Chile s Outlook in Copper

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1 LatAm MINING Congress 2010 April 30 Coral Gables Chile s Outlook in Copper Ana Isabel Zuñiga Research and Policy Planning Director

2 CONTENTS Chile s Leadership in the Copper Industry Legal Framework and Institutional Arrangements Portfolio of Mining Projects and Production Forecast Main Challenges and Public Policy Priorities

3 Chile in Numbers GDP 2009 US$170 Billions $ P/C (PPP) Population: 17,031,873 (estimate 2010) Area: 756,950 km 2 292,183 sq mi Sources: Cental Bank of Chile, INE, The World Bank Group, The Economist.

4 Integrated to global community and an Open Economy Member of: ONU, OEA, ALADI, OLADE, OEI, Grupo de Río, CIN, Unasur; BID, OMC, APEC, P4, OCDE; CAF, CAN, Mercosur; G77, INTERPOL, OMS, ICSG OCDE partner since January 2010 Free trade and commercial agreements: One of the countries with more FTA s 56 countries to date U.S.A. European Union Canada South Korea New Zeeland Japan Singapore Brunei China Australia Mexico Central and Latin American Countries EFTA India Malaysia, Turkey, Vietnam and Thailand in process Sources: Cental Bank of Chile, INE, The World Bank Group.

5 Going Beyond Income HDI 2009 = (1 st in LA) 49 th Doing Business Ranking (1st in LA) 34 th Cost of Electricity Ranking (2nd in LA) 23 rd Corruption perception (1st in LA) 40 th in PISA educational Ranking (1st in LA) Sources : The World Bank, OECD, ProChile.

6 Ecuador Venezuela China Peru Australia Chile Attractive Geological Potential World Copper Reserve Base Mexico; 4% ROW, 17% USA; 7% Australia, 5% Geological potential survey results % 83% 85% 93% Indonesia; 4% Canada; 2% Zambia; 4% Polonia; 5% Chile; 38% 362 MMT 30% 31% Peru; 6% China; 7% Sources: USGS 2010, Fraser Institute.

7 Source: COCHILCO Investments in Mining 4, ,000.0 (Millions of Dollars) 3, , , , , , Pivate State

8 Copper Production and Market Share 18, , , , , , , , , (kmt) ROW Chile 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Source: World Metal Statistics, USGS, COCHILCO

9 World Class Copper Mines in Chile Escondida Codelco Norte (Chuqui) PT Freeport Indonesia Collahuasi El Teniente Norilsk Los Pelambres Cerro Verde Antamina Bingham Canyon Rudna Los Bronces Morenci Andina Sarcheshmeh Batu Hijau Cuajone Dzhezkazgan Mount Isa Cu Spence Sources: Brook Hunt. 0% 1% 2% 3% 4% 5% 6% 7% 8%

10 Millions US$ GDP of Mining Industry (Share of Country GDP) 40,000 35,000 30, % 20.00% 25,000 20,000 15,000 10,000 5, % 10.00% 5.00% 0.00% Source: Central Bank of Chile, Cochilco.

11 Millions US$ Source: COCHILCO Mining Exports 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, % 60% 50% 40% 30% 20% 10% 0% Copper Rest of Mining Share of Total exports

12 Mining Contribution 16,000 14,000 to the Treasury a (Millions of Dollars) 40% 12,000 30% 10,000 8,000 20% 6,000 4,000 10% 2,000-0% Coldeco's Contribution BMC-10 Contribution Mining Share Source: DIPRES and COCHILCO.

13 CONTENTS Chile s Leadership in the Copper Industry Legal Framework and Institutional Arrangements Portfolio of Mining Projects and Production Forecast Main Challenges and Public Policy Priorities

14 Legal framework Political Constitution (1980) and Organic Law (1982) The State is the only owner of all mineral resources, but concessions can be established by all persons. Concessions are given by a resolution from the Court. The concession is protected by the Constitution as a property right. Exploration concession last 2 years (can be extended for another 2 years). Concessions for exploitation are indefinite. Compensation in case of expropriation=npv of verified reserves Sources: COCHILCO

15 Foreign Investment in Chile Basic Principles: National Treatment Stable Rules Guaranteed Property Rights Decree Law 600(1974): The Foreign Investment Statute Rules a Contract with the State. Tax invariability regime.

16 Taxation First Category Tax, a business profit tax, 17% since Global Complementary Tax, personal tax on total income, between 5% and 40%. Additional Tax, Tax on persons not resident in Chile, 35% or 42%. Specific tax on mining activities (since 2005): This tax is levied on operational income derived from mining activity obtained by a mining exploiter. Mining exploiters whose annual sales exceed the equivalent of the value of 50,000 metric tons of fine copper pay a single 5% tax rate. In other cases it ranges between 0% and 4,5%. Sources: SII

17 The Chilean Mining Public Sector Central Government CODELCO S New Corporate Governance Law (Nov 2009) Ministry Companies Ministry of Mining Ministry Agencies CODELCO ENAMI ENAP COCHILCO SERNAGEOMIN

18 CONTENTS Chile s Leadership in the Copper Industry Legal Framework and Institutional Arrangements Portfolio of Mining Projects and Production Forecast Main Challenges and Public Policy Priorities

19 Investments in Copper and Gold Mining in Chile ( ) $ 8,000 $ 7,000 $ 6,000 $ 5,000 $ 4,000 $ 3,000 $ 2,000 $ 1,000 Millions of Dollars US$ 43.2 billion $ 0 < > 2015 Rest of Mining Industrie Codelco Source: Inversión en la Minería Chilena del Cobre y del Oro (COCHILCO).

20 Source: COCHILCO Inversión en la Minería del Cobre y del Oro Proyección Main Projects CODELCO NORTE R. TOMIC SULFUROS Start up: Ktonyear Cu from Concentrates MINA MINISTRO A. HALES Star-Up: Kton/year Cu from Concentrates ANTOFAGASTA MINERALS ESPERANZA Start up: ends of Kton/year Cu ANTOFAGASTA MINERALS EXTENSIÓN LOS PELAMBRES Start up: : Kton/year Cu ANGLO AMERICAN CHILE EXPANSIÓN LOS BRONCES Start up: Kton/year Cu BHP BILLITON ESCONDIDA FASE V Start up: Kton/yearCu COLLAHUASI Expansión Fase I Start up: Kton/year Cu XSTRATA EXTENSIÓN LOMAS BAYAS Start up: Lomas Bayas I: 2008 Lomas Bayas II: Kton/year Sx Ew Cathodes PAN PACIFIC COPPER CASERONES Start up: Kton/año from Concentrates 30 kton/year Sx Ew cathodes CODELCO DIVISION ANDINA ANDINA FASE II Start up: 2015 Hasta 350 Kton/year Cu XSTRATA EL MORRO Start up: Kton/year Cu

21 KTM KTM 8000 Copper Mine Production Forecast mill ton Share of New Projects 40% mill ton New Projects 35% 30% % % % Base Production 10% 5% % Source: COCHILCO

22 Chilean Projects: Useful Experience for Others Esperanza (Antofagasta Minerals) Technical innovations: Thickened Tailings Ore processing with Sea Water Desalination Plant (for human consumption) Sulfolix El Abra Freeport McMoran / Codelco) Technological change from conventional Lix/Sx/Ew process to Sulfide Leaching Process Collahuasi Expansion Project(Anglo American /Xstrata Copper) Brownfield project Huge potential to increase production, supported by one of the largest and richest copper deposits of the world Andina Expansion Phase II Project (CODELCO) Technical challenges: localization, environmental conditions, exploitation design, etc.)

23 CONTENTS Chile s Leadership in the Copper Industry Legal Framework and Institutional Arrangements Portfolio of Mining Projects and Production Forecast Main Challenges and Public Policy Priorities

24 Increase Exploration 8% Share of Chile in total exploration expenditures 6% 4% 2% 0% Chile World Total Exploration Stages Close to the mine 52% Basic 30% Advance 18% Close to the mine 27% Advance 41% Basic 32% Types of Companies Source: MEG Others 3% Gob 2% Medium 7% Junior 14% Major 74% Others 1% Gob 3% Medium 13% Major 44% Junior 38%

25 N of direct employees Share of Production (%) Develop Medium-Scale Mining Copper Mining in Chile (By Production Segment) Direct Employment (N ) Share of Production (%) Small (N =2050) Medium (N =29) Big (N =16) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: SERNAGEOMIN

26 Address divorce between Mining and Capital Market Ahorro en Chile: US$ 300,000 millones IPSA según Sector Productivo % % % % % % AFP Depósitos Seguros Fondos Mutuos Banca Privada Otros Bancos 15% Minería / Acero 8% Holdings 13% Forestales 17% Energía 20% Comercio 15% Telecom 2% Sanitarias 2% Transport e 4% Bebidas 4%

27 Expand our scope for mineral exploitation Main products Metal Mining 2009 Production World Ranking Market Share Share in global total reserves Copper (MT) 5, % 29,1% Molybdenum (MT) % 12,8% Rhenium (MT 2008) 27,6 1 48,4% 52% Silver(MT) 1, % N.D. Gold (MT) % 4,3% Industrial Minerals Natural Nitrates (MT) 1,048, % 100% Lithium Carbonate (MT) 25, % 27% Iodine (MT) 17, ,6% 60% Source: own calculations based on data from COCHILCO & BrookHunt

28 Millions of US$ 2003 Thousand of Employees Strengthen Mining Cluster 12,000 10,000 8,000 Others Retail and Food Transport and Communication Others Transport and Communication Social services 6,000 Electricity 200 Industrial 4,000 2,000 Construction Industrial Financial Services Retail and Food Financial Services and Others Construction 0 Product Mining 0 Employment Important multiplier effect 1:1 1:6 Mining Source: COCHILCO and Central Bank of Chile.

29 Foster INNOVATION to address industry challenges Geological conditions: Lower grade Depth of deposits Environmental Conditions: Energy management Water Management Closing of sites Human capital Cluster Innovation and Economy of Knowledge Mining Specific TAX Sustainable development based on Mining

30 Why is Chile attractive for Mining Investment? Favorable geologic potential Social, political and legal stability Good infrastructure Qualified personnel Adequate technological level Model has proved to be successful Future challenges are properly identified and appropriate policies are underway.

31 Chile s Outlook in Copper Thank You! LatAm MINING Congress 2010 April 30 Coral Gables Ana Isabel Zuñiga Research and Policy Planning Director

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