827 4,096,615 3,022,841
Liabilities included in disposal groups classified as held for sale – – –

Total current liabilities 5,243,827 4,096,615 3,022,841
Non-current liabilities
Other non-current financial liabilities 13 7,189,482 6,338,526 3,974,393
Other non-current payables 2,658 142,584 177,157
Accounts payables to related companies, non-current 3 349,204 388,767 429,968
Other long-term provisions 17 1,057,472 1,058,737 965,690
Deferred tax liabilities 5 711,382 722,417 1,860,935
Non-current provisions for employee benefits 17 1,191,112 997,824 738,779
Other non-current non-financial liabilities 2,692 65,183 764
Total non-current liabilities 10,504,002 9,714,038 8,147,686
Total liabilities 15,747,829 13,810,653 11,170,527
EQUITY
Issued capital 2,524,423 2,524,423 1,524,423
Retained earnings 1,329,392 1,294,157 1,244,163
Other reserves 19 675,403 622,640 1,792,729
Equity attributable to owners of parent 4,529,218 4,441,220 4,561,315
Non-controlling interests 19 1,994 2,007 2,951
Total equity 4,531,212 4,443,227 4,564,266
TOTAL LIABILITIES AND EQUITY 20,279,041 18,253,880 15,734,793

The accompanying notes are an integral part of these consolidated financial statements.

F-243
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF INCOME

For the periods between January 1st and December 31, 2010 and 2009
(In thousands of US dollars – TRUS$)

Revenue
Cost of sales

Gross profit

Other income

Distribution costs

Administrative expenses

Other expense

Other Gains (losses)

Finance income

Finance costs

Share of profit (loss) of associates and joint
ventures accounted for using equity method
Exchange differences

Profit (loss) before tax
Income tax expense

Profit (loss) from continuing operations
Profit (loss) from discontinued operations

Profit
Profit (loss) attributable to:

Profit (loss) attributable to owners of parent
Profit (loss) attributable to non-controlling interests

Profit (loss)

The accompanying notes are an integral part of these consolidated financial statements.

F-244

01-01-2010 01-01-2009
Notes 12-31-2010 12-31-2009
ThUS$ ThUS5
20 16,065,946 12,379,137
(9,088,740) (7,666,011)
6,977,206 4,713,126
2La 141,473 308,363
(14,994) (19,157)
(390,234) (323,836)
21.b (2,058,867) (1,458,441)
28,040 14,750
35,559 27.666
22 (331,132) (318,757)
8 303,395 310,651
24 (202,524) (266,531)
4,487,922 2,987,834
5 (2,611,601) (1,813,643)
1,876,321 1,174,191
1,876,321 1,174,191
1,877,659 1,176,226
19 (1,338) (2,035)

1,876,321

1,174,191
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the periods between January 1st and December 31, 2010 and 2009

(In thousands of US dollars – TRUS$)

Notes

Profit (loss)

Components of other comprehensive income, before tax:
Exchange differences on translation

Gains (losses) on exchange differences on translation, before tax

Other comprehensive income, before tax, exchange differences on translation

Cash flow hedges
Gains (losses) on cash flow hedges, before tax

Other comprehensive income (loss), before tax, cash flow hedges
Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method
Other comprehensive income (loss) before tax

Income tax relating to components of other comprehensive income:
Income tax relating to cash flow hedges of other comprehensive income 5

Aggregated income tax relating to components of other comprehensive income
Other comprehensive income (loss)

Total comprehensive income (loss)

Comprehensive income attributable to

Comprehensive income, attributable to owners of parent

Comprehensive income, attributable to non-controlling interest

Total comprehensive income (loss)

01-01-2010
12-31-2010
ThUS$

1,876,321

490

490

111,508
111,508
136,560

248,558

(63,560)
(63,560)
184,998

2,061,319

2,062,657

(1,338)

2,061,319

The accompanying notes are an integral part of these consolidated financial statements.

F-245

01-01-2009
12-31-2009
ThUS$

1,174,191

2,426

2,426

(2,442,860)
(2,442,860)
(246,779)

(2,687,213)

1,410,098
1,410,098
(1,277,115)

(102,924)

(100,889)

(2,035)

(102,924)
CORPORACIÓN NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF CASH FLOWS -— DIRECT METHOD
For the periods between January 1st and December 31, 2010 and 2009
(In thousands of US (In thousands of US dollars – TRUS$)

01-01-2010 01-01-2009
Notes 12-31-2010 12-31-2009
ThUS$ ThUS$
Cash flows from (used in) operating activities:
Classes of cash receipts from operating activities
Receipts from sales of goods and rendering of services 16,974,027 11,671,870
Other cash receipts from operating activities 25 1,767,151 1,520,165
Classes of cash payments
Payments to suppliers for goods and services (7,833,235) (6,213,744)
Payments to and on behalf of employees (1,784,501) (1,190,622)
Other cash payments from operating activities 25 (3,525,415) (2,240,250)
Dividends received 179,532 47,447
Income taxes refund (paid) (2,515,754) (320,560)
Net cash flows from (used in) operating activities 3,261,805 3,274,306
Cash flows from (used in) investing activities:
Other cash payments to acquire interests in joint ventures (44,878) (69,274)
Loans made to related companies (71,839) (13,349)
Purchases of property, plant and equipment (2,309,484) (1,680,532)
Interest received 12,716 9,977
Other inflows (out flows) of cash 109,927 34,738
Net cash flows from (used in) investing activities (2,303,558) (1,718,440)
Cash flows from (used in) financing activities:
Proceeds from long-term borrowings 1,687,500 1,641,550
Proceeds from short-term borrowings 699,886 463,900
Total proceeds from borrowings 2,387,386 2,105,450
Repayments of borrowings (800,860) (2,294,398)
Dividends paid (2,206,124) (835,692)
Interest paid (237,686) (251,347)
Other inflows (outflows) of cash – 100,000
Net cash flows from (used in) financing activities (857,284) (1,175,987)
Net increase (decrease) in cash and cash equivalents before effects
of exchange rate changes 100,963 379,879
Effects of exchange rate changes on cash and cash equivalents
Effects of exchange rate changes on cash and cash equivalents – –
Net increase (decrease) in cash and cash equivalents 100,963 379,879
Cash and cash equivalents at beginnning of period 773,076 393,197
Cash and cash equivalents at end of period 874,039 773,076

The accompanying notes are an integral part of these consolidated financial statements.

F-246
CORPORACION NACIONAL DEL COBRE DE CHILE
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the periods between January 1 and December 31, 2010 and 2009
(In thousands of US dollars – TRUS$)

Equity
Exchange | Reserves for Other attributable to Non-
Issued — | differences on| cashflow | miscellaneous Retained | ownersof | controlling
transtation reserves Other reserves interests
TAUS$ TAUSS TAUSS ThUSS TRUSS ThUSS TAUS$ TAUSS
at of 01/01/2009 1,524,423 – 404 1,764,325 1,792,729 [ 1,244,163 461315 951 66
Increase (decrease) in – – – – – – – – –
Increase (decrease) Corrections of errors – – – – – – – –
at of 01/01/2009 1,524,423 – 28,404 1,764,325 1,792,729 | — 1,244,163 AS61315 2,951 1,564,266
in

ve Income
fit (loss 1,176,226 1,174,191

income 1,045,923 (1,277,115) 1,277,115 (1,277,115
ve income 1 102,924
Issue of equi – –
759 1,254,759 759)
Increase (decrease other contributions by owners – – 1,000,000 000
increase other distributions to Owners – – – –
Increase (decrease transfers and other 107,026 107,026 128,527 235,553 236,644
Increase (decrease shares transactions – – –
Increase (decrease) through changes in ownership interest in subsidiaries that do not
t in loss of control – –
otal increase (decrease) in 1,000,000 1,045,923 (126,592) — (1,170,089) (120,095 121,039
atend of 12/31/2009 2,524,423 1,017,519 1,637,733 622,640 4,441,220 4,443,227

The accompanying notes are an integral part of these consolidated financial statements.

F-247
Other
miscellaneous
reserves

Reserves for
cash flow

Exchange
differences on
transtation Other reserves
ThUSS ThUSS ThUSS ThUSS
at of OTTO 226 1017519) 1,163,733 540
Increase (decrease) in – – – –
Increase (decrease) Corrections of errors – – – –
at of 01/01/2010 426 1017519) 1,163,733
in
ve Income
fit loss)

income (loss
income

136,560 184,998
Issue of
Dividends
Increase (decrease)
Decrease
Increase (decrease)
Increase (decrease,
Increase (decrease) through changes in ownership interest in subsidiaries that do not
in loss of control

other contributions by owners
other distributions to owners
transfers and other

shares transactions

47,948
969,571

4,325
1,642,058

52,763
675,403

‘otal increase (decrease) in –
atend of 12/31/2010 2,524,423

The accompanying notes are an integral part of these consolidated financial statements.

F-248

Retained

ThUS$
1 157

157

1,877,659

35,235
1,329,392

Equity
attributable to
owners of

ThUS$
4,441

4,441

1,877,659
184,998
57

87,998
4,529,218

Non-
controlling
interests
TAUSS

1,876,321

184,998

1319
1,875,

87,985
4,531,212

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

GENERAL ASPECTS
Corporate Information

Corporación Nacional del Cobre de Chile, Codelco (hereinafter referred to as “Codelco –
Chile”, the “Corporation” or “the Company”), is the largest copper producer in the world. Its
most important product is refined copper – primarily in the form of cathodes. The Corporation
also produces copper concentrates, blister and anode copper and by-products such as
molybdenum, anode slime and sulfuric acid. Codelco also manufactures wire rods, a semi-
elaborated product that uses copper cathodes as raw material in Germany.

The Corporation trades its products based on a policy aimed at selling refined copper to
manufacturers or producers of semi-elaborated products.

Codelco is registered under Securities Registry No. 785 of the Superintendency of Securities
and Insurance (the “Superintendency”) and is subject to the supervision of said
Superintendency. According to Article 10 of Law No. 20,392 (on new Corporate Governance
of Codelco), such supervision will be on the same terms as publicly traded corporations,
notwithstanding the provisions in Decree Law (D.L.) No. 1,349 of 1976, which created the
Comisión Chilena del Cobre (“Chilean Copper Commission”.

The corporate domicile and headquarters of Codelco are located in Santiago de Chile, at 1270
Huérfanos, telephone number (56 2) 6903000.

Codelco Chile was formed as stipulated by D.L. No. 1,350 of 1976, which is the statutory
decree of the Corporation. In accordance with the decree law, Codelco is a state-owned mining,
industrial and commercial company, which is a separate legal entity with its own equity.
Codelco – Chile currently carries out its mining business through its divisions Chuquicamata,
Radomiro Tomic, Salvador, Andina, El Teniente and Ventanas. Also, in May 2008, Codelco –
Chile started exploiting the deposit known as Gabriela Mistral whose mining operations are
under the responsibility of its subsidiary Minera Gaby S.A., 100% owned by the Company. In
2010 the Company was authorized to invest in the operation of the new Division Ministro Hales
Mine, whose estimated starting operating date is at the end of 2013. The Corporation also
carries out similar activities in other mining deposits in association with third parties.

In accordance with letter e) of Article 10 of Law No. 20,392, Codelco is governed by its organic
standards set forth in Decree Law No. 1,350 (D.L. No. 1,350) and that of its statutes, and in
matters not covered by them and, insofar as they are compatible and do not go against the
provisions of these rules, the rules that govern publicly traded corporations and the common
laws as applicable to them.

F-249
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

In accordance with D.L. No. 1,350 Section IV related to the Company”s Exchange and Budget
Regulations, Codelco”s financial activities are conducted following a budgeting system that is
composed by an Operations Budget, an Investment Budget and a Debt Amortization Budget.

The tax system applicable to Codelco”s income is in accordance with Article 26 of D. L. No.
1,350, which refers to Decree Laws No. 824 on Income Tax of 1974 and Decree Law No. 2,398
(Article 2) of 1978, which are applicable. The Company”s income is also subject to a tax in
accordance with Law No. 20,026 of 2005 (Specific Mining Tax).

The Company is subject to Law No. 13,196 that requires the payment of a 10% tax over the
foreign currency return on the export value of copper production, including its by-products.

Additionally, Codelco, as any company operating in Chile, is subject to Value Added Tax
(VAT) Law in accordance with Decree Law No. 825 of 1974; and also to the duties and other
taxes levying business activities carried out by companies in Chile. In accordance with the
above, Codelco recovers VAT credit as an exporter.

The Corporation, in the development of its operation and investing activities, engages services,
subject to Law No. 20,123 on subcontracting, which are executed by contractor companies with
their own employees. The labor relationships inside such companies are of exclusive
responsibility of each of these companies. Nevertheless, and in order to verify the compliance
of the labor and social security regulations by the contractor companies, Codelco exercises the
rights of information, withholding and payment in relation to the labor and social security
obligations that such companies must comply with their employees.

The subsidiaries whose financial statements are included in these consolidated financial
statements correspond to companies located in Chile and abroad, which are detailed in note IL2 e.

The associates correspond to companies located in Chile and abroad, which are detailed in note
IV.8.

Bases of Presentation of the Consolidated Financial Statements

Accounting Principles

These consolidated financial statements are stated in thousands of US dollars and were prepared
based on the accounting records kept by Codelco – Chile and its subsidiaries, and have been
prepared in accordance with the International Financial Reporting Standards (1IFRS), as issued

by the International Accounting Standards Board (hereinafter “IASB”), and were approved by
the Board of Directors in the meeting held on March 23, 2011.

F-250
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

n.

These consolidated financial statements reflect the financial position of Codelco Chile and
subsidiaries as of December 31, 2010 and 2009, and January 1, 2009, and also the results of
their operations, changes in net equity and cash flows for the years ended in 2010 and 2009.

For statutory purposes, for the preparation of its consolidated financial statements during 2009
Codelco has used the accounting principles generally accepted in Chile (“Chilean GAAP”). The
consolidated financial statements of Codelco as of December 31, 2009, filed with the
Superintendency of Securities and Insurance and approved by the Board of Directors on
February 22, 2010, were prepared in conformity with accounting principles generally accepted
in Chile, which were considered as the previous accounting principles, as defined in IFRS 1,
prior to the preparation of the opening consolidated financial statements under IFRS.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Critical Accounting Policies and Key Sources of Estimates

The application of the International Financial Reporting Standards requires the use of estimates
and assumptions that affect the amounts of assets and liabilities reported at the date of financial
statements and the amounts of income and expenses during the reporting period. The
management of the Corporation will necessarily make judgments and estimates that could have
a significant effect on the amounts presented in the financial statements according to IFRS.
Likewise, changes in assumptions and estimates could have a significant impact on the financial
statements in conformity with such standards. A summary of the key estimates and judgments
used is as follows:

a) Useful Economic Lives of Property, Plant and Equipment – The useful lives of the
assets of property, plant and equipment that are used for calculating the depreciation are
determined based on technical studies prepared by specialists (both internal and external).
When there are indicators that could lead to changes in the estimated useful lives of such
assets, these changes shall be performed by using technical estimates.

The studies shall consider the specific factors related to the use of the assets.

b) Ore Reserves – The measurements of ore reserves are based on estimates of the ore
resources that are economically exploitable, and reflect the technical considerations of the
Corporation regarding the amount of resources that could be exploited and sold at prices
exceeding the total cost associated with the extraction and processing.

The Corporation applies judgment in determining the ore reserves, and as such, possible
changes in these estimates could significantly impact the estimates of net revenues over
time. For such reason, these changes would lead modifications in the usage estimates of
certain assets and of the amount of certain decommissioning and restoration costs.

F-251
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

d)

These estimates of reserves are based on methods and standards customary in the mining
industry, which are supported by the historical experience and the assumptions of the
Corporation regarding the production costs and the market prices.

The Corporation periodically reviews such estimates, supported by world class external
experts, who certify the determined reserves.

Impairment of Assets – The Corporation reviews the carrying amount of its assets to
determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the assets is estimated in order
to determine the extent of the impairment loss in regard to the carrying amount. In the
evaluation of the impairment, the assets are grouped in cash generating units (“CGU”s”) to
which the assets belong. The recoverable amount of these assets or CGU”s is calculated as
the present value of the cash flows expected to be derived from such assets, considering a
pre-tax discount rate that reflects current market assessments of the time value of money
and risks specific to the asset. If the recoverable amount of the assets ¡is less than their
carrying amount, an impairment loss exists.

The Corporation defines the CGUs and also estimates the timing and cash flows that such
CGUs should generate. Subsequent changes in the grouping of the CGU, or changes in the
assumptions supporting the estimates of the cash flows or the discount rate, could impact
the carrying amounts of the corresponding assets.

The Corporation has assessed and defined that the CGUs are constituted at the level of each
of its current operating divisions.

The review for impairment includes the subsidiaries and associates.

Provisions for Decommissioning and Site Restoration Costs – An obligation to incur in
decommissioning and site restoration costs when environmental disturbance is caused by
the development or ongoing production of a mining property. Costs are estimated on the
basis of a formal closure plan.

The costs arising from the installation of a plant or other site preparation works discounted
at their net present value are provided for and capitalized at the beginning of each project,
as soon as the obligation to incur such costs arises. These decommissioning costs are
charged to net income over the life of the mine, through depreciation of the asset. The
depreciation is included in the operational costs, while the unwinding of the discount in the
provision is included as finance costs.

The costs for restoration of site damages, which are created on an ongoing basis during
production, are provided for at their net current values and charged to profit or loss for the
year as extraction progresses.

F-252
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

5

8)

h)

Decommissioning, site restoration and environmental provisions are provided for at the
present value at the date such obligations are known, considering a pre-tax discount rate
that reflects current market assessments of the time value of money and risks specific to the
related liabilities. The environmental costs are estimated by using also the work of external
specialists and/or internal experts. The Corporation”s management applies its judgment
and experience to provide for and amortize these estimated costs over the useful life of the
mine.

Provision for Employee Benefits – Employee benefits cost for severance payments and
health benefits for services rendered by the employees, are determined based on actuarial
calculations by using the Projected Credit Unit Method, and are charged to profit or loss on
an accrual basis.

The Corporation uses assumptions to determine the best estimate of these benefits. Such
estimates, as well as the assumptions, are determined together with an external actuary.
These assumptions include demographic assumptions, the discount rate and expected salary
increases and the rotation levels, among others. Although the Corporation believes that the
assumptions used are appropriate, a change in these assumptions could affect profit or loss.

Provisions for Open Invoices – The Corporation uses information on future copper prices,
through which it performs adjustments to its revenues and trade receivables, due to the
conditions of its provisional invoicing. These adjustments are updated on a monthly basis.

Fair Value of the Derivatives and Other Instruments – Management uses its criterion to
elect an adequate and proper valuation method for the instruments that are not quoted in an
active market. The Corporation applies customary valuation techniques used by other
professionals in the industry. In the case of the derivative financial instruments, the
assumptions are based on the quoted market rates, adjusted in conformity with the specific
features of the instruments.

Lawsuits and Contingencies – The Corporation assesses on an ongoing basis the
probabilities of lawsuits and contingencies losses according to estimations performed by its
legal counselors. In case management and its legal counselors believe that a favorable
outcome will be obtained or when the results are uncertain and the lawsuits are still pending
of resolution, no provisions are recognized.

Principal Accounting Policies

a)

Period Covered – The accompanying consolidated financial statements of Corporación
Nacional del Cobre de Chile include:

– Statements of Financial Position as of December 31, 2010, December 31, 2009 and
January 1%, 2009.

F-253
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b)

d)

– Statements of Comprehensive Income for the periods ended on December 31, 2010 and
2009, respectively.

– Statements of Changes in Equity for the periods ended December 31, 2010 and 2009,
respectively.

– Statements of Cash Flows for the periods ended December 31, 2010 and 2009,
respectively.

Basis of Preparation – The consolidated financial statements of the Corporation as
December 31, 2010 have been prepared in conformity with IFRS, as issued by the IASB.

The statements of financial position as of December 31, 2009 and January 1, 2009 and the
statements of comprehensive income, of net equity and of cash flows for the period ended
December 31, 2009, included for comparative purposes, have been prepared in conformity
with IFRS, on a consistent basis with the criteria used by the Company for the same period
ended on December 31, 2010.

These consolidated financial statements have been prepared based on the accounting
records kept by the Corporation.

Responsibility for the Information and Use of Estimates – The Board of Directors of the
Corporation has been informed regarding the information included in these financial
statements and expressly states its responsibility for the consistent and reliable nature of the
information incorporated in the consolidated financial statements as of December 31, 2010,
for whose effects have been applied in full the IFRS principles and criteria as issued by the
International Accounting Standards Board. These financial statements were approved by
the Board of Directors at its meeting held on March 23, 2011.

Functional Currency – The functional currency of Codelco is the US dollar, which is the
currency of the primary economic environment in which the Corporation operates and the
currency in which it receives its revenues. Transactions other than those in the
Corporation”s functional currency are translated at the exchange rate prevailing at the date
of the transactions. Monetary assets and liabilities denominated in currencies other than the
functional currency are retranslated at closing exchange rates. Gains and losses from on
translation are included in profit or loss within the line item “Exchange rate differences”.
The presentation currency of the consolidated financial statements of Codelco is the US
dollar.

The functional currency of the subsidiaries, associates and jointly controlled entities, which
is the same as Codelco, corresponds to the currency of the primary economic environment
in which those entities operate and the currency in which they receive their revenues, as
established in IAS 21. However, regarding those subsidiaries and associates that
correspond only to an extension of the operations of Codelco (entities that are not self-

F-254
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

sufficient and whose main transactions are performed with Codelco), the functional
currency corresponds to the US dollar as this is the currency of Codelco.

When the indicators are mixed and the functional currency is not obvious, management
uses its judgment to determine the functional currency that most faithfully represents the
economic effects of the underlying transactions, events and conditions under which each
entity operates.

Basis of Consolidation – The consolidated financial statements incorporates the financial
statements of the Corporation and its subsidiaries.

In the consolidation process all significant balances and transactions between the
consolidated companies have been fully eliminated, and the participation of the non-
controlling interest has been recognized and presented as “Non-controlling Interest”. The
consolidated financial statements take into account the elimination of intercompany
balances, transactions and unrealized profit and loss between the consolidated companies,
including foreign and local subsidiaries. The Companies incorporated in the consolidation
are as follows:

F-255
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December |January 1st,
December 31, 2010 31, 2009 2009
Ownership | Ownership
Taxpayer Functional Ownership percentage percentage | percentage
Number Entity Country currency [Direct | Indirect | Toral Total Total
% % % % %
Foreign Chile Copper Limited England GBP 100.000 – 100.000 100.000 100.000
Foreign Codelco Services Limited England GBP – 100.000 100.000 100.000 100.000
Foreign Codelco Group USA Inc. United States USD 100.000 – 100.000 100.000 100.000
Forcign Codelco Metals Inc. United States USD – 100.000 100.000 100.000 100.000
Forcign Copper Technology Investment Inc. United States USD – – – – 100.000
Forcign Semi Solid Metal Investors LLC. United States USD – – – – 100.000
Forcign Corporación del Cobre Inc. United States USD – – – – 100.000
Foreign Codelco International Limited Bermuda USD 100.000 – 100.000 100.000 100.000
Foreign Codelco Technologies Ltd. Bermuda USD – 100.000 100.000 100.000 100.000
Foreign Codelco do Brasil Mineracao Brazil BRL – 100.000 100.000 100.000 100.000
Foreign Codelco Kupferhandel Gmbh Germany EURO 100.000 – 100.000 100.000 100.000
Forcign—— Metall Agentur Gmbh Germany EURO – 100.000 100.000 100.000 100.000
Foreign Ecometales Ltd. Anglononmandars USD – 100.000 100.000 100.000 100.000
59.087.530-9 — Ecometales Ltd. Agencia en Chile Chile USD – 100.000 100.000 100.000 100.000
76.561.210-1 — Mining Information Communications
and Monitoring S.A. Chile USD 66.000 – 66.000 66.000 66.000
78.712.170-5 Compañía Minera Picacho (SCM) Chile USD 99.990 0.010 100.000 100.000 100.000
78.860.780-6 — Compañía Contractual Minera
Los Andes Chile USD 99.970 0.030 100.000 100.000 100.000
76.063.022-5 — Inca de Oro S.A. Chile USD 79.740 20.260 100.000 100.000 –
79.566.720-2 — Isapre Chuquicamata Ltda. Chile CLP 98.300 1.700 100.000 100.000 100.000
79.681.920-0 — Sociedad Elaboradora de Cobre
Chilena Ltda. Chile CLP – – – 100.000 100.000
81.767.200-0 — Asociación Garantizadora de Pensiones Chile CLP 96.690 – 96.690 96.690 96.690
Clínica San Lorenzo Ltda. Chile CLP 99.900 – 99.900 99.950 99.950
76.521.250-2 — San Lorenzo Institución de Salud
Previsional Ltda. Chile CLP – 99.990 99.900 100.000 100.000
89.441.300-K — Isapre Río Blanco Ltda. Chile CLP 99.990 0.010 100.000 100.000 100.000
96.817.780-K — Ejecutora Hospital del Cobre
Calama S.A. Chile USD 99.900 0.010 99.910 100.000 100.000
96.819.040-7 — Complejo Portuario Mejillones S.A. Chile USD 99.990 0.010 100.000 100.000 100.000
96.854.500-0 — Instituto de Innovación en Minería
y Metalurgia S.A. Chile USD 99.930 – 99.930 99.930 99.930
96.876.140-4 — Santiago de Río Grande S.A. Chile USD 99.990 0.010 100.000 100.000 100.000
96.991.180-9 — Biosigma S.A. Chile USD 66.670 – 66.670 66.670 66.670
Foreign Biosigma Bermudas Ltda. (Bermudas) Bermuda USD – 66.670 66.670 66.670 66.670
99.569.520-0 — Exploraciones Mineras Andinas S.A. Chile USD 99.900 0.100 100.000 100.000 100.000
99.573.600-4 — Clínica Río Blanco S.A. Chile CLP 99.000 1.000 100.000 100.000 100.000
76.064.682-2 — Centro de Especialidades Médicas
Río Blanco Ltda. Chile CLP 99.000 1.000 100.000 100.000 –
76.685.790-6 — Minera Gaby S.A. Chile USD 99.900 0.100 100.000 100.000 100.000
77.713.260-9 — Sociedad de Inversiones
Copperfield Ltda. Chile USD 99.990 0.010 100.000 100.000 100.000
76.883.610-8 — Energía Minera S.A. Chile USD 99.000 1.000 100.000 100.000 100.000
76.883.530-6 — Termoeléctrica Farellones S.A. Chile USD – – – 100.000 100.000
76.024.442-2 — Ecosea Farming S.A. Chile USD – – – – 90.000
76.043.396-9 — Innovaciones en Cobre S.A. Chile USD 0.100 99.900 100.000 100.000 100.000
76.082.774-6 — Inversiones Tocopilla 2B S.A. Chile USD 99.999 0.010 100.009 – –
76.082.158-6 — Inversiones Mejillones 2 S.A. Chile USD 34.800 65.200 100.000 – –
70.905.700-6 — Fusat (Special Purpose Entity) Chile CLP – – – – –

F-256

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

For the purposes of these financial statements, subsidiaries, associates, acquisitions and
disposals and jointly controlled entities are defined as follows:

– — Subsidiaries – A subsidiary is an entity over which the Corporation has power to
govern its operating and financial policies in order to obtain benefits from its activities.
The consolidated financial statements include all assets, liabilities, revenues, expenses
and cash flows of Codelco and its subsidiaries, after eliminating all inter-company
balances and transactions. For partly owned subsidiaries, the net assets and the net
earnings attributable to the minority shareholders are presented as “Non-controlling
interests” in the consolidated statements of financial position and consolidated
statement of income.

Likewise, on consolidation, the Corporation incorporates those entities where does not
hold any direct or indirect ownership interest but represent a special purpose entity, in
accordance with the criteria established in SIC Interpretation 12, Consolidation –
Special Purpose Entities.

– — Associates – An associate is an entity over which Codelco is in the position to exercise
significant influence, but not control or jointly control, through the power to participate
in the financial and operating policy decisions of that entity.

Codelco”s share of the net assets of such entities is included in the consolidated
financial statements by using the equity method. This requires recording the initial
investment at cost and then, in subsequent periods, adjusting the carrying amount of
the investment to reflect the Codelco”s share in the results of the associates, less any
impairment of goodwill and any other changes in the associate”s net assets.

– — Acquisitions and Disposals – The results of businesses acquired are incorporated in
the consolidated financial statements from acquisition date; the results of businesses
sold during the period are incorporated in the consolidated financial statements up to
the effective date of disposal. Gains or losses from the disposal are calculated as the
difference between the sale proceeds (net of expenses) and the net assets attributable to
the ownership interest which has been sold.

– — Jointly Controlled Entities – The entities that qualify as jointly controlled entities, in

which there exists joint control over the operating and financial decisions, are
accounted for by using the equity method.

F-257
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NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

– — Special Purpose Entities (SPE”s) – The substance of the relationship between Codelco
and Fundación de Salud El Teniente (FUSAT), indicated that such entity is controlled
by Codelco. As such, the consolidated financial statements of FUSAT are incorporated

to the consolidation of Codelco. The consolidated financial statements of the FUSAT

include the following entities:

Ownership percentage

December December | January 1,

ENTITY Country 31, 2010 31, 2009 2009
% % %
Centro de Servicios Médicos Porvenir Ltda. Chile 99.00 99.00 99.00
Inmobiliaria Centro de Especialidades Torre Médica S.A. Chile 75.09 75.09 75.09
Inmobiliaria e Inversiones Río Cipreces Ltda. Chile 99.99 99.99 99.99
Prestaciones de Servicios de la Salud Intersalud Ltda. Chile 99.00 99.00 99.00
Institución de Salud Previsional Fusat Ltda. Chile 99.69 99.69 99.69

f) Foreign Currency Transactions – Monetary assets and liabilities denominated in foreign
currency have been translated into U.S. dollars at the closing exchange rate of the period.

At the reporting period-end, monetary assets and liabilities denominated in currency other
than the functional currency, indexed in unidades de fomento (UF or inflation index-linked
units of account) (12/31/2010: Ch$21,455.55; 12/31/2009: Ch$20,942.88; 1/1/2009:
Ch$21,452.57), are translated into U.S. dollars at the closing exchange rates.

Income and expenses denominated in Chilean pesos have been translated into U.S. dollars
at the exchange rate at the date when the transaction was recorded in the accounting
records.

Exchange differences are recognized in net income in accordance with IFRS.
The financial statements of the subsidiaries, associates and jointly controlled entities,
whose functional currency is different from the presentation currency of Codelco, are

translated using the following procedures:

– — Assets and liabilities for each statement of financial position presented shall be
translated at the closing rate at the date of that statement of financial position.

– Income and expenses for each statement of comprehensive income or separate income
statement presented shall be translated at average exchange rates of the reporting

period.

All resulting exchange differences are recognized as a separate component of net equity.

F-258
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NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

8)

h)

The exchange rates used in each period are as follows:

Year-end exchange rates

Ratio December 31, 2010 | December 31, 2009 | January 1, 2009
US$ / CLP 0.00214 0.00197 0.00157
US$ / GBP 1.54059 1.60617 1.44279
US$ / BRL 0.60107 0,57372 0.42689
US$ / EURO 1.32802 1.43328 1.41223

Offsetting Balances and Transactions: As a general standard, assets and liabilities,
income and expenses, are not offset in the financial statements, except for those cases in
which offsetting is required or is allowed by some standard and the presentation is a
reflection of the transaction.

Income or expenses arising from transactions, which, for contractual or legal reasons,
consider the possibility of offsetting and which the Corporation intends to liquidate for their
net value or realize the assets and pay the liabilities simultaneously, are stated net in the
statement of income.

Property, Plant and Equipment and Depreciation – The items of property, plant and
equipment are initially recognized at cost. After their initial recognition, they are recorded
at cost, less any accumulated depreciation and any accumulated impairment losses.

The costs of the items of property, plant and equipment related to the extension,
modernization or improvement representing an increase of the productivity, capacity or
efficiency or an increase of the useful life of the assets is capitalized as cost of the
corresponding assets.

Furthermore, the investments in assets acquired under the method of lease contracts with
purchase options that meet the characteristics of a financial lease are included in this item.
These items are not legally owned by the Corporation until the corresponding purchase
option is exercised.

The items included in property, plant and equipment are depreciated in accordance with the
straight-line method over their economic useful life, which are summarized in the following
table:

Item | Minimum useful life [ Maximum useful life |
Buildings 15 years 50 years
Plant and Equipment 2 years 35 years
Fixtures and Fittings 2 years 15 years
Motor Vehicles 5 years 25 years
Mining operations 20 years 35 years
Construction in progress (Mine development) 1 year 5 years
Land improvements 10 years 35 years
Others 57 months 293 months

The assets maintained under financial lease are depreciated during the estimated period of
the lease contract or in accordance with the useful life of the assets, whichever is lower.

F-259
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NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The estimated useful lives, the residual values and the depreciation method are reviewed at
each year end, recording prospectively the effect of any change in estimates.

The profit or loss from the disposal or withdrawal of an asset is calculated as the difference
between the price obtained in the disposal and the value recorded in the ledgers recognizing
the charge or credit to net income for the year.

Work in progress includes the amounts invested in the construction of assets of property,
plant and equipment and in mining development projects. Work in progress is transferred
to assets in operation once the testing period has terminated and when they are available for
their use, and start to be depreciated as of such moment.

The ore deposits owned by the Corporation are recorded in the accounting records at US$1
(one US dollar) and the economic value of these deposits differs from the accounting value.

Certain items of property, plant and equipment were, at the transition date to IFRS,
recorded at fair value and this fair value was used as their deemed cost, in conformity with
the optional exemption established in IFRS 1, First Time Adoption of International
Financial Reporting Standards (IFRS 1).

Borrowing costs that are directly attributable to the acquisition or construction of assets that
require a substantial period of time before they are ready for their use or sale will be
considered as part of the cost of items of property, plant and equipment.

Impairment of Property, Plant and Equipment and Intangible Assets – The items of
property, plant and equipment and the intangible assets of definite useful life are reviewed
for impairment, in order to verify whether there is any indication that the carrying value
cannot be recovered. If such an indicator exists, the recoverable amount of the assets is
estimated to determine the extent of the impairment loss. Where the asset does not generate
cash flows independently from other assets, Codelco estimates the recoverable amount of
the cash-generating unit (CGU) to which the asset belongs.

For such purposes, each division of the Corporation has been defined as a cash generating
unit.

The measurement of impairment includes the subsidiaries and associates.

The recoverable amount of an asset will be the higher of the fair value less costs to sell the
asset and its value in use. When evaluating the value in use, the estimated future cash flows
are discounted using an interest rate, before taxes, that shows the market evaluations
corresponding to the time value of money and the specific risks of the asset, for which the
future cash flow estimates have not been adjusted.

F-260
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

3)

k)

If the recoverable value of an asset or cash generating unit is estimated to be less than its
carrying amount, an impairment loss is immediately recognized reducing the carrying
amount up to its recoverable amount with charge to net income. In case of a subsequent
reversal of the impairment, the carrying amount increases to the reviewed estimate of the
recoverable amount, but only to the point that it does not exceed the carrying amount that
would have been determined, if no impairment would had been recognized previously. A
reversal is recognized as a decrease in the charge for depreciation for the year.

For cash generating units (CGU”s), the future cash flow estimates are based on the
estimates of future production levels, future prices of the basic products and the future
production costs. IAS 36 “Impairment of Assets” includes a series of restrictions to the
future cash flows that can be recognized regarding the restructurings and future
improvements related to expenses. When calculating the value in use, it is also necessary
to base the calculations on the current exchange rates at the moment of the measurement.

Exploration, Mine Development and Mining Operations Costs and Expenses – The
Corporation has defined an accounting criterion for each of these costs and expenses.

Development expenses of deposits in exploitation whose purpose is to maintain the
production levels are charged to net income when incurred.

Exploration and drillings of deposits, expenses include the expenses destined to locate
mineralized areas to determine their possible commercial exploitation and are charged to
net income when incurred.

Pre-operating and mine development expenses (PP£E) incurred during the execution of a
project and until its start up are capitalized and amortized in relation to the future
production of the mine. These costs include extraction of waste material, constructing the
mine”s infrastructure and other works carried out prior to the production phase.

Finally, the costs for the delimitation of new areas or deposit areas in exploitation and of
mining operations (PP4E), are recorded in property, plant and equipment and are charged
to income during the period in which the benefits are obtained.

Income Taxes and Deferred Taxes – Codelco and its Chilean subsidiaries record Income
Tax based on the net taxable income determined as per the standards established in the
Income Tax Law and Article 2 of the D.L. 2,398, as well as the specific tax to the mining
activity referred to in Law 20,026 of 2005. Its foreign subsidiaries record it according to
the tax standards of each country.

The deferred taxes generated by temporary differences and other events giving rise to
differences between the accounting and tax base of assets and liabilities are recorded
according to IAS 12 “Income Taxes”.

F-261
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

D

In addition, a deferred tax is recognized for the net income of subsidiaries, associates and
special purpose entities, originated by the withholding taxes on remittances of dividends
paid by such companies to the Corporation.

Inventories – Inventories are stated at cost, which does not exceed their net realizable
value. The net realizable value represents the estimated sales price less all finishing costs
and the marketing, sales and distribution expenses. The costs have been determined
according to the following methods:

» Finished Products and Products in Process: These inventories are stated at average
production cost, according to the absorption costing method, including labor and the
depreciation of the fixed assets, the amortization of the intangible assets and the indirect
expenses of each period.

+ Materials in Warehouse: These inventories are stated at acquisition cost and the
Corporation determines a provision for obsolescence considering the permanence in
stock of those slow moving materials in the warehouse.

» Materials in Transit: These inventories are stated at cost incurred until the period-end
date. Any difference, due to the estimate of a lower net realizable value of the
inventories, in relation to their accounting value, is adjusted with a charge to net income.

Dividends – The payment obligation of the net revenues presented in the financial
statements, as determined in Article 6 of D.L. 1,350, is recognized based on the accrued
payment obligation.

Personnel Benefits – Codelco recognizes provisions for personnel benefits when there is a
current obligation as a result of the services provided.

The contract conditions stipulate, subject to the compliance of certain conditions, the
payment of a termination indemnity when an employment contract ends. In general, this
corresponds to the proportion of a month per year of service and considering the
components of the final remunerations which are contractually defined as the basis for the
indemnity. This benefit has been defined as a long-term benefit.

On the other hand, Codelco has agreed to post-retirement health plans with certain
employees which are paid according to the fixed percentage over the monthly tax base of
the employees covered by this agreement. This benefit has been defined as a long-term
post-retirement health benefit.

The severance payment obligation and the post-retirement health plans are calculated in
accordance with valuations performed by an independent actuary, using the projected unit
credit method, which are updated on a regular basis. The obligation recognized in the

F-262
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Pp)

statement of financial position represents the net present value of the severance payment
obligation and the health benefit. The actuarial gains and losses are recognized
immediately in the statement of comprehensive income within the operating cost.

Management uses assumptions to determine the best estimate of these benefits. Such
assumptions include an annual discount rate, the expected increases in the remunerations
and future permanence, among other.

The Corporation in accordance with its operating optimization programs to reduce costs
and increase labor productivity by incorporating new current technologies and/or practical
management best practices has established employee retirement programs by means of
related addenda to employees contracts or collective bargaining agreements with benefits
that encourage employees to retire. Accordingly, the required provisions are established
based on the accrued obligation at current value.

Provisions for Dismantling and Restoration Costs – An obligation arises when incurred
in dismantling and restoration cost when an alteration is generated caused by a mining
activity (in development or in production). The costs are estimated based on a formal
closure plan and are subject to regular reviews.

The costs arising from the obligation of dismantling the installation of a plant or other
works for the preparation of the site, discounted at their net present value, are accrued and
capitalized at the beginning of each project, as soon as the obligation to incur in such costs
is originated.

These dismantling costs are stated in net income through the depreciation of the asset that
gave rise to such cost and the use of the provision when the dismantling takes place. The
subsequent changes in the estimates of the liabilities related to dismantling are added to or
deducted from the costs of the related assets in the period in which the adjustment is made.

The restoration costs are accrued at their net present value against operating income and the
use of the provision is made in the period in which the restoration works are performed.
The changes in the measurement of the liability related to the location of the mining
activity are recorded in the operating income.

The effects of the update of the liability, due to the discount rate and/or time, are recorded
as a financial expense.

Leases – Leases are classified as financial leases when the lease transfers substantially all
risks and rewards of ownership to the lessee. All other leases are classified as operating
leases. The lease payments under operating leases are recognized as expenses over the
lease term. Assets acquired under financial leases are initially recognized as net income at
the lower of the fair value and the present value of the minimum lease payments discounted

F-263
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

9)

at the implicit interest rate of the contract. Interest is charged within financial expenses, at
a constant interest rate, in the same depreciation period over the useful life the asset.

The service and supply contracts that meet the conditions established in IFRIC 4,
Determining whether an Arrangement Contains a Lease are recorded as a financial or
operating lease contract, as appropriate (IFRIC = International Financial Reporting
Interpretations Committee).

Revenue Recognition – Revenues are recorded when the ownership rights and obligations
have been substantially transferred to the purchaser, according to the shipment or dispatch
of the products, in conformity with the agreed conditions and are subject to the variations
related to the content and/or sales price at their liquidation date.

The sales contracts include a provisional price at the shipment date, whose final price is
based on the price of the London Metal Exchange (“LME”). This final price will be fixed
on the dates indicated in the contracts. The revenues at provisional prices are mark-to-
market adjusted and are charge in net income.

The sales in the national market are recorded in conformity with the regulations that govern
domestic sales as indicated in Articles 7, 8 and 9 of Law No. 16,624, modified by Article
15 of Decree Law No. 1,349 of 1976, on the determination of the sales price for the internal
market.

As indicated in the note related to the hedging policies in the metal futures market, the
Corporation performs operations in the futures market. The net results of these contracts are
added to or discounted from the sales revenues.

Derivative Contracts – Codelco uses derivative financial instruments to reduce the risk of
fluctuations of the sales prices of its products from exchange rates and interest rates.

The derivatives are initially recognized at fair value at the date on which the derivative is
entered into and subsequently updated at fair value at each reporting date.

The effective part of the changes in fair value of the derivatives that are allocated as
“effective cash flow hedges”, is recognized directly in equity, net of taxes, in the item
“Cash flow hedge reserves”, while the ineffective part is recorded in net income. The
amount recognized in net equity is not transferred to the income statement account until the
results of the hedged operations are recorded in the income statement or until the maturity
date of such operations.

A hedge is considered highly effective when the changes in fair value or in the cash flows
of the underlying attributable to the hedged risk, are offset with the changes in the fair
value or in the cash flows of the hedge instruments, with effectiveness between a range of
80% – 125%. The corresponding unrealized profit or loss is recognized in comprehensive

F-264
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

income for the period, only in those cases in which the contracts are liquidated or when
they no longer comply with hedging characteristics.

The total fair value of the hedge derivatives is classified as a non-current asset or liability,
if the remaining maturity of the hedged item is greater than 12 months, and as a current
asset or liability, if the remaining maturity of the hedged item is lower than 12 months.

All derivatives designated as hedge instruments are classified as current or non-current
assets or liabilities, respectively, depending on the maturity date of the derivative.

The derivative contracts entered into by the Corporation are originated by the application of
the risk hedge policies indicated below, and are recorded as indicated for each case:

+ Hedging Policies for Exchange Rates and Interest Rates

The Corporation enters into exchange rate hedge transactions to cover exchange rate
variations between the US dollar and the other currencies its transactions are made in. It
has also contracted interest rate hedge transactions to cover fluctuations of interest rates
for future obligations denominated in US dollars. According to the policies of the Board
of Directors these operations are only performed when there is a balance (asset or
liability) or an existing flow supporting it, and not for investment or speculative reasons.

The results of the exchange rate hedge operations are recorded at the maturity or
liquidation date of such contracts.

The results of the hedging contracts for interest rates for future liabilities are amortized
over the term of those liabilities.

+ Hedging Policies in the Futures Metal Markets

In accordance with the policies approved by the Board of Directors the Corporation
entered into contracts in order to hedge future metal prices, backed by physical
production, in order to minimize the inherent risks in price fluctuations.

The hedging policies seek on the one hand to protect the expected cash flows from the
sale of products by fixing the prices for a portion of future production, and on the other
hand to adjust physical contracts to its commercial policy, when necessary.

When the sales agreements are fulfilled and the future contracts are settled, income from
the sales and futures operations are offset.

The results of these hedging transactions are recorded at the settlement date of the
hedging operations, as part of the sales revenue of the products.

F-265
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

s)

D

Hedging operations carried out by the Company are not of a speculative nature.
+ Embedded Derivatives

The Corporation has established a procedure that allows evaluating the existence of
embedded derivatives in financial and non-financial contracts. Where there is an
embedded derivative, and if the host contract is not recorded at fair value, the procedure
determines whether the characteristics and risks of the embedded derivative are not
closely related to the host contract, in which case it requires a separate recording.

The procedure consists in an initial characterization of each contract that allows to
distinguish those in which an embedded derivative could exist. In such case, such
contract is submitted to a more in-depth analysis. If as a result of this evaluation it is
determined that the contract has an embedded derivative that needs to be recorded
separately, it is valued and the movements in its fair value are recorded in
comprehensive income in the consolidated financial statements.

Financial Information per Segment – For the purposes of IFRS 8, Operating Segments it
has been defined that the segments are determined according to the Operating Divisions,
adding Yacimiento Gabriela Mistral operation, which make up Codelco. Income and
expenses of headquarters are distributed in the defined segments.

Presentation of Financial Statements – For the purposes of IAS 1, Presentation of the
Financial Statements, the Corporation establishes the presentation of its statement of
financial position classified in “current and non-current” and of its statements of income in
conformity with the “by function” method and its cash flow through the direct method.

Current and Non-Current Financial Assets – The Corporation determines the
classification of its investments upon initial recognition and reviews these at each closing
date. This classification depends on the purpose for which such investments were acquired.
Tn this section the following categories are observed:
+ Financial Assets at Fair Value through Profit or Loss:
This category includes those financial assets acquired for trading or sale in the short
term. Their initial and subsequent recognition is performed at fair value, which is

obtained as of the observable date in the market. The gains and losses from the
variations in the fair value are included in the net income for the period.

F-266
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Loans Granted and Accounts Receivable:

These correspond to financial assets with fixed or determined payments, and which are
not quoted in an active market. They arise when the Corporation provides – for valuable
consideration – cash, goods or services directly to a debtor without the intention of
negotiating the accounts receivable that is generated by the transaction. Its initial
recognition is at fair value which includes the transaction costs that are directly
attributed to the acquisition or issuance of it. Subsequent to the initial recognition these
are stated at amortized cost, recognizing in the income statement the accrued interest
according to the effective interest rate and the possible losses in the value of these assets.

A loss in value of the financial assets stated at amortized cost is caused when there is
objective evidence that the Corporation will not be able to recover all the amounts in
accordance with the original terms.

The amount of the loss in value is the difference between the carrying amount and the
net present value of the future cash flows discounted at the effective interest rate and it is
recognized as an expense in the income statement.

Tf in subsequent periods there is evidence of a recovery in the value of the financial asset
stated at amortized cost, the recognized impairment loss will be reversed as long as it
does not generate an amount in the financial asset ledgers that exceeds the one recorded
prior to the loss. The accounting of the reversal is recognized in net income for the
period.

Finally, an account receivable is not considered recoverable when there are situations
such as the dissolution of the company, the lack of identifiable assets for its execution or
a legal pronouncement.

+ Available-for-Sale Financial Assets

Financial assets available for sale are non-derivative financial assets designated
specifically in this category, or not classified in any other category. They are included in
non-current assets unless Management intends to dispose of the investment in the
following 12 months after the date of the Statement of Financial Position.

Financial Liabilities – Financial liabilities are recognized initially at fair value, net of the
incurred transaction costs. As the Corporation does not own financial liabilities held for
trading, subsequent to their initial recognition, the financial liabilities are valued at
amortized cost, using the method of the effective interest rate, recognizing the interest
expenses based on the effective profitability.

F-267
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

y)

The effective interest method is a method of calculating the amortized cost of a financial
liability and of allocating the interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments through the
expected life of the financial liability, or when appropriate, a shorter period when the
associated liability has a prepayment option that is considered to be exercised.

The trade accounts payable and other payables are financial liabilities that do not explicitly
accrue interest and are recorded at their nominal value.

The financial liabilities are derecognized when the liabilities are paid or expire.
Provisions for Doubtful Debts – The Corporation maintains an provisions for doubtful
debts, based on the experience and analysis of Management regarding the portfolio of trade

debtors and the aging of the entries.

Intangible Assets – Intangible assets are recorded at the value of actual disbursements.
Amortization, were appropriate, is recognized in accordance with IAS 38.

Intangible assets are amortized using the straight-line method over their economic useful
life as follows:

Item Minimum useful life Maximum useful life

Other intangible assets 17 years 19 years

The internally generated computer systems using the Company”s own human resources and
materials are charged to net income in the period in which they are incurred.

Statement of Cash Flows – For the purposes of preparing the statement of cash flows, the
Corporation has defined the following:

Cash and cash equivalents include cash on hand, time deposits in credit institutions and
other short-term investments of great liquidity with an original maturity of three months
from their acquisition date. In the statement of financial position the bank overdrafts are
classified as external resources in current liabilities.

Operating Activities: These are the activities that constitute the main source of ordinary
income of the Corporation, as well as other activities that cannot be classified as investment
or financing activities.

Investing Activities: These correspond to activities of acquisition, sale or disposal through

other methods of long-term assets and other investments not included in cash and cash
equivalents.

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NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Financing Activities: These are activities that cause changes in the size and composition of
the net equity and of the financial liabilities.

z) Law No. 13,196 – The amount for this concept is presented in the statement of income in
the item other expenses, by function.

aa) Cost of Sales – Cost of sales is determined according to the absorption cost method,
including the direct and indirect costs, depreciation, amortization and any other expenses
associated with the production process.

ab) Environment – The Corporation adheres to the principles of sustainable development,
which combines the economic development while safekeeping the environment and the
health and safety of its collaborators. The Corporation recognizes that these principles are
key for the wellbeing of its collaborators, the care of its environment and to succeed in its
operations.

ac) Classification of Current and Non-Current Balances – In the consolidated statement of
financial position, the balances are classified according to their maturities, that is, as current
those with a maturity equal or inferior to twelve months and as non-current those with a
greater maturity. Where there are obligations whose maturity is less than twelve months,
but whose long-term refinancing is insured upon decision of the Company, through credit
agreements available unconditionally with long-term maturity, these could be classified as
non-current liabilities.

ad) Reclasification- The figures of cost of sale and administrative expenses of consolidated
statement of income of 2009 have been reclassified to be comparative with 2010 figures.

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NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

New Accounting Pronouncements

As of the issuance date of these consolidated financial statements, the following IFRS and
IFRIC interpretations have been issued by the IASB, but it was not obligatory to apply them:

New IFRS Mandatory application date
IFRS 9, Financial Instruments Annual periods beginning on or after January 1, 2013
Amendments to IFRS Mandatory application date

IFRS 1 (Revised) – First Time Adoption of International | Annual periods beginning on or after July 1, 2011
Financial Reporting Standards- Removal of Fixed Dates
for First-time Adopter – Severe Hyperinflation

IAS 12 – Deferred Taxes – Recovery of Underlying Annual periods beginning on or after January 1, 2012
Assets

IAS 24, Related Party Disclosures Annual periods beginning on or after January 1, 2011
IAS 32, Classification of Rights Issue Annual periods beginning on or after February 1, 2010

IFRS 7, Financial Instruments: Disclosures – Transfers of | Annual periods beginning on or after July 1, 2010
Financial Assets

IFRS 9, Financial Instruments: Additions to IFRS 9 for | Annual periods beginning on or after January 1, 2013
Financial Liability Accounting

Improvements to IFRS May 2010 – set of amendments to | Annual periods beginning on or after January 1, 2011
seven International Financial Reporting Standards

New Interpretations Mandatory application date

IFRIC 19, Extinguishing financial liabilities with equity | Annual periods beginning on or after July 1, 2010
instruments

Amendments to Interpretations Mandatory application date

TFRIC 14 – The Limit on a Defined Benefit Asset, Annual periods beginning on or after January 1, 2011
Minimum Funding Requirements and their Interaction

1 IAS, International Accounting Standards; IFRS, International Financial Reporting Standards; IFRIC, International Financial
Reporting Interpretation Committee

The Management early applied the Amendment to IFRS 7, Financial Instruments: Disclosures –
Transfers of Financial Assets in these financial statements.

Notwithstanding the above, the Management believes that these standards, amendments and
interpretations, will be adopted in the consolidated financial statements of the Corporation in
the respective years, and that their adoption will not have a significant impact in the financial
statements of Codelco in the year of their initial application.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

TIT. TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

1. First Time Adoption of IFRS

a)

b)

Basis of Transition to IFRS – Until December 31, 2009, Codelco Chile and subsidiaries
prepared their financial statements in conformity with accounting principles generally
accepted in Chile and standards and instructions issued by the Superintendency of
Securities and Insurance.

As per the above stated, the Corporation established January 1, 2009 as its IFRS transition
date, defining it as the period for the measurement of the effects of the first application.

Application of IFRS 1

The consolidated financial statements of the Corporation for the period ended December
31, 2009 are the first consolidated financial statements prepared in conformity with
International Financial Reporting Standards (IFRS). The Corporation has applied IFRS 1
when preparing its consolidated financial statements.

In general, IFRS 1 requires the complete retrospective application of the standards and
interpretations effective at the date of the first application. However, such standard allows
certain exemptions to the retrospective application, in order to assist the companies with
their transition process.

The Corporation has analyzed these exemptions and has applied the following:

+ Business Combinations – The Corporation decided not to apply retrospectively IFRS
3, Business Combinations, maintaining the previous carrying amounts of the previous
combinations.

+ Fair Value as Deemed Cost – The Corporation measured certain items of property,
plant and equipment existing at the transition date of IFRS at fair value and used that
fair value as its deemed cost.

+ Exchange Rate Differences on Translation – The Corporation considered that the
cumulative translation differences will be deemed to be zero at the transition date.
Hereby, all profit or loss from subsequent disposals due to these operations will
exclude translation differences originated before the transition date.

+ Assets and Liabilities of Subsidiaries, Associates and Joint Ventures – The

subsidiaries, associates and joint ventures have adopted IFRS on the same date as the
Corporation.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

+ Changes in Existing Liabilities for Decommissioning and Restoration – The
Corporation has measured the decommissioning obligation – at the transition date –
through the calculation of the net present value of the liability, using a discount interest
rate that is representative of its indebtedness, correcting the accumulated depreciation.

In relation to the restoration provision, this has been determined at the net present
value of the liability at the transition date.

+ Leases – The Corporation adopted the transitional provisions of IFRIC 4, Determining
whether an arrangement contains a lease to determine whether the existing agreements
and contracts at the transition date to IFRS, qualify as a lease based on the facts and
circumstances at the transition date.

+ Borrowing Costs – The Corporation adopted the criterion of capitalizing borrowing
costs for work in progress, only for those works with a commencement date on or after

January 1, 2009.

+ Financial Instruments – The Corporation applies hedge accounting for its derivative
instruments.

2. Reconciliations between Generally Accepted Accounting Principles in Chile (“Chilean
GAAP”) and International Financial Reporting Standards (“IFRS”)

a) Reconciliation of the Consolidated Net Equity

Equity
December 31, January 1,
2009 2009
ThUSS$ ThUSS
Equity under Chilean GAAP 5,308,585 3,875,692
IFRS Transition Adjustments:
(i) Exposure of derivatives on futures contracts (2,315,792) 187,699
(ii) Exposure of derivatives on exchange rate swaps (50,532) (103,258)
(iii) Financial obligations at amortized cost 4,221 3,076
(iv) Fair value of property, plant and equipment as deemed cost 1,545,971 1,803,700
(v) Provision for transfer of net income to the public treasury (503,738) (84,671)
(vi) Criteria Changes Defined benefit obligations with employees 263,418 270,383
(vii) Special Purpose Entity incorporated on Consolidation 8,844 7,105
(viii) Closure provision (57,213) (3,529)
(ix) Effect of convergence to IFRS of subsidiaries and associates (105,999) (1,678)
(x) Impairment assets (54,745) (57,916)
(xi) Valuation of trade receivables at fair value through profit or loss 242,826
(xii) Change of functional currency in subsidiaries (6,108)
(xiii) Capitalization of interest 2,343
(xiv) Deferred tax effect 159,139 (1,335,288)
Non-controlling interests 2,007 2,951
Equity under IFRS 4,443,227 4,564,266

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NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Reconciliation of Profit (Loss)

Profit(loss)
January 1, 2009
December 31, 2009
ThUS$
Profit (loss) under Chilean GAAP 1,261,718
IFRS Transition Adjustments:

(1) Exposure of derivatives on futures contracts –
(iii) Financial obligations at amortized cost 435
(iv) Fair value of property, plant and equipment as deemed cost — Depreciation (257,729)
(vi) Criteria Changes Defined benefits obligations with employees (45,137)
(vii) Special Purpose Entity incorporated on Consolidation 796
(viii) Closure provision (53,684)
(ix) Effect of convergence to IFRS of subsidiaries and associates (16,003)
(x) Impairment assets 3,170
(xi) Valuation of trade receivables at fair value through profit or loss 263,105
(xiii) Capitalization of interest 2,343
(xiv) Deferred tax effect 17,212
(5) Profit (loss) controlling 1,176,226

Non-controlling interests (2,035)
Profit (loss) under IFRS 1,174,191

Other Comprehensive net Income under IFRS (1,277,115)
Total Comprehensive net Income under IFRS (102,924)

c) Explanations of the Main Differences
(1) Exposure of Derivatives on Futures Operations

Under Chilean GAAP, these futures contracts were designated as hedging instruments
in a cash flow hedge. Codelco recorded the exposure to the derivatives in control
accounts, and the change in the fair value of these operations was disclosed in the
explanatory notes to the financial statements. Under IFRS, in a cash flow hedge the
portion of the profit or loss on theonsedging instrument that is determined to be an
effective hedge is recognized in equity.

The IFRS adjustment in profit or loss corresponds to the portion of the change in the
time value of the option contracts that was designated as a hedging instrument.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

(11) Exposure of Derivatives on Exchange Rate Swaps

The adjustment in net equity corresponds to the same GAAP difference as for the
exposure of derivatives on futures operations.

(111) Financial Obligations at Amortized Cost

Under Chilean GAAP, Codelco recognized in profit or loss the expenses for bank loans
and recognized in assets or liabilities the premiums, discounts and costs of transactions
related to the issuance of bonds and whose effect in profit or loss was recognized
amortizing these according to the straight-line method over the period of the respective
obligations. Under IFRS, this methodology is modified amortizing the expenses under
the amortized cost method, based on the effective rate of the obligation.

(iv) Fair Value of Property, Plant and Equipment as Deemed Cost

(y)

Codelco, making use of the exemption of IFRS 1, has restated certain items of
property, plant and equipment based on a methodology of determining the fair value
applied by independent advisors. Useful lives associated to certain assets, based on
technical and economic criteria were also redefined from such study.

The effect in net equity arises from the increase in the value of the asset, net of
deferred taxes, while the effect in profit (loss) is generated by a higher depreciation
associated to the amount added to the asset.

Provision for the Transfer of net income for the public treasury

According to Article 6 of D.L. 1,350, the revenues generated by the Corporation
belong to the State and, prior to discounting the authorized amounts – through the
procedure indicated in such article – for the capitalization and reserve funds, they shall
be incorporated to the general revenues of the State. Only at this point, as per Chilean
GAAP, the corresponding amount was included in the financial statements. The
application of IFRS determines the need to accrue a provision for the amounts
transferred to the State, in the financial statements corresponding to the year in which
the revenues to be transferred were generated.

(vi) Criteria Changes Defined Benefits Obligations with Employees

The obligations of the Corporation with its employees for the concept of severance
payments were recorded, under Chilean GAAP, at their current value, that is, based on
the final remuneration of the employee, multiplied by his service years. According to
IFRS, these provisions are calculated at net present value discounted at a discount rate

F-274
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

based on a representative indebtedness rate, adding the use of certain actuarial
assumptions, such as the retirement rates, mortality, turnover, etc.

Its equity effects are derived from a decrease in the provision associated with these
obligations, generated by the application of the financial discount, while the effect on
profit or loss is caused by the impact on costs of sales, financial expenses and exchange
rate differences.

(vii) Special Purpose Entity Incorporated on Consolidation

According to the evaluation performed by the Corporation from the point of view of
the application of SIC 12, Fundación de Salud El Teniente (FUSAT) meets the
conditions to qualify as a Special Purpose Entity.

The consolidation of this entity implies that its net equity has to be added to the net
equity of the Corporation. The effect on profit or loss is given by the consolidation of
its profit (loss) in the results of Codelco.

(viii) Closure provision

The dismantling costs of assets, that are part of the provision made by Codelco
according to Chilean GAAP for the concepts of closing mining sites, dams and other
closure expenses, were charged directly in profit or loss for the year in which such a
provision was generated. Due to the application of IFRS, some of these costs have to
be charged to the value of the assets over which such disbursements were applied.

The impact on equity arises from the correction of the effect recorded in profit or loss
of prior years, in which the total cost was charged under Chilean GAAP and which
according to IFRS is deferred according to the depreciation of the assets to be
dismantled, net of other effects associated with the calculation of this provision in
accordance with IAS 37.

(ix) Effect of Convergence to IFRS of Subsidiaries and Associates
Each subsidiary and associate performed its convergence process to IFRS, in which
impacts of different nature were generated. The effects of these impacts were

transferred both to the consolidated net equity, as well as to the profit (loss) of
Codelco.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

(x)

Impairment of Assets

At the date of transition to IFRS, the Corporation performed an asset impairment tests
in accordance with IAS 36. Such tests concluded that the recoverable amounts of the
assets for the Cash Generating Unit “División Ventanas” were lower than the carrying
amounts of the assets of such unit. Consequently, the adjustments recorded as a result
of were mainly the total write-off of the goodwill recognized in the Corporation”s
assets, which were previous the transition to IFRS and generated by the acquisition of
Fundición Las Ventanas in 2005, in addition to the partial decrease in items of
Property, Plant and Equipment of the aforementioned CGU, and the related negative
effect on equity. At the Statement of Income by Function level, the effect of this
adjustment was reversing the depreciation charges of the impaired assets in their
corresponding proportion.

(xi) Valuation of Trade Receivables at Fair Value through Profit or Loss

When applying Chilean GAAP, the estimations of lower sales revenues, in open
Operations at year-end, were accrued with direct effect on profit or loss, according to
the available information at the preparation date of the financial statements and are
presented deducting the balance of the trade debtors. As per IFRS, both the
estimations of lower and higher revenues are recognized directly in profit or loss.

(xi1) Change of Functional Currency in the Subsidiaries

Some subsidiaries have changed their functional currency according to IAS 21,
adopting the functional currency of Codelco (US dollar). Because under Chilean
GAAP these companies continued to be valued in Chilean pesos, the effects of the
adjustments to the change that were recorded in equity during year-end 2009, have to
be reversed for the purposes of the application of IFRS.

(x11i) Capitalization of Interest

According to IFRS, there are financial costs that are directly related to the acquisition,
construction or production of qualifying assets and, therefore, they need to be
capitalized as a cost of such assets. According to this treatment, the Corporation has
identified those qualifying assets and the directly related financing costs that must be
capitalized.

Tn this context, the effect on equity is caused by a lower expense recognized in profit or
loss for the capitalization of interest, treatment that was optional under Chilean GAAP.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

(xiv) Effect of Deferred Taxes

The net deferred taxes generated by the IFRS adjustments subject to the tax rates are
included.

d) Reconciliation of Cash Flows

12-31-2009
TFRS transition

Chilean adjustments and

GAAP reclassifications (*) IFRS

ThUs$ ThUs$ ThUs$
a) Net cash flows from operating activities 2,998,783 275,523 3,274,306
b) Net cash flows from (used in) investing activities (1,831,089) 112,649 (1,718,440)
c) Net cash flows used in financing activities (924,640) (251,347) (1,175,987)
d) Net increase (decrease) in cash and cash equivalents 243,054 136,825 379,879
f) Cash and cash equivalents at beginnning of period 386,965 6,232 393,197
e) Cash and cash equivalents at end of period 630,019 143,057 773,076

(*) Reclassifications of resale agreements and incorporation of Fundación de Salud el
Teniente to the Consolidation of the Cash Flows.

IV. EXPLANATORY NOTES
1. Cash and Cash Equivalents

The detail of cash and cash equivalents is as follows:

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUsS$
Cash on hand 3,319 4,158 3,996
Bank balances 17,012 19,889 23,441
Time deposits 741,579 575,660 352,929
Mutual funds 61,855 16,454 9,414
Resale agreements 50,274 156,915 3,417
Total cash and cash equivalents 874,039 773,076 393,197

Time deposits have a maturity of 90 days or less from their date of acquisition and they are
valued at cost plus interest at their corresponding interest rate.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

2. Trade and Other Receivables
a) Provisions for Open Sales Invoices
As mentioned in Article of Summary of Significant Accounting Policies, the Corporation
adjusts its revenues and balances from trade debtors, based on future copper prices, by

recording a provision for open sales invoices.

When the future price of copper is lower than the provisional invoice amount, this
provision is presented in the Statement of Financial Position as follows:

+ Customers that have debt balances with the Corporation are presented in Current Assets,
decreasing the amounts owed by these customers.

+ Customers that do not have debt balances with the Corporation are presented in the item
Trade and other payables of Current Liabilities.

When the future copper price is higher than the provisional invoice price, the provision is
presented in current assets increasing the amounts owed by customers.

As per the above, the amounts are:

Debit (credit) balance

Classification of the provision December 31, December 31, January 1,
of open invoices 2010 2009 2009
ThUS$ ThUS$ ThUS$
Current assets 406,837 267,014 (95,225)
Current liabilities – – (194,523)

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Trade and Other Receivables

The following chart shows the amounts of Trade and other receivables, with their
corresponding provisions:

Trade and other receivables, current Current Non-Current
December 31, — December 31, January 1, — December3l, December 31, January 1,
2010 2009 2009 2010 2009 2009

ThUS5 ThUSS ThUS5 ThUS5 ThUS5 ThUS5
Trade receivables 2,349,685 1,724,304 504,929
Provision for bad and doubtful debts (2,343) (2,159) (2,104)
Subtotal trade receivables, net 2,347,342 1,722,145 502,825
Other receivables 370,878 344,684 338,945 198,785 198,102 149,234
Provision for bad and doubtful debts (4,214) (4,803) (6.403) – –
Subtotal other receivables, net 366,664 339,881 332,542 198,785 198,102 149,234
Total 2,714,006 2,062,026 835,367 198,785 198,102 149,234

rade debtors are generated by the sale of products of the Corporation, which in
1) Trade deb: d by th le of d f the C 1 hich i
general are sold for cash or through bank documents:

(2) Other receivables include the amounts owed mainly by:

+ Personnel of the Corporation, including short-term loans and mortgage loans, both
discounted on a monthly basis from their remunerations. The mortgage loans are
backed by mortgage guarantees.

+ Claims for insurance companies.

+ Liquidations to the Central Bank as per Law 13,196.

+ Advance payments to suppliers and contractors, to be discounted from the
corresponding payment statements.

+ Accounts receivable for toll services (Fundición Ventanas).

(3) The Corporation maintains an provision for doubtful debts, based on the experience

and analysis of Management regarding the portfolio of trade debtors and the aging of
the entries.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The movement of the provision for doubtful accounts in the periods January to
December 2010 and 2009 is as follows:

Movements of the bad debts provision December 31, 2010 December 31, 2009
ThUS$ ThUS$
Opening balance 6,962 8,507
Increases 184 55
Write-offs / applications 589 1,600
Movement, subtotal (405) (1,545)
Final balance 6,557 6,962

Details of past due and not provided balances are as follows:

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
Less than 90 days 18,814 33,672 101,498
Between 90 days and 1 year 378 4,575 877
More than 1 year 3,572 3,275 5,535
Total past-due and not impaired 22,764 41,522 107,910

3. Balances and Transactions with Related Companies
a) Related Operations through Persons

The Board of Directors of the Corporation has established the policy that governs
transactions with persons and companies related to Codelco personnel, which has been
regulated by Management, since December 1, 1995, through Corporate Regulation No.18
and its corresponding administrative procedures.

Accordingly, Codelco cannot enter into agreements or acts in which one or more Directors,
lts Executive President, members of the Divisional Board of Directors, Vice Presidents,
Corporate Auditor, Divisional General Managers and senior supervisory personnel,
including their spouses, children and other relatives, up to the second degree of blood
relationship, have direct personal interests, whether they are represented by third parties or
they act as representatives of another person, without prior authorization as set forth in the
aforementioned policy and Regulation, and by the Board of Directors, when required by
Law or the Company”s By-Laws.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

This prohibition also includes the companies in which such individuals are involved
through ownership or management, whether directly or through representation of other
natural persons or legal entities, or individuals who have ownership or management in
those companies.

Without affecting to the above, the internal regulatory framework included in Corporate
Regulation No. 18, is adjusted by the provisions of Title XVI of the Law on Corporations –
of the operations with related parties in publicly traded companies and their subsidiaries –
and in particular, to the final section of Article 147 b), which establishes exemption
standards regarding operations with related parties, that are made according to general
habitual policies determined by the Board of the Corporation. The Corporation has
established a general policy in this regard, adhering to the final section of Article 147 b)
which establishes the operations that are habitual, and it is understood that these are those
performed habitually with its related parties within its line of business, that contribute to a
social interest and that are necessary for the normal development of the activities of
Codelco and its subsidiaries.

For purposes of this regulation, second and third hierarchical level positions in the
Divisions, and Managers and Assistant Managers in the heardquarters are considered as
senior supervisory positions.

The Board of the Corporation is aware of the transactions regulated by the Corporate
Regulation No. 18, on which according to this standard, it has to make a statement. Among
these operations are those indicated in the following chart, for the total amounts indicated,
which need to be executed in the periods specified by each contract.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Transactions related through persons

1-1-2010 / 12-31-2010

1-1-2009 / 12-31-2009

Effects on Effects on
net Income net Income
Taxpayer (charges)/ (charges)/
Company number Country | Nature of the relationship Description of the transaction Amount credits Amount credits
ThUS ThUS ThUS ThUS
Industrial Support Company Ltda. 77.276.280-1 Chile Executives relative Services – – 3,432 (3,432)
CMS Tecnologia S.A. 96.893.530-5 Chile Associate Services – – 7,913 (7,913)
Inst. de Innovacion en Min. y Metal S.A. 96.854.500-0 Chile Subsidiary Services – – 39,500 (39,500)
Quadrem Chile Ltda 77.546.140-3 Chile Related Services 2.034 (2,034) 225 (225)
R 8: Q Ingenieria S.A. 84.865.000-5 Chile Executivesrelative Services – – 4,879 (4,879)
Juan Patricio Alvear Arriagada 7.828.426-9 Chile Executive’s relative Services – – 60 (60)
Ingeniería Insitu S.A. 96.796.630-4 Chile Executives relative Services – – 299 (299)
Domingo Iraola Vera 2.320.212-3 Chile Executive’s relative Services 59 (59) 3,150 (3,150)
Compañía de Petróleos de Chile S.A. 99.520.000-7 Chile Directorsownership Purchase of supplies – – 248 (248)
Prodalam S.A. 93.772.000-9 Chile Directorsownership Services – – 1,790 (1,790)
Prodinsa S.A. 92.698.000-9 Chile Directorsownership Services – – 1,303 (1,303)
CIS Ingenieros y Asociados 88.422.600-7 Chile Directors ownership Services 170 (170) – –
Mining Industry Robotic Solutions S.A. 76.869.100-2 Chile Investee Services – – 1,073 (1,073)
Sociedad Contractual Minera El Abra 96.701.340-4 Chile Investee Services 8 (8) – –
Petricio Industrial S.A. 96.799.310-7 Chile Executives relative Services – – 223 (223)
Ernst £: Young Ltda. 77.802.430-6 Chile Executives relative Services 2.489 (2,489) – –
Club de Deportes Cobresal 70.658.400-5 Chile Clubpresidents employee Services 340 (340) – –
Servicios Aridam S.A. 76.033.531-2 Chile Executive’srelative Services 192 (192) – –
CAIDS.A. 76.069.751-6 Chile Executives relative Services 771 (071) – –
B. BOSCHS.A. 84.716.400-K Chile Executives relative Services 473 (473) – –
Irene Astudillo Fernández 8.972.584-4 Chile Executivess relative Services 74 (14) – –
Entel S.A. 92.580.000-7 Chile Executives relative Services 70 (70) – –
Ecometales Ltd. 59.097.530-9 Chile Subsidiary Services 27,735 (27,735) 14,199 (14,199)
Clinica San Lorenzo Limitada 88.497.100-4 Chile Subsidiary Services 1,841 (1,841) – –
San Lorenzo Institución de Salud Previsional Ltda. 76.521.250-2 Chile Subsidiary Services 1,353 (1,353) – –
SKM Minmetals Ltda. 76.334.600-5 Chile Executive’srelative Services – – 7,236 (7,236)
Exploraciones Mineras Andina S.A. 99.569.520-0 Chile Subsidiary Services – – 44,700 (44,700)
Mining Information Communications and Monitoring S.A. 76.561.210-1 Chile Subsidiary Services 25 (25) – –
Biosigma S.A. 96.991.180-9 Chile Subsidiary Services 12,000 (12,000) – –
Minera Gaby S.A. 76.685.790-6 Chile Subsidiary Services 464,280 – –
Sinclair Knight Merz (Chile) Ltda. 76.334.600-5 Chile Executive’srelative Services 9,223 – –

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Key Personnel of the Corporation

In accordance with the policy established by the Board of Directors and its related regulation, those transactions affecting the
Directors, its Executive President, Vice presidents, Corporate Auditor, the members of the Divisional Boards of Directors and
Divisional General Managers should be approved by this Board.

During 2010 and 2009, the members of the Board of Directors have received the following amounts as per diems,
remunerations and fees:

01-01-2010 / 12-31-2010 01-01-2009 / 12-31-2009
Effects on Effects on net
income income
Description of the (charges)/ (charges)

Name 1D number Country Nature of the relationship transaction Amount credits Amount credits

ThUS$ ThUSS ThUS$ ThUS$
Santiago González Larraín 6.499.284-8 Chile Chairman of the Board of Directors Director’s fees 4 (4) 19 (19)
Andrés Velasco Brañes 6.973.692-0 Chile Director Director’s fees 4 (4) 19 (19)
Nicolás Majluf Sapag 4.940.618-5 Chile Director Director’s fees 45 (45) 59 (59)
Nicolás Majluf Sapag 4.940.618-5 Chile Director Fees – – 27 (Q7)
Jorge Bande Bruck 5.899.738-2 Chile Director Director’s fees 90 (90) 59 (59)
Jorge Bande Bruck 5.899.738-2 Chile Director Fees – – 27 (Q7)
Jorge Candia Díaz 8.544.205-8 Chile Director Compensations – – 86 (86)
Jorge Candia Díaz 8.544,.205-8 Chile Director Dieta Directorio 11 (11) 59 (59)
Raimundo Espinoza Concha 6.512.182-4 Chile Director Remuneraciones 7 (72) 34 (34)
Raimundo Espinoza Concha 6.512.182-4 Chile Director Director’s fees 70 (70) 59 (59)
Gustavo González Jure 6.866.126-9 Chile Director Director’s fees 11 (11) 59 (59)

Alberto Arenas de Mesa 8.718.414-5 Chile Director Director’s fees 18 (18) – –

Jaime Gutiérrez Castillo 6.772.588-3 Chile Director Compensations 80 (80) – –

Jaime Gutiérrez Castillo 6.772.588-3 Chile Director Director’s fees 59 (59) – –

Andrés Sanfuentes Vergara 4.135.157-8 Chile Director Director’s fees 18 (18) – –

Gerardo Jofré Miranda 5.672.444-3 Chile Director Director’s fees 115 (115) – –

Marcos Biichi Buc 7.383.017-6 Chile Chairman of the Board of Directors Director’s fees 70 (70) – –

Fernando Porcile Valenzuela 4.027.183-K Chile Director Director’s fees 48 (48) – –

Andrés Tagle Dominguez 5.895.255-9 Chile Director Director’s fees 48 (48) – –

Marcos Lima Aravena 5.119.963-4 Chile Director Director’s fees 79 (19) – –

Juan Luis Ossa Bulnes 3.638.915-K Chile Director Director’s fees 48 (48) – –

F-283
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Through Supreme Decree of the Treasury Department No. 257, dated March 3, 2010, the
method for determining the remunerations of the directors of the Corporation was
established. This document details the calculation method of such remunerations, as per the
following:

a. The monthly remuneration of the directors of Codelco is fixed in the amount of
Ch$3,000,000 – (three million Chilean pesos) for participating in the Board meetings.

b. A unique monthly remuneration of Ch$6,000,000 – (six million Chilean pesos) is
established for the Chairman of the Board.

c. In the case of the directors that shall participate in a Board Committee, whether the one
referred to in Article 50 bis) of law No. 18,046 or another established by the by-laws of
the Corporation, they shall receive a single additional monthly amount of Ch$1,000,000
– (one million Chilean pesos) for their participation, notwithstanding the number of
committees in which they participate. In addition, the director holding the chair of the
Directors” Committee shall receive a single monthly remuneration for his participation
in committees of Ch$2,000,000 – (two million Chilean pesos).

d. The remunerations established in this legal document will be valid for a period of two
years, as of March 1, 2010, and will be adjusted as of January 10, 2011, according to the
same provisions that govern the general remuneration adjustment of the employees of
the Public Sector of the Republic of Chile.

The short-term benefits related to the main executives of the Corporation, paid during the
period January – December 2010, amount to ThUS$6,658 (2009: ThUS$5,718).

The non-current benefits paid during the period January – December 2010 amount to
ThUS$547 (2009: ThUS$234).

The criteria to determine the remunerations of the executives were established by the Board
on January 29, 2003. The current text of the policy, updated in the remunerations
committee of the Board dated March 2, 2004, is the following;

1. The fixed remuneration will be equal to the fixed remuneration corresponding to 50% of

the fixed component of the remuneration of the position in the market of reference, with
a range of approximately 15%.

F-284
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

li.

lil.

The non-guaranteed performance bonus will have an annual value that will fluctuate
depending on the goal compliance and the individual performance between zero and
three fixed monthly remunerations. In addition two limitations are established: first, that
the annual surplus of the Corporation shall be higher than 20% of its equity (capital plus
reserves), and, second, that the total bonuses shall not exceed 2.4 times the amount
added to the monthly base remuneration of these executives.

The total remuneration, that is to say, the sum of the guaranteed fixed remuneration plus
the possible performance bonus, shall not exceed the total remuneration corresponding
to the 75 percentile of this position in the market of reference.

None of the main executives of Codelco received severance payments as of December 31,
2009 and 2010.

Operations with Codelco Investees

In addition, the Corporation performs necessary commercial and financial transactions with
entities in which it has capital ownership. The financial transactions correspond mainly to
loans in checking accounts.

The commercial operations with related companies refer to the purchase and sale of
products or services, at market conditions and prices and which do not consider interests or
indexation. These companies are the following: Sociedad GNL Mejillones S.A., Sociedad
Contractual Minera Sierra Mariposa, Copper Partners Investment Company Ltd., Sociedad
Contractual Minera Purén, Kairos Mining S.A., MI Robotic Solutions S.A., Inversiones
Tocopilla Ltda., Sociedad Contractual Minera El Abra, Electroandina S.A., Agua de La
Falda S.A., CMS Tecnología S.A., Ecosea Farming S.A., Comotech S.A., Inversiones
Mejillones S.A., E-CL S.A., Inversiones Tocopilla 2A S.A., Inversiones Tocopilla 2B S.A.,
Inversiones Mejillones 1 S.A., Inversiones Mejillones 2 S.A. and Deutsche Geissdraht
GmbH, Quadrem Chile Ltda. And Suez Energy Andino S.A.

The Corporation does not establish provisions for doubtful accounts for the main items

receivable from their related companies, as these have been registered by including the
relevant safeguards in the respective debt contracts.

F-285
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The detail of the accounts receivable from and payable to related companies as of
December 31, 2010, December 31, 2009 and January 1, 2009, is presented in the following
tables:

Due from related companies

Current Non- Current

Nature of the | Indexation | December | December | January 1, | December | December | January 1,
Taxpayer number Name Home country ionshi 312010 | 312009 2009 31 2010 | 31,2009 2009

TOS ThUSS ThUSS TUS TIOS TRUS
96.731.500-1 Electroandina S.A. Chile Associate USD – – 101,743 – – –
76.775.110-7 GNL Mejillones S.A. Chile: Associate USD 52,655 30,241 14 104,672 170,278 –
96.701.340-4 Sociedad Contractual Minera El Abra Chile: Associate USD 1,217 5,842 2,746 –
Forcign Copper Partners Invest. Company Ltd. Bermudas Joint Venture USD 100,12: 123,238 9,708 – 61,633 –
88.006.900-4 E-CLS.A. Chile: Associate USD 2,453 412 – – 26,124 –
96.801.450-1 Agua de la Falda S.A. Chile Associate USD – – – 224 224 224
96.893.530-5 CMS Tecnologia S.A. Chile Associate CLP – – 1,275 – – –
96.885.200-0 Suez Energy Andino S.A. Chile: Partner CLP – 69,387 – – –
76.024.442-2 Ecosca Farming S.A. Chile: Associate CLP 64 59 208 – – –
76.009.778-0 Comotech S.A. Chile: Associate CLP 165 – – – –
76.082.774-6 Inversiones Tocopilla 2B S.A. Chile Associate CLP – 2 – – – –
76.869.100-2 Mining Industry Robotic Solutions S.A. Chile Associate CLP 1,279 – – – – –
Total 157.954 229,181 115,694 104896 358259 224
Due to related companies
Current Non-Current

Nature of the | Indexatio December | January 1, | December er | January 1,

Taxpayer number Name Home country iomshi 31, 2009 2009 31 2010 | 31,2009 2009
ThUSS ThUSS TUS TIOS TRUS

Forcign Copper Partners Investment Company Ltd. Bermudas Joint Venture — USD 36,667 345,324 381,975 418,938
Forcign Deutsche Geissdraht GmbH Alemania Associate EURO 1,319 –
76.781.030-K Kairos Mining S.A. Chile Associate CLP 10,642 – – – –
76.869.100-2 Mining Industry Robotic Solutions S.A. Chile Associate CLP – $48 115 – – –
77.546.140-3 Quadrem Chile Lada. Chile Other investment CLP. 66 241 – – – –
88.06.9004 E-CLS.A. Chile: Associate USD 53,091 9. – 3,880 – –
96.701.340-4 Sociedad Contractual Minera El Abra Chile: Associate USD 50,670 42,732 16,692 – – –
96.731.500-1 Electroandina S.A. Chile: Associate USD – 57888 – 6,792 11,030
96.893.530-5 CMS Tecnologia S.A. Chile Associate CLP – $30 – – –
76775.110-7 GNL Mejillones S.A. Chile: Associate USD – – – – –
Total 171,565 127,229 349,204 388,767 429968

F-286
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

d)

The transactions performed between the Corporation and its related entities during the
periods January – December 2010 and 2009, are detailed in the next chart together with
their corresponding effects on profit or loss of such periods:

December 31, 2010 December 31, 2009
Effects on Effects on
income income
Description of the (charges) (charges)
Taxpayer number Company transaction Amount /credits Amount /credits
ThUSS ThUSS ThUSS ThUSS
Foreign Copper Partners Investment Co. Ltd. Sale of products 143,902 143,902 153,496 153,496
Foreign Copper Partners Investment Co. Ltd. Capital reduction – – 44,805 –
76.024.442-2 Ecosea Farming S.A. Capital contribution – – – –
76.082.152-7 Inversiones Mejillones 3 S.A. Sale of shares – – 32 –
76.708.710-1 Central Termoeléctrica Andina S.A. Loan – – 13,392 –
76.775.710-7 Sociedad GNL Mejillones S.A. Capital contribution – – 67,500 –
76.775.710-7 Sociedad GNL Mejillones S.A. Capital decrease – – 200,500 –
76.775.710-7 Sociedad GNL Mejillones S.A. Loan 157,322 – 200,500 –
76.775.710-7 Sociedad GNL Mejillones S.A. Purchase of energy 105,658 (105,658) – –
76.775.710-7 Sociedad GNL Mejillones S.A. Expense reimbursement 5 – 1,646 –
76.781.030-K Kairos Mining S.A. Purchase of services 14,345 (14,345) 17,185 (17,185)
76.869.100-2 Mining Industry Robotic Solutions S.A. Capital contribution – – 200 –
76.869.100-2 Mining Industry Robotic Solutions S.A. Purchase of services 1,448 (1,448) 2,656 (2,656)
78.835.420-7 Inversiones Tocopilla Ltda. Dividends received – – 12,831 –
78.835.420-7 Inversiones Tocopilla Uno S.A. Capital contribution – – 171,486 –
78.835.420-7 Inversiones Tocopilla Uno S.A. Capital contribution – – 19,920 –
78.835.420-7 Inversiones Tocopilla Uno S.A. Dividends received – – 34,973 –
88.006.900-4 E-CLS.A. Promissory note – – 19,920 –
88.006.900-4 E-CLS.A. Loan – – 13,144 –
96.701.340-4 SCM El Abra Purchase of products 447,027 (447,027) 373,861 (373,861)
96.701.340-4 SCM El Abra Dividends received 147,000 – – –
96.701.340-4 SCM El Abra Sale of products 28,179 28,179 54,776 54,776
96.701.340-4 SCM El Abra Purchase of services 1,607 (1,607) 4,138 (4,138)
96.701.340-4 SCM El Abra Commissions received 145 145 166 166
88.006.900-4 E-CLS.A. Interest and commissons – – 3,472 3,472
88.006.900-4 E-CLS.A. Purchase of energy 466,955 (466,955) 509,438 (509,438)
88.006.900-4 E-CLS.A. MK:0 services 1,007 (1,007) 614 (614)
88.006.900-4 E-CLS.A. Loan 130,627 – 53,400 –
88.006.900-4 E-CLS.A. Dividends received 32,040 – – –
96.782. Suez Energy Andino S.A. Acquisition of centra share – – 21,695 –
96.782. 5 Suez Energy Andino S.A. Acquisition of rights – – 30,416 –
96.782.220-5 Suez Energy Andino S.A. Sale of share of inversiones – – 172,500 39,940
88.006.900-4 E-CLS.A. Purchase of services – – 986 (986)
88.006.900-4 E-CLS.A. Gas supply – – 4,910 (4,910)
99.990.660-0 Inversiones Mejillones S.A. Dividends received – – 13,976 –

Additional Information

The current and non-current account payable to the company Copper Partners Investment
Company Ltd., corresponds to the balance of an advance payment received (US$550
million) due to the commercial agreement with the company Minmetals.

F-287
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Inventories

The inventories at December 31, 2010, December 31, 2009 and January 1, 2009 are detailed as
follows:

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
Finished products 418,394 315,838 384,232
Subtotal finished products, net 418,394 315,838 384,232
Products in process 1,055,664 908,764 891,454
Subtotal products in process, net 1,055,664 908,764 891,454
Materials in warehouse and others 381,932 318,011 360,356
Obsolescence provision adjustment (73,484) (70,837) (89,444)
Subtotal products in process, net 308,448 247,174 270,912
Total inventories 1,782,506 1,471,776 1,546,598

The value of the finished products is stated net of an unrealized profit corresponding to the
purchase and sale operations of associates and subsidiaries, and which according to accounting
standards need to be discounted from the entries that originated them.

The inventories recognized as an expense in the costs of sales during the years ended December
31, 2010 and 2009, correspond to finished products and amount to ThUS$8,777,024 and

ThUS$5,326,908, respectively.

Codelco has not written off inventories that have been recognized in the Statement of Income
by function.

F-288
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Deferred Taxes and Income Taxes

This provision is stated in the item Current Tax Liabilities, in current liabilities, net of monthly
provisional tax payments and other tax credits (Note 6).

In accordance with the Law 20,455 on Reconstruction due to the earthquake, the income tax
rates were changed for tax years 2012 and 2013. The current tax rate will temporarily increase
from 17% to 20% and 18.5%, respectively.

The effect of such tax rate change resulted in recognizing a deferred tax asset crediting net
income for ThUS$22,735. The deferred taxes that will be reversed in tax years 2012 and 2013
(fiscal years 2011 and 2012), amount to ThRUS$17,379 and ThUS$5,356, respectively.

In accordance with the Law 20,469 on the Specific Mining Activity Tax, that changes the

current income tax rate (5%) to be applied from tax year 2012 onwards, the Company has
estimated a tax rate 0f 5.68% for that tax year.

F-289
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The following table shows the detail of the deferred tax assets and liabilities:

Deferred tax assets:

Provisions

Unrealized gains

Financial lease

Specific Mining tax
Derivatives – futures
Advances from clients
Derivatives interest rate swaps
Health care plans

Others

Total deferred tax assets

Deferred tax liabilities:

Financial liabilities under effective interest rate

Derivatives exchange rate swaps

Specific Mining tax

Price-level restatement of property, plant and equipment
(first application of IFRS)

Valuation of severance indemnity

Accelerated depreciation

Derivatives – futures

Provisions

Others

Total deferred tax liabilities

The effect of deferred taxes affecting equity is summarized as follows:

Deferred taxes affecting equity
Cash flow hedge

Total deferred taxes affecting equity

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
671,737 513,489 655,626
49,246 51,885 60,703
18,862 13,855 8,693
7,452 – –
1,232,505 1,320,002 –
217,734 238,626 259,522
52,740 28,803 58,857
20,081 7,641 5,333
31,754 73,226 30,534
2,302,111 2,247,527 1,079,268
December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
8,000 8,378 7,899
– 30,792 25,898
832,594 881,203 1,028,109
200,568 172,119 159,986
1,915,741 1,735,279 1,584,453
– – 106,678
46,808 134,177 56
9,782 7,996 27,124
3,013,493 2,969,944 2,940,203
December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
(63,560) 1,394,332 37,651
(63,560) 1,394,332 37,651

F-290
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The following table shows the reconciliation of taxes considering the legal tax rate and the

calculation of the taxes actually paid:

Profit before taxes
Permanent differences 17%
Permanent differences 40%

Income from corporations and others

Income from contractual companies

Income from Isapres (Private Health Insurance Companies)
Translation exchange differences

Specific mining tax

Dividends receivable

Others

Specific mining tax net of deferred tax

Effect of subsidiaries

Total tax expense

Profit before taxes
Permanent differences 17%
Permanent differences 40%

Income from corporations and others
Income from contractual companies
Income from Isapres

Translation exchange differences
Specific mining tax

Dividends receivable

Others

Specific mining tax net of deferred tax
Effect of subsidiaries

Total tax expense

December 31, 2010
Additional
Taxable Taxable Tax rate tax rate
base 17% base 40% 17% 40% Total
ThUS$ ThUSS ThUS$ ThUS$ ThUSS
4,487,922 4,487,922 762,947 1,795,169 2,558,116
(588,768) – (100,091) – (100,091)
– (290,069) – (116,028) — (116,028)
(72,774) (72,778) (12,372) (29,110) (41,482)
(234,402) – (39,848) – (39,848)
(2,174) – (370) – (370)
826 826 140 330 471
(304,652) (304,652) (51,791) (121,861) (173,652)
– 106,244 – 42,498 42,498
24,408 (19,713) 4,149 (7,885) (3,736)
– – – – 291,039
– – – – (21,435)
662,856 1,679,141 2,611,601
December 31, 2009
Additional
Taxable Taxable Tax rate tax rate
base 17% base 40% 17% 40% Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
2,881,765 2,987,834 489,900 1,195,134 1,685,034
(265,421) – (45,122) – (45,122)
– (3,629) – (1,452) (1,452)
(140,640) (246,709) (23.909) (98,684) (122,593)
(192,286) – (32,689) – (32,689)
468 – 80 – 80
8,534 8,534 1,451 3,414 4,865
(169,763) (169,763) (28,860) (67,905) (96,765)
– 170,495 – 68,198 68,198
228,266 228,266 38,805 91,306 130,111
7 – – – 173,987
– – – – 3,415
444,778 1,191,463 1,813,643

F-291
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Current Tax Assets and Liabilities
a) Current Tax Assets

This item shows the right to collect VAT fiscal credit, income taxes and other taxes receivable,
and is detailed as follows:

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
VAT fiscal credit 153,347 123,334 83,763
Other taxes 5,153 4,308 4,708
Income tax 35,726 20,224 348,483
Total 194,226 147,866 436,954

b) Current Tax liabilities

This item shows the income tax liabilities, net of monthly provisional payments:

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
Income tax payable 307,952 63,636 4,628

F-292
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Property, Plant and Equipment

a) The balances of Property, plant and equipment at December 31, 2010 comparative with
December 31, 2009 and January 1, 2009, are as follows:

Property, plant and equipment, gross

Construction in progress
Land

Buildings

Plant and equipment
Fixtures and fittings
Motor vehicles

Land improvements
Mining operations

Mine development
Other assets

Total property, plant and equipment, gross

Property, plant and equipment, accumulated depreciation

Buildings

Plant and equipment
Fixtures and fittings
Motor vehicles
Land improvements
Mining operations
Mine development
Other assets

Total property, plant and equipment, accumulated depreciation

Property, plant and equipment, net

Construction in progress
Land

Buildings

Plant and equipment
Fixtures and fittings
Motor vehicles

Land improvements
Mining operations

Mine development
Other assets

Total property, plant and equipment, net

F-293

December 31, December 31, January 1,
2010 2009 2009
ThUSS$ ThUSS$ ThUSS$
2,756,793 2,492,101 1,361,417
108,087 106,924 94,650
3,163,952 3,105,730 3,074,943
9,767,914 8,955,969 8,744,234
35,600 31,770 32,086
1,106,413 1,097,051 976,108
3,067,271 2,772,167 2,671,457
2,670,080 2,570,495 2,196,619
737,544 659,615 659,559
735,895 672,157 676,821
24,149,549 22,463,979 20,487,894
December 31, December 31, January 1,
2010 2009 2009
ThUSS$ ThUSS$ ThUSS$
1,905,162 1,915,566 1,794,303
5,407,138 4,927,764 4,298,190
24,123 25,612 24,748
643,353 643,164 551,174
1,820,174 1,748,969 1,653,993
1,305,938 1,414,156 1,097,353
316,568 312,942 276,766
375,663 265,373 283,717
11,798,119 11,253,546 9,980,244
December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
2,756,793 2,492,101 1,361,417
108,087 106,924 94,650
1,258,790 1,190,164 1,280,640
4,360,776 4,028,205 4,446,044
11,477 6,158 7,338
463,060 453,887 424,934
1,247,097 1,023,198 1,017,464
1,364,142 1,156,339 1,099,266
420,976 346,673 382,793
360,232 406,784 393,104
12,351,430 11,210,433 10,507,650

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b)

Movement of Property, plant and equipment

Construction Plantand — Fixturesand Land Mining Mine Other
Movements in progress Land Buildings equipment fittings Motor vehicles improvements operations development assets Total
ThUSS THUSS — TRUSS ThUSS ThUSS RUSS ThUSS ThUSS THUS$ THUSS ———ThUSS
Opening balance 1/1/2009 1,361,417 — 94,650 1,280,640 4,446,044 7,338 424,934 1.017.464 1,099,266 382,793 — 393,104 10,507,650
Additions 1,710,915 — 1,581 535 8,850 305 68 – 262.022 – 107,927 — 2,092,203
Disposals (16,587) (2,062) 4,606 (6,763) (45) (256) 225 (50) – (48,917) (69,849)
Capitalizations (452,531) 14318 21,312 194,556 10 120,038 102,757 – 56 – 516
and amortization – – (120,034) (629,188) (1,830) (91,986) (94,976) (616.803) (36,176) — 19,248 — (1,271,745)
ions (112,840) — (1,782) (827) 8917 300 983 (2,272) 111,904 – (4.383) –
– – – 1,867 – – – – – – 1,867
s 1,727 219 3,932 3.922 so 106 – – – (60,195) (50,209)
Total movements 1,130,684 12,274 (90,476) (417.839) (1,180) 28,953 5.734 57.073 (36,120) 13,680 702,783
Final balance 12/31/2009 2,492,101 106,924 1,190,164 4,028,205 6.158 453,887 1,023,198 1,156,339 346.673 406,784 11,210,433
Movements s se ini si
Construction Plantand — Fixturesand Land Mining Mine Other
in progress Land Buildings equipment fittings Motor vehicles improvements operations development assets Total
ThUSS THUSS — TRUSS ThUSS THUSS THUSS ThHUSS ThUSS THUS$ THUSS———ThUSS
Opening balance 1/1/2010 2,492,101 106,924 1,190,164 4,028.205 6,158 453,887 1,023,198 1,156,339 346.673 — 406,784 11,210,433
Additions 2,227,531 172 4,761 16,383 705 27 – 324,906 – 39,618 — 2,614,103
Disposals (55,184) — (198) — (14,981) (26,520) (523) (6.820) (8.838) (26.957) – (57,506) — (197,527)
Capitalizations (1,661,144) 55 166.091 923.208 6,361 105,288 335,136 4,901 107,015 13,089 –
Depreciation and amortization – – (97.258) (600,258) (1.610) (92.054) (102,023) (617.433) (32,910) — (47,303) (1,290,849)
Reclassifications (42,132) – 11.088 727 439 2.7132 4,562 222,386 198 – –
Impairment – – – 1,867 – – – – – – 1,867
Others (4,379) 1,134 (1,075) 16,944 (53) – (4,938) – – 5,550 13,183
Total movements 264,692 1,163 68,626 332,571 5,319 9,173 223,899 207,803 74,303 (46,552) _ 1,140,997
Final balance 12/31/2010 2,756,793 108,087 1,258,790 4,360,776 11,477 463,060 1,247,097 1,364,142 420,976 360,232 123514430

e)

d)

The value of construction in progress, is directly associated with the operating activities of
the Corporation and its subsidiaries, and relates to the acquisition of equipment and projects
in construction.

The Corporation has contracted insurance policies to cover the potential risks to which the
various elements of property, plant and equipment are subject to, and any claims that could
arise from their activities. These policies provide adequate coverage of the potential risks.

Revaluation of property, plant an equipment assets at the date of transition to IFRS.

At the date of transition to IFRS (January 1, 2009), the Corporation revaluated certain
property, plant and equipment assets invoking the exemptions included in IFRS 1. This
valuation was mainly focused on assigning value to those assets that according to Chilean
GAAP, had accumulated depreciation equal or close to the their gross value, but
nevertheless continued to be employed in the Corporation’s normal operations.

The work was performed by an independent consultant and was based mainly on the
valuation model of Marston and Agg, which determined an increase in asset value of
US$1,804 million at January 1, 2009.

F-294
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Reconciliation of property, plant and equipment, net at January 1, 2009 between Chilean GAAP and IFRS ThUS$

Property, plant and equipment, net under Chilean GAAP (net fixed assets) at January 1, 2009 8,460,452
Revaluation under IFRS 1 at January 1, 2009 1,803,700
Impairment of assets as of January 1, 2009 (38,597)
Capitalization of decomissioning costs at January 1, 2009 283,355
Other IFRS effects (1,260)
Property, plant and equipment, net under IFRS at January 1, 2009 10,507,650

f) Restrictions on ownership and assets given in guarantee.

The Corporation currently has no ownership restrictions on Property, Plant and Equipment
assets.

In addition, under no circumstance has management granted assets in guarantee to third
parties to allow performance of its normal business activities or as a commitment to secure
the payment of its obligations.

Investments Accounted for Using the Equity Method

The following table sets forth the carrying amount and the share of profit of the investments
accounted for using the equity method:

Equity Method Accrued net income
December 31, December 31, January 1, 01-01-2010 01-01-2009
2010 2009 2009 12-31-2010 12-31-2009
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Associates equity method accounted investments 1,234,139 1,100,156 966,870 287,607 287,633
Joint ventures 26,635 – 117,600 15,788 23,018
Total 1,260,774 1,100,156 1,084,470 303,395 310,651

a) Associates
Agua de la Falda S.A.

At December 31, 2010, Codelco has a 43.28% interest in Agua de la Falda S.A., with the
remaining 56.72% owned by Minera Meridian Limitada.

The corporate purpose of this company is to exploit deposits of gold and other minerals, in
the third region of the country.

F-295
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Sociedad Contractual Minera El Abra

Sociedad Contractual Minera El Abra was formed in 1994. At December 31, 2010, Codelco
has a 49% interest in Sociedad Contractual Minera El Abra, with the remaining 51% owned
by Cyprus El Abra Corporation, a subsidiary of Freeport-McMoRan Copper £ Gold Inc.

Company activities involve the extraction, production and marketing of copper cathodes.
Sociedad Contractual Minera Purén

At December 31, 2010, Codelco has a 35% interest in Sociedad Contractual Minera Purén,
with the remaining 65% owned by Compañía Minera Mantos de Oro.

Its object is to explore, identify, survey, investigate, develop and exploit mineral deposits in
order to extract, produce and process ore.

Sociedad Contractual Minera Sierra Mariposa

At December 31, 2010 and January 1, 2009, Codelco has a 23.73% interest in Sociedad
Contractual Minera Sierra Mariposa, with the remaining 76.27% owned by Exploraciones e
Inversiones PD Chile Limitada.

Its object is to explore, identify, survey, investigate, develop and exploit mineral deposits in
order to extract, produce and process ore concentrates or other mineral products.

Kairos Mining S.A.

At December 31, 2010, Codelco has a 40% interest in Kairos Mining S.A., with the
remaining 60% owned by Honeywell Chile S.A.

Its corporate purpose is to provide automation and control services for industrial and
mining activities and to license technology and software licenses.

Mining Industry Robotic Solutions S.A.

As at 31 December 2010, Codelco has a 36% interest in Mining Industry Robotic Solutions
S.A., with the remainder owned by Support Company Limited 533%, Nippon Mining $
Metals Co. Ltd., 9% and Kuka Roboter GmbH, 2%.

The company”s corporate purpose is the research, design, creation, invention, manufacture,
installation, supply, maintenance and marketing in any form or type of robot products,
technology products of a robotic nature or complementary supplies necessary for the
marketing and maintenance of those products that can be used in the mining and metals

F-296
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

industry and related services; to produce under license, license and market the licensing of
products, processes and technology services of robotic nature for the mining and
metallurgical industry, as well as any other form of use by third parties of products or
services based on such technology. In addition the company can also form all types of
companies and participate as a partner or shareholder in any existing company.

Sociedad GNL Mejillones S.A.

At December 31, 2010, Codelco has a 37% interest in Sociedad GNL Mejillones S.A., with
the remaining 63% owned by Suez Energy Andino S.A. These interests were established on
November 5, 2010 when the Corporation did not increase the capital agreed by the meeting
of shareholders of such company. Before the actual increase, both the Corporation and Suez
Energy Andino S.A. had a 50% interest each.

Its corporate purpose is the production, storage, marketing, transportation and distribution
of all types or classes of fuel, and the acquisition, construction, maintenance and operation
of infrastructure facilities and physical works necessary for transport, reception, processing
and storage both in Chile and abroad, singly or in partnership with third parties.

Comotech S.A.

At December 31, 2010, Codelco has a 33.33% interest in Comotech S.A. through its
indirect subsidiary Innovaciones en Cobre S.A., Molibdenos y Metales S.A. and
Universidad de Chile, each own a 33.33% interest.

The company”s corporate purpose is to carry out research activities to increase the demand
of molybdenum at the national and international level through new and better applications,
uses and/or markets.

Merger of Electric Energy Assets

On November 6, 2009, Codelco and Suez Energy Andino S.A. (at that date, the indirect
controller of E-CL S.A. through Inversiones Mejillones S.A. and Inversiones Tocopilla
Ltda.) agreed to execute and sign the acts and contracts for the defined merger process to
gather in a single company all of the shares and rights that Codelco and Suez Energy
Andino S.A. own in E-CL SA, Electroandina SA, and other companies. This merge process
included the following acts which directly affected the composition of the shareholders of
this company:

F-297
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The split on November 13, 2009, of Inversiones Mejillones S.A. (which until before this act was its
direct controlling entity) into three entities: Inversiones Mejillones-1 S.A., Inversiones Mejillones- 2
S.A. and Inversiones Mejillones- 3 S.A., with the first two, as owners of 27.37% and 54.93% of E-
CL S.A., respectively.

– The transformation on November 20, 2009, of Inversiones Tocopilla Ltda. (which until
before the act was its indirect controlling entity through Mejillones- 1 S.A. e Inversiones
Mejillones-2 S.A.) into Inversiones Tocopilla 1 S.A. and its split into three corporations:
the continuing company Inversiones Tocopilla 1 S.A., Inversiones Tocopilla 2-A S.A.
and Inversiones Tocopilla 2-B S.A., leaving the latter two as a direct controlling entities
of 65.2% of Inversiones Mejillones-1 S.A. and Inversiones Mejillones-2 S.A.
respectively.

– The December 29, 2009, merger between this company and Inversiones Tocopilla 1
S.A., where the latter was absorbed, which meant that the direct interest of Codelco in
Inversiones Tocopilla 1 S.A., through a share swap, Codelco became a direct
shareholder of E-CL S.A.

Therefore, at December 31, 2010, the ownership of E-CL S.A. is composed of a 16.35%
direct interest held by Codelco, 11.78% by Inversiones Mejillones-1 S.A., 23.65% by
Inversiones Mejillones 2 S.A. and 40.62% by Suez Energy Andino S.A., with a 7.6%
remainder held by minority shareholders.

At December 31, 2010, the Corporation has a 16.3471% ownership interest in E-CL S.A.,
with 173,382,461 total shares. As a result the Corporation has the following ownership
interest in the companies:

Inversiones Tocopilla 2-B S.A.

At December 30, 2010, Codelco holds a 100% direct and indirect interest in Inversiones
Tocopilla 2-B S.A.

The company”s corporate purpose is the investment in any class of shares, corporate rights
and other forms of participation in companies of any nature and to exercise the

corresponding rights.

Through this company the Corporation holds a 23.65% indirect interest in E-CL S.A.

F-298
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

E-CL S.A. (Formerly – Edelnor S.A.)
At December 31, 2010, Codelco holds a 16.35% direct interest in E-CL S.A.

Its corporate purpose is the production, distribution and supply of electricity to industrial
customers and mining companies established in the Northern part of Chile.

F-299
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Taxpayer
number
Associates
Deutsche Geissdraht GmbH Foreign
Agua de la Falda S.A. 96.801.450-1
Sociedad Contractual Minera El Abra 96.701.340-4
Minera Puren SCM 76.028.880-2
Sociedad GNL Mejillones S.A. 76.775.710-7
Kairos Mining S.A. 76.781.030-K
MI Robotic Solutions S.A. 76.869.100-2
E-CLS.A. 88.006.900-4
Inversiones Tocopilla 2A S.A. 76.082.781-9
Inversiones Tocopilla 2B S.A. 76.082.774-6
Inversiones Mejillones 1 S.A. (1) 96.990.660-0
Inversiones Mejillones 2 S.A. (1) 76.082.158-6
Electroandina S.A. (2) 96.731.500-1
Inversiones Tocopilla Ltda. 78.835.420-7
Inversiones Mejillones S.A. (2) 96.990.660-0
Sociedad Contractual Minera Sierra Mariposa 76.913.610-K
Others
TOTAL

Functional
currency

Ownership percentage

Equity Method of Accounting

Accrued net income

12-31-2009 01-01-2010 01-01-2009
12-31-2010 12-31-2009 01-01-2009 12-31-2010 01-01-2009 12-31-2010 12-31-2009
% % % ThUS$ ThUSS ThUS$ ThUS$ ThUS$

40.00% 40.00% 40.00% 4,141 3,961 5,143 1,816 1,429
43.00% 43.00% 43,28% 5,810 5,783 6,111 28 (328)
49.00% 49.00% 49.00% 542,625 448,014 202,101 236,833 230,447
35.00% 35.00% 35.00% 5,407 7,810 7,653 (2,403) 157
37.00% 50.00% 50.00% – – 201,424 (28,927) (87,507)
40.00% 40.00% 40.00% 105 94 45 1 39
36.00% 36.00% 36.00% 2,537 2,238 1,688 45 86
40.00% 16.35% 0.00% 672,409 258,011 – 80,096 15,889
0.00% 49.00% 0.00% – 59,410 – – 3,659
0.00% 49.00% 0.00% – 119,274 – – 7,345
0.00% 34.80% 0.00% – 64,714 – – 3,985
0.00% 34.80% 0.00% – 129,921 – – 8,000
0.00% 0.00% 34.80% – – 143,805 – 26,077
0.00% 0.00% 49.00% – – 259,457 – 50,767
0.00% 0.00% 34.80% – – 138,288 – 29,225
0.00% 23.73% 23.73% – – 1,030 – (1,126)
1,105 926 125 118 (511)

1,234,139 1,100,156 966,870 287,607 287,633

(1) At December 31, 2009, although as a result of the division of Inversiones Mejillones S.A. (existing at January 1, 2009), Codelco
had directly and indirectly a 66.75% interest in Inversiones Mejillones-1 S.A. and Inversiones Mejillones-2 S.A., it did not have
control or management of these; therefore, according to IFRS, they did not satisfy the conditions for inclusion in the
consolidation of the Corporation”s financial statements.

(2) Although at January 1, 2009 Codelco had directly and indirectly a 66.75% interest in Electroandina S.A. and Inversiones
Mejillones S.A., it did not have control or management of these. Therefore, according to IFRS, they did not satisfy the conditions
for inclusion in the consolidation of the Corporation”s financial statements.

F-300
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The following tables provide details of the assets, liabilities and major movements in
investments in associates accounted for under the equity method and their respective results

during 2009 and 2010:

Assets and Liabilities

Current Assets
Non-Current Assets

Current Liabilities
Non-Current Liabilities

Net income

Revenue
Recurrent Expenses

Profit (Loss) for the period

Movements of Investments in Associates

Opening balance

Contributions

Dividends

Capital Reduction / Write-offs
Net income for the period
Exchange differences
Realized gains

Transfer of negative equities
Energy Group Merger

Other comprehensive income
Others

Final Balance

F-301

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
1,725,246 1,642,794 597,649
3,611,736 3,163,332 2,289,867
892,494 1,211,534 416,370
1,371,759 572,775 101,734
01-01-2010 01-01-2009
12-31-2010 12-31-2009
ThUS$ ThUS$
2,694,143 2,327,259
2,048,076 1,387,278
646,067 939,981
01-01-2010 01-01-2009
12-31-2010 12-31-2009
ThUS$ ThUS$
1,100,156 966,870
– 67,700
(179,040) (61,780)
(Q) (200,500)
287,607 287,633
262 1,076
4,778 15,465
42,977 41,922
– (20,576)
– 348
(22,599) 1,998
1,234,139

1,100,156
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Joint Ventures

At December 31, 2010, the Corporation participates in the Copper Partners Investment
Company Limited Joint venture. This partnership dates from March 2006 when Codelco
Chile through its subsidiary Codelco International Ltd., executed the agreement with
Album Enterprises Limited (a subsidiary of Minmetals) to form the company, in which
both companies hold equal interests.

Accrued net income

o “Tax payer — Functional Ownership porcentage Equity value OT-O1-2010 01-01-2009
Joint venture number currency y Tramo Ramo Droyz00S raro mesias A nrao marzo
December 31, December 31, January 1,
Assets and Liabilities 2010 2009 2009
ThUS$ ThUS$ ThUS$
Current assets 138,824 116,362 108,032
Non-current assets 345,324 381,975 418,636
Current liabilities 258,021 296,917 46,639
Non-current liabilities 172,858 330,103 244,829
01-01-2010 01-01-2009
Income 12-31-2010 12-31-2009
ThUS$ ThUS$
Revenue 434,426 309,902
Costs of sales (402,850) (263,867)
Profit (Loss) 31,576 46,035
01-01-2010 01-01-2009
Movements of investments in joint ventures 12-31-2010 12-31-2009
ThUS$ ThUS$
Opening Balance – 117,600
Net income for the period 15,788 23,018
Distribution (12,431) (17,679)
Transfer of negative equities (64,342) 64,342
Other comprehensive income 87,620 (187,281)

Final balance 26,635 –

F-302
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

c) Fair Value of Investments for Which There Are Published Price Quotations

Investments in associates for which there are public quoted prices, have the following value
for the Corporation, as set forth in the following table’:

Entity December December
31, 2010 31, 2009
ThUS$ ThUS$

E-CL S.A. (Formerly Edelnor S.A.) 2,755,536 1,942,616

Investment attributable to the Corporation 40% 1,102,214 777,046

d) Interest in Negative Equities

The Corporation, at December 31, 2010 and December 31, 2009, has an interest in the
following negative equities (amounts expressed in ThUS$):

Negative equity
Ownership December December

Entity percentage 31,2010 31, 2009
ThUS$ ThUS$

Sociedad GNL Mejillones S.A. 37% (116,152) (41,924)

Copper Partners Investment Company Limited 50% – (128,683)

e) Additional Information about Unrealized Profit

The Corporation has recognized unrealized profit for purchases and sales of products,
mining properties, fixed assets and ownership rights. The most significant transactions
include the transaction carried out in 1994 for the initial contribution of mining properties
to Sociedad Contractual Minera El Abra.

The balance of the unrealized profit to be recognized as of December 31, 2010 is
ThUS$86,240 (12/31/2009: ThUS$91,018; 1/1/2009: ThUS$106,483). This figure is shown
deducting the investing in this company. The recognition of profit is performed in
accordance with the depletion of the ore reserves of the company. In 2010 profit for
ThUS$4,778 (2009: ThUS$15,465) was recognized.

Codelco carries out copper purchases and sales with this company. At December 31, 2001,
December 31, 2009 and January 1, 2009, the value of finished products in Inventories does
not have an unrealized profit provision.

! The fair value is determined from the quoted prices and the company’s market presence, provided as financial
background on the site http://www.bolsadesantiago.com

F-303
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Subsidiaries

The following tables present a detail of the assets, liabilities and results of the Corporation”s
subsidiaries, prior to consolidation adjustments:

Assets and Liabilities

Current Assets
Non-Current Assets

Current Liabilities
Non-Current Liabilities

Income

Revenue
Costs

Profit (Loss) for the period

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
338,871 304,403 238,925
721,681 303,346 360,581
231,351 302,655 196,135
297,303 248,441 256,084
01-01-2010 01-01-2009
12-31-2010 12-31-2009
ThUS$ ThUS$
1,273,466 923,882
1,216,205 897,294
57,261 26,588

F-304
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

10.

Intangible Assets Other Than Goodwill

a) Balance of Intangible Assets

Intangibles assets, gross

Software Licenses
Water Rights
Others

Total

Intangibles assets, acumulated amortization

Software Licenses
Water Rights
Others

Total

Intangibles assets, neto

Software Licenses
Water Rights
Others

Total

December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$

474 536 950
12,172 12,172 10,627
15,806 15,540 13,310
28,452 28,248 24,887
December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
346 318 229
6,550 6,550 6,550
6,896 6,868 6,779
December 31, December 31, January 1,
2010 2009 2009
ThUS$ ThUS$ ThUS$
128 218 721
5,622 5,622 4,077
15,806 15,540 13,310
21,556 21,380 18,108

F-305
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Movement of Intangible Assets

Movements of Intangible Assets

Movements

Opening balance 01.01.2009
Additions

Disposal

Capitalized costs
Amortization
Reclassifications
Impairment

Other

Total movements

Final balance 12.31.2009

Opening balance 01.01.2010
Additions

Disposal

Capitalized costs
Amortization
Reclassifications
Impairment

Other

Total movements

Final balance 12.31.2010

c) Research and Development

Research and development

Disbursements for research and development recognized as expenses in the period

F-306

Software Water

licenses rights Others Total

ThUS$ ThUS$ ThUS$ ThUS$
721 4,077 13,310 18,108
16 1,545 2,027 3,588
(10) – – (10)
9 – – 9
(526) – (1,237) (1,763)
8 – 1,440 1,448
(503) 1,545 2,230 3,272
218 5,622 15,540 21,380
218 5,622 15,540 21,380
18 – – 18
(0) – – (1)
(90) – (352) (442)
Q1) – – Q1)
– – 618 618
4 – – 4
(90) – 266 176
128 5,622 15,806 21,556

1-1-2010 1-1-2009

12-31-2010 12-31-2009
ThUS$ ThUS$
72,375 86,864
11.

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Other Non-Current Non-Financial Assets

The detail of the item Other non-current non-financial assets of the Statement of Financial
Position at December 31, 2010, December 31, 2009 and January 1, 2009 is as follows:

December 31, December 31, January 1,
Other non-current non-financial assets 2010 2009 2009
ThUS$ ThUS$ ThUS$
Anglo American Purchase Option (1) 155,700 155,700 155,700
Reserved Law Asset (2) 38,199 41,864 45,530
Others 9,606 8,568 25,684
Total 203,505 206,132 226,914

(1) On December 19, 2008, Empresa Nacional de Minería (ENAMID) assigned Codelco Chile
the right to acquire up to 49% of the shares of Anglo American Sur S.A. This right may be
exercised by the Corporation until 2027, deciding whether or not to exercise every three
years.

(2) It corresponds to the recording of the commitment related to Law 13,196, for the advance
received for the copper sales contract signed with Copper Partners Investment Company
Limited. This amount will be amortized according to the shipments made.

F-307
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

12. Current and Non-Current Financial Assets

The following tables show the breakdown of the current and non-current financial assets
included in the statement of financial position:

December 31, 2010

At fair value
through profit Loans and Hedging Available Total Financial

Classification in the statement of financial position or loss receivables derivatives for sale Assets
ThUS$ ThUSS ThUS$ ThUS$ ThUS$
Cash and cash equivalents 61,855 812,184 – – 874,039
Trade and other current receivables 2,303,951 410,055 – – 2,714,006
Rights receivable, non – current – 198,785 – – 198,785
Due from related companies, current – 157,954 – – 157,954
Due from related companies, non-current – 104,896 – – 104,896
Other current financial assets – 8,117 187,021 – 195,138
Other non-current financial assets – 7,826 173,299 – 181,125
Total 2,365,806 1,699,817 360,320 – 4,425,943

December 31, 2009

At fair value
through profit Loans and Hedging Available Total Financial

Classification in the statement of financial position or loss receivables derivatives for sale Assets
ThUS$ ThUSS ThUS$ ThUS$ ThUS$
Cash and cash equivalents 16,454 756,622 – – 773,076
Trade and other current receivables 1,684,147 377,879 – – 2,062,026
Rights receivable, non – current – 198,102 – – 198,102
Due from related companies, current – 229,181 – – 229,181
Due from related companies, non-current – 358,259 – – 358,259
Other current financial assets – 7,920 284,964 – 292,884
Other non-current financial assets – 7,600 150,601 – 158,201
Total 1,700,601 1,935,563 435,565 – 4,071,729

January 1, 2009

At fair value
through profit Loans and Hedging Available Total Financial

Classification in the statement of financial position or loss receivables derivatives for sale Assets
ThUS$ ThUSS ThUS$ ThUS$ ThUS$
Cash and cash equivalents 9,414 383,783 – – 393,197
Trade and other current receivables 483,737 351,630 – – 835,367
Rights receivable, non – current – 149,234 – – 149,234
Due from related companies, current – 115,694 – – 115,694
Due from related companies, non-current – 224 – – 224
Other current financial assets – 5,712 380,301 – 386,013
Other non-current financial assets – 6,279 6,278 – 12,557
Total 493,151 1,012,556 386,579 – 1,892,286

F-308
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

13.

» Financial assets designated as fair value through profit or loss: At December 31, 2010,
this category mainly includes unfinished product sale invoices and mutual fund investments
made by Codelco Chile subsidiaries.

+ Loans granted and receivables: These correspond to financial assets with fixed or
determinable payments that are not traded in an active market.

No material impairments were recognized in accounts receivable.

+ Hedging derivatives: Correspond to the receivable balances for derivative contracts, for the
exposure generated by existing operations. The detail of derivative transactions is included in
Note 27.

+ Available-for-sale financial assets: These correspond primarily to non-derivative financial
assets that are specifically designated as available for sale or are not classified as: a) loans
and receivables, b) investments held to maturity or c) financial assets carried at fair value

through profit or loss.

Within the period presented, there was no reclassification of financial instruments among the
different categories established under IAS 39.

Interest-Bearing Borrowings

Current and non-current interest-bearing borrowings correspond to Borrowings from financial
institutions, Bond obligations and Financial leases, which are recorded by the Corporation at
amortized cost using the effective interest rate method.

These items are generated by the following situations:

– Borrowings from financial institutions:

The loans obtained by the Corporation for up to a twelve-month term, contracted at the
market interest rate to finance its production operations oriented to for the foreign market.

The loans obtained by the Corporation for terms that exceed twelve month are mainly to
finance the investments required for the production process.

F-309
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

– Bond obligations:

On May 4, 1999, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$300,000. These bonds were
payable in a single installment on May 1, 2009, with a 7.375% annual interest rate and with
six-monthly interest payments.

On November 18, 2002, the Corporation issued and placed bonds in the domestic market,
under the rules of the Superintendency of Securities and Insurance. These bonds were issued
for a nominal amount of UF7,000,000, in a single series denominated Series A, and consists
of 70,000 bonds for UF100 each. These bonds are payable in a single installment on
September 1, 2012, with a 4.0% annual interest rate and with six-monthly interest payments.

On November 30, 2002, the Corporation issued and placed bonds in the U.S. market under
Rule 144-A and Regulation S, for a nominal amount of ThUS$435,000. These bonds are
payable in a single installment on November 30, 2012, with a 6.375% annual interest rate
and with six-monthly interest payments.

On October 15, 2003, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable
in a single installment on October 15, 2013, with a 5.5% annual interest rate and with six-
monthly interest payments.

On October 15, 2004, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable
in a single installment on October 15, 2014, with a 4.750% annual interest rate and with six-
monthly interest payments.

On May 10, 2005, the Corporation issued and placed bonds in the domestic market for a
nominal amount of UF6,900,000, in a single series denominated Series B, and consists of
6,900 bonds for UF1,000 each. These bonds are payable in a single installment on April 1,
2025, with a 3.29% annual interest rate and with six-monthly interest payments.

On September 21, 2005, the Corporation issued and placed bonds in the U.S. market under
Rule 144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are
payable in a single installment on September 21, 2035, with a 5.6250% annual interest rate
and with six-monthly interest payments.

On October 19, 2006, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$500,000. These bonds are payable
in a single installment on October 24, 2036, with a 6.15% annual interest rate and with six-
monthly interest payments.

F-310
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

On January 20, 2009, the Corporation issued and placed bonds in the U.S. market under Rule
144-A and Regulation S, for a nominal amount of ThUS$600,000. These bonds mature in a
single installment on January 15, 2019, at an interest rate of 7.5% per annum with interest
paid semi-annually.

On November 4, 2010 the Corporation issued and placed bonds in the U.S. market under
Rule 144-A and Regulation S, for a nominal amount of ThUS$1,000,000. These bonds
mature in a single installment on November 4, 2020, at an interest rate of 3.75% per annum
with interest paid semi-annually.

– Financial debt commissions and expenses:

Obtaining financial resources generates, in addition to the interest rate, fees and other
expenses charged by the financial institutions, and the Corporation receives the net value of
the loans. These expenses are amortized based on the effective interest rate by the amortized
cost method.

– Finance leases:

Financial leasing transactions are generated for service contracts, principally for buildings
and machinery.

The following tables detail the composition of the Other financial liabilities, current and non-
current.

December 31, 2010

Current Non-Current
Loans and Hedge Loans and Hedge

Items other payables derivatives Total other payables derivatives Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Loans from financial entities 340,613 – 340,613 1,296,050 – 1,296,050
Bonds 61,933 – 61,933 4,647,841 – 4,647,841
Financal lease 17,367 – 17,367 122,503 – 122,503
Hedge obligations – 1,493,312 1,493,312 – 1,028,308 1,028,308
Other financial liabilities 5,683 – 5,683 94,780 – 94,780
Total 425,596 1,493,312 1,918,908 6,161,174 1,028,308 7,189,482

F-311
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December 31, 2009
Current Non-Current
Loans and Hedge Loans and Hedge

Items other payables derivatives Total other payables derivatives Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Loans from financial entities 215,026 – 215,026 795,779 – 795,779
Bonds 55,183 – 55,183 3,601,966 – 3,601,966
Financal lease 20,734 – 20,734 132,318 – 132,318
Hedge obligations – 1,097,233 1,097,233 – 1,736,546 1,736,546
Other financial liabilities 6,246 – 6,246 71,917 – 71,917
Total 297,189 1,097,233 1,394,422 4,601,980 1,736,546 6,338,526

January 1, 2009
Current Non-Current
Loans and Hedge Loans and Hedge

Items other payables _ derivatives Total other payables derivatives Total

ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Loans from financial entities 858,054 – 858,054 646,924 – 646,924
Bonds 336,849 – 336,849 2,901,237 – 2,901,237
Financal lease 14,609 – 14,609 130,832 – 130,832
Hedge obligations – 14,740 14,740 – 246,920 246,920
Other financial liabilities 8,531 – 8,531 48,480 – 48,480
Total 1,218,043 14,740 1,232,783 3,727,473 246,920 3,974,393

F-312
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

At December 31, 2010, the detail of Borrowings from financial institutions and Bond obligations is as follows:

Type of Debt

Loans with financial entities:

Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit

Total

Bonds:
BCODE-A
144-A REG.S
144-A REG.S
144-A REG.S
BCODE-B
144-A REG.S
144-A REG.S
114-A REG.S
114-A REG.S

Total

Institution

Bank of Tokyo-Mitsubishi

HSBC Bank Bermuda Limited

BBVA Bancomer

Bank of Tokyo-Mitsubishi
Banco Santander

Export. Dev. Canada
Export. Dev. Canada
Banco Santander Londres
Banco Santander

Other institutions

Banco de Chile – B. in UF
JP – Morgan

JP – Morgan

HSBC USA

Banco de Chile – B. in UF
JP – Morgan

The Deutsche Bank

JP – Morgan

HSBC USA

Maturity

12-22-2015
12-17-2015
09-27-2014
06-29-2011
12-09-2011
12-28-2015
03-26-2012
11-30-2015
12-23-2015

09-01-2012
11-30-2012
10-15-2013
10-15-2014
04-01-2025
09-21-2035
10-24-2036
01-15-2019
11-04-2020

Rate

Floating
Floating
Floating
Floating
Floating
Floating
Floating
Floating
Floating

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed

Currency

US$
US$
US$
US$
US$
US$
US$
US$
US$

UF.
US$
US$
US$
US$
US$
US$
US$

F-313

Amount

100,000
162,500
400,000
100,000
200,000
250,000
200,000

75,000
100,000

7,000,000
435,000
500,000
500,000

6,900,000
500,000
500,000
600,000

1,000,000

Type of
amortization

Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity

Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity

Payment of

interest

Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly

Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual

Nominal
rate

1.05%
1.15%
0.45%
0.65%
0.95%
1.10%
0.95%
1.14%
1.15%

3.96%
6.38%
5.50%
4.75%
4.00%
5.63%
6.15%
7.50%
3.75%

Effective
interest rate

1.15%
1.27%
0.45%
0.65%
0.95%
1.22%
0.95%
1.26%
1.27%

4.45%
6.48%
5.57%
4.99%
3.24%
5.78%
6.22%
7.19%
3.98%

Current
balance
ThUS$

100,005
200,030

40,578

340,613

4,389
2,528
6,044
5,219
3,196
8,003
5,914

20,665
5,975

61,933

Non-current
balance
ThUS$

99,602
161,695
399,509

248,752
200,000
74,639
99,503
12,350

1,296,050

319,000
434,222
499,092
495,913
342,976
489,931
495,730
589,839
981,138

4,647,841
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Type of Debt

Loans with financial entities:
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit

Total

Bonds:
BCODE-A
144-A REG.S
144-A REG.S
144-A REG.S
BCODE-B
144-A REG.S
144-A REG.S
114-A REG.S

Total

Institution

Bank of Tokyo-Mitsubishi
HSBC Bank USA

BBVA Bancomer

Export. Dev. Canada
Banco Santander

Other institutions

Banco de Chile – B. in UF
JP – Morgan

JP – Morgan

HSBC USA

Banco de Chile – B. in UF
JP – Morgan

The Deutsche Bank

JP – Morgan

Maturity

12-23-2010
12-30-2010
09-27-2014
03-26-2012
12-09-2011

09-01-2012
11-30-2012
10-15-2013
10-15-2014
04-01-2025
09-21-2035
10-24-2036
01-15-2019

Rate

Floating
Floating
Floating
Floating
Floating

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed

Currency

USS
USS
US$
US$
US$

UF.
US$
US$
US$

US$

US$
US$

F-314

Amount

100,000
100,000
400,000
200,000
200,000

7,000,000
435,000
500,000
500,000

6,900,000
500,000
500,000
600,000

Type of

amortization

Maturity
Maturity
Maturity
Maturity
Maturity

Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity

Payment of

interest

Quarterly
Monthly
Semi-annual
Quarterly
Quarterly

Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual

Nominal
rate

0.63%
0.79%
0.44%
1.24%
1.20%

4.00%
6.38%
5.50%
4.75%
3.29%
5.63%
6.15%
7.50%

Effective
interest rate

0.63%
0.79%
0.46%
121%
1.20%

4.45%
6.48%
5.57%
4.99%
3.24%
5.78%
6.22%
7.79%

Current
balance
ThUS$

100,004
100,015

153
14,854

215,026

3,920
2,605
6,044
5,220
2,960
8,002
5,766

20,666

55,183

Non-current
balance
ThUS$

398,593
198,593
198,593

795,779

300,373
430,058
495,058
495,058
296,243
495,058
495,059
595,059

3,601,966
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Type of Debt

Loans with financial entities:
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Export Pre-Funding Credit
Sindicated loan

Total
Bonds:
144-A REG.
144-A REG.
144-A REG.
144-A REG.
144-A REG.
144-A REG. S
BCODE SERIES A
BCODE SERIES B

nnnnn

Total

Institution

ABN AMRO Bank
Export. Dev. Canada
Export. Dev. Canada
Bank of Tokyo-Mitsubishi
HSBC Bank USA

BBVA Bancomer

Other institutions

Merrill Lynch

JP – Morgan

JP – Morgan

HSBC USA

JP – Morgan

The Deutsche Bank
Banco de Chile – B. in UF
Banco de Chile – B. in UF

Maturity

12-24-2009
03-31-2009
11-30-2010
06-25-2009
01-27-2009
09-27-2014

05-04-2009
11-30-2012
10-15-2013
10-15-2014
09-21-2035
10-24-2036
09-01-2012
04-01-2025

Rate

Floating
Floating
Floating
Floating
Floating
Floating

Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed
Fixed

Currency

US$
USS
US$
US$
USS
US$

F-315

Amount

200,000
100,000
150,000
350,000
250,000
400,000

300,000
435,000
500,000
500,000
500,000
500,000

7,000,000

6,900,000

Type of
amortization

Maturity
Maturity
Maturity
Maturity
Maturity
Maturity

Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity
Maturity

Payment of

interest

Monthly
Monthly
Quarterly
Quarterly
Monthly
Semi-annual

Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual

Nominal
rate

2.65%
1.81%
3.04%
4.60%
2.68%
3.30%

7.38%
6.38%
5.50%
4.75%
5.63%
6.15%
3.96%

4%

Effective
interest rate

3.16%
2.11%
3.16%
4.60%
3.44%
3.33%

7.47%
6.48%
5.57%
4.99%
5.78%
6.22%
4.45%

4%

Current
balance
ThUS$

200,121
301
350,029
250,031
35
57,537

858,054

303,728
2,528
6,044
5,220
8,002
5,745
3,166
2,416

336,849

Non-current
balance
ThUS$

98,975
148,975

398,974

646,924

435,000
500,000
500,000
500,000
500,000
235,946
230,291

2,901,237
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The amounts due undiscounted that the Corporation has with financial institutions are summarized as follows:

December 31, 2010 Current Non current
The debtor Creditor Effective Type of Less han One to three Threeto Morethan Total nom

Debtor’s name country Creditor’s name country Currency — interestrate Nominal rate — amortization 90 days — Over 90 days Total current years fiveyears fiveyears current

ThUSS ThUSS TRUSS ThUSS THUSS ThUSS ThUSS

Codelco Chile Chile BBVA Bancomer S.A. — United states of America US$ 0.45280% 0.45280% Semi annual 453 1,358 1,811 405,061 – – 405,061

Codelco Chile Chile BBVA Santander S.A. — United states of America US$ 0.95219% 0.95219% Semi annual 360 201,465 201,825 – – – –

Codelco Chile Chile EDC Canada USS 0.95281% 0.95281% Semi annual 471 1,435 1,906 200,482 – – 200,482
Codelco Chile Chile Banco Santander Londres — United states of America US$ 1.14438% 1.14438% Semi annual 141 718 859 2,575 75,846 – 78,421
Codelco Chile Chile HSBC Bank Bermuda Limited Bermudas USS 1.15188% 1.15188% Semi annual 395 1,477 1,872 5.615 164,434 – 170,049
Codelco Chile Chile Bank of Tokyo Mitsubishi Ltd. United states of Ameri US$ 1.05281% 1 / Semi annual 237 816 1,053 3,158 — 101,103 – 104,261
Codelco Chile Chile Banco Santander S.A. — United states of America US$ 1.15281% 1.15281% Semi annual 263 890 1,153 3,458 — 101,210 – 104,668
Codelco Chile Chile EDC Canada USS 1.10281% 1.10281% Semi annual 666 2.091 2,757 8271 252.933 – 261,204
Codelco Chile Chile The Bank of New York — United states of America US$ 6.37500% 6.37500% Semi annual 11,555 16,177 27,732 461,191 – – 461,191
Codelco Chile Chile The Bank of New York — United states of Ameri US$ 5.50000% 5.50000% Semi annual 7,944 19,556 27,500 550,340 – – 550,340
Codelco Chile Chile The Bank of New York — United states of Ameri US$ 4.75000% 100% Semi annual 6,861 16,889 23,750 567,556 – – 567,556
Codelco Chile Chile The Bank of New York — United states of America US$ 5.62500% 5.62500% Semi annual 6,094 22,031 28,125 84,375 84,375 1,008,594 1,177,344
Codelco Chile Chile Deutsche Bank Securities Inc. United states of Ameri US$ 6.15000% 6.15000% Semi annual 9,738 21,013 30,751 92,250 92,250 1,090,144 1,274,644
Codelco Chile Chile HSBC United states of Ameri US$ 7.50000% 7.50000% Semi annual 1,750 43,250 45.000 135,000 35.000 652125 822,125
Codelco Chile Chile The Bank of New York — United states of Americ US$ 3.75000% 3.75000% Semi annual 12,917 24,583 37.500 112,500 112500 1,112,083 1,337,083
Total TRUSS 59,845 373,749 433,594 2,631,832 1,019,651 3,862,946 7,514,429
Codelco Chile Chile Banco de Chile Chile UF. 3.96080% 3.96080% Semi annual 43,899 233,357 277,256 – 7,191,769 – 7,191,769
Codelco Chile Chile Banco de Chile Chile UF. 4,00000% 4.00000% Semi annual 92,000 184,000 276,000 – 828,000 828,000 1,656,000
Total U.F. 135,899 417,357 553,256 – 8.019.769 828,000 8,847,769
Subtotal ThUSS 6,230 19,133 25,363 367,660 37959 410,695 816314
Total TUSS 66,075 392,882 458,957 2,999,492 1,057,610 4,273,641 8,330,743

F-316

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December 31, 2009 Current Non current
The debtor Creditor Effective Type of Less than One to three Threeto Morethan Total non-
Debtor’s name country Creditor’s name country Currency — interestrate Nominalrate — amortization 90 days — Over 90 days Total current years fiveyears fiveyears current
ThUSS ThUSS ThUSS ThUSS THUSS ThUSS ThUSS
Codelco Chile Chile The Bank of Tokyo-Mitsubishi United states of America US$ 0.59875% 0.59875% Quartely 136 321 457 – – – –
Codelco Chile Chile HSBC Bank US National — United states of America US$ % 0.75063% Quartely 186 573 759 – – – –
Codelco Chile Chile BBVA Bancomer S.A. — United states of America US$ 0.43250% Quartely 433 1,298 1,731 5,190 — 401,398 – 406,588
Codelco Chile Chile Banco Santander S.A. — United states of America US$ 1.20656% Quartely 456 1,957 2.413 202,333 – – 202,333
Codelco Chile Chile EDC Canada US$ 1.58250% Quartely 791 2,374 3,165 204,009 – – 204,009
Codelco Chile Chile The Bank of New York — United states of America US$ 6.37500% 6.37500% Semi annual 6,933 20,798 27.731 489,307 – – 489,307
Codelco Chile Chile The Bank of New York — United states of America US$ 000% 5.50000% Semi annual 6,875 20,625 578,222 – – 578,222
Codelco Chile Chile The Bank of New York — United states of America US$ 4.75000% 4.75000% Semi annual 5.938 17,813 71,250 520,385 – 591,635
Codelco Chile Chile The Bank of New York — United states of Americ: US$ 5.62500% 5.62500% Semi annual 7.031 21,094 84,375 84,375 1,037,109 — 1,205,859
Codelco Chile Chile Deutsche Bank Securities Inc. United states of America US$ 6.15000% 6.15000% Semi annual 7,688 23.063 92,250 92250 1,121,321 1,305,821
Codelco Chile Chile United states of America US$ 7.50000% 7.50000% Semi annual 11,250 33.750 135,000 135,000 697,750 967,750
Total TRUSS 47,117 143,666 191,383 1,861,936 1.233.408 2,856,180 5,951,524
Codelco Chile Chile Banco de Chile Chile UF, 3.96800% 3.96080% Semi annual 69,314 207,942 277,256 7.472.876 – – 7,472,876
Codelco Chile Chile Banco de Chile Chile UF. 4.00000% 4.00000% Semi annual 69,000 207,000 276,000 828,000 $28,000 9.238.333 10,894,333
Total U.F. 138,314 414,942 553,256 8,300,876 828,000 9,238,333 18,367,209
Subtotal ThUSS 5.112 17,137 22,849 342,820 34.196 381,537 758,553
Total TRUSS 53.429 160,803 214,232 2,204,756 1,267,604 3,237,717 6,710,077

F-317

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December 31, 2008 Current Non current
The debtor Creditor Effective Type of Less than “One to three Threeto Morethan Total non-
Debtor’s name country Creditor’s name country Currency — interestrate — Nominal rate — amortization 90 days — Over90 days Total current years fiveyears fiveyears current
ThUSS ThUS$ ThUS$ ThUSS ThUS$ — THUSS ThUS$
Codelco Chile Chile ABN-AMOR Bank N.V. states of America US$ 3.11625% Quartely 60,467 – 60,467 – – – –
Codelco Chile Chile ABN-AMOR Bank N.V. tes of America US$ 3.11625% Quartely 141,091 – 141,091 – – – –
Chile The Bank of Tokyo-Mitsubishi tes of America US$ 3.56625% Quartely 50,436 – 50,436 – – – –
Chile HSBC Bank states of America US$ 2.22125% 2.22125% Monthly 250,478 – 250,478 – – – –
Chile EDC Canada US$ 1.80625% 1.80625% Monthly 100,161 – 100,161 – – – –
Chile EDC Canada US$ 0.84625% 0.84625% Monthly 100,073 – 100,073 – – – –
Chile EDC Canada US$ 3.03563% 3.03563% Quartely 1,138 3,415 4,553 154,946 – – 154,946
Codelco Chile Chile BBVA Bancomer states of America US$ 1.59130% 1.59130% Quartely 1,609 4,774 6,383 19,096 19,096 400,619 438811
Codelco Chile Chile The Bank of Tokyo 5 of America US$ 1.71625% 1.71625% Quantely 1,301 3,862 5,163 15446 — 305,521 – 320,967
Codelco Chile Chile The Bank of New York tes of America US$ 7.37500% 7.37500% Semi annual 5,531 301,905 307,436 – – – –
Codelco Chile Chile The Bank of New York tes of America US$ 6.37500% 6.37500% Semi annual 6,933 20,798 27,731 517,423 – – 517,423
Codelco Chile Chile The Bank of New York states of America US$ 5.50000% 5.50000% Semi annual 6,875 20,625 27,500 82,500 523,604 – 606,104
Codelco Chile Chile The Bank of New York tes of America US$ 4.75000% 4.75000% Semi annual 5,938 17,813 23,751 71,250 544,465 – 615,715
Codelco Chile Chile The Bank of New York tes of America US$ 5.62500% 5.62500% Semi annual 7,031 21,094 28,125 84,375 84,375 1,065,625 1,234,375
Codelco Chile Chile Deutsche Bank Securities Inc. 5 of America US$ 6.15000% 6.15000% Semi annual 7,688, 23,063 30,751 92250 92,250 1,152,498 1,336,998
Total ThUSS 746,750, 417,349 1,164,099 1,037,286 1,569,311 2,618,742 5,225,339
Codelco Chile Chile Banco de Chile Chile UF 3.96800% 3.96800% Semi annual 69,440 208,320 277,60 7,755,353 – – 7,755,353
Codelco Chile Chile Banco de Chile Chile UF 4.00000% 4.00000% Semi annual 69,000 207,000, 276,000, 828,000 828,000 9,518,167 11,174,167
Total U.F 138,440 415,320 553,760, 8,583,353 828,000 9,518,167 18,929,520
Subtotal THUS$ 4,666 13,999 18,665 289,316 27,909 320,825 638,050
751,416 431,348 1,182,764 1,326,602 1,597,220 2,939,567 5,863,389

F-318

CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

14.

Payment commitments for financial leasing transactions are summarized in the following table:

December 31, 2010

Gross

Interest

Net

December 31, 2009
Interest

Gross

Net

Gross

January 1, 2009

Interest Net

Financial Lease ThUS$ ThUSS ThUS$ ThUS$ ThUSS ThUS$ ThUS$ ThUS$ ThUS$

Less than one year 36,810 (19,443) 17,367 40,094 (19,360) 20,734 32,918 (18,309) 14,609
Between one year and five years 99,176 (48,376) 50,800 179,491 (62,312) 117,179 136,990 (80,498) 56,492
More than five years 123,539 (51,836) 71,703 57,866 (42,727) 15,139 121,534 (47,194) 74,340
Total 259,525 (119,655) 139,870 277,451 (124,399) 153,052 291,442 (146,001) 145,441

Fair Value of Items Recorded at Amortized Cost

The fair values of the principal financial assets and liabilities that in the Statement of Financial
Position are not presented at fair value are as follows:

Carrying amount

12-31-2010 Current Non-current Total Fair value
ThUS$ ThUS$ ThUS$ ThUS$
Assets 5,951,476 14,327,565 20,279,041 20,279,041
Liabilities
Loans and bonds 402,546 5,943,891 6,346,437 6,629,248
Other 4,841,281 4,560,111 9,401,392 9,401,392
Carrying amount
12-31-2009 Current Non-current Total Fair value
ThUS$ ThUS$ ThUS$ ThUS$
Assets 4,995,564 13,258,316 18,253,880 18,253,880
Liabilities
Loans and bonds 270,209 4,397,745 4,667,954 4,941,050
Other 3,826,406 5,316,293 9,142,699 9,142,699

The methodology and assumptions used in fair value calculation are as follows:

+ The Fair Value of the Bonds was determined based on market reference prices, as these
instruments are traded in the market under standard conditions and are highly liquid.

+ Other items measured at Amortized Cost are a good approximation of Fair Value.

F-319
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

15.

Fair Value Hierarchy

Each of the estimated market values for the Corporation”s portfolio of financial instruments, is
based on a calculation and data input methodology. Each of these methodologies has been

analyzed to determine to which of the following levels they can be assigned:

+ Level 1 corresponds to Fair Value measurement methodologies through market quotes
(unadjusted) in active markets and considering the same valued Assets and Liabilities.

+ Level 2 corresponds to Fair Value measurement methodologies using market quote data,
not included in Level 1, that are either directly (prices) or indirectly (derived from the

prices) observable for the valued Assets and Liabilities.

+ Level 3 corresponds to Fair Value measurement methodologies that use valuation
techniques that include data on the valued Assets and Liabilities that are not supported by

observable market data.

Based on the methodologies, inputs, and previous definitions the following market levels have
been established for the financial instruments portfolio held by the Corporation at December 31,

December 31, 2010

2010:
Financial Assets and Liabilities at Fair Value Ranked
Level 1
ThUS$
Financial assets at far value recorded in profit/loss
Unfinished invoices for sale of products 2,303,951
Cross Currency Swap –
Mutual fund unit 61,855
Futures 187,021
Financial liabilities at fair value recorded in profit/loss
Futures 2,441,236

Level 2
ThUSS

173,299

Level 3
ThUS$

Total
ThUS$

2,303,951
173,299
61,855
187,021

2,441,236

No transfers between different levels of markets values were observed for the reporting period.

F-320
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

16. Trade and Other Payables
Total trade payables, current and non-current, are shown in the following table:

Current Liabilities
12-31-2010 12-31-2009 01-01-2009

Ttem ThUS$ ThUS$ ThUS$

Trade payables 1,292,895 843,436 779,270
Dividends payable 173,134 503,738 84,671
Payables to employees 31,310 197,138 29,769
Other payables 305,937 278,440 259,410
Total 1,803,276 1,822,752 1,153,120

17. Other Provisions

The detail of Other short-term provisions and non-current liabilities at the indicated dates is as

follows:
Ttem Current Non-Current

12-31-2010 12-31-2009 01-01-2009 12-31-2010 12-31-2009 01-01-2009

THUSS THUSS THUSS THUS5 THUSS THUSS

Other provisions, current / non-current
Trade (1) 38,191 42,502 8,335
Operating (2) 22.835 20,751 42,115
Law 13,196 202,711 130,197 110,431 – – –
Sundry (3) 32.976 15,283 24,252 48,466 26,620 5,548
Closure (4) Z Z 1,040 887,142 942.093 843,011
Contingencies – 121,864 90,024 117,131
Total 296,713 208,733 186,173 1,057,472 1,058,737 965,690
Current provisions for employees’ benefits
Employees according to collective bargaining agreements 203,301 104,511 116,998 – – –
Severance indemnity 37,283 34,321 24,227 809,177 685,264 479,314
Bonus 4,524 3,144 2,601 – Z –
Compensations (5) – – –
Vacations 150,000 140,425 110,879 – – –
Health programs (6) 480 488 134 304,876 212,739 197,098
Retirement plans (7) 282,414 11,881 33,042 – – –
Others 11,073 12,760 7,714 77,059 99,821 62,367
Total 689,075 307,530 295,595 1,191,112 997,824 738,779

(1) Corresponds to a sales related provision, which includes charges for freight, loading, and
unloading, which were not invoiced at end of the period.

(2) Corresponds to a provision for customs duties, freight on purchases, electricity, among
others.

(3) Includes a provision of uncompleted invoices for product purchases, which lowers the
current provision balance.

(4) Corresponds to a provision for future closing costs primarily related to tailing dams, mine
closure and other asset.

F-321
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

18

(5) Corresponds to commitments with the Corporation”s employees which have been accrued at
the date of closure of the financial statements.

(6) Corresponds to a provision for contributions to health institutions agreed with employees and
former employees.

(7) Corresponds to a provision for employees who have agreed to retire in accordance with plans
in force for personnel retirement.

. Employee Benefits

Severance Indemnity and Health Plans

The severance indemnity provision covers the severance indemnity liabilities to be paid to
employees when they leave the Corporation based on the agreements in the employment
contracts or collective bargaining agreements.

The health plans provision is to cover payment obligations that the Corporation has contracted
with its employees, according to contracts or collective bargaining agreements, to partially
cover the costs of medical services.

These provisions are recorded in the statement of financial position, at the present value of
estimated future obligations. These obligations are calculated using actuarial methods and
assumptions defined by independent actuaries. The discount rate applied is determined on the
basis of the rates of financial instruments in the same currency in which the obligations are to be
paid and with similar maturities.

The results from adjustments and changes in actuarial variables are charged or credited to the
income statement of the period in which they occur.

i Actuarial Assumptions for Determining the Severance Indemnity Provision

Actuarial Assumptions

Discount rate 5.16% – Annual
Turnover Rate – resignation 1.5% – Annual
(Average) wage increase 0.9% – Annual
Men’s Retirement Age 65
Women’s Retirement Age 60

F-322
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

ii. Reconciliation of Service Indemnity balances

01-01-2010 01-01-2009
12-31-2010 12-31-2009

Movements ThUS$ ThUS$

Opening balance 719,585 503,541
Cost 43,187 32,498
Financial expense 35,976 28,261
Taxes Paid (22,379) (25,579)
Subtotal 776,369 538,721
(Gains) Losses from exchange differences 70,091 180,864
Final balance 846,460 719,585

iii. Expenses by Nature of the Benefits

01-01-2010 01-01-2009

Movements of Expenses according to the Nature of the 12-31-2010 12-31-2009

Benefits THUSS — ” THUSS
Benefits:

Short-Term Benefits 1,640,202 1,303,336
Post-Employment Benefits 59,410 7,176
Termination Benefits 254,669 8,825
Benefits for Years of Service 25,691 –
Total 1,979,972 1,319,337

19. Net Equity

Article 6 of Decree Law 1,350, stipulates that the profit generated by the Corporation belong to
the State and must be credited to general government revenue, after deduction of the amounts
authorized for capitalization and reserves through the procedure specified in the Article.

The balance of payable dividends in the respective periods is presented reducing the equity of

the Corporation and recognizing a liability under Trade and other payables in current liabilities.
At December 31, 2010 the Corporation has a liability for ThUS$173,134.

F-323
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The Corporation has recorded this liability as a provision for the difference that exists in the
respective periods between the financial profit generated and the dividends and advances paid to
the Treasury of Chile, charged to the same periods as established in article 6 of DL 1,350 and its
amendments, which govern the Corporation. The law referred to above allows the Board of the
Corporation – at the end of this fiscal year – to propose the capitalization of part of this year”s
profit, which must be approved by a joint decree of the Ministries of Finance and Mining.

As a reference, by agreements of the Board and by the issue of the respective decrees referred to
above, in 2007 and 2008 the Corporation capitalized approximately US$500 million, with
charge to the respective period”s profit. Additionally, for the same purpose of financing the
Corporation”s investment plan, in 2009 the Corporation received a capital increase of US$1,000
million, as stipulated in transitory Article 6 of Law No.20,392.

The “Statement of Changes in Equity” discloses the changes in the Corporation”s equity.

The movement and composition of other reserves in equity is presented in the Interim
Consolidated Statement of Changes in Equity.

a) Other Reserves

The details of the other reserves in equity, are listed in the table below, at the dates indicated in
each case.

Other Reserves 12-31-2010 12-31-2009 01-01-2009
ThUS$ ThUS$ ThUS$
Exchange differences on translation reserves 2,916 2,426 –
Cash flow hedges reserves (969,571) (1,017,519) 28,404
Other reserves 1,642,058 1,637,733 1,764,325
Total 675,403 622,640 1,792,729

F-324
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) IFRS First-Time Adoption Adjustments in Net Equity

The balance to be realized of the main IFRS first-time adoption adjustments that were recorded
in the Corporation”s net equity and the amount that has been realized in 2010 and 2009, is as

follows:

Opening balance

Realized balance

Unrealized balance in the period

01.01.2009 12-31-2009 12-31-2010 12-31-2009 12-31-2010
ThUS$ ThUSS ThUSS ThUSS ThUS$
Main IFRS adjustments credited/(debited) to retained earnings
Fair value of property, plant and equipment as deemed cost 1,803,700 1,545,971 1,327,497 (257,729) (218,474)
Defined benefit obligations with employees 279,739 244,560 187,776 (35,179) (56,784)
Effect on Deferred Taxes (1,291,732) (1,110,129) (939,469) 181,603 170,660
Total 791,707 680,402 575,804 (111,305) (104,598)

c) Non-Controlling Ownership Interest

The details of non-controlling ownership interest, included in liabilities and net income are
listed in the table below, at the dates indicated in each case.

Profit (Loss)
Net equity 01-01-2010 01-01-2009
Entity 12-31-2010 12-31-2009 01-01-2009 12-31-2010 12-31-2009
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Asociación Garantizadora de Pensiones 24 25 21 (2) (1)
Biosigma S.A. 1,023 987 1,805 (1,284) (1,898)
Instituto de Innovación en Minería y Metalurgia S.A. 4 3 2 – 1
Clínica San Lorenzo Ltda. 11 13 11 3 –
Micomo S.A. 914 967 1,103 (53) (136)
Fundación de Salud El Teniente 18 12 9 2 (Mm
Total 1,994 2,007 2,951 (1,338) (2,035)

F-325
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

20. Revenue

The following table shows the sources of the Corporation”s consolidated revenue.

01-01-2010 01-01-2009
12-31-2010 12-31-2009
Item ThUS$ ThUS$
Revenue from sales of the Company’s copper 14,501,055 10,684,457
Revenue from sale of third parties’ copper 1,255,682 826,320
Revenue from sales of molybdenum 719,831 512,031
Revenue from sales of Other Products 631,447 743,433
Loss in Futures Market (1,042,069) (387,104)
Total 16,065,946 12,379,137

21. Other Revenues and Expenses by Function
Other revenues and expenses by function are detailed in the following tables:

a) Other Revenues by Function

01-01-2010 01-01-2009

Item 12-31-2010 12-31-2009
ThUS$ ThUS$

Penalties to suppliers 8,111 7,175
Realized income 4,778 15,465
Outsourcing 6,295 5,129
Miscellaneous sales (net) 98,168 65,894
Other sundry income 24,121 214,700
Total 141,473 308,363

F-326
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Other Expenses by Function

Item

Law No.13,196

Year-end expenses

Bonus for the end of collective bargaining
Early retirement plan

Other expenses

Total

22. Finance Costs

Ttem

Bond interest

Bank loan interest

Exchange differenciacion severance indemnity provision
Exchange differences on other non-current provisions
Other

Total

23. Operating Segments

01-01-2010
12-31-2010

ThUS$

(1,331,012)
(14,810)
(208,083)
(288,246)

(216,716)

(2,058,867)

01-01-2010
12-31-2010

ThUS$

(208,925)
(11,756)
(35,976)
(56,139)

(18,336)

(331,132)

01-01-2009
12-31-2009

ThUS$

(979,906)
(128,286)
(127,226)

(15,622)

(207,401)

(1,458,441)

01-01-2009
12-31-2009

ThUS$

(182,887)
(28,325)
(28,261)
(50,967)

(28,317)

(318,757)

In Section II, “Summary of Significant Accounting Policies” it has been indicated that, for
purposes of IFRS No. 8, “Operating Segments”, these are determined according to the Divisions
that make up Codelco. On the other hand, the revenues and expenses of the headquarters, are

distributed among the defined segments.

The mining sites in operation, in which the Corporation carries out its extractive and processing
production processes, are managed by Chuquicamata, Radomiro Tomic, Salvador, Andina and
El Teniente divisions. The Ventanas division is dedicated exclusively to smelting and refining
processes. These divisions operate under separate management, which report to the Executive
President. Additionally, in May 2008, the Gabriela Mistral mine site was added. The

characteristics of each division and their respective mine sites are detailed below:

F-327
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Chuquicamata

Type of mine sites: open pit mines

Operating: since 1915

Location: Calama – Region II

Products: electrorefined and electro-obtained copper cathodes and copper concentrate

Radomiro Tomic

Types of mine sites: open pit mines

Operating: since 1997.

Location: Calama – Region II

Products: electrorefined and electro-obtained copper cathodes and copper concentrate

Salvador

Type of mine: underground mine

Operating: since 1926

Location: Salvador – Region III

Products: electrorefined and electro-obtained copper cathodes and copper concentrate

Andina

Type of mines: underground and open pit mines
Operating: since 1970

Location: Los Andes – Region V

Product: copper concentrate

El Teniente

Type of mine: underground mine

Operating: since 1905

Location: Rancagua – Region VI

Products: fire-refined copper and copper anodes

Gabriela Mistral

Type of mine: open pit mine
Operating: since 2008

Location: Calama – Region II
Products: electro-obtained cathodes

F-328
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Headquarters Distribution

The revenue and expenses of the headquarters and the Corporation”s Subsidiaries are added to
the direct revenue and expenses of the operating divisions, according to bases established for
each year, as evidenced by the Statement of Income and Expenses of the headquarters and the
Subsidiaries. In addition, revenue and costs between operating segments are eliminated.
Principal items are allocated as the criteria:

The Sales and Selling Costs of Headquarters Commercial Transactions

The distribution to the Operating Divisions is made proportionally to the value of the
products and sub-products invoiced by each Division.

Administration and Sales Expenses

The cost centers identified with each Division are allocated directly.

The cost centers associated with the sales function and administration and sales expenses are
allocated in proportion to the invoiced and recorded value of products and byproducts
shipped by each Division.

The cost centers associated to the supply function are allocated in relation to the warehouse
accounting balances of each Operating Division.

The remaining cost centers are allocated in relation to the operating expenditures of the
respective Divisions.

Other Revenue

The revenue associated and identified with each specific Division is allocated directly.

The recognition of realized revenue and other revenue of the headquarters are allocated in
proportion to the invoiced and recorded value of products and byproducts shipped by each
Division.

The remainder is distributed in proportion to the sum of the balances of the “Other
revenue” and the “Financial revenue” items of the respective Divisions.

Other Expenses

The expenses associated and identified with each specific Division are allocated directly.

The expenses of pre-investment studies and the non-operating expenses of the Subsidiaries
are allocated in proportion to the invoiced and recorded value of the shipped products and
byproducts invoiced by each Division.

F-329
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

+ The remainder is allocated in proportion to the sum of the balances of the “Other expenses”
and the “Financial costs” items of each Division.

F-330
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The following tables detail the information according to the Corporation’s operating segments:

Segments

Revenue from sales of copper
Revenue from sale of third parties’ copper
Revenue from sales of molybdenum
Revenue from sales of Other Products
Revenue from Futures Market

Revenue between segments

Other re

Income from regular activities

Cost of sales of the Company’s copper
Cost of sales of Third Parties’ Copper
Cost of sales of Molybdenum.

Cost of sales of Other Products

Costs of sales between segments
Other Costs of sales

Cost of sales
¡Gross profit

Other revenue per function

Distribution costs

Administrative expenses

Other expenses per function

Other gains (losses)

Finance income

Finance costs

Share in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences

Profit (loss) before taxes
Income tax expenses

Profit (loss)

Chuquicamata

R. Tomic

At December 31, 2010

Sunsidiaries (1) and

Salvador Andina El Teniente Ventanas G. Mistral M. Hales Total Codelco Headquarters Net — Consolidated Total
ThUSS THUSS THUSS THUSS THUSS THUSS THUS$ ThUSS ThUSS ThUSS THUSS
5,094,736 2,373,076 1,088,075 1,341,566 3,159,811 621,224 919,008 – 14,597,496 513,680 15,111,176
Z – – – – 153,129 1,102,553 1,255,682
381,074 – 44,032 98,916 195,809 – – – 719,831 719,831
210,421 – 110,140 17.768 91,835 286,256 – – 716,420 (84,973) 631,447
(401,061) (168,938) (08,597) (96208) (231,889) – (64,582) – (1,041,275) (094) (1,042,069)
. – – – – – – (610.121) (610,121)
5285,170 2,204,138 1,163,650 1,362,042 3,215,566 1,060,609 – 15,145,601 920,345 16,065,946
(2,899,503) (044202) (084451) (598,133) (1,184,452) (635,176) (400,401) – (7,246,318) (653,174) (0,199,492)
Z – 629) (160,077) – – (160,406) (1,096,325) (1256,731)
(14,460) – (13,993) (17,891) 64721) – – – (141,065) (141,065)
(95,586) – (104310) 20,790 (97.220) (609,157) – – (585,483) 85,161 (500,322)
(13,570) (5,659) (2,988) (6,497) (8250) 273) 0,194) – (58,887) 959,473 920,586
– – – – – – – 6u716) 1,716)
(6,083,119) (749,861) (905,742) (598,731) (1,324,978) (1,107,133) (402,595) – (8,172,159) (916,581) (9,088,740)
2202,051 1,454,277 257,908 763,311 1,890,588 (46,524) 451,831 – 6,973,442 3.764 6,977,206
27,110 11,536 10,839 27,601 54,161 3,57 – 135200 141,473
(6081) (1,295) (6,832) (866) (2241) (622) – (12,422) (0,572) (14,994)
(116,492) (63,189) (50,926) (63.644) (95,651) (19,560) 210) (653,829) (56,405) (390,234)
(906,468) (250,084) (156,173) (154,340) (424,539) (81,402) – (0,056,465) (2,058,867)
. – – – – – – – 28,040
14,536 3705 2,735 4248 7.885 1.054 1,564 – 35,727 35,559
(107,456) (11,630) (6,092) (61.745) (88.041) (15,309) (66,162) o (626,437) (331.132)
114,589 43,491 22,832 27,203 63,448 20,928 2.080 – 294,571 303,395
(56,628) (9410) (15220) (24,192) (82,960) (8618) (4,747) – (201,775) (202,524),
1,168,161 1,207,401 82071 547,516 1,322,650 (146,296) 306,661 en) 4,488,012 60) 4,487,922
(676,240) (711,367) (67259) (622,324) (281,162) 96,183 (178,313) 19 (2,610,353) (1248) 2.611.601)
491,921 496,034 44812 541488 (50.113) 128348 (83) 1,877,659 (1,338) 1,876,321

F-331
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Segments

Revenue from sales of copper
Revenue from sale of third parties! copper
Revenue from sales of molybdenum.
Revenue from sales of Other Products
Gain on Future Market

Revenue between segments

Other revenue

Income from regular activities

Cost of sales of the Companys copper
Cost of sales of Third Parties Copper
Cost of sales of Molybdenum

Cost of Sales of Other Products
Costs of sales between segments
Other Costs of sales

Cost of sales
¡Gross profit

Other income per function
Distribution costs

Administrative expenses

Other expenses per function

Other profits (losses)

Finance income

Finance costs

Share in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences

Profit (loss) before taxes.
Income tax expenses

Profit (loss)

At December 31, 2009

Sunsidiaries (1) and:

Chuquicamata R. Tomic Salvador Andina El Teniente Ventanas G. Mistral M. Hales Total Codelco Headquarters Net

ThuUss ThUSS ThUSS ThUSS ThUSS ThUSS ThUSS RUSS ThUSS TRUSS

3,600,541 1,740,864 770,923 1222,116 2,178,028 386,749 805,959 10,705,180 409,438 11,114,618
. – – – – 61.307 – 61,307 765,013 826,320
325,672 – 22,899 47,195 116,265 – – 512,031 – 512,031
174,116 – 118,762 23,544 152,004 275,012 5 743,433 – 743,433
(141,137) (67,977) (27,340) (47,382) (00,889) – (62253) (386,978) (126) (387,104)
z (430,161) (430.161)
3,959,192 1672887 885244 1,245.43 2.375.408 723.068 733.01 11,634,973 744,164 12.379.137
(1,903,304) (0874S (263,934) (528,630) (1,091,510) (64,702) (871,781) (501,313) (442,452) (5,453,765)
(428,832) – (387,902) – – (697,529) – (1,214,263) (049,637) (1,963,900)
(67,784) – (8,720) (15,090) (64325) – – (125919) – (125,919)
(42395) – (107,697) (492) (115512) (283,842) Mm (549,939) – (549,939)
(8.561) (6.606) (1916) (2,689) (5.136) (1,552) (1.668) (25,128) 735,076 709,948
– (282,436) (282,436)
(2.450.876) (091.058) (770,169) (546,901) (1.246.483) (047,625) (373450) (6,926,562) (039,449) (7.666.011)
1,508,316 881,829 115075 698,572 1,128,925 (24,557) 400.251 4708411 415 4:7113,126
37482 66819 50270 36,021 97,000 15,558 1,053 302203 6,160 308,363
(8,854) 2466) (1310) (1,838) 6512) (1,061) (1,140) (17,181) (1976) (19,157)
(85272) (29.699) (23.695) (68,206) 04411) (19,201) (16,551) (287.035) (36801) (323,836)
(631,384) (169,937) (83,843) (152,377) (290,202) (52,422) (06,642) (1,456,807) (1.634) (1,458,441)
– – – – – – – – 14,750 14,750
9.721 27145 2,042 2,689 7423 899 638 26,157 1,509 27,666
(125250) (44,603) (16,496) (37,661) (02297) (0,728) (8,078) (614,113) (4,644) (318,757)
103,387 43,538 22403 32324 62,006 18,739 20,135 302,532 8,119 310,651
(181,508) 7,524 (11236) (22317) (52911) (49,135) 255 (277,328) 10,797 (266.531)
629,638 755,150 53210 517,207 802,021 (92,908) 321,921 2,986,839 670) 2,987,834
(401,942) (449,825) (60,530) (609,473) (486.336) 56,102 (189,209) (810,613) 6.030) (813,643)
227,696 305925 22,680 207.734 315,685 (36206) 132,712 1176226 (6,750) 1,174,191

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The assets and liabilities related to each operating segment, including the Corporation’s
corporate center (headquarters) at December 31, 2010 and at December 31, 2009, are detailed in

the following tables:

At December 31, 2010

Balance Sheet Item “Chuquicamata R-Tomic alvador Andina El Teniente Ventanas G- Mistral M-Hales — Parent Company Consolidated
ThUss ThUSS ThUSS ThUSS ThUSS ThUSS ThUSS ThUsS ThUSS ThUSS

1,697,367 524,568 489,662 467,567 795,830 310,335 251,597 4318 1,410,232 5,951,476

3,118,643 1,233,388 428,352 3,042,902 2,771,088 278,212 916,073 131,803 2,407,104 14,327,565

Cur 696,405 93,134 113,621 285,423 459,953 138,851 541 42,692 3,413,207 5,243,827

Non-current liabilities 827,355 118,390 164,582 174,766 597,336 35,300 11,552 93,641 8,481,080 10,504,002

At December 31, 2009

Balance Sheet Item “Chuquicamata R-Tomic alvador Andina El Teniente Ventanas G Mistral M-Hales Parent Company Consolidated
ThUS$ ThUSS ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUSS ThUSS ThUSS
Current assets 1,329,738 513,156 407,270 279,741 579,670 270,398 186,260 1,429,329 4,995,564
Non-current assets 3,655,301 940,986 364,215 2,814,741 3,201,128 424,348 1,261,809 595,788 13,258,316
Cur ibilities 761,808 64,517 82,019 228,870 365,324 158,492 3,525 2,432,059 4,096,615
Non-current liabilities 1,125,457 97,673 245,541 245,625 747,845 44,756 14,828 7,192,313 9,714,038
Revenue segregated by geographical area is as follows:
12-31-2010 12-31-2009

Revenue per geographical areas ThUS$ ThUS$

Total revenue from local customers 1,211,955 985,679
Total revenue from foreign customers 14,853,991 11,393,458
Total 16,065,946 12,379,137

24. Exchange Differences

According to Decree Law 1,350, the Corporation keeps its accounting records in United States
dollars (US$), recording transactions in currencies other than U.S. dollar at the current

exchange rate at the date of each transaction and subsequently updating them,

when necessary,

according to the exchange rate determined by the Superintendency of Securities and Insurance

at the reporting date of closure of each of the financial statements.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The following table summarizes the exchange differences in the Codelco Chile and subsidiaries
consolidated statements of income:

01-01-2010 01-01-2009

12-31-2010 12-31-2009
Profit (Loss) from exchange differences recognized in income ThUS$ ThUS$
Profit from exchange differences 84,996 188,478
Loss from exchange differences (287,520) (455,009)
Total exchange differences (202,524) (266,531)

25. Statement of Cash Flows

The following table shows the items that comprise other collections and payments from
operating activities in the Statement of Cash Flows:

12-31-2010 12-31-2009
ThUS$ ThUS$
Other collections from operating activities:
VAT refund 1,242,491 1,011,662
Others 524,660 508,503
Total 1,767,151 1,520,165
12-31-2010 12-31-2009
ThUS$ ThUS$
Other payments for operating activities:
Contribution to the Chilean Treasury (Law No.13,196) (1,270,940) (912,498)
Financial hedges and sales (986,624) (324,025)
VAT and other similar paid (1,267,851) (1,003,727)
Total (3,525,415) (2,240,250)

26. Financial Risk Management

Codelco has created committees within its organization, to generate strategies to minimize the
financial risks to which it may be exposed.

The Market Risk Management Committee and the Vice-presidency of Administration and
Finance are responsible for this.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The Market Risk Management Committee is also responsible for analyzing and proposing
financial hedging operations to the Corporation”s Board of Directors, to issue standards and to
control the execution of the authorizations given by the Board.

The following are the risks to which Codelco is exposed, along with a brief description of the
actions that are implemented in each case.

a.

Financial Risks
+» Exchange rate risk:

According to IFRS 7, exchange rate risk is understood to be that which arises from
financial instruments that are denominated in foreign currencies, that is, a currency other
than the Corporation’s functional currency (U.S. dollar).

Codelco”s activities that generate this exposure correspond to funding in UF, accounts
payable and receivable in Chilean pesos, other foreign currencies for its business operations
and obligations with employees.

The transactions in currencies other than US$ are mainly in Chilean pesos.

Taking the assets and financial liabilities at December 31, 2010 as the base, a fluctuation
(positive or negative) of 10 Chilean pesos against the U.S. dollar (keeping the other
variables constant), could affect profit by + / – US$30 million.

+. — Interest Rate Risk:

This risk is generated by interest rate fluctuations in Codelco”s investment and financing
activities. This movement can affect future cash flows or the market value of fixed rate
financial instruments.

These rate variations refer to U.S. dollar variations, mostly the LIBOR rate. To manage
this risk, Codelco maintains an adequate combination of fixed and variable rate debt, which
is complemented by the possibility of using interest-rate derivatives to meet the strategic
guidelines defined by Codelco”s Corporate Finance Department.

It is estimated that, on the basis of net debt at December 31, 2010 and 2009, a 1% change in
interest rates on the financial liabilities subject to variable interest rates would mean

approximately a US$10 million change in financial expenses at 31 December 2010.

Total fixed and variable interest rate obligations maintained by Codelco at December 31,
2010, amount to ThUS$4,672,235 and ThUS$1,587,500, respectively.

F-335
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b.

Market Risks
» Commodity Price Risk:

As a result of its commercial operations and activities, the results of the Corporation are
principally exposed to the volatility of copper prices and certain sub products such as gold
and silver.

Revenues associated with sales contracts that provide for a provisional price at the date of
shipment and whose final price is based on the price of the London Metal Exchange
(“LME”) are adjusted to their market value and recorded in net income for the period.

At December 31, 2010, if the future price of copper were to vary by + / – 5% (with the other
variables constant), net income would vary + / – US$172 million as a result of the mark to
market adjustment of sales revenue at provisional prices current at December 31, 2010
(ThTMF 401).

In order to protect its cash flows and, if necessary, adjust its sales contracts to its
commercial policy, the Corporation performs transactions in the futures market, recording
their results at maturity. These results are added or deducted from sales revenue. This
addition or deduction is made because sales revenue incorporates the positive or negative
effect of market prices.

The note “Derivative Contracts” describes the financial hedging instruments that exist at
December 31, 2010 and December 31, 2009 to minimize market risk.

At December 31, 2010 and December 31, 2009, a one cent (US$) variation in the price of
the pound of copper, because of the effect on derivative instrument contracts entered into
by the Corporation, would mean a variation in revenue or payments for existing contracts
(exposure) of US$7 and US$13 million, respectively.

No hedging contracts have been entered into for the specific purpose of mitigating the price
risk caused by fluctuations in the price of production supplies.

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CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Cc. Liquidity Risk

The Corporation ensures that it has sufficient resources, such as pre-approved credit lines
(including refinancing), in order to meet short-term requirements, after considering the

necessary working capital for its operations and any other commitments it has.

In this sense Codelco Chile maintains resources at its availability, whether in cash, liquid

financial instruments and credit facilities that are sufficient to meet its obligations.

In addition, the Finance Department constantly monitors the Company”s cash flow
projections based on short and long term projections and available financing alternatives. In
addition, the Company estimates it has enough room to increase the level of borrowing for

normal requirements of its operations and investments established in its development plan.

In this context, according to current existing commitments with creditors, the cash
requirements to cover financial liabilities classified by maturity presented in the statement

of financial position are as follows:

Less than Between one year More than five

one year and five years years
Maturities of financial liabilities at December 31, 2010 ThUS$ ThUS$ ThUS$
Loans to financial institutions 340,613 1,296,050 –
Bonds 61,933 1,748,227 2,899,614
Financial leases 17,367 50,800 71,703
Derivatives 1,493,312 1,028,308 –
Other financial liabilities 5,683 94,780 –
Total 1,918,908 4,218,165 2,971,317

d. Credit Risk

This risk comprises the possibility that a third party does not fulfill its contractual

obligations, thereby causing a loss to the Corporation.

Given the Corporation”s sales policy, principally with cash and advance payments and bank
letters of credit, the uncollectibility of client debt balances is minimal. This is
complemented with the knowledge the Corporation has of its clients and the length of time
it has operated with them. Therefore, the credit risk of these transactions is not significant.

In general, the Corporation’s other receivables have a high credit quality according to the

Corporation”s valuations, based on each debtor’s solvency analysis and payment history.

F-337
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

The maximum credit risk exposure at December 31, 2010 is reliably represented by the
financial assets items that are presented in the Corporation”s Statement of Financial
Position.

The Corporation”s accounts receivable do not include customers with balances that could
be classified as a significant concentration of debt and would represent a material exposure
for Codelco. This exposure is distributed among a large number of clients and other
counterparties.

The client items include provisions, which are not significant, based on the review of the
debt balances and the clients’ characteristics, to cover possible insolvencies.

Explanatory note 2 in “Trade and other receivables” presents overdue balances that have
not been provided for.

The Corporation estimates that unimpaired amounts overdue over 30 days are recoverable,
based on the clients” historical payment behavior and their existing credit ratings.

At December 31, 2010, December 31, 2009 and January 1, 2009, there are no receivable
balances that have been renegotiated.

Codelco works with major banks, with high national and international ratings and
continually assesses them; therefore, the risk that could affect the availability of the
Corporation”s funds and financial instruments is not significant.

Also, in some cases, to minimize credit risk, the Corporation has contracted credit
insurance policies through which it transfers to third parties the commercial risk associated
with some of its business.

During the third quarter of 2010 and 2009, no assets have been obtained as a result of the
execution of guarantees contracted to insure the collection of third party debt.

Personnel loans are principally generated by mortgage loans, according to programs

included in collective agreements, which are guaranteed by housing mortgages and
payment is made through payroll discounts.

F-338
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

27. Derivatives Contracts
As stated in the Board of Directors” policy, ratified on March 27, 2009, the Corporation has
operations to hedge cash flows, to minimize the risk of interest rate fluctuations, exchange rate
variations and sales price variations, as follows:
a. Interest Rate Hedges
At December 31, 2010 and 2009, the Corporation has no current contracts.

b. Exchange Rate Hedges

The Corporation has interest rate hedging transactions for a total of ThUS$173,299, which
mature in August 2012 and April 2025.

The following table summarizes the exposure of the financial hedges contracted by the

Corporation:
December 31, 2010
Type of Amount of
Hedged Item Bank Derivative Contract hedged item Swap Value Exposure
ThUS$ ThUSS ThUSS
Bond in UF maturing in 2012 Bco. Chile – Jp Morgan Swap 320,909 164,482 34,665
Bond in UF maturing in 2025 Credit Suisse Swap 316,326 208,519 138,634

Total 637,235 373,001 173,299

ThUS$67,030 at December 31, 2010 (December 31, 2009: ThUS$49,253; January 1, 2009:
ThUS$59,338) are included in Other Non-Current Financial Liabilities. The collections
originated by these contracts are recorded at the respective obligations maturity.

Cc. Cash Flow and Commercial Policy Adjustment Hedging Contracts

The Corporation performs transactions in the futures market, recording their results at
maturity. These results are added to or deducted from sales revenue. This addition or
deduction is made because sales revenue incorporates the positive or negative effect of
market prices. At December 31, 2010, these operations generated lower net income of
ThUS$1,043,294 (plus an effect of lower net income equivalent to ThUS$794 in
subsidiaries), which is detailed below:

F-339
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

c.1.

C.2.

c.3.

Commercial Operations of Current Copper Contracts

The purpose of these contracts is to adjust the price of shipments to the Corporation”s
related policy, defined in accordance with the London Metal Exchange (LME). In the
January to December 2010 period, the Corporation has performed futures market
transactions that represent 237,045 metric tons of fine copper. These hedging operations
are part of the Corporation”s commercial policy.

The current contracts at December 31, 2010 present a ThUS$153,947 positive exposure,
and their final result will only be known at their maturity, offsetting the hedging
transactions with revenue from the sale of the hedged products.

The transactions completed between January 1 and December 30, 2010 generated a net
negative effect on net income of ThUS$28,419, which is deducted from the amounts paid
for purchase contracts and added to the values received for sales contracts of the products
affected by these pricing transactions.

Commercial Transactions of Current Gold and Silver Contracts

At December 31, 2010 the Corporation maintains contracts for pricing the sale of gold for
ThTOZ 3 and silver for ThHTOZ 994.

The negative exposure at that date is ThRUS$244.4.

The transactions completed between January 1 and December 30, 2010 generated a
negative effect on net income of ThUS$9,194, which is deducted from the amounts
received for the sales contracts of the products affected by these pricing transactions.
These hedging transactions mature up to March 2012.

Cash Flow Hedging Operations Backed by Future Production

Also, to hedge future cash flows by ensuring the sale price of part of its production, copper
futures transactions have been entered into for 365,550 tons of fine copper (TMF). The
copper futures sales contracts mature up to March 2013.

The current futures contracts at December 31, 2010 present a ThUS$2,409,632 negative
exposure, and their final result will only be known at their maturity, offsetting their effects
with the sale of the hedged products.

The futures transactions completed between January 1 and December 31, 2010, related to
production sold, generated a lower revenue of ThUS$1,005,680, which is the result of
offsetting the hedging transaction and sales revenue from the sale of the products affected
by this pricing. These results are presented reducing net operating results.

F-340
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

At December 31, 2010, the Corporation does not have any option contracts.

The following table summarizes the exposure of the metal hedges contracted by the

Corporation:
December 31, 2010
Maturity Date
2010 2011 2012 2013 2014 Following Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Flex Com Copper (assets) – 186,776 (3,637) – – – 183,139
Flex Com Copper (liabilities) – (29,192) – – – – (29,192)
Flex Com Gold/Silver – 245 – – – – 245
Cooper Pricing – (1,450,766) (957,641) – – – (2,408,407)
Metal options – – – – – – –
Total – (1,292,937) (961,278) – – – (2,254,215)
December 31, 2009
Maturity Date
2010 2011 2012 2013 2014 Following Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Flex Com Copper (assets) 284,761 74 – – – – 284,835
Flex Com Copper (liabilities) (1,323) – – – – – (1,323)
Flex Com Gold/Silver 203 – – – – – 203
Cooper Pricing (1,088,384) (994,183) (693,128) – – – (2,775,695)
Metal options – – – – – – –
Total (804,743) (994,109) (693,128) – – – (2,491,980)
December 31, 2010
Maturity Date
2010 2011 2012 2013 2014 Following Total
Th MT/OZ. ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ
Copper Futures [MT] – 422 26 – 1 – 449
Gold / Silver Futures [OZ] – 997 – – – – 997
Copper Pricing [MT] – 202 150 – – – 352
Metal Options [MT] – – – – – – –
December 31, 2009
Maturity Date
2010 2011 2012 2013 2014 Following Total
Th MT/OZ. ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ ThMT/OZ
Copper Futures [MT] 360 22 – – – – 382
Gold / Silver Futures [OZ] 260 – – – – – 260
Copper Pricing [MT] 252 216 150 – – – 618

Metal Options [MT] – – – – – – –

F-341
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

28. Contingencies and Restrictions
i. Litigations and Contingencies

There are different lawsuits and legal actions initiated by or against the Company, which
are derived from its operations and the industry in which it operates. In general, these are
civil, tax, labor and mining litigations, all related to the Corporation”s activities.

In the opinion of Management and its legal advisors, the lawsuits in which the Company is
being sued do not represent significant loss contingencies. Codelco defends its rights and
employs all corresponding relevant legal instances, resources and procedures.

The most significant lawsuits that involve Codelco are related to the following matters:

– Tax Lawsuits: There are different tax lawsuits for Internal Revenue Service tax
assessments for which the Corporation has filed the corresponding opposition.

– Labor Lawsuits: Labor lawsuits filed by workers of the Andina Division against the
Corporation, referred to occupational illness (silicosis).

– — Mining Lawsuits and others derived from operations: The Corporation has been
participating and will probably continue to participate as a plaintiff and defendant in
certain lawsuits relating to its operations and mining activities, through which it seeks
to exercise or oppose certain actions or exceptions with regard to certain mining
concessions that have been established or are pending constitution, and its other
activities. The amounts related to these processes have not been currently determined
and do not essentially affect Codelco?s development.

A case by case analysis of these lawsuits has shown that there are a total of 302 cases that
have an estimated value. It is estimated that 51 of these, that represent 17% of the universe
and which amount to ThUS$33,623, could have a negative result for the Corporation.
There are also 129 lawsuits, that represent 43% of the total and which amount to
ThUS$81,777, about which there is no certainty that the outcome would be unfavorable for
Codelco. For the 122 remaining cases, amounting to ThUS$13,825, the Corporation’s legal
advisors believe an unfavorable outcome is unlikely. In addition, there are 161 lawsuits for
undetermined amounts; it is believed that the result of 27 of these could be unfavorable to
Codelco.

Additionally the Corporation is in the process of answering, by the corresponding

deadlines, a resolution of the Internal Revenue Service originated in a review of prior
years” taxable income, related to a product sales contract signed with a related company.

F-342
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

ii.

The necessary provisions have been made for the lawsuits with probable losses and their
legal costs. These provisions are recorded as contingency provisions.

As is public knowledge, the Corporation has submitted Appeals for Protection before the
respective Courts of Appeals, challenging the records of finding notified by the Labor
Department, for inspections performed under the framework of Law No.20,123, which
regulates subcontracted work schemes and temporary service firms. Five of these appeals
were accepted and one was rejected, the latter has been appealed by the Corporation. All
appeals are currently pending in the Supreme Court.

Other Commitments

a)

b)

On April 29, 2008, the Company jointly with other companies of the mining sector
entered into an electricity generation supporting contract with Gas Atacama
Generación S.A. in the Norte Grande Interconnected System (SING), in force from
March 1, 2008 to December 31, 2011, whose expense will be accrued according to the
participating companies” consumptions. Codelco is responsible for covering a
maximum of US$194.71 million in that period.

On February 29, 2010, the Board agreed to continue the mining operations of the
Salvador Division until 2016, and if market and operating conditions are maintained,
until 2021. Both extensions are subject to the condition that management
improvements and cost reductions commitments made by the Division are met. These
commitments were filed at the Board of Directors in August 2010. And the extension
was approved.

On May 31, 2005, Codelco, through its subsidiary Codelco International Ltd. signed an
agreement with Minmetals to form a company, Copper Partners Investment Company
Ltd., in which both companies have equal participation. A 15-year copper cathode
sales contract to that associated company was agreed, as well as a purchase contract
from Minmetals to the latter for the same period and for equal monthly shipments to
complete a total of 836,250 metric tons. Each shipment shall be paid by the buyer at a
price formed by a fixed readjustable component plus a variable component, which
depends on current copper prices at the time of shipment.

In addition, Codelco granted Minmetals an option to purchase, at market price, a
minority interest in a company that would exploit the Gaby deposit, subject to the
conditions established and authorized by Codelco to carry out this initiative.

On September 23, 2008, Codelco Chile and Minmetals agreed to indefinitely suspend
the rights and obligations related to the option on the Gabriela Mistral Deposit. Any
possible replacement of this option will require an agreement between both parties.
Likewise, both companies agreed to work together, case by case, in the study of new

F-343
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

d)

international copper mining business and exploration opportunities, principally in Latin
America and Africa.

During the first quarter of 2006 and on the basis of the negotiated financial terms,
financing contracts were formalized with the China Development Bank allowing
Copper Partners Investment Company Ltd. to make the US$550 million advance
payment to Codelco in March 2006.

At December 31, 2010, the contract is operational, and monthly shipments began in
June 2006.

On the basis of the agreements with Minmetals, Codelco’s Board of Directors
authorized hedging transactions for a total of 139,325 tons, by Copper Partners
Investment Company Ltd., which were completed during the months of January and
March 2006 (13,900 TMF outstanding at December 31, 2010), maturing until July
2011. Copper Partners Investment Company Ltd. assumes the results of the hedging
transactions.

With regard to financial obligations incurred by the associate Copper Partners
Investment Company Ltd. with the China Development Bank, Codelco Chile and
Codelco International Ltd. must meet certain commitments, principally relating to the
delivery of financial information. In addition, Codelco Chile must maintain 51%
ownership of Codelco International Limited.

According to the Sponsor Agreement, dated March 8, 2006, the Codelco International
Ltd. subsidiary gave its participation in Copper Partners Investment Company Limited
as a guarantee to the China Development Bank.

On January 30, 2009, the Corporation informed Anglo American Sur S.A. of its
decision to postpone the exercise of the option it has – initially belonging to Empresa
Nacional de Minería (ENAMI) and transferred to Codelco for consideration – to
acquire up to 49% of the shares of said company, for the next contract period from
January 1 to 31, 2012.

On February 22, 2010, Codelco made an advance payment of ThUS$163,935 for the
assignment of ENAMP’s option to purchase Anglo American Sur S.A. shares, in three
installments, the first two of ThUS$60,000 were paid on February 22 and 25, 2010,
respectively, and a third installment for the balance, was paid on March 1, 2010.

The Corporation has signed gas supply contracts with its associated company GNL
Mejillones S.A., which begin to operate in October 2010, and through this contract, the
associated company agrees to sell part of a minimum equivalent to 27 Tera BTU”s
(British Thermal Units) per year during the 2010 – 2012 period. Additionally, the

F-344
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

g)

h)

Corporation has signed an option contract together with other participating mining
companies that includes the option to:

+ Acquire the right to the long-term use of the terminal’s capacity from the end of
the contract, or

+ To acquire the company”s shares; the companies are committed to choosing one or
other of these two alternatives.

The Corporation has signed guarantees for 50% of the total exposure of the derivative
transactions made by GNL Mejillones S.A., up to a maximum of ThUS$360,000.

Law 19,993 dated December 17, 2004, which authorized the purchase of the Fundición
y Refinería Las Ventanas assets from ENAMI, established that the Corporation must
ensure the smelting and refining capacity required, without any restriction and
limitation, for treating the products of the small and medium mining sector sent by
ENAMI, under the form of toll production mode or other form agreed by the parties.

The obligations with the public for bond issues means that the Corporation must meet
certain restrictions related to limits on pledges and leaseback transactions on its
principal assets and on its ownership interest in subsidiaries.

The Corporation, at December 31, 2010 and 2009, has met these conditions.

On January 20, 2010, the Corporation signed two energy supply contracts with Colbún
S.A., which includes energy and power purchases for a total of 351 MW. The contract
provides a discount for that energy consumption due to lower demand from Codelco’s
SIC divisions with respect to the amount of contracted power. The discount is
equivalent to the value of the sale of that energy on the spot market.

In addition, through a supplementary agreement, Codelco has ensured the supply by
Colbún of 159 MW, adapted to Codelco”s long-term energy and power requirements
from the SIC of approximately 510 MW.

This contract is based on energy production from Colbún’s Santa María thermal power
station that is currently under construction. This plant is coal-fired; therefore, the
electric energy tariff rate applied for the energy supplied to Codelco is linked to the
price of coal.

Through these contracts, which operate through take or pay, the Corporation agrees to

pay for the contracted energy and Colbún undertakes to return at market price the
energy not consumed by Codelco.

F-345
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

i)

j)

On November 6, 2009, Codelco signed the following long-term electric energy supply
contracts with ELECTROANDINA SA:

+ This Contract replaces the one signed on November 22, 1995, for the supply of
electricity to the Chuquicamata work center, for a 15-year term beginning in
January 2010 for between 200 and 280 MW in power and all associated electric
energy. The approximate cost of the contract is US$1,380 million for the whole
period.

+ Modification of the contract dated December 21, 1995 for the Radomiro Tomic
work center, for a maximum power of 110 MW, in which new prices are
established, for the power and energy contemplated in the contract as well as their
new adjustment formulas from January 2010.

On December 31, 2009, Codelco has signed a purchase contract with Empresa
Nacional de Electricidad S.A., for the purchase of power and electricity from the
Central Interconnected System (SIC) to meet Codelco”s requirements for its Salvador
Division.

The contract is effective as of April 1, 2010 and up to March 31, 2013. The agreed
maximum power is HP 70 (MW) and HFP 71 (MW).

F-346
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

29. Guarantees

The Corporation has received and granted guarantees as a result of its activities.

The guarantees given by Codelco include those granted to financial institutions. The main ones

are detailed in the following tables:

Creditor of the Guarantee Type of Guarantee

Standby Letter – Banco Intesa Sanpaolo
Standby Letter – Banco Int
Standby Letter – Banco
Standby Letter – Banco Int
Standby Letter – Banco
Standby Letter – Banco Int
Standby Letter – Banco Intesa S

Macquarie Bank Limited

Sempra Metals Limited
Macquarie Bank Limited
Koch Supply £ Trading LP
Koch Supply £ Trading LP
Koch Supply ée Trading LP

Creditor of the Guarantee

Direct Guarantees Provided to Financial Institutions

Guanranteed Debtor

Barclays Bank PLC

Morgan Stanley Capital Group INC.
Koch Supply de Trading LP

China Development Bank

Sociedad GNL Mejillones S.A.
Sociedad GNL Mejillones S.A.
Sociedad GNL Mejillones S.A.
Copper Partners Investment Co. Ltd.

Associate
Associate
Associate

Joint Venture

December 31, 2010 December 31, 2009 January 1, 2009
Maturity Guaranteed Amount “Guaranteed Amount “Guaranteed Amount
ThUSS THUSS ThUSS
January, 2011 60,000 165,000 –
– – – 60,000
July, 2010 – 80,000
January, 2011 55,000 – –
January, 2011 55,000 55,000
March, 2011 30,000 – –
March, 2011 50,000 –
Indirect Guarantees Provided to Financial Institutions
December 31, 2010 December 31, 2009 January 1, 2009
Type of Gi Gi Amount Gi Amount Gi Amount
ThUSS ThUSS ThUSS
Guarantor 100,000 100,000 100,000
Guarantor 200,000 200,000 200,000
Guarantor 60.000 60,000 60.000
Rights 26,635 – 117,600

The documents obtained as guarantees principally cover supplier and contractor obligations
related to the various projects in progress. Considering the large amount of documents received
and the large number of suppliers and contractors, the information regarding these guarantees, is
grouped according to the Operating Divisions that have received them.

Division

Andina
Chuquicamata

Casa Matriz
Salvador

El Teniente
Fundición Ventanas

Guarantees received from third parties

12-31-2010 12-31-2009 01-01-2009
ThUS$ ThUS$ ThUS$
50,026 78,224 94,892
54,907 59,065 51,959
202,116 166,103 186,079
536 190 188
67,026 81,841 77,506
2,127 2,167 897

F-347
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

30. Balance by Foreign Currency

a) Assets by Type of Currency

Item

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Liquid assets

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Cash and cash equivalents

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Other current financial assets

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Short and long-term receivables

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Trade and other receivables

F-348

12-31-2010

ThUS$

983,905
558
21,780
62,934

1,069,177

792,409

21,779
59,851

874,039

191,496
558

1

3,083

195,138

2,628,357
67,926
459,333
18,835
1,190

3,175,641

2,363,430
67,926
265,486
15,974
1,190

2,714,006

12-31-2009

ThUS$

879,566
4,412
2,984

171,745
7,253

1,065,960

591,822
2,256

171,745
7,253

773,076

287,744
2,156
2,984

292,884

2,247,579
34,933
1,643
561,727
1,686

2,847,568

1,725,845
34,933
1,643
297,919
1,686

2,062,026
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Ttem

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Rights receivable, non-current

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Due from related companies, current

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Due from related companies, non-current

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Rest of assets

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Total Assets

F-349

12-31-2010

ThUS$
3,585

193,847
1,353

198,785

156,446

1,508

157,954

104,896

104,896

11,754,576
460,807
3,530,536
250,197

38,107

16,034,223

15,366,838
529,291
4,011,649
331,966

39,297

20,279,041

12-31-2009

ThUS$

3,742

194,360

198,102

159,733

69,448

229,181

358,259

358,259

12,724,782

1,615,570

14,340,352

15,851,927
39,345
4,627
2,349,042
8,939

18,253,880
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

b) Liability by Type of Currency

Current liabilities by currency

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Current liabilities

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Other current financial liabilities

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Bank loans

US dollars

Euros

Other currencies
Non-indexed Ch$
U.F.

Secured debentures

December 31, 2010 December 31, 2009
Until From 90 days Until From 90 days
90 days to 1 year 90 days to 1 year
ThUS$ ThUS$ ThUSS ThUS$
3,072,346 1,904,206 – 3,205,916
– 3,979 – 44,102
95,386 25 – 366,324
336 – – 351,067
156,851 10,698 – 129,206
3,324,919 1,918,908 – 4,096,615
– 1,904,206 – 1,375,981
– 3,979 – 2,217
– 25 – 856
– 10,698 – 15,368
– 1,918,908 – 1,394,422
– 336,440 – 211,268
– 1,060 – 2,071
– 3,113 – 1,687
– 340,613 – 215,026
– 54,348 – 48,303
– 7,585 – 6,880
– 61,933 – 55,183

F-350
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December 31, 2010 December 31, 2009
Until From 90 days to Until From 90 days to
90 days 1 year 90 days 1 year

Current liabilities by currency ThUS$ ThUSS ThUSS ThUS$
US dollars – 17,116 – 19,732
Euros – 226 – 146
Other currencies – 25 – 856
Non-indexed Ch$ – – – –
U.F. – – – –
Financial lease – 17,367 – 20,734
US dollars – 1,496,302 – 1,096,678
Euros – 2,693 – –
Other currencies – – – –
Non-indexed Ch$ – – – –
U.F. – – – 6,801
Others – 1,498,995 – 1,103,479
US dollars 3,072,346 – – 1,829,935
Euros – – – 41,885
Other currencies 95,386 – – 365,468
Non-indexed Ch$ 336 – – 351,067
U.F. 156,851 – – 113,838
Other current liabilities 3,324,919 – – 2,702,193

F-351
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

December 31, 2010 December 31, 2009
From Tyearto3— From3to5 — From5to10 More than From 1 yearto3—From3to5 — From5to10 More than
years years years 10 years years years years 10 years
Non-current liabilities by curency ThUSS ThUSS ThUSS ThUSS ThUSS ThUSS ThUSS ThUSS
US dollars 4,594,673 1,579,613 1,570,977 985,661 5912979 1,002,269 14,362 990,117
Euros 476 – – – 2,087 – – –
Other currencies 2,444 – – – 67 – – –
Non-indexed Ch$ 1,022,154 – – – 1,094,174 – – –
405,028 – – 342,976 382,809 12,516 6415 296,243
6,024,775 1,579,613 1,570,977 1,328,637 7,392,116 1,014,785 20,777, 1,286,360
US dollars 2,257,146 1,579,613 1,570,977 985,661 3,639,268 1,002,269 14,362 990,117
Euros 476 – – – – – – –
Other currencies – – – – – – – –
Non-indexed ChS 64,921 – – – – – – –
UE 387,712 – – 342,976 377,336 12,516 6415 296,243
Other non-current financial liabilities 2,710,255 1,579,613 1,570,977 1,328,637 4,016,604 1,014,785 20,777 1,286,360
US dollars 212,350 1,083,700 – – 397,186 398,593 – –
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed ChS – – – – – – – –
UE – – – – – – – –
Bank loans 212,350 1,083,700 – – 397,186 398,593 – –
US dollars 933,314 495,913 1,570,977 985,661 1,420,174 595,059 – 990,117
Euros – – – – – – – –
Other currencies – – – – – – – –
Non-indexed ChS – – – – – – – –
UF. 319,000 – – 342,976 300,373 – – 296,243
Secured debentures 1,252,314 495,913 1,570,977 1,328,637 1,720,547 595,059 – 1,286,360
US dollars – – – 67,871 – – –
Euros – – – – – – –
Other currencies – – – – – – – –
Non-indexed ChS – – – – – – – –
UF 68,712 – – – 64,447 – – –
Financial lease 122,503 – – – 132,318 – – –
US dollars 1,058,167 – – – 1,754,037 8617 14,362 –
Euros – – – – – – – –
Other currencies – – – – – – – –
64,921 – – – – – – –
– – – – 12,516 12,516 6415 –
Others 1,123,088 – – – 1,766,553, 21,133 20,777, –
US dollars 2,337,527 – – – 2,273,711 – – –
Euros – – – – 2,087 – – –
Other currencies 2,444 – – – 67 – – –
Non-indexed ChS 957,233 – – – 1,094,174 – – –
UF 17,316 – – – 5473 – – –
Other non-current liabilities 3,314,520 – – – 3,375,512 – – –

F-352
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED ANANCIAL STATEMENTS

(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

31. Sanctions

At December 31, 2010 and 2009, neither Codelco Chile, nor its Directors and Managers, have
been sanctioned by the Superintendency of Securities and Insurance or other administrative
authorities.

32. Subsequent Events

a.

On January 7, 2011, it was reported in a matter of material fact, that the Corporation’s
Board of Directors decided to approve the starting of the process to sell up to all the shares
that 1t directly and indirectly has in E-CL S.A., a publicly traded company registered in the
Securities Register under number 273, representing 40% of the shareholding of this
company.

On January 7, 2011, it was reported that Mr. Waldo Fortín Cabezas will no longer be the
Legal Counsel of Codelco Chile from March 1, 2011. He will be replaced by Mr. Patricio
Enei Villagra.

On January 27, 2011, it was reported in a matter of material fact the placement of
424,251,415 shares issued by E-CL S.A. (representing 40% of the shareholding of this
company) directly owned by Codelco Chile and its subsidiary Inversiones Mejillones 2
S.A. in E-CL S.A. The sale of shares was performed in Santiago Stock Exchange using the
stock exchange method called “Auction Sale of One Order Book” and started on January
Wednesday 19, 2011 and finished on January Thursday 27, 2011. As a result of the above,
the total amount of the placement of shares is Ch$509,101,698,000, equivalent to
ThUS$1,051,558 at the exchange rate at the corresponding current day. The resulting
financial income after taxes for this transaction was ThUS$29,819.

On February 11, 2011, 1t was reported in a matter of material fact that Codelco Chile chose
Ernst $: Young as the Company”s external auditors for the period 2011 – 2013, both years
included. The selection process of the aforementioned auditing company considered a
limited bidding where the main local companies were invited, excluding the current
external auditors Deloitte, in accordance with the policy of turnover of this kind of services
defined by the Corporation’s Board of Directors. The appointment of Ernst $ Young is
subject to the approval of the Meeting of Shareholders. The related proposal has been filed
at the aforementioned meeting in accordance with Article 11 of the Corporation”s Statutory
Decree Law 1,350 and Article 52 of Law 18,046.

F-353
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

e. On February 22, 2011, it was reported complementing a matter of material fact dated
February 26, 2010 and March 8, 2010, that Supreme Decree No.1048 of the Treasury
Department (the Chilean Treasury being aware of this on February 15, 2011), approved
Codelco”s partnership with Minera PanAust IDO Ltda., related to Inca de Oro deposit. This
partnership will be executed through Sociedad Inca de Oro S.A. As a result of the above,
there was a revised agreement with a valuation in accordance with the new market terms.
This agreement stated that PanAust IDO Ltda. will have 66% of ownership in Inca de Oro
S.A. and Codelco will have 34% of ownership in Inca de Oro S.A. PanAust IDO Ltda. will
invest US$55.3 million of its own capital in Inca de Oro S.A. to purchase 66% of the
company, which will be the owner of the efforts made and the properties of the project.
Also, the agreement states that Inca de Oro S.A. will pay a royalty to Codelco for the net
returns of smelting from Inca de Oro Project, with a maximum of US$30 million (at the
exchange rate ruling in 2010). The financial effects of this transaction will result in profit
after taxes for Codelco for US$ 22 million.

f. On March 16, 2011 it was reported that Codelco”s Development Vice President, Juan
Enrique Morales Jaramillo, submitted his letter of resignation from the Corporation. He
will be in his position until March 31, 2011.

The Management of the Corporation is not aware of other significant financial events or
events of other nature, occurred between January 1, 2011 and the date of issuance of these
financial statements (March 23, 2011), that could materially affect them.

33. Environment

The environmentally sustainable exploitation, exploration and search for new resources has
been an important concern for the Corporation. That is why since 1998 the Corporation has
defined its environmental commitments. The Corporation controls its environmental
commitments through an environmental management system used for its exploration and
exploitation activities, which has been perfected over time to conform to the ISO 14001
Standard. This standard has been applied to the work performed in geology, geochemistry,
geophysics and drilling in exploring for mineral resources in Chile and abroad.

In this respect, at December 31, 2010, Chuquicamata, Radomiro Tomic, Andina, Salvador, El
Teniente divisions, and the headquarters have been certified under the ISO 14001 standard.

F-354
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Below is a detail of the Corporation”s principal expenditures related to the environment during
the periods between January 1 and December 31, 2010 and 2009, respectively:

Environmental Investments 2011

Projected Future Expenses ThUS$
Total Codelco-Chile 21,066
Andina 18,096
Infrastructure improvements for spill management – projected 1,000
Line enhancements for main wall stirrups 503
Construction of water trap for ballast deposit – projected 4,922
Improvement tunnel 3 handling of Ovejería residue – projected 1,000
Drainage construction DL D2 to port – projected 1,766
Acid water treatment DLN and projected 9,905
El Teniente 2,970
Online monitoring canal residue – Tte – projected 100
Liquid waste sewage solution – Sewel 2,870

Environmental Investments

Real Nominal Expense 12-31-2010 12-31-2009
ThUS$ ThUS$
Total Codelco – Chile 61,620 44,550
Codelco Norte – 1,608
Remodeling and construction of a warehouse for hazardous
substances – 1,608
Salvador 1,334 2,942
Implementation of solution for handling of liquid waste and water 1,006 1,471
Compliance with lighting standard – 387
Construction of hazardous waste ditch – 247
Solution to oxygen plant water treatment and water plants 328 837
Andina 10,492 25,123

F-355
CORPORACIÓN NACIONAL DEL COBRE DE CHILE

NOTES TO THE CONSOLIDATED HINANCIAL STATEMENTS
(In thousands of dollars of the United States of America, except as indicated in other currency or unit)

Dispatch drainage dump for external use in the La Unión Stage 1
sector

Ovejería reservoir control

Improvement to control discharge of residue thickener

Enhance drainage and wall east of Ovejería reservoir
Remediation works – residue transport tunnels

Replacement of residue lines at Los Leones reservoir
Implementation of infrastructure for recovery of rejected concentrate
Construction of uptake tower N*3 for Ovejería reservoir

Line enhancement of main wall stirrup at Ovejería reservoir
Emergency construction hydraulic barrier

Construction of water trap for ballast deposit – projected
Improvement to Huechun irrigation water funneling

Construction of plug for evacuation tower N*1

Slope improvements and protection

Acquisition of independent pump equipment

Improvement to tunnel 3 handling of Ovejería residue – projected
Drainage construction DL D2 to port – projected

El Teniente

Enhancement of molybdenum abatement plant from Carén reservoir
tributary

Increase of recirculation capacity of mine drainage waters to
processes

Uplift of geotechnical vulnerabilities related to Colón residue canal
for Cachapoal bridge

Construction of 5th stage in Caren reservoir
Decontamination and conditioning of laboratory
Liquid waste sewage solution – Sewel

Ventanas

Silencer discharge 3 and 4
Overhaul interchange W23
Construction of new temporary storage facility (respel)

39
1,670
2,744

292
3,573

743

691
209

26
499

48,399

39,941
133
8,325

1,395

246
1,149

1,026
444

1
6,167
2,686
665
1,387
1,084
185
11,021
457

14,493

4,926
4,772

4,276

143
376

384

53
307
24

RR

F-356

THE ISSUER

Corporación Nacional del Cobre de Chile
Huérfanos 1270
Santiago
Republic of Chile

FISCAL AGENT, PRINCIPAL PAYING AGENT, TRANSFER AGENT AND REGISTRAR

The Bank of New York Mellon
101 Barclay Street, Floor 4 East
New York, New York, 10286
United States of America

LUXEMBOURG LISTING AGENT, PAYING AGENT AND TRANSFER AGENT

The Bank of New York Mellon (Luxembourg) S.A.
Vertigo Building
Polaris 2-4 rue Eugéne Ruppert
L-2453 Luxembourg
Luxembourg

LEGAL ADVISORS TO THE ISSUER

As to New York law As to Chilean law
Cleary Gottlieb Steen 8 Hamilton LLP Carey y Cía. Ltda.
One Liberty Plaza Isidora Goyenechea, 2800, Piso 43
New York, New York 10006 Las Condes, Santiago
United States of America Republic of Chile

LEGAL ADVISORS TO THE INITIAL PURCHASERS

As to New York law As to Chilean law
Davis Polk £ Wardwell LLP Philippi, Yrarrázaval, Pulido € Brunner,
450 Lexington Avenue Ltda.
New York, New York 10017 El Golf 40, Piso 20
United States of America Santiago
Republic of Chile
INDEPENDENT AUDITORS
Deloitte Ernst €: Young Servicios Profesionales de
Auditores y Consultores Ltda. Auditoría y Asesorías Limitada
Av. Providencia 1760, Piso 8 Av. Presidente Riesco 5435, 9th floor
Santiago Santiago

Republic of Chile Republic of Chile
U.S.$750,000,000

CODELCO
Corporación Nacional del Cobre de Chile
4.500% Notes due 2023

Offering Memorandum

Joint Book-Running Managers

HSBC BofA Merrill Lynch Mitsubishi UFJ Securities

August 6, 2013

Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=51292e61ac177282a2fd9d0856822a17VFdwQmVVMUVRVEZOUkVVeFRtcGpNVTVCUFQwPQ==&secuencia=-1&t=1682376108