Codelco: Strategic Sourcing Fernando Marchant B. Manager Supply Sept., 2010 1

Codelco Norte Division Codelco Kupferhandel GMHB Representative Office Codelco: Operations and Global Commercial Presence* Codelco Norte Division Copper New York - US Codelco Group Inc. London - UK Chile Copper Ltd. Düsseldorf - Germany Codelco Kupferhandel GMHB Ventanas Smelter & Refinery Division Gabriela Mistral Operation Copper Salvador Division Copper Andina Division Copper Shanghai - China Representative Office El Teniente Division Copper Santiago Headquarters *: Commercial Subsidiaries. 2

Codelco: World Leader in the Copper and Molybdenum Industry Leadership in Copper Production Leadership in Copper Reserves Second Largest Molybdenum Producer Source: Codelco, Companies Annual Reports, WBMS and USGS. 3

Our Commitment with the Owner: 1990 – 2009 Profit before Taxes US$ Million, nominal currency

Investments: 1976 - 2010 US$ Million, nominal currency Note: 1976-2009: Figures include projects, mine development and investments in related companies. *: Forecast.

Evolution of Codelco’s Geological Resources, Mineral Resources and Reserves Milion fine metric tonnes Note: Corresponds to Business and Development Plan. Since 2006, geological and mineral resources include stockpile and broken ore.

Cooper Production per Division (%) Copper Production : 2010 - 2014 Cooper Production per Division (%) Rajo Abierto 70% 40% Subterránea 30% 60% OPEN PIT UNDERGROUND Total 2010-2104: 8,600 thousand fmt (approx.)

Business Opportunities: 2010 - 2014 US$ Million   2010 - 2014 Goods 7,600 Services 13,300 TOTAL 20,900 8

Conversión Metal Blanco Business Opportunities: Investment Plan 2052 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Diablo Reg. Phase III Phase IV Pilar Norte Dacita RT Fase I MMH Rajo MMH Underground (2027) PDA Phase I Fund. 100% Metal Blanco Pacífico Superior Opt. Mina Planta Phase V RT Phase II Quetena PDA Phase II SBL PDA Phase III San Antonio Refinería a 500 ktmf/year Conversión Metal Blanco Nuevo Nivel Mina SS Subte. Chuqui Underground 9

Codelco: Major Projects Andina Phase I Andina Division Inv: MUS$ 1,125 Prod: 60,000 tonnes / year MMH MMH Division Inv.: MUS$ 2,333 Prod: 170,000 tonnes / year New Mine Level El Teniente Division Inv: MUS$ 1,718 Prod: 445,000 tonnes / year 3rd Q 2010 2018 2011 2012 2013 2017 2nd Q 2010 Andina Phase II Andina Division Inv: MUS$ 4,390 Prod: 318,000 tonnes / year Chuqui Underground Codelco Norte Division Inv: MU$ 2,006 Prod: 315,000 tonnes/year RT Sulphides Codelco Norte Division Inv: MUS$ 370 Prod: 160,000 tonnes / year Pilar Norte El Teniente Division Inv: MUS$ 140 Prod: 60,000 tonnes / year Under Commissioning In Feasibility Study Note: Figures in 2010 US$. Annual production represents first 10-year average.

Main Equipment Requirements EQUIPMENTS Year of Requirement 2012 2013 2014 2017 After 2017 Total Crushers 15 3   1 42 61 Feeders 88 103 Conveyor Belts 12 108 122 Mills 10 2 14 Slurry Pumps 9 Substations 26 38 Electric Rooms & Switchgears 5 Power Transformers 8 Screens 16 18 SAG & Mill Ring Motor

Investment Summary 2010 – 2014: US$ 15,000 Millions PROJECTS QTY. % MUS$ investment 2010-2014 Structural 4 43% Investments 57 22% Study 69 24% Division 1012 11%

Codelco: An Interesting Business Opportunity Significant business volume Important foreign and domestic offer Productivity of service providers Innovation (technology) Suppliers development (new stage) 13

Codelco: Strategic Sourcing Fernando Marchant B. Manager Supply Sept., 2010 14

MMH Explotation Mina Ministro Hales – Feasibility Summary: The setting of short and long term Codelco Norte Division includes the opening of the pit Mina Ministro Hales (MMH) and the exploitation of its reserves from the first half of 2014. The project considers the delivery of minerals to the existing processing facilities in Chuquicamata, in order to maintain the processing capacity of the Division, pending the entry of minerals from underground mining at Chuquicamata. Annual Production: 170 thousand tonnes/year MMH Inv.: MUS$ 2,333 Prod: 170,000 tonnes / year

Chuqui Underground Chuquicamata Underground Summary: Inv: MU$ 2,006 Chuquicamata site has a mineralization at depth, which means that there are important remaining mineral resources, which are not economic to extract by current operation method. The project is designed to exploit the remaining sulphides under the final pit through the application of underground mining. Annual Production: 315 thousand tonnes/year Chuqui Underground Inv: MU$ 2,006 Prod: 315,000 tonnes / year

El Teniente New Mine Level El Teniente, New Mine Level – Feasibility Summary: Proceeds from the inevitable depletion of mineral reserves in existing fields in operation, located above the level Sub 6, it is essential to conduct pre-feasibility Mina New Level Project (NNM), which gives business continuity and allows the Division in the medium term to sustain a 137,000 tpd production until about 2058. ktf Annual Production: 445 thousand tonnes/year El Teniente New Mine Level Inv: MUS$ 1,718 Prod: 445,000 tonnes / year

Andina Phase II Andina Phase II – Feasibility Summary: Inv: MUS$ 4,390 The growth phase is a major expansion that will allow a significant increase in current levels of production, reaching around 244 beats Ktpd, generating an operation radically different from today and it possible to leave open the possibility for future growth near the 300 Ktpd. To meet the processing capacity of around 244 Ktpd, it is necessary to construct a surface concentrator which processes about 150,000 tpd. Additional annual production: 318 thousand tonnes/year Planta SX Andina Phase II Inv: MUS$ 4,390 Prod: 318,000 tonnes / year

Andina Phase I PDA: Phase I - Execution Summary: Inv: MUS$ 1,125 The project involves the expansion of operations at 22.5 Andina Division ktpd rated based on a complete transformation of the open pit mine and a new crushing-grinding at Chacando Molienda and flotation unit in the subway hub. The implementation of Phase I will allow PDA Andina Division have a background of steady and profitable business in the long term. Annual Production: 60 Annual thousand tonnes/year Andina Phase I Inv: MUS$ 1,125 Prod: 60,000 tonnes / year

El Teniente Pilar Norte El Teniente Pilar Norte - Execution Summary: The operation of the project sees the start of production in February 2010 with a production horizon of eight years, ending in late 2016. The resources of the area reached 41.5 Mton grading 1.31% CuT and 0.032% Mo, committed reserves until 2016 are 34Mton bills and 1.33% CuT leaving as remnants of a 7.6 Mton 1.22% Cut Act. Annual Production: 60 thousand tonnes/year El Teniente Pilar Norte Inv: MUS$ 140 Prod: 60,000 tonnes / year

RT Sulphides RT Sulphides Summary: Inv: MUS$ 370 Includes the construction of a primary crushing plant mobile semi RT with a processing capacity to 160 thousands tonnes/year, a belt system, a stock pile and others to feed milling and crushing plants secondary-tertiary Chuquicamata RT Sulphides Inv: MUS$ 370 Prod: 160,000 tonnes / year