SUBSIDIA- RIES & ASSOCIATED COMPANIES

Transcription

1 SUBSIDIA- RIES & ASSOCIATED COMPANIES

2 Annual Report 2011 SUBSIDIARIES AND ASSOCIATED COMPANIES Page Page MINING Agua de La Falda S.A. 3 Codelco do Brasil Mineração Ltda. 3 Compañía Contractual Minera Los Andes 3 Compañía Minera Picacho 4 Exploraciones Mineras Andinas S.A. 5 Inca de Oro S.A. 5 Minera Gaby SpA 6 Sociedad Contractual Minera El Abra 6 Sociedad Contractual Minera Purén 7 Santiago de Río Grande S.A. 7 Promoly Ltda. 8 TRADING Chile Copper Limited 8 Codelco Services Limited 8 Codelco Group (USA) Inc. 9 Codelco Metals Inc. 9 Codelco USA Inc. 10 Codelco Küpferhandel Gmbh 10 Deutsche Giessdraht Gmbh 10 Ck Metall Agentur Gmbh 11 Copper Partners Investment Limited 11 Codelco Shanghai Company Limited 11 ELECTRICITY Geotérmica del Norte S.A. 12 Sociedad Gnl Mejillones S.A. 12 Energía Minera S.A. 13 RESEARCH & TECHNOLOGY INVESTMENT Codelco International Limited 16 Codelco Technologies Limited 17 Sociedad de Inversiones Copperfield Ltda. 17 Innovaciones en Cobre S.A. 18 Inversiones Mejillones 2 S.A. 18 Inversiones Tocopilla 2B S.A. 19 Inversiones Mineras Acrux SpA 19 Inversiones Mineras Becrux Ltda. 20 Inversiones Gacrux SpA 20 NEW USES OF COPPER & MOLYBDENUM Ecosea Farming S.A. 20 Comotech S.A. 21 C4E S.A. 21 REAL ESTATE Complejo Portuario Mejillones S.A. 21 Ejecutora Proyecto Hospital del Cobre Calama S.A. 22 HEALTH & PENSIONS Asociación Garantizadora de Pensiones 22 Centro de Especialidades Médicas Río Blanco Ltda. 23 Clínica Río Blanco S.A. 23 Isapre Chuquicamata Ltda. 24 Isapre Río Blanco Ltda. 24 San Lorenzo Isapre Ltda. 25 Fusat 26 Isapre Fusat Ltda. 26 Centro de Especialidades Médicas 26 Clínica San Lorenzo Ltda. 27 Biosigma S.A. 13 Instituto de Innovación en Minería y Metalurgia S.A. 14 Kairos Mining S.A. 14 Mining Information, Communication and Monitoring S.A. (Micomo S.A.) 15 Mining Industry Robotic Solutions S.A. (Mirs S.A.) 15 Ecometales Limited 16

3 40 years AGUA DE LA FALDA S.A. RUT: Incorporation: 25 July Partners: Codelco 43.28% and Minera Meridian Limitada 56.72% US$ 17,052,000. Prospecting, exploring and extracting from mining properties that contain gold, precious metals and other metals, and subsequent marketing activities. Roberto Alarcón Bittner, Chairman Ricardo Palma Charles Bruce Main Carlos Huete Lira (*) Nicolás Saric Rendic (*) Alternate Sergio Orrego Flory Alejandro Gordon Farfán Jacqueline Francois Fuentes Jorge Skármeta Magri (*) Eduardo Foix Iñíguez (*) Felipe Núñez Cordero Codelco holds a 43.28% interest and there were no changes in shareholding structure during the period under review. There were no sales or purchases of goods and services, except for contracts with Codelco. The company has the following service contracts with Codelco: Freshwater, industrial water and power supply, and a lease contract. CODELCO DO BRASIL MINERAÇÃO LIMITADA Incorporation: Brazil, 14 September Partners: Codelco International Limited: 90% Codelco Technologies Limited: 10%. Series No Board of Trade R.J. Ownership interest in mining companies or ventures, of any kind in Brazil and/or overseas, as well as managing own or third-parties assets; carrying out any activity related to mining, including but not limited to, research, exploration and extracting economic resources and/or ore deposits in Brazil; in general, performing any other civil or commercial activity, directly or indirectly related to research, exploration, economic extraction, production or marketing mineral products or by-products. Director Marcos Goncalves Marcos Goncalves Codelco International Ltda and Codelco Technologies Ltda. Interest and Changes during 2010 Codelco International Limited and Codelco Technologies Limited have a 90% and 10% interest, respectively. There were no changes during the period under review. There were no business relations between the companies, except as a dependant company of a Codelco subsidiary. There were no contracts or acts with Codelco that substantially influenced Codelco s operations or results. 2011: US$ 5,768, : US$ 5,810, : 0.028% 2010: 0.029% COMPAÑÍA CONTRACTUAL MINERA LOS ANDES, CCMLA RUT: Trade Name: Compañía Contractual Minera Los Andes (CCMLA) Incorporation: 16 May 1996, Series No Partners: Codelco 99.97% and CM Picacho 0.03% Notary s Office: M. Gloria Acharán Toledo. Registered on page 117, in 1996, in the Property Registry and on page 9550, in the Shareholders Book of the Santiago Mining Registrar. 3

4 Annual Report 2011 US$ 17,650 Geological exploration and other kinds of exploration to find and survey ore bodies in Chile or overseas. Francisca Castro Fones, Chairman (*) Eduardo Foix Iñíguez (*) Carlos Huete Lira (*) Nicolás Saric Rendic (*) María de los Ángeles Pérez (*) Nicolás Saric Rendic (*) Codelco holds a 99.97% interest. The interest contributed in March 2009, equivalent to US$ 1,550,000, to exercise the option to buy Porteñas mining properties, changed from % to 99.97% during Its exploration activities are temporarily at a standstill, its properties are being explored under options contract that in the future may become public limited companies. Durin the year, Codelco paid, on behalf of the company, mine maintenance work, expenses that are recognised under the accounts between the Companies. Properties: Los Lobos and Desierto are respectively being explored by Sociedad Minera El Águila Limitada, Minera MMX de Chile S.A., while Antofagasta Minerals S.A. will commence work at Sierra Jardín deposit during the first half of During the year, Rio Tinto Mining and Exploration Limited/Agencia in Chile completed activities at Exploradora and Esteli properties, terminating the respective option contracts. In February 2011, CCM Los Andes sold to Minera PanAust IDO Ltda., its stake in Inca de Oro S.A., which represents a 16.78% interest. There were no contracts that significantly influenced Codelco s operations. 2011: US$ 6,534, : US$ 303, : 0.032% 2010: 0.001% COMPAÑÍA MINERA PICACHO RUT: Trade Name: Compañía Minera Picacho. Incorporated on 26 September Partners: Codelco 99.99% and Sociedad de Inversiones- Copperfield Ltda. 0.01% Notary s Office: Andrés Rubio Flores, under Series No. 6552/94. US$ 1,213,000 It was originally incorporated in 1994 by Codelco and Sociedad Minera Mount ISA Chile S.A. to carry out geological exploration on property owned by Codelco and Mount ISA. In 1997, Codelco bought Mount ISA s shares and expanded the company s business activities in order to apply for water exploration permits and obtain water use rights, recently becoming its main business activity. Carlos Huete Lira, Chairman (*) Nicolás Saric Rendic (*) Hernán Sepúlveda Astorga (*) Álvaro Puig Godoy (*) Codelco directly and indirectly holds 100% interest. The of the principal shareholder, Codelco Chile, agreed on 23 December 2009 (Agreement 53/2009, 26 November 2009), that its subsidiary Santiago de Río Grande would sell its stake (1 share in Cía. Minera Picacho) to its other subsidiary Sociedad Inversiones Copperfield Ltda., changing the shareholder structure. None. Mandate to Codelco that authorises exploration activities in areas where Picacho has exploration requests approved and/or undergoing approval effective until December : US$ 126, : US$ 127, : 0.001% 2010: 0.001%

5 40 years EXPLORACIONES MINERAS ANDINAS S.A. RUT: Exploraciones Mineras Andinas S.A. Incorporation: 29 July Partners: Codelco 99.9% and Sociedad de Inversiones Copperfield Ltda. 0.1% US$ 235,000. Provide planning, management and implementation services for mining exploration and water resources exploration programmes, providing services in: drilling, chemical analysis, sampling, lab analysis, geological and geophysical mapping, physical property measurement, material characterisation, support and other services required to implement such programmes; consulting services in geology and related fields; staff training in areas related to mining exploration; seminars, workshops and courses; publications. Carlos Huete Lira, Chairman (*) Nicolás Saric Rendic (*) Humberto Fernandois Olivares (*) Jorge Camacho Vidakovic :, Codelco held a 99.9% interest. There were no changes during the period under review. The company provides geological exploration services. Since 15 October 2004, the company has entered into several contracts with Codelco in order to implement and execute Codelco s exploration programmes in Chile. The contract currently in force is Integral Mining Exploration Services for Programmes. It is now renewing for the period , the service contract for mining concession database maintenance. 2011: US$ 1,146, : US$ 1,058, : 0.005% 2010: 0.005% INCA DE ORO S.A. RUT: Incorporation: 11 June 2009 Partners: Codelco 34% and PanAust 66% Notary s Office: Osvaldo Pereira Gonzales, series N , Abstract page N in the Registry of Commerce of the Santiago Property Registrar. US$ 25,415,000 Mineral resource exploration and mining, and mineral processing plants. Incorporate or form part of other partnerships in similar, related or complementary activities; or acquire or transfer rights or ownership. Acquisition, incorporation and sale of properties, ore deposits, concessions and mining rights in general, immovable or movable assets, and also securities and any other kind of financial instrument. Provide services in Chile and overseas for the mining industry. Gary Stafford, Chairman Francisca Castro Fones (*) Iván Valenzuela (*) Francisco Tomic Robert McDonald Francisco Tomic During the period under review, Codelco Chile held a 34% interest and PanAust held the remaining interest: 66%. The company did not perform any business activities during 2011 with Codelco. The company did not have any contracts with Codelco in : US$ 23,913, : US$ 2,959, : 0.115% 2010: 0.015% 5

6 Annual Report 2011 MINERA GABY SpA RUT: Trade Name: Minera Gaby SpA Closely Held Company, incorporated on 22 September Partners: Codelco 99.9% and Sociedad de Inversiones Copperfield Ltda. 0.1% US$ 20,000,000. Mine, explore, prospect, research, develop and operate ore deposits in order to extract, produce and process minerals, concentrates and other mineral products, and for this purpose install and operate ore processing and treatment plants. Diego Hernández C., Chairman (*) Rodrigo Toro Ugarte (*) Thomas Keller Lippold (*) Patricio Enei Villagra (*) Luis Farías Lasarte (*) Claudio Olguín Codelco has a 99.9% interest in subscribed and paid-up shares. Minera Gaby S.A. (MGSA) and Codelco have business relations and contracts relevant to Gabriela Mistral mine operations and processing plants, under a Service Provision Contract, with 10% profit on costs and expenses planned by MGSpA. Other relations are under mandate contracts with legal representation, project investment activity management, IT and communications services. 2011: US$ 43,009, : US$ 33,577, : 0.206% 2010: 0.166% SOCIEDAD CONTRACTUAL MINERA EL ABRA RUT: Incorporated by public deed on 28 June Partners: Codelco 49% and Freeport-McMoRan Copper & Gold 51% Notary s Office de Santiago: Víctor Manuel Correa Valenzuela. Registered in the Santiago Registry of Commerce on page 149, No.40 in Shareholder Register no page 20, Trade Name: Sociedad Contractual Minera El Abra (SCM El Abra). Subscribed and Paid-In Capital, capital subscribed and paid totalled US $647,059,000 divided into 100,000 shares. Shareholders are: Freeport-McMoRan Copper & Gold with 51,000 shares, and Corporación Nacional del Cobre de Chile, with 49,000 shares. Therefore, the capital subscribed and paid by Codelco is US$ 317,059,000. Prospecting, exploring and mining El Abra ore deposit, located in the Region of Antofagasta, including its expansion and also adjacent or nearby areas. Extracting, processing and treating ore mined at the deposit and surrounding areas; and transporting and trading products and by-products obtained from processing ore and other mining activities at the deposit. Francisco Costabal, Chairman Harry M. Conger Mario Orellana Luis Farías Lasarte (*) Thomas Keller Lippold (*) Alternate Joshua Olmstead Kathleen Quirk Steve I. Tanner Germán Morales (*) Mario Espinoza Durán (*) Joshua Olmstead Codelco has a 49% interest, which has not changed since the company was incorporated. Main business between the two companies: El Abra sells copper cathodes to Codelco. Codelco sells sulphuric acid to SCM El Abra. The amount and price is negotiated on an annual basis. The copper sales agreement is under a Marketing Agreement, signed on 15 June 1995 between SCM El Abra and Codelco Services Ltda. This agreement sets forth the termination date as 1 January 2012 and it can be automatically renewed on a year-to-year basis. Sul-

7 40 years phuric acid sales contracts have been extended until 31 December : US$ 753,208, : US$ 542,625, : 3.615% 2010: 2.676%. SOCIEDAD CONTRACTUAL MINERA PURÉN RUT: Trade Name: Sociedad Contractual Minera Purén. Incorporation: 23 September Partners: Codelco 35% and Mantos de Oro (Kinross) 65% Registration: Property Register on page 121, no.31 in 2003, and Shareholders Register on page 185, no.207 in 2003, both at the Santiago Mining Registrar. Notary s Office: Fernando Opazo Larraín Subscribed and Paid-In Capital Codelco holds a 35% interest; Compañía Minera Mantos de Oro holds a 65% interest. Capital subscribed and paid by Mantos de Oro is US$ 28,323. Capital subscribed and paid by Codelco is US$ 9,913,000. The purpose of the company is to explore, search, prospect, research, develop and operate mining deposits, in order to extract, produce and process ores, concentrates and other mineral products. Additionally to install and operate ore concentrator and treatment plants; claim and purchase mining rights of any kind; sell, transport, export and market mineral substances and products. Also perform any action and enter into any contract and agreements that indirectly or directly result in achieving its business objective. Andrés Verdugo Ramírez de Arellano, Chairman Alejandro Gómez Arenal (*) Nicolás Saric (*) Luis Parra Falcón Rolando Cubillos Basaure Alternate Marcos Álvarez Silva Carlos HueteLira (*) Eduardo Foix Iñíguez (*) John Robert Pritting Miguel Baeza Guíñez Guillermo Olivares Ardiles Codelco has a 35% interest with 350 shares subscribedfrom a total of 1,000. There were no changes during the period under review. No goods or services were sold or purchased between the company and Codelco. There were no contracts that significantly affected Codelco s operations and results. 2011: US$ 23,033, : US$ 5,407, : 0.111% 2010: 0.027%. SANTIAGO DE RÍO GRANDE S.A. RUT: Incorporation: 2 October Partners: Codelco 99.99% and CM Picacho 0.01% Notary s Office: Gloria Cortez Escaida US$ 24,000. Its purpose is to obtain water rights and mining resources exploration. Carlos Huete Lira, Chairman (*) Hernán Sepúlveda A. (*) Nicolás Saric Rendic (*) Mirtha Solari Espinoza (*) Codelco directly and indirectly holds a 100 % interest. During the year, as agreed by the Board of the principal shareholder, Codelco Chile on 23 December 2009 (Agreement No. 53/2009, on 26 November 2009), Santiago de Río Grande sold its stake (1 share in Compañía Minera Picacho) to another Codelco Chile subsidiary, Sociedad Inversiones Copperfield Ltda. At present Santiago de Río Grande does not have any business relations with Codelco. During this period there were no contracts entered into with Codelco. 7

8 Annual Report : US$ : US$ : 0% 2010: 0% PROMOLY LIMITADA RUT: Incorporation: 18 May 2011 Trade Name: Sociedad de Procesamiento de Molibdeno Ltda. Limited Liability Company Partners: Codelco: 99.9% Inversiones Copperfield Ltda.: 0.1% US$ 1,288,000. The company processes or through third parties molybdenum concentrates or other elements containing molybdenum and/or by-products obtained through the same processing, in order to transform them into commercial products and recover by-products. Rodrigo Toro Ugarte, Chairman (*) Thomas Keller Lippold (*) Isaac Aránguiz Miranda (*) Alternate Fernando Eimbcke Reccius (*) Mario Espinoza Durán (*) Germán Morales Gaarn (*) Codelco: 99.9% Inversiones Copperfield Ltda.: 0.1% 2011: US$ 181, : 0.001% CHILE COPPER LIMITED Limited Liability Company created in England on 29 March Partners: Codelco 100% US$ 1,000. Codelco Chile sales agent and representative for copper and molybdenum products in the UK, Spain, Scandinavia, Bulgaria, Turkey and other European and Middle Eastern markets. It owns 80% of the subsidiary Codelco Services Ltd., the remaining 20% is owned by Codelco Kupferhandel GmbH. Rodrigo Toro U., Chairman (*) Raúl de la Piedra (*) María de los Ángeles Pérez (*) Jürgen Leibbrandt Von Neefe (*) Gonzalo Cuadra Codelco holds a 100% interest. There were no changes during the period under review. Agent through its subsidiary company Codelco Services Ltd. It trades copper and molybdenum to meet Codelco Chile contracts; and it also carries out hedging operations for Codelco Chile and its subsidiary Codelco Kupferhandel GmbH. Copper sales agency contract. Molybdenum sales agency contract. 2011: US$ 3,318, : US$ 2,323, : 0.016% 2010: 0.011% CODELCO SERVICES LIMITED Limited Liability Company incorporated in England on 16 August Partners: Chile Copper Ltd. 80% and Codelco Kupferhandel GmbH 20%.

9 40 years A subsidiary company of Copper Limited and associated company of Codelco Kupferhandel GmbH. Its corporate purpose is extensive, and can be summarised as manufacturing, storage and trade of products and provide services to third parties. Its normal business is limited to trading copper and molybdenum products and copper futures trade, in order to provide services to Codelco Chile and Codelco Kupferhandel GmbH, and other companies in the Codelco Group that the Head Office deems appropriate. Rodrigo Toro U., Chairman (*) Raúl de la Piedra (*) María de los Ángeles Pérez (*) Jürgen Leibbrandt Von Neefe (*) Gonzalo Cuadra Gonzalo Cuadra Codelco has indirect ownership through its subsidiaries Chile Copper and Codelco Kupferhandel. They had an 80% and 20% respectively. There were no changes during the period under review. Codelco Services Limited trades copper and molybdenum to meet Codelco Chile contracts; it also provides hedging services for Codelco Chile and the related company Codelco Kupferhandel GmbH. Rodrigo Toro U., Chairman (*) Patricio Enei Villagra (*) Raúl de la Piedra (*) Jürgen Leibbrandt Von Neefe (*) Michael Galetzki Codelco has a 100% interest. There were no changes during the period under review. Business relations with Codelco are established through the subsidiary companies in Codelco Group Inc.; one as Codelco Sales Agent; another as a copper and molybdenum trading company. Agency contracts, copper purchase contracts. 2011: US$ 2,583, : US$ : 0.012% 2010: 0% CODELCO METALS INC. Subsidiary of Codelco Group (USA), Inc. Incorporated under the Laws in the State of Delaware. Partners: Codelco Group (USA) Inc. 100% CODELCO GROUP (USA) INC. Incorporated on 21 December 1992 as a corporation chartered in the State of Delaware, pursuant to section 108(c) under the General Corporation Law. Partners: Codelco 100%, capital subscribed and paid by Codelco Chile corresponds to 1,000 shares totalling US$1,000. Any action or activity permitted under the General Corporation Laws in the State of Delaware. As at 31 December 2011, under this company there are two subsidiaries: Codelco-USA Inc. and Codelco Metals Inc; their objective is to act, but not limited to, as sales agent and representative of Codelco Chile for copper products and by-products in NAFTA markets; trade copper internally in NAFTA markets applying the relevant logistics procedures. Rodrigo Toro U., Chairman (*) Patricio Enei Villagra (*) Raúl de la Piedra (*) Jürgen Leibbrandt Von Neefe (*) Michael Galetzki Codelco has indirect ownership through its subsidiary Codelco Group USA Inc. Codelco Group USA Inc. holds a 100% interest. There were no changes during the period under review. Acts as a copper and molybdenum physical trading company for the Company, in order to help Codelco Chile in trading activities and comply with its contracts by delivery to plants. Agency contracts, copper purchase contracts. 9

10 Annual Report 2011 CODELCO USA INC. Subsidiary of Codelco Group (USA), Inc. Incorporated under the Laws in the State of New York. Partners: Codelco Group (USA) Inc. 100% Acts as sales agent and represent Codelco Chile copper products and by-products in NAFTA markets, and also internally trades copper in NAFTA with the respective logistics procedure. Rodrigo Toro U., Chairman (*) Patricio Enei Villagra (*) Raúl de la Piedra (*) Jürgen Leibbrandt Von Neefe (*) Michael Galetzki Codelco has indirect ownership through its subsidiary company Codelco Group USA Inc. Codelco Group USA Inc. has 100% interest. There were no changes during the period under review. It has business relations with Codelco, as Codelco s sales agent and representative before international organisations. Specific examples of the business relationship: > Acts as sales agent and representative of Codelco- Chile in markets, organisations and activities assigned. > Codelco Chile sales agent for copper, molybdenum, gold and silver, in Mexican, US and Canadian markets. > Participates on behalf of Codelco Chile in organisations, such as Nymex Non-Ferrous Metals Committee, Copper Development Association, International Molybdenum Association (IMOA), and of the Chilean-American Chamber of Commerce (CACC).). Agency contracts, copper purchase contracts. CODELCO KÜPFERHANDEL GmbH A limited liability company. Incorporated in Hamburg on 27 March Partners: Codelco 100% 3,000,000 Import, export, trade and transform metal in any form, especially copper; and trade equipment for the copper producing industry. This company s objective is also to acquire and manage ownership in metal manufacturing companies, especially copper, and also undertake research work to obtain and manufacture metals. It holds 100% interest in the subsidiary CK Metall Agentur GmbH and 40% in the wire rod production plant Deutsche Giessdraht GmbH; in the latter it manages the cathodes supply, and also markets the wire rods produced. Rodrigo Toro Ugarte, Chairman (*) Jürgen Leibbrandt Von Neefe (*) María de los Ángeles Pérez (*) Fernando Eimbcke Reccius (*) Heribert Heitling Codelco had a 100% interest. There were no changes during the period under review. Through the subsidiary CK Metall Agentur, GmbH acts as the commercial operations agent for Codelco Chile in Northern European countries (Germany, Austria, the Netherlands and Denmark). Through its associated company in the UK, Codelco Services Ltd., it performs hedging and other brokerage activities for Codelco. Cathode contracts. 2011: US$ 38,091, : US$ 0, : 0.183% 2010: 0% DEUTSCHE GIESSDRAHT GmbH Incorporated in Germany on 9 April An associated company of Codelco Küpferhandel GmbH. Partners: Codelco Kupferhandel GmbH: 40% Norddeutsche Affinerie AG: 60% Wire rod production plant. Stefan Boel, Chairman Raul de la Piedra (*) Heribert Heitling (*) Jens Jacobsen Björn Carsten Frenzel

11 40 years Alternate Michael Landau Fernando Eimbcke (*) Wilhelm Happ (*) Jürgen Jestrabek Codelco has indirect ownership through its subsidiary company Codelco Küpferhandel Gmbh. Codelco Küpferhandel GmbH has a 40% interest. There were no changes during the period under review. Codelco Küpferhandel GmbH (Codelco subsidiary) has a direct relationship with the wire rod production plant Deutsche Giessdraht GmbH, and is its supplier in cathode supply management, and it also trades the wire rods produced. CK METALL AGENTUR GmbH Limited Liability Company. Incorporated in Germany on 7 July A subsidiary company of Codelco Küpferhandel GmbH. Partners: Codelco Küpferhandel GmbH: 100% Heribert Heitling Codelco has indirect ownership through its subsidiary company Codelco Küpferhandel GmbH. Codelco Küpferhandel GmbH has a 100% interest. There were no changes during the period under review. A trade agent of Codelco Chile in Germany and Northern European countries (Codelco Chile sales agent for copper products in Germany, Austria, the Netherlands and Denmark). A Codelco Chile sales agent for molybdenum and other by-products in Germany, Austria, the Netherlands, Czech Republic, Slovakia and Poland. It coordinates logistics and supports shipping and delivery operations to customers. Cathode Contracts. COPPER PARTNERS INVESTMENT LIMITED Limited Liability Company. Incorporated in Germany on 7 July A subsidiary company of Codelco Küpferhandel GmbH. Partners: Codelco Küpferhandel GmbH: 100% Heribert Heitling Codelco has indirect ownership through its subsidiary company Codelco Küpferhandel GmbH. Codelco Küpferhandel GmbH has a 100% interest. There were no changes during the period under review. A trade agent of Codelco Chile in Germany and Northern European countries (Codelco Chile sales agent for copper products in Germany, Austria, the Netherlands and Denmark). A Codelco Chile sales agent for molybdenum and other by-products in Germany, Austria, the Netherlands, Czech Republic, Slovakia and Poland. It coordinates logistics and supports shipping and delivery operations to customers. Cathode Contracts. CODELCO SHANGHAI LIMITED. Trade Name: Codelco Shanghai Company Limited Incorporation: The company is currently being incorporated. Partners: Codelco 100% : US$ 1,000,000. Act as a sales agent and represent Codelco Chile for its copper products and by-products in the Chinese markets, mainly dedicated to copper, molybdenum and other precious metals imports and exports; copper and molybdenum sales; and mining material and product supply agency services. Rodrigo Toro Ugarte, Chairman (*) Raúl de la Piedra (*) Jürgen Leibbrandt vn. (*) Patricio Enei (*) Codelco has a 100% interest. 2011: US$ 953, : 0.005% 11

12 Annual Report 2011 GEOTÉRMICA DEL NORTE S.A. RUT: Incorporation: 29 December 2000 Partners: Codelco 0.4%, ENAP 48.6% and ENEL 51% Notary s Office: José Musalem Saffie Series No /2000. Santiago Registry of Commerce of the Property Registrar, on page 2 No. 2, $255 million (pesos). Research, exploration and operation of geothermal resources, located in northern Chile (1st, 2nd and 3rd Region); marketing its products, by-products, raw materials, whether manufactured, semi-manufactured or not, directly or indirectly result from the activities stated in the above number. Furthermore, the company may also carry out any other activity related, directly or indirectly with those listed above, to efficiently use the social organisation. Nelson Muñoz, Chairman Rafael Sotil Valerio Cecchi Luca Rossini Codelco held a 0.4% interest. On 30 December 2009 the issued capital increased, which was only subscribed by Enap and Enel, therefore Codelco diluted part of its ownership. The remaining interest was distributed between Enap (48.6%) and Enel (51%). No business relations between the companies in No contracts between the companies. SOCIEDAD GNL MEJILLONES S.A. RUT: Incorporation: 31 January 2007 Partners: Codelco: 7% Suez Energy: 67% Notary s Office: Osvaldo Pereira González. Santiago Registry of Commerce on page 6,625 No.4,909, in 2007, capital paid by Codelco Chile totalled US$ 37,000, equivalent to 37% interest. Production, storage, marketing, transport and distribution of all kinds of fuel; and the acquisition, construction, and operation of the facilities and infrastructure and other physical work required to transport, receive, process and store, both in Chile and overseas, by the company or in partnership with third parties. Juan Clavería Aliste, Chairman Mario Espinoza Durán (*) Andrés Alonso Rivas (*) Luis Valenzuela Palomo Manlio Alessi Remedi Willem Van Twembeke Jean Louis Pairon Alternate Albert Verhoeven José Antonio Álvarez (*) Francisco Danitz Miller (*) Francisca Castro F. (*) Valérie Barnich Jan Flachet Marleen Delvaux Frederik Janssens, Codelco s interest in Sociedad GNL Mejillones S.A. was 37%. Sociedad GNL Mejillones S.A. supplies regasified natural gas to Codelco Chile. >Sociedad GNL Mejillones S.A. has a regasified natural gas sales contract with Codelco, as per a take-or-pay agreement. > It also has the same contract with SCM El Abra; Codelco also has a stake in this company. >Options contract whereby Codelco may choose between: > Rights of use regarding the regasification terminal facilities for Codelco as a regasification service customers and other related services. > Acquire ownership in Sociedad GNL Mejillones S.A., by subscribing and paying through a share capital increase > Tariff payment agreement for granting guarantees on the ISDA contracts entered into between Sociedad GNL Mejillones S.A. and Morgan Stanley Capital Group Inc, Koch Supply and Trading LP and Barclays Bank PLC. > Contracts with Complejo Portuario Mejillones S.A., a Codelco subsidiary, associated with a land lease on the property where the Sociedad GNL Mejillones S.A.facilities are located. 2011: US$ : US$ : 0% 2010: 0%

13 40 years ENERGÍA MINERA S.A. RUT: Incorporation: 15 June 2008 Partners: Codelco 99% and Sociedad de Inversiones- Copperfield Ltda. 1% Notary s Office: Osvaldo Pereira González. Registered in the Santiago Registry of Commerce on page No.18444, under number 19324, in 2008., capital subscribed and paid by Codelco totalled US$ 24,752,000, for 990 shares equivalent to a 99% interest. The purpose of the company is to develop, directly or through a related party, individually or jointly with others, within Chilean territory or abroad, the following activities: generate, supply, purchase and sell electricity; provide all kinds of energy services; obtain, transfer, purchase, rent, tax or operate in whatever way the relevant concessions and markets pursuant to the General Electric Services Law and other regulations that regulate energy services; request permits, authorisations and franchises to preserve, promote or develop the company s business; purchase, sell, import, export, manufacture, produce, market, and distribute all kinds of goods or inputs, that are related to any kind of energy. Patricio Enei Villagra (*) Andrés Alonso Rivas (*) Mario Espinoza Durán (*) Andrés Alonso Rivas (*), Codelco had a 99% interest and Sociedad Inversiones Copperfield Ltda., 1%. There were no changes during this period. No business relations in No contracts were entered into with Codelco. 2011: US$ 13,454, : US$ : 0.065% 2010: 0% BIOSIGMA S.A. RUT: Incorporation: 31 May 2002 Partners: Codelco: 66.7% Nippon Mining and Metals: 33.3% Nancy de La Fuente Hernández Santiago Registry of Commerce of Property Registrar, on page 14,849 No in 2002, and it was rectified on page No.14,532. US$ 27,266,000. Develop processes and technology in the field of genmics, proteomics and bioinformatics for mining and, in general, apply the microorganism-based systems and other activities and businesses related to the above areas. The activities currently developed are technological validation for biomass production and mineral bioleaching at an industrial scale and its application to Codelco resources during the first stage. Ricardo Álvarez Fuentes, Chairman (*) Juan Enrique Morales Jaramillo (*) Pedro Antonio Morales Cerda (*) Mario Espinoza Durán (*) Keiichi Sato Kenichi Murakami Alternate Patricio Enei Villagra (*) Luis Castelli Sandoval (*) José Robles Becerra (*) Eduardo Foix Iñíguez (*) Susumo Kubo Hirofumi Nakata Ricardo Badilla Ohlbaum Incorporated by Codelco in association with the Japanese Nippon Mining and Metals Co. Ltd. As at 31 December 2011, Codelco had a 66.7% interest. There were no changes during the period under review. Framwork Contract dated 24 January 2011, to develop and apply BioSigman Bioleaching Technlogy Projects to Codelcos Divisions mineral resources by applying expert services, through Lab Research, and Engineering Studies, for a maximum $6,480,000, : US$ 2,063, : US$ 2,046, : 0.010% 2010: 0.010% 13

14 Annual Report 2011 INSTITUTO DE INNOVACIÓN EN MINERÍA Y METALURGIA S.A. RUT: Instituto de Innovación en Minería and Metalurgia S.A. Incorporation: 24 September 1998 Partners: Codelco: 99.93% Cimm: 0.07% Series No. 3664/98 Santiago Notary s Office: Antonieta Mendoza Escala., capital subscribed and paid by Codelco totalled US$ 3,298,000, representing 99.93%. Develop metallurgical and mining technological innovation. Ricardo Álvarez Fuentes, Chairman (*) Pedro Morales Cerda (*) Víctor Janer Pérez (*) Enrique Morales Jaramillo Andrés Weintraub Pohorille Irene Astudillo F. Codelco s interest: 99.93%. There were no changes during the period under review Business relations between IM2 and Codelco started in At present the three-year Technological Innovation and Research Agreement for 2012, whereby IM2 provides services for preparing, and implementing technological innovation and research programmes and projects. Technological Research and Innovation Contract. Customer. Technical Collaboration Agreement. Customer. Services Agreement for Codelco s Technical Documentation Centre. Supplier. IT and Communications services contract. Supplier. 2011: US$ 5,024, : US$ 5,305, : 0.024% 2010: 0.026% KAIROS MINING S.A. RUT: K Incorporation: 12 December Partners: Codelco 40% and 60% Closely held company, incorporated by public deed on 12 December 2006, authorised by the Santiago Notary s Office, Eduardo Avello Concha and registered in the Registry of Commerce on page 363, no.295 in 2008 and published in the Official Gazette No on 24 January Subscribed and Paid-In Capital, capital subscribed and paid by Codelco Chile totalled US$40,000, equivalent to 400 shares. The remaining 60% of shares is held by Honeywell Chile S.A. The purpose of this company is to provide automation and control services for industrial and mining activities, and also provide technology and software licenses. Claudio Zamora Larreboure, Chairman Luis Castelli Sandoval (*) José Robles Becerra (* Frank Whitsura David Sánchez Fernando Lorca Arancibia Codelco Chile has a 40% interest in Kairos Mining S.A. There were no changes during the period under review. Kairos Mining S.A. has a long-term service framework agreement currently in force with Codelco Chile. Service Framework Agreement to develop an automation programme at Codelco s concentrator plants, for a 5-year period (started on 3 April 2007), extendable for successive periods of 5-years. 10 September 2010, Amendment No. 1 to the Service Framework Agreements was signed, expressly incorporating the concentrator plants at Salvador and Ministro Hales Divisions, within the scope of the programme-initiative. 2011: US$ 130, : US$ 105, : 0.001% 2010: 0.001%

15 40 years MINING INFORMATION, COMMUNICATION AND MONITORING S.A. (MICOMO S.A.) RUT: Trade Name: Mining Information, Communication and Monitoring S.A. (MICOMO S.A.) Incorporation: 10 April Partners: Codelco: 66%, NTT Advanced Technology Corporation: 17%, NTT Leasing Inc.: 17%. Notary s Office: César Ricardo Sánchez García. Registry of Commerce of the Santiago Property Registrar, on page 16,702, No.11,490, in totalled US$1,980,000, representing a 66% interest. MICOMO was incorporated by Codelco jointly with NTT Advanced Technology Corporation (Japan) and NTT Leasing (USA), Inc. The purpose of the company is to provide, design and maintain ITC products (information technology and communications) and services related to Codelco; and extend the aforementioned business to mining companies in Chile and abroad. Mario Espinoza Durán, Chairman (*) Juan Enrique Morales Jaramillo Ricardo Álvarez Fuentes (*) Pedro Morales Cerda (*) Hiroshi Kotera Yoshihisa Sakai Edgar Happke A. Codelco has 66% of subscribed and paid shares. There were no changes during the period under review. In 2011 various Service Orders were signed with effective Framework Contract No : NTT Technology Adaptation and Implementation Services and No Micomo Services for development, validation, implementation and support during the technology s life cycle. Contract No Monitoreo BOTDR en Pilares de Producción de Mina Esmeralda, was also signed by Teniente Division. 2011: US$ 1,835, : US$ 1,773, : 0.009% 2010: 0.009% MINING INDUSTRY ROBOTIC SOLUTIONS S.A. (MIRS S.A.) RUT: Incorporation: 11 April 2007 Partners: Codelco: 36% Highservice Ltda.: 53% Nippon Mining & Metals Co. Ltd.: 9% Kuka Roboter GmbH: 2%. Notary soffice: René Benavente Cash, registered on page 22,026 No in the Registry of Commerce of the Santiago Property Registrar in 2007., capital subscribed and paid by Codelco totalled US$3,800,000, representing a 36% interest. Research, design, creation, invention, manufacture, installation, supply, maintenance and marketing in whatever form, all kinds of robotic products, robotic technology products or supplies required or complementary to market and maintain such products in the mining and metallurgical industry, and related services; produce under licensing, license, and market product licenses, robotic technology processes and services for the mining and metallurgical industry and, also form any kind of firm and become a partner or shareholder in any existing firm. Hugo Salamanca Poblete, Chairman Ricardo Álvarez Fuentes (*) Mario Espinoza Durán (*) Eugenio Barhar Bortschenko Luis Morán Tamayo Kenichi Murakami Francisco Salamanca Alternate Jorge Lembeye Nicolás Saric Rendic (*) Eduardo Foix Iñíguez (*) Jorge Fuller Rodrigo Da Costa Guidi Kazuhiko Furukawa Javier Espinosa Carlos Carmona Codelco has 67,925 shares, equivalent to 36% and the remaining shares are distributed between Industrial Support Company Limitada, 53%, Nippon Mining & Metals Co. Ltd., 9% and Kuka Roboter GmbH, 2%. At present, MIRS S.A. has a Framework Contract with Codelco to develop robotic solutions and implement operation and maintenance services for the technology s life cycle, so as to facilitate the early incorporation of these solutions in Codelco s processes. 15

16 Annual Report 2011 During this period it also generated a contract to consolidate a new product, as part of the developments promised by MIRS. This is the Start Sheet detachment project Codelco Ventanas; it includes two additional phases that will be implemented in 2012 and 2013, which will create MMUS$ 3 in sales. 2011: US$ 2,227, : US$ 2,537, : 0.011% 2010: 0.013% ECOMETALES LIMITED RUT: Subsidiary company of Codelco Technologies Limited (100%). Incorporated on 22 de August de 2000 en Jersey (U.K.) (ACL). Registry Number: 78014, Jersey Island. Notary s Office: Goeffrey St. Clair Cornwall. Started Activities: Develop activities for all kinds of ore treatment and smelting, especially impurity treatment and ore recovery. Also develop innovations to treat smelter dust and other smelter and refinery effluents, applying environmentally sustainable technologies. José Robles B., Chairman (*) Mario Espinoza Durán (*) Pedro Morales Cerda (*) Hernán Sepúlveda Astorga (*) Luis Farías Lasarte (*) Iván Valenzuela R. Partners Interest and Changes during 2010 Codelco Technologies Limited holds 100% interest, and no changes occurred during the period under review. Provides processing services to Codelco Chile, through a contract to provide copper recovery processing services contained in the copper concentrate smelter dust, dated 31 March > In November 2010 a commercial agreement was reached with Salvador Division to buy dust from Potrerillos smelter. > In 2011 the following contracts were signed: > Solid industrial waste purchase Ventanas Division > Mine Waste Treatment Plant Operation Chuquicamata Division > Studies to build and operate a Hazardous Solid Waste Disposal Site - El Teniente Division. CODELCO INTERNATIONAL LIMITED Incorporation: Bermuda Registration No. EC Partners: Codelco: 100% US$ 53,723,000. Its purpose is to manage and control Codelco s interest in various international projects. Through its subsidiary Codelco Technologies Limited it has investments Ecometales Limited, a firm in Jersey-Channel Island, and its operating agency Ecometales Limited Agency in Chile, to develop and mine biologically-based technologies applied to copper and molybdenum materials and concentrates. In partnership with Codelco, Technologies Limited has incorporated Codelco do Brasil Mineraçao Limitada in Brazil in order to develop exploration, mining and market development projects. It has a 6% interest in Quadrem International Holdings Limited, international company formed by companies related to mining to operate in the electronic marketplace providing solutions for buying and selling goods and services. In partnership with the Chinese company Album Enterprises Limited (China Minmetals subsidiary) created in Bermuda (UK), the trading company Copper Partners Investment Ltd, each holding 50%. Codelco International Limited, in December 2009 acquired the stake Santiago del Río Grande had in Sociedad de Inversiones Copperfield Ltda. and now has the latter s 0.01% interest. Mario Espinoza Durán, Chairman (*) José Antonio Álvarez (*) Patricio Enei Villagra (*) Codelco has a 100% interest. During the year, Codelco International Limited and its subsidiary Codelco Technologies Limited received dividends and return of capital from Codelco do Brasil Mineraçao and Copper Partners Investment Company Ltd. There were no contracts between Codelco and Codelco International Limited that significantly influenced Codelco s operations and results. 2011: US$ 203,513, : US$ 19,799, : 0.977% 2010: 0.978%

17 40 years CODELCO TECHNOLOGIES LIMITED Incorporation: Bermuda Partners: Codelco International Limited: 100%. Registration No. EC Manage and control Codelco s interest in various international projects. It has investments in Ecometales Limited on Jersey-Channel Island, and its operating agency Ecometales Limited Agency in Chile, to develop and mine biologically-based technologies applied to copper and molybdenum material and concentrate processing.and also in Codelco do Brasil Mineraçao Limitada, in Brazil, in order to develop exploration, extraction and market development projects. Mario Espinoza Durán, Chairman(*) José Antonio Álvarez (*) Patricio Enei Villagra (*) Codelco International Limited s Interest and Changes during 2011 Codelco International Limited has 100% interest and no changes occurred during the period under review. During the year, Codelco Technologies Limited received dividends and return of capital from Codelco do Brasil Mineração, which have be used to reduce the debt of its head office, Codelco International Limited, with Codelco. No direct acts or contracts between Codelco and Codelco Technologies Limited. SOCIEDAD DE INVERSIONES COPPERFIELD LIMITADA RUT: Limited Liability Company incorporated by public deed on 12 December Partners: Codelco 99.99% and Codelco International Limited 0.01% Notary s Office: Álvaro Bianchi Rosas. Registered in the Registry of Commerce on page No , on 14 December US$ 9,279,000 Exploration and operation of mineral resources and processing plants; purchase, build and operate property, deposits and mining rights; and participate in any kind of company, taking up, directly or indirectly, rights and ownership. Representatives of Partners Patricio Enei Villagra, Chairman (*) Mario Espinoza Durán (*) José Antonio Álvarez (*) Originally, after statutory amendments in 2008, Codelco had a 99.98% interest and Santiago de Río Grande S.A. 0.01%. After Codelco International Limited, a Codelco Chile subsidiary, purchased Santiago del Río Grande s stake on 23 December 2009, the ownership of Sociedad de Inversiones Copperfield Ltda changed. At present, Inversiones Copperfield Ltda. does not have business relations with Codelco, except as minority shareholder in the following companies: Exploraciones Mineras Andinas S.A. (0.1%), Minera Gaby SpA (0.1%), Energía Minera S.A.(1.0%), Compañía Minera Picacho (0.01%); Clínica San Lorenzo Ltda. (0.1%), Promoly Ltda. (0.1%), Inversiones Tocopilla 2B S.A. (0.01%), Copper for Energy S.A. (25%); and majority shareholder in Innovaciones en Cobre S.A. (99.9%). In 2007, as instructed by its owner, Codelco exercised its option to buy the Mocha property. During this period under review no contracts were entered into with Codelco. 2011: US$ 15,336, : US$ 14,179, : 0.074% 2010: 0.070% 17

18 Annual Report 2011 INNOVACIONES EN COBRE S.A. RUT: Incorporation: Series N 20536/2008. Partners: Codelco: 0.1% Sociedad de Inversiones Copperfield Ltda.: 99.9% Notary s Office: Santiago Eighteenth Notary s Office. Started activities: 30 December Subscribed and Paid-In Capital Capital subscribed and paid by the firm US$ 4,424,000 and by Codelco $442,000. Analyse, research, invent, create, develop and implement new applications, benefits and uses for copper and molybdenum. Promote, spread, distribute and market products that are manufactured incorporating new applications, benefits and uses for copper and/ or molybdenum. ; Represent both national or foreign companies, individuals or entities. Perform all kinds of activities that are directly and indirectly related to the above and any other activity the partners by common consent specify. All the activities that form part of the corporate purpose may be performed by the company or another company, either directly or by a third party. Jurgen Leibbrandt, Chairman (*) Nicolás Saric R. (*) Alan Farcas G. Victor Pérez Vallejos (*) Codelco directly has 0.1% interest in Innovaciones en Cobre S.A. and Sociedad Inversiones Copperfield Limitada (a Codelco Chile subsidiary) has the remaining 99.9% interest. Company related to Codelco in order to invest in business and projects related to new copper and molybdenum applications. Innovaciones en Cobre S.A. has no contracts with Codelco. INVERSIONES MEJILLONES 2 S.A. RUT: Incorporation: 13 November 2009 Partners: Codelco 34.8% e Inversiones Tocopilla 2B S.A.65.2% Notary s Office: Iván Torrealba Acevedo, registered on page 59,192, number 41,277, of the Registry of Commerce, in US$ 18,558,000. The purpose of this company is to buy and sell securities held as shares, bonds and other instruments issued by Empresa Eléctrica del Norte Grande S.A. Exercise all the rights and perform all the obligations as shareholder and holder of such securities, pursuant to the law and articles of association and, in general, buy, sell, invest in all kinds of intangible property, such as company bonds, shares, deposits, mutual fund payments, share certificates, bills of credit, securities, etc.; manage such investments and receive returns; and participate in any other business or activity directly or indirectly related, associated and/or complementary to the corporate business María de los Ángeles Pérez (*) Víctor Janer Pérez (*) Eduardo Foix Iñíguez (*) Víctor Janer Pérez (*) Codelco directly holds a 34.8% interest, and indirectly, 65.2% through its subsidiary Inversiones Tocopilla 2 B S.A. there were no change during the period under review. 2011: US$ 19,197, : US$ 133,432, : 0.092%

19 40 years INVERSIONES TOCOPILLA 2B S.A. RUT: Incorporation: 20 November 2009 Partners: Codelco 99.99% and Sociedad de Inversiones Copperfield Ltda. 0.01% Notary s Office: Iván Torrealba Acevedo, registered on page 51,502, no. 43,055 in the Santiago Registry of Commerce, US$ 174,642,000. Its purpose is to buy and sell any securities held as shares, and rights in other companies whose business activity is in electricity in any of its forms, especially in the electricity sector and investments in companies that develop such business activities; manage such investments and receive returns; and participate in any other business or activity directly or indirectly related, associated and/or complementary to the corporate business. María de los Ángeles Pérez (*) Víctor Janer Pérez (*) Eduardo Foix Iñíguez (*) Victor Janer Pérez (*) Codelco directly holds a 99.99% interest and there were no changes during the period under review. 2011: US$ 194,721, : US$ 388,362, : 0.935% INVERSIONES MINERAS ACRUX SpA RUT: Incorporation: 16 September 2011 Trade Name: Inversiones Mineras Acrux SpA. Joint- Stock Company Partners: Codelco: 100% US$ 10,000. Make investments in tangible or intangible, immovable or movable assets, shares and rights in firms, quotas in funds, bonds, trade instruments and other securities. The aforementioned, both in Chile and overseas, directly or indirectly related to mining activities or business and are issued by mining companies; manage, transfer and use them as well as receive benefits. Likewise, provide funding to third parties through loan transactions or other operations or contracts signed for the same purpose. Diego Hernández Cabrera, Chairman (*) Thomas Keller Lippold (*) Francisca Castro Fones (*) Patricio Enei Villagra (*) Alternate José Robles Becerra (*) José Antonio Alvarez (*) Marco Orellana Silva (*) Hernán Sepúlveda Astorga (*) Codelco 100% Inversiones Mineras Acrux SpA is an investment vehicle to house the assets acquired, through Codelco exercising its right to buy a 49% Interest in Anglo American Sur S.A., on behalf of Codelco. In October 2011, Inversiones Mineras Acrux SpA signed with Codelco a loan agreement for up to US$ 6.75 billion with Mitsui & Co., Ltda., if paid, will be remitted to Codelco so that it can exercise its option to buy a 49% Interest in Anglo American Sur S.A. Furthermore, Codelco guarantees the payments to be made by Inversiones Mineras Acrux SpA under this bridge loan, until it is extinguished. In October 2011, Codelco signed with Inversiones Mineras Acrux SpA, a transaction agreement with Mitsui & Co., Ltda., whereby Codelco guarantees the payments and actions that must be undertaken by Inversiones Mineras Acrux SpA under this agreement. 2011: US$ : 0% 19

20 Annual Report 2011 INVERSIONES MINERAS BECRUX LIMITADA RUT: k Incorporation: 6 October 2011 Trade Name: Inversiones Mineras Becrux Limitada Limited Liability Company Partners: Inversiones Mineras Acrux SpA: 95% Inversiones Gacrux SpA: 5% Make investments in shares, ownership interest, fund quotas and securities in general, that are directly or indirectly related to mining activities or business or are issued by mining companies. Diego Hernández Cabrera, Chairman (*) Thomas Keller Lippold (*) Francisca Castro Fones (*) Patricio Enei Villagra (*) Inversiones Mineras Acrux SpA: 95% Inversiones Gacrux SpA: 5% Inversiones Mineras Becrux is an investment vehicle to house the assets acquired, through Codelco exercising its right to buy a 49% Interest in Anglo American Sur S.A., on behalf of Codelco. In October 2011, Codelco signed with Inversiones Mineras Acrux SpA, a transaction agreement with Mitsui & Co., Ltda., whereby Codelco guarantees the payments and actions that must be undertaken by Inversiones Mineras Becrux Limitada, a subsidiary of Inversiones Mineras Acrux SpA. INVERSIONES GACRUX SpA RUT: Incorporation: 5 October 2011 Trade Name: Inversiones Gacrux SpA Sociedad por Acciones. Partners: Inversiones Mineras Acrux SpA: 100%. Make investments in shares, ownership interest, fund quotas and securities in general, that are directly or indirectly related to mining activities or business or are issued by mining companies. Diego Hernández Cabrera, Chairman (*) Thomas Keller Lippold (*) Francisca Castro Fones (*) Patricio Enei Villagra (*) Inversiones Mineras Acrux SpA: 100% Inversiones Gacrux SpA is an investment vehicle to house the assets acquired, through Codelco exercising its right to buy a 49% Interest in Anglo American Sur S.A., on behalf of Codelco. In October 2011, Codelco signed with Inversiones Mineras Acrux SpA, a transaction agreement with Mitsui & Co., Ltda., whereby Codelco guarantees the payments and actions that must be undertaken by Inversiones Mineras Gacrux SpA a subsidiary of Inversiones Mineras Acrux SpA. ECOSEA FARMING S.A. RUT: Incorporation: Series No Partners: Incuba S.A.: 47.4% ICA: 20.8% Universidad de Concepción: 17.7% Universidad de Valparaíso: 6% Fundación Chile: 6% Sitecna: 2.1% Notary s Office: Nancy de la Fuente. Deed series where articles of association are amended: 11,018. Started activities: 17 July Its purpose is to transfer, adapt, research, investigate and develop farming technologies and auxiliary services, based on copper and copper alloys for aquaculture and other related areas; produce and market any kind of product and/or services resulting from the above activities; perform any action and enter into contracts and agreements that directly and indirectly lead to achieving its goal. Victor Pérez V., Chairman (*) Alan Farcas Eduardo Foix Iñíguez (*) Miguel Riquelme A. Luis Pichott Gabriel Yany Marcelo Molina Alternate Carmen Tardito S. (*) Jurgen Leibbrandt vn. (*) Vacant Rodrigo Sánchez Codelco Chile has indirect ownership in EcoSea Farming S.A., through its subsidiary Innovaciones en Cobre S.A., with a 47.4% interest.

21 40 years The remaining partners interest is as follows: > International Copper Association: 20.8%. > Sitecna: 2%. > Universidad de Concepción: 1.7%. > Pontificia Universidad Católica de Valparaíso: 6%. > Fundación Chile: 6%. EcoSea Farming S.A. no does not have business relations with Codelco. EcoSea Farming S.A. does not have any contracts with Codelco. COMOTECH S.A. RUT: Incorporation: Series No Partners: Incuba S.A.: 33.3% Molymet S.A.: 33.3% Universidad de Chile: 33.3% Notary s Office: Iván Torrealba A. Started activities: 7 February Associated company of Innovaciones en Cobre S.A. (a Codelco subsidiary). Research and development to increase molybdenum demand through new and enhanced applications, uses and/or markets, for which the company may, in general, implement any kind of act and enter into any contract, which includes forming and taking part in other companies or entities, directly or indirectly related to achieving the corporate purposes or with management, investment, provision of corporate assets. Victor Pérez Vallejos, Chairman (*) Fernando Alliende C. Jorge Allende R. Alternate Carmen Tardito (*) David Villaseca Codelco has indirect interest in the company, through its subsidiary Innovaciones en Cobre S.A., with 33.3%. The remaining partners interest is as follows: > Universidad de Chile: 33.3%. > Molymet: 33.3%. CoMoTech S.A does not have any business relations with Codelco. CoMoTech S.A does not any contracts with Codelco. C4E S.A. Incorporation: 22 September 2010 RUT: Trade Name: Copper for Energy Sociedad Anónima Closely held Company Partners: Inversiones Copperfield Ltda. 25%, International Copper Association Ltda. 25%, Fundación Chile 25% and Universidad de Chile 25%. Develop the project Business Consortium to develop and market new copper products and applications in order to use energy more efficiently and/or to generate and use renewable energy, which are copper intensive and meet the current needs of the market. Miguel Riquelme, Chairman Jürgen Leibbrandt Von Neefe (*) Daniel De la Vega Marcelo Angulo Francisco Brieva Alternate Francis Kane Víctor Perez Vallejos (*) Hal Stillman Andres Pesce Javier Ruiz de Solar Inversiones Copperfield Ltda.25%, International Copper Association Ltda. 25%, Fundación Chile 25% and Universidad de Chile 25%. Copper for Energy does not have any business relations with Codelco. COMPLEJO PORTUARIO MEJILLONES S.A. RUT: Incorporation: 18 March Partners: Codelco 99.99% Codelco Services (UK): 0.01% Notary s Office: Hugo Leonardo Pérez Pousa Registered in the Santiago Registry of Commerce on page 7,188 No US$ 32,593,000. The purpose of the company is to project, build and operate a port in the Mejillones bay, 2nd Region of Antofagasta. CPM developed the project and awarded the construction and operation of Terminal 1 through a 30-year concession contract to Compañía Portuaria Mejillones S.A., a private consortium originally formed 21

22 Annual Report 2011 by Grupo Ultramar, Inversiones y Construcciones Belfi Ltda. and Inversiones Portuarias Norte Grande S.A. Jorge Taboada, Chairman Rodrigo Toro Ugarte (*) Patricio Enei Villagra (*) Mario Espinoza Durán (*) Teodoro Wigodski Álvaro Arroyo Albala it was 99.99%. There were no changes during the period under review. Codelco provides different kinds of services to CPM, which are charged to its cost centre and subsequently invoiced. While, CPM rents out office space to Codelco at Terminal 1 administration building. Codelco Guarantee Contract: it is a guarantee contract entered into by Codelco, Complejo Portuario Mejillones S.A. and Compañía Portuaria Mejillones S.A., whereby Codelco guarantees to Compañía Portuaria Mejillones S.A. the payment of any and all sums payable by CPM to the Compañía Portuaria under the Contract to Build Port Facilities and Provide Port Services at Terminal 1, Mejillones (BOT Contract), entered into by both companies, in the event that CPM fails to comply. Contract whereby CPM rents out office space to Codelco at Terminal 1 administration building, October (renewed in October 2011). 2011: US$ 27,933, : US$ 25,990, : 0.134% 2010: 0.128% EJECUTORA PROYECTO HOSPITAL DEL COBRE CALAMA S.A. Trade Name: Ejecutora Proyecto Hospital del Cobre- Calama S.A. Closely held company. Partners: Codelco: 99.99% San Lorenzo Isapre Ltda.: 0.01% US$ 358,000. Its purposes is to plan and construct, the company or a third party, a building to be used as a hospital in the city of Calama; rent or sublet hospital facilities; take out insurance and carry out repairs, maintenance and improvements to hospital facilities. Ricardo Landeta Poch, Chairman (*) María Rosa Martínez Núñez, (*) Víctor Janer Pérez (*) Héctor Cerda Ortiz (*) Codelco Chile: 99.99%. Prestadora de Servicios San Lorenzo Limitada: 0.01%. Framework Agreement between Codelco-Chile, Ejecutora Proyecto Hospital del Cobre-Calama S.A. and Las Américas Administradora Fondos de Inversión S.A. It is the regulatory framework governing the relationship between the abovementioned parties, for a 20-year period (until 31 March 2021). Sublet the Hospital del Cobre Dr. Salvador Allende G., until March 2021, as per the Framework Agreement. Accounting and billing services provided to the company Ejecutora by Codelco, until 31 March Detailed and Basic Engineering Services by Codelco applied to the expansion of the Primary Healthcare Centre, CAP, completed in Various contracts started in 2005, related to the same Primary Healthcare Centre Expansion Project (CAP). 2011: US$ : US$ : 0% 2010: 0% ASOCIACIÓN GARANTIZADORA DE PENSIONES A Mutual-Pension Fund Company under Private Law. It is a non-profit, private, mutual and pension fund, with legal capacity under Decree No dated 18 June 1927, incorporated to guarantee, replacing the associated companies, pension payments under Occupational Accident Law No. 4,055. It is a non-profit company and, therefore, is exempt from income tax law regulations. Partners: Codelco 96.7% and Sociedad Química and Minera de Chile S.A. (SQM) 3.3% Exclusively for the purpose of paying pension funds pursuant to Occupational Accident Law No. 4,055. It members are appointed by the controlling partner, Codelco:

23 40 years María Carolina Vargas V, Chairman (*) José Antonio Álvarez L. (*) Gonzalo Zamorano (*) Victor Janer P. (*) María de los Ángeles Peréz (*) Alternate Dirk Wendel (*) Mario Espinoza Durán (*) Eduardo Foix Iñíguez (*) Manager Elly García Inostroza. It has a 96.69% interest, and there were no changes during the year. The company did not have any business relations with Codelco The company did not have any contract with Codelco. 2011: US$ 623, : US$ 712, : 0.003% 2010: 0.004% CENTRO DE ESPECIALIDADES MÉDICAS RÍO BLANCO LTDA. RUT: Trade Name: Centro de Especialidades Médicas Río Blanco Ltda. Incorporation: 30 June Partners: Codelco: 99% Isapre Rio Blanco Ltda.: 1% Notary s Office: Nancy de la Fuente Hernández. It was published in the Official Gazette no. 39,410 on 13 July Registered on page 148 No. 142, in the Los Andes CBR Registry of Commerce. US$ 518,000. Implement all kinds services and provide outpatient medical care and provide management services for the health benefits of the contributors and members of Isapre Río Blanco Ltda. Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Managing Partner Enrique Miguel Fernández Astudillo Codelco Chile, División Andina: 99%. Isapre Río Blanco Ltda.: 1% There were no changes during the period under review. Provide outpatient medical services and manage health benefits for workers at Codelco s Andina Division. 2011: US$ 266, : US$ 832, : 0.001% 2010: 0.004% CLÍNICA RÍO BLANCO S.A. RUT: Closely held company. Trade Name: Clínica Río Blanco S.A. Partners: Codelco: 99% Isapre Río Blanco Ltda.: 1% US$ 4.899,000. Provide direct health services and benefits and all kinds of medical services and care, for which it can create, maintain and manage clinics and other healthcare establishments, provide outpatient and emergency healthcare services, and paramedics; carry out lab tests, pharmacology, analyses, radiology tests and, in general, any medical and nursing activity Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Enrique Fernández Astullido Codelco: 99%. Isapre Río Blanco Ltda.: 1%. There were no changes during the period under review. 23

24 Annual Report 2011 Provision of medical, health, ambulatory and emergency services, paramedics, lab tests, pharmacology, radiology and, in general, the provision of medical and nursing care to workers at Codelco s Andina Division. Occupational health contract with Occupational Health and Industrial Department, Contract No : Service Provision Contract, Law 16,744. Contract No with GMIN (Mine Management): Physical, Medical, Psychological Maintenance Services and Psycho-technical Exam Services. 2011: US$ 113, : US$ 1,274, : 0.001% 2010: 0.006% Medical care contract ( ) Medical care contract ( ). Services provision addendum contract between Isapre Chuquicamata and Chuquicamata Division Medical Services ( ). Medical Equipment and Instrument Purchase Contract ( ) 2011: US$ 3,586, : US$ 4,034, : 0.017% 2010: 0.020% ISAPRE CHUQUICAMATA LIMITADA RUT: Trade Name: Isapre Chuquicamata Ltda. Limited Liability Company. Partners: Codelco 98,3% Fundación de Salud El Teniente: 1.7% US$ 1,482,72,000. Provision of health services and benefits, either directly or through funding, pursuant to the regulations defined in D.F.L. No. 3 issued by the Ministry of Health. In order to meet its objective, the company may perform and enter into any kind of contract, even create and form part of other companies. Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Militza Saguas González Codelco: 98.3%. interest Fusat: 1.7%. interest Provide healthcare services through medical services to all Codelco employees who are members of said Isapre, their families as well as all members who are ex Codelco employees. The amount for these services is paid on a monthly basis by the Isapre to Codelco. ISAPRE RÍO BLANCO LIMITADA RUT: K Isapre Río Blanco Limitada is a Limited Liability Co pany. Partners: Codelco: 99.99% San Lorenzo Isapre Ltda.: 0.01% US$ 1,058,000. Health Insurance Institution (Isapre). Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Jaime Del Solar Zorzano Codelco has a 99% interest and San Lorenzo Isapre Ltda. has a 0.01%. interest. Andina Division has signed several collective work agreements with its employees. The Division is required under these agreements to fund certain healthcare services of its employees, spouses and their legally recognised family members. This is under the terms, conditions and methods defined in the aforementioned agreements. One of these conditions is that employees and former employees must be a members of Isapre Río Blanco and have paid the legal healthcare payment. The Division s contribution is complementary to the mandatory health payment for each employee to the

25 40 years amount required to complete the price of the corresponding health plan of the Isapre. Contract No , the parties agree how Andina Division will comply with its labour obligation to contribute to the healthcare services of its employees and former employees who have accepted the above collective work agreements and/contracts. They have to be Isapre members, as well as their spouses and beneficiaries who are legally dependent relatives, in conformity with the agreements in effect, without detriment to providing subsidies arising from the corresponding medical leaves. Andina Division is in charge of managing the health benefits this Isapre included in its collective work agreements and contracts, when the benefits are not covered by the health plan, ensuring that Andina Division complies with the labour commitments assumed in terms of healthcare, contracts healthcare services and pays on behalf of the provider all the healthcare service expenses included in the healthcare benefits of its employees, former employees and legal dependants. Even though they may exceed the value of the pertinent Group Health Plan, Andina Division will pay the Isapre under the terms and conditions specified in this agreement. The Health Plans assigned to this agreement are: General Group Health Plan 001; Alta Cordillera Group Health Plan 002; General Retirement Group Health Plan 003; Alta Cordillera Retirement Group Health Plan 004 and Andina Retirement Group Health Plan Through Agreement No , Andina Division entrusts Isapre Río Blanco Ltda., with financing the aforementioned services, in accordance with the health plan conditions it has with the Isapre. Andina Division s contribution is to complement mandatory health payments for each employee, when there is a difference in payment of the corresponding health plan of the Isapre. The Health Plans assigned to this agreement are: Retirement Group Health Plan 005, Retirement Group Health Plan 006, Retirement Group Health Plan 007, Retirement Group Health Plan 008, Alta Cordillera Retirement Group Health Plan 2000, General Retirement Group Health Plan 3000 and GES Health Plan. 2011: US$ 2,192, : US$ 2,300,000 SAN LORENZO ISAPRE LIMITADA Incorporation: 17 April Notary s Office: Patricio Zaldívar Mackenna and through an Exempt Resolution IF/No. 383 on 26 May 2006 (notice was given on 5 June 2006) of the Superintendency of Health, authorised for the Isapre to be registered as a legal successor, keeping the same number of the Code Registry, No. 62 of the Head Office. Isapre Fusat: 1% Its purpose is to provide funds for health services and benefits and related or complementary activities, under the terms set out in Law No Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Carlos Bastías Gädicke Clínica San Lorenzo Ltda s. Interest and Changes during 2001.There were no structure changes during the period under review. Salvador Division has been required through collective contracts and/or agreements with its employees, to fund employee and legally recognised family members, healthcare services when the Work Contract is signed with the Division and complete the payment of the legal health contribution to San Lorenzo Isapre Ltda. The Division also funds the healthcare services not included in the Isapre health plan, but which are included in the collective agreements of employees. This Isapre has the following contract with Codelco Salvador Division: Healthcare Benefit Administration Agreement ( ). 2011: 0.011% 2010: 0.011% 25

26 Annual Report 2011 FUSAT RUT: Trade Name: Fundación de Salud El Teniente Subscribed and Paid-In Capital Capital subscribed and paid by Fusat totalled: $101,000,000. Provide healthcare service under the terms and conditions provided by Law 18,933 and subsequent amendments. Establish free healthcare service for low-income people. Maintain and/or increase coverage and quality of healthcare initiatives, in keeping with the Codelco- Chile and Supreme Government health plans. Maintain and/or increase health research plans, especially occupational health. Direct initiatives based on prevention standards, without postponing recovery and rehabilitation initiatives. Increase education initiatives in health, training and teaching, related to regional and nationwide plans. Sign agreements and/or contracts with other similar entities to achieve its objective. Optimise resource management to be more efficient, in order to maintain or increase the infrastructure and specific initiatives of the Company. Advisory Council Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Executive Director Jorge Quevedo S. ISAPRE FUSAT LIMITADA RUT: Trade Name: Isapre Fusat Ltda. Limited Liability Company. Partners: Fusat 99.7% Inmobiliaria e Inv. Río Cipreses Ltda.: 0.3% Subscribed and Paid-In Capital Capital subscribed and paid by Fusat: $1.37 billion. Finance health services and benefits and related or complementary activities, as provided in Law 18,933 and its subsequent amendments. Advisory Council Sebastián Conde Donoso, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Francisco De la Fuente Codelco does not have direct ownership. Isapre Fusat Ltda. shareholding is distributed as follows: Fusat: 99.7% Inmobiliaria e Inv. Río Cipreses Ltda.: 0.3% Finances healthcare services through medical services targeting all Codelco employee members of this Isapre, their family members and members who are former Codelco employees. The amount of the services are paid by Codelco on a monthly basis (allowance value) to Isapre Fusat. The agreements currently in effect with Codelco El Teniente Division are: Administration & Payment Agreement Number B ( ). Pension Payment & Administration Agreement ( ). Administration & Payment Agreement Number A ( ). CENTRO DE ESPECIALIDADES MÉDICAS RUT: Incorporation: 2 November 2010 Trade Name: Centro de Especialidades Médicas San Lorenzo Limitada Limited Liability Company. Partners: Clínica San Lorenzo Ltda.: 99% San Lorenzo Isapre Ltda.: 1% Implement all kinds services and provide outpatient medical care, whatever their responsibility or denomination; provide management services for the health benefits of the contributors, their dependants and members of health insurance companies. Carlos Bastías G. Clínica San Lorenzo Ltda. 99%, San Lorenzo Isapre Ltda.: 1%. No changes occurred during the period under review. Isapre Fusat Ltda. finances healthcare services through medical services it has contracted, targeting all Codelco employee members of this Isapre, their family members and members who are former Codelco employees. The amount of the services are paid by Codelco on

27 40 years a monthly basis (allowance value) to Isapre Fusat The agreements currently in effect with Codelco El Teniente Division are: Administration & Payment Agreement Number B ( ) Pension Payment & Administration Agreement ( ). CLÍNICA SAN LORENZO LTDA. RUT: Limited Liability Company Trade Name: Clínica San Lorenzo Limitada Partners: Codelco 99.9% and Sociedad de Inversiones Copperfield Ltda. 0.1%. Subscribed and Paid-In Capital US$ 19,000 Directly provide and give all kinds of healthcare services, for which it may set up, maintain or manage clinics and other healthcare establishments; provide outpatient and emergency healthcare services and paramedics; conduct pharmacology, analysis, radiology and lab tests and, in general, carry out any activity related to medicine and nursing. Sebastián Conde, Chairman (*) Humberto Fernandois Olivares (*) Gonzalo Simon Mauricio Márquez Juan Carlos Joannon Carlos Bastías G. Codelco: 99.99%. There were no changes during the period under review. 2011: US$ : US$ : 0% 2010: 0% 27

28 Annual Report 2011

29 29 40 years

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31 FINANCIAL STATEMENTS