Obligation Codealco 7.5% ( USP3143NAJ39 ) en USD

Codealco

100 % ▼

Chili

USP3143NAJ39 ( en USD )

7.5% par an ( paiement semestriel )

15/01/2019 - Obligation échue

Prospectus brochure de l'obligation Codelco USP3143NAJ39 en USD 7.5%, échue

100 000 USD

600 000 000 USD

P3143NAJ3

Codelco est la plus grande entreprise productrice de cuivre au monde, une société publique chilienne exploitant des mines de cuivre à grande échelle.

L'Obligation émise par Codealco ( Chili ) , en USD, avec le code ISIN USP3143NAJ39, paye un coupon de 7.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/01/2019

L'Obligation émise par Codealco ( Chili ) , en USD, avec le code ISIN USP3143NAJ39, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Codealco ( Chili ) , en USD, avec le code ISIN USP3143NAJ39, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

PROSPECTUS

Corporación Nacional del Cobre de Chile
U.S.$600,000,000
7.50% Notes due 2019
Issue price: 98.229%

Interest payable January 15 and July 15

The notes will bear interest at the rate of 7.50% per year and will be payable semi-annually in arrears
on January 15 and July 15 of each year, beginning on July 15, 2009. The notes will mature on January
15, 2019. 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 will be made to list the notes on the Luxembourg Stock Exchange and trade the notes on
the Euro MTF; however, the notes have not yet been listed.

See ``Risk Factors'' beginning on page 11 for a discussion of certain risks that you should consider in
connection with an investment in the notes.

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 (i) 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 initial purchasers expect that delivery of the notes will be made to purchasers in book-entry form
only through the facilities of The Depository Trust Company (``DTC'') on or about January 27, 2009.

Joint book-running managers
HSBC J.P.Morgan

Co-Managers
Mitsubishi UFJ Securities
RBC Capital Markets

January 27, 2009

Radomiro Tomic
El Abra
Chuquicamata
Gabriela M ist ral
Salvador
Ventanas
Andina
Santiago
(Headquarters)
El Teniente
(Illustrative map of continental Chile)

You should rely only on the information contained in this prospectus. We have not authorized
anyone to provide you with different information. 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 prospectus is accurate as of any date other than the date on the
front of this prospectus.
After having made all reasonable inquiries, we confirm that the information contained in this prospectus 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 prospectus 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 prospectus 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

Page

Note Regarding Forward Looking Statements .............................................................................................................iv
Enforceability of Civil Liabilities ..................................................................................................................................v
Presentation of Financial and Statistical Information ...................................................................................................vi
Summary........................................................................................................................................................................1
Summary Consolidated Financial Data .........................................................................................................................9
Risk Factors .................................................................................................................................................................11
Use of Proceeds ...........................................................................................................................................................20
Capitalization...............................................................................................................................................................21
Exchange Rates ...........................................................................................................................................................22
Selected Consolidated Financial Data .........................................................................................................................23
Selected Operating Data ..............................................................................................................................................25
Management's Discussion and Analysis of Financial Condition and Results of Operations ......................................26
Business and Properties ...............................................................................................................................................43
Overview of the Copper Market ..................................................................................................................................62
Regulatory Framework.................................................................................................................................................65
Management.................................................................................................................................................................70
Related Party Transactions ...........................................................................................................................................72
Foreign Investment and Exchange Controls in Chile ..................................................................................................72
Description of Notes....................................................................................................................................................73
Taxation.......................................................................................................................................................................82
Plan of Distribution .....................................................................................................................................................85
Transfer Restrictions....................................................................................................................................................89
Validity of the Notes....................................................................................................................................................92
Independent Accountants .............................................................................................................................................92
Glossary of Certain Mining Terms ..............................................................................................................................93
General Information .....................................................................................................................................................97
Interim Consolidated Financial Statements.......................................................................................................................F-1
Year-end Consolidated Financial Statements..................................................................................................................F-69
Annex A--Principal Differences between Chilean GAAP and U.S. GAAP .................................................................. A-1

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.

i

This prospectus has been prepared by CODELCO solely for use in connection with the proposed offering
of the securities described herein. This prospectus 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 prospectus 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 prospectus. Nothing contained in this prospectus 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 prospectus. 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.
Neither the United States Securities and Exchange Commission ("SEC"), any state securities commission
nor any other U.S. regulatory authority has approved or disapproved the securities nor has any of the foregoing
authorities passed upon or endorsed the merits of this offering or the accuracy or adequacy of this prospectus. Any
representation to the contrary is a criminal offense.
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 prospectus 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 prospectus 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, ON BEHALF OF THE INITIAL PURCHASERS,
HSBC SECURITIES (USA) INC. OR J.P. MORGAN SECURITIES INC., OR ANY PERSON ACTING FOR
EITHER 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 HSBC SECURITIES (USA) INC. OR J.P. MORGAN SECURITIES
INC., OR ANY PERSON ACTING FOR EITHER 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 prospectus 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.
You acknowledge that:
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 prospectus;

ii

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
no person has been authorized to give any information or to make any representation concerning us
or the notes, other than as contained in this prospectus 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 document 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 2001 (the "Order") or (iii) high net worth entities, and other persons to whom it
may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to
as "relevant persons"). The notes are only 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 document 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" immediately following the prospectus summary for a description of certain
factors relating to an investment 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 purchaser, customer or client any representation inconsistent with the provisions of this
paragraph.

iii

NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus 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;
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, 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 prospectus.

iv

ENFORCEABILITY OF CIVIL LIABILITIES
Corporación Nacional del Cobre de Chile (together with its consolidated subsidiaries, "CODELCO" or the
"Company") is a state-owned enterprise organized under the laws of Chile. All of its directors and executive
officers and certain experts named in this prospectus 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 property
related to the extraction of minerals cannot be subject to an order of attachment, except with respect to mortgages or
in the case that the debtor consents to the attachment in the same enforcement proceeding. 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".

v

PRESENTATION OF FINANCIAL AND STATISTICAL INFORMATION
In this prospectus, 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.
The audited consolidated balance sheets of CODELCO as of December 31, 2006 and 2007 and the
consolidated statements of income for each of the three years ended December 31, 2005, 2006 and 2007 (the "Year-
end Consolidated Financial Statements"), as well as the unaudited interim consolidated balance sheets as of
September 30, 2007 and 2008 and the consolidated statements of income for the nine months ended
September 30, 2007 and 2008 (the "Interim Consolidated Financial Statements" and, together with the Year-end
Consolidated Financial Statements, the "Consolidated Financial Statements") and, unless otherwise indicated, other
financial information concerning CODELCO included herein are presented in U.S. dollars in conformity with
Decree Law 1.350 of 1976 and in conformity with generally accepted accounting principles in Chile ("Chilean
GAAP"). Decree Law 1.350 of 1976 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.
Chilean GAAP as applied to CODELCO differs in certain important respects from U.S. GAAP. See
"Annex A--Principal Differences between Chilean GAAP and U.S. GAAP" contained elsewhere in this prospectus
for a description of the principal differences between Chilean GAAP and U.S. GAAP as they relate to CODELCO.
Unconsolidated financial statements for CODELCO are not included in this prospectus.
Pursuant to Circular No. 368 promulgated by the Superintendencia de Valores y Seguros (SVS), or Chilean
Superintendency of Securities and Insurance, beginning in 2010, Chilean companies will be required to report
consolidated financial statements for the last fiscal year ending prior to 2010 and subsequent fiscal years thereafter,
in accordance with the International Financial Reporting Standards ("IFRS"). However, some of the Chilean
companies classified as a "major listed (Open) company" under the rules of the SVS will present their consolidated
financial statements under IFRS for the year ended December 31, 2009. CODELCO is not classified as an "Open"
company. As a result, CODELCO will first report consolidated financial statements presented pursuant to IFRS for
the year ended December 31, 2010.
EBITDA data is included in this prospectus 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.
CODELCO calculates EBITDA by adding interest expense, taxes (including income and export taxes), depreciation
and amortization to net income, in each case determined in accordance with Chilean GAAP. EBITDA is not a
measure of financial performance or liquidity under either Chilean GAAP or U.S. GAAP and should not be
considered in isolation or as a substitute for net income as a measure of operating performance, or as an alternative
to cash flows as a measure of liquidity. Additionally, the Company's calculation of EBITDA may be different than
the calculation used by other companies, and therefore comparability may be affected.
Under Chilean GAAP, operating income is calculated before provision for the 10% special export tax
payable by CODELCO under Law 13.196, as well as the 5% royalty tax that became effective in January 2006
pursuant to a modification of Chilean Income Tax Law 824 (Decreto Ley 824).
Certain figures included in this prospectus and in the Consolidated Financial Statements have been rounded
for ease of presentation. Percentage figures included in this prospectus have in some cases been calculated on the
basis of such figures prior to rounding. For this reason, certain percentage amounts in this prospectus may vary

vi

from those obtained by performing the same calculations using the figures in the Consolidated Financial Statements.
Certain other amounts that appear in this prospectus may not sum due to rounding.
The Observed Exchange Rate (as defined herein under "Exchange Rates") reported by the Central Bank of
Chile for December 31, 2007 was Ch$496.89 = U.S.$1.00, for December 31, 2008 was Ch$636.45 = U.S.$1.00 and
for January 16, 2009 was Ch$625.63 = 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 prospectus is expressed in metric tons and all references to ounces are to
troy ounces, in each case, unless otherwise specified. Certain terms relating to the copper mining business are
defined in "Glossary of Certain Mining Terms".
Market information regarding CODELCO'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 western world
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 prospectus, "cash cost" is calculated in accordance with the methodology specified by
Brook Hunt & Associates for determination of C1 cost, or net direct 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 a U.S. or Chilean 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.
As used in this prospectus, "El Teniente", "Andina" and "Salvador" refer to the divisions of CODELCO,
not the mines having those names, unless otherwise required by context.
As used in this prospectus, the term "billion" means one thousand million (1,000,000,000).

vii

SUMMARY
This summary must be read as an introduction to this Prospectus and any decision to invest in the notes
should be based on a consideration of the Prospectus as a whole, including the documents incorporated by
reference.
The following summary is qualified in its entirety by the more detailed information and financial statements
appearing elsewhere in this prospectus. Unless otherwise indicated, financial information with respect to
CODELCO provided in this prospectus has been presented in U.S. dollars and in accordance with Chilean GAAP.
CODELCO is the world's largest copper producer and the largest company in Chile in terms of sales
(U.S.$16.99 billion in 2007). As of December 31, 2007, CODELCO's total assets and equity amounted to
U.S.$15.06 billion and U.S.$4.74 billion, respectively, without including the value of CODELCO's mining
concessions and ore deposits (as of September 30, 2008, such amounts were U.S.$14.07 billion and U.S.$4.04
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 the Republic of Chile and controls approximately 10% of the world's demonstrated
copper reserves, as such term is defined by the U.S. Geological Survey.
In 2007, CODELCO had an estimated 11.0% share of total world copper production, with production of
approximately 1.66 million metric tons (including CODELCO's share of the El Abra deposit, which is mined by a
joint venture, Sociedad Contractual Minera El Abra, owned 49% by CODELCO and 51% by Cyprus El Abra
Corporation (a subsidiary of Freeport McMoRan Copper & Gold, Inc. ("Freeport McMoRan")) and an estimated
14% share of the world's molybdenum production with production of 27,857 metric tons.
CODELCO's main commercial product is Grade A cathode copper. In 2007, CODELCO derived 80.5% of
its total sales from copper and 19.5% of its total sales from by-products of its copper production.
CODELCO's sales of refined copper in 2007 were geographically diversified with 48% of sales made to
Asia, including 27% to China, 31% to Europe, 13% to North America and 8% to South America. CODELCO's top
ten customers purchased approximately 34.7% of its total copper sales volume in 2007.
CODELCO's copper operations are consolidated into five divisions:
The Codelco Norte Division, CODELCO's largest division, was formed in August 2002 by the
combination of the former Chuquicamata and Radomiro Tomic Divisions. Chuquicamata, one of the
largest copper producing mines in the world, ranking among the lowest cost producers, has been in
operation since 1915 and includes smelting and refining capacity. Radomiro Tomic began its first full year
of production in 1998 and is the world's largest producer of copper using the SX-EW technology. In 2007,
Codelco Norte produced 896,308 metric tons of copper, representing 53.8% of CODELCO's total copper
output (including CODELCO's share of the El Abra deposit), with a cash cost of 33.1 cents per pound.
The El Teniente Division is the operator of the El Teniente mine, which is the world's largest underground
copper mine and has been in operation for approximately 100 years. The El Teniente Division includes the
Caletones smelter. In 2007, this division produced 404,738 metric tons of copper, with a cash cost of 47.0
cents per pound.
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 and produced 218,322 metric tons of copper in 2007, with a cash cost of 46.4 cents per pound.
The Salvador Division includes the Salvador mine and concentrator and the smelter/refinery complex at
Potrerillos, which has a capacity of 671,000 metric tons of concentrate. Salvador produced 63,885 metric

1

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