Bond Codealco 4.5% ( USP3143NAR54 ) in USD

Issuer Codealco
Market price 100 %  ▼ 
Country  Chile
ISIN code  USP3143NAR54 ( in USD )
Interest rate 4.5% per year ( payment 2 times a year)
Maturity 12/08/2023 - Bond has expired



Prospectus brochure of the bond Codelco USP3143NAR54 in USD 4.5%, expired


Minimal amount 200 000 USD
Total amount 881 000 000 USD
Cusip P3143NAR5
Standard & Poor's ( S&P ) rating NR
Moody's rating NR
Detailed description Codelco is a Chilean state-owned copper mining company, the world's largest copper producer.

This financial article details a specific fixed-income instrument, identified by ISIN USP3143NAR54 and CUSIP P3143NAR5, issued by Codelco, the Chilean National Copper Corporation. As a state-owned entity and the world's largest copper producer, Codelco represents a cornerstone of Chile's economy and is a prominent issuer in the global debt markets. This particular bond, denominated in USD, carried an annual interest rate of 4.5% with semi-annual coupon payments. The total issuance size for this security was USD 881,000,000, structured with a minimum purchase increment of USD 200,000 per tranche. Importantly, the bond reached its scheduled maturity date on August 12, 2023, and has since been fully redeemed at 100% of its par value, as reflected by its current market price. Regarding independent credit assessments, this bond was designated 'NR' (Not Rated) by both Standard & Poor's (S&P) and Moody's, signifying that these prominent rating agencies did not provide a public credit rating for this specific issue throughout its tenure.








OFFERING MEMORANDUM


U.S.$ 750,000,000


Corporación Nacional del Cobre de Chile
4.500% Notes due 2023

The notes will bear interest at the rate of 4.500% per year and will mature on August 13, 2023. The interest on the notes will be
payable semi-annually in arrears on February 13 and August 13 of each year, beginning on February 13, 2014. The notes will not be
redeemable prior to maturity except in the event of certain developments affecting taxation. See "Description of Notes--Tax
Redemption."
The notes will be direct, unsecured and unsubordinated obligations of Corporación Nacional del Cobre de Chile ("CODELCO" or
the "Company") and will rank pari passu with all other unsecured and unsubordinated obligations of CODELCO. See "Description
of Notes--General."
Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF
market of the Luxembourg Stock Exchange. This Listing Memorandum constitutes a "prospectus" for the purposes of the
Luxembourg Act dated 10 July 2005 on prospectuses for securities, as amended. Currently, there is no public market for the notes.
See "Risk Factors" beginning on page 13 for a discussion of certain risks that you should consider in connection with an
investment in the notes.
Neither the U.S. Securities and Exchange Commission ("SEC") nor any other regulatory body has approved or disapproved
of these securities or passed upon the adequacy or accuracy of this offering memorandum. Any representation to the
contrary is a criminal offense.
The notes have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws, and are being offered and sold only to (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 notes will be delivered in book-entry form only through the facilities of The Depository Trust Company ("DTC") and its direct
and indirect participants, including Euroclear Bank S.A./N.V. ("Euroclear"), as operator of the Euroclear system, and Clearstream
Banking, société anonyme, Luxembourg ("Clearstream") against payment on or about August 13, 2013.



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


Joint Book-Running Managers
HSBC
BofA Merrill Lynch
Mitsubishi UFJ Securities


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


Radomiro Tomic
El Abra
Chuquicamata
Ministro Hales
Gabriela Mistral
Salvador
Ventanas
Andina
Santiago
(Headquarters)
El Teniente
(Illustrative map of continental Chile)



We have not authorized anyone to provide any information other than that contained in this offering
memorandum. We take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. We are not, and the initial purchasers are not, making an offer of
these securities in any jurisdiction where the offer is not permitted. Prospective investors should not assume
that the information contained in this offering memorandum is accurate as of any date other than the date on
the front of this offering memorandum.
After having made all reasonable inquiries, we confirm that the information contained in this offering
memorandum is true and accurate in all material respects, that the opinions and intentions expressed herein are
honestly held, and that there are no other facts the omission of which would make this offering memorandum as a
whole or any of such information or the expression of any such opinions or intentions misleading. CODELCO
accepts responsibility accordingly.

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

TABLE OF CONTENTS

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 ....................................................................................................................... 10
Risk Factors ................................................................................................................................................................. 13
Use of Proceeds ........................................................................................................................................................... 24
Capitalization ............................................................................................................................................................... 25
Exchange Rates ........................................................................................................................................................... 26
Selected Consolidated Financial Data ......................................................................................................................... 27
Selected Operating Data .............................................................................................................................................. 31
Management's Discussion and Analysis of Financial Condition and Results of Operations ...................................... 32
Business and Properties ............................................................................................................................................... 55
Overview of the Copper Market .................................................................................................................................. 80
Regulatory Framework ................................................................................................................................................ 83
Management ................................................................................................................................................................ 89
Related Party Transactions .......................................................................................................................................... 92
Foreign Investment and Exchange Controls in Chile .................................................................................................. 93
Description of Notes .................................................................................................................................................... 94
Taxation ..................................................................................................................................................................... 104
Plan of Distribution ................................................................................................................................................... 109
Transfer Restrictions .................................................................................................................................................. 114
Validity of the Notes .................................................................................................................................................. 117
Independent Auditors ................................................................................................................................................ 118
Glossary of Certain Mining Terms ............................................................................................................................ 119
General Information .................................................................................................................................................. 123
Unaudited Interim Consolidated Financial Statements .............................................................................................. F-1
Consolidated Financial Statements for the Years Ended December 31, 2011 and 2012 ....................................... F-114
Consolidated Financial Statements for the Years Ended December 31, 2009 and 2010 ....................................... F-238



i








The notes may not be offered or sold, directly or indirectly, in the Republic of Chile ("Chile") or to any
resident of Chile, except as permitted by applicable Chilean law.
This offering memorandum has been prepared by CODELCO solely for use in connection with the
proposed offering of the securities described herein. This offering memorandum is personal to each offeree and
does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire
securities. We and the initial purchasers reserve the right to reject for any reason any offer to purchase any of the
notes.
This offering memorandum may only be used for the purposes of this offering.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this offering memorandum. Nothing contained in this offering
memorandum is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past or
future. CODELCO has furnished the information contained in this offering memorandum. The initial purchasers
have not independently verified any of the information contained herein (financial, legal or otherwise) and assume
no responsibility for the accuracy or completeness of any such information.
In making an investment decision, prospective investors must rely on their own examination of CODELCO
and the terms of the offering, including the merits and risks involved. Prospective investors should not construe
anything in this offering memorandum as legal, business or tax advice. Each prospective investor should consult its
own advisors as needed to make its investment decision and to determine whether it is legally permitted to purchase
the securities under applicable legal investment or similar laws or regulations. Investors should be aware that they
may be required to bear the financial risks of this investment for an indefinite period of time.
This offering memorandum contains summaries believed to be accurate with respect to certain documents,
but reference is made to the actual documents for complete information. All such summaries are qualified in their
entirety by such reference. Copies of documents referred to herein will be made available to prospective investors
upon request to CODELCO or the initial purchasers, and at the office of the Luxembourg paying agent.
IN CONNECTION WITH THIS OFFERING, HSBC SECURITIES (USA) INC., MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED OR MITSUBISHI UFJ SECURITIES (USA),
INC., OR ANY PERSON ACTING FOR ANY OF THEM, MAY OVER-ALLOT OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES 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., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED OR MITSUBISHI UFJ
SECURITIES (USA), INC., OR ANY PERSON ACTING FOR ANY OF THEM, TO DO THIS. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND MUST BE
BROUGHT TO AN END AFTER A LIMITED PERIOD.
You must (1) comply with all applicable laws and regulations in force in any jurisdiction in connection
with the possession or distribution of this offering memorandum and the purchase, offer or sale of the notes and (2)
obtain any consent, approval or permission required to be obtained by you for the purchase, offer or sale by you of
the notes under the laws and regulations applicable to you in force in any jurisdiction to which you are subject or in
which you make such purchases, offers or sales; neither we nor the initial purchasers shall have any responsibility
therefor. See "Transfer Restrictions" for information concerning some of the transfer restrictions applicable to the
notes.

ii





You acknowledge that:
you have been afforded an opportunity to request from us, and to review, all additional information
considered by you to be necessary to verify the accuracy of, or to supplement, the information
contained in this offering memorandum;
you have not relied on the initial purchasers or any person affiliated with the initial purchasers in
connection with your investigation of the accuracy of such information or your investment decision;
and
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 offering memorandum and, if given or made, any such other
information or representation should not be relied upon as having been authorized by us or the initial
purchasers.
This offering memorandum is only being distributed to and is only directed at (i) persons who are outside
the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons
to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons
together being referred to as "relevant persons"). Any notes will only be available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on this offering memorandum or any of its contents.
To the extent that the offer of the notes is made in any European Economic Area ("EEA") Member State
that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member
State, the "Prospectus Directive") before the date of publication of a prospectus in relation to the notes which has
been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or,
where appropriate, published in accordance with the Prospectus Directive and notified to the competent authority in
that Member State in accordance with the Prospectus Directive), the offer (including any offer pursuant to this
document) is only addressed to qualified investors in that Member State within the meaning of the Prospectus
Directive or has been or will be made otherwise in circumstances that do not require the Company to publish a
prospectus pursuant to the Prospectus Directive.
See "Risk Factors" beginning on page 13 for a description of certain risks you should consider before
investing in the notes.
____________________
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES ANNOTATED, OR THE RSA, WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT
THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE
OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF THE STATE
OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE
AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR
EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE OF THE STATE OF NEW HAMPSHIRE HAS PASSED IN ANY WAY UPON
THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY
PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PRUCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

iii





NOTE REGARDING FORWARD-LOOKING STATEMENTS
This offering memorandum contains forward-looking statements. We may from time to time make
forward-looking statements in our annual report, in prospectuses, press releases and other written materials and in
oral statements made by our officers, directors or employees to analysts, institutional investors, representatives of
the media and others. Examples of these forward-looking statements include:
projections of revenues, net income (loss), capital expenditures, dividends, capital structure or other
financial items or ratios;
statements of our plans, objectives or goals, including those relating to anticipated trends, competition,
regulation and rates;
statements about our future economic performance or that of Chile or other countries in which we have
investments; and
statements of assumptions underlying these statements.
Words such as "believe," "could," "may," "will," "anticipate," "plan," "expect," "intend," "target,"
"estimate," "project," "potential," "predict," "forecast," "guideline," "should" and similar expressions are intended
to identify forward-looking statements, but are not the exclusive means of identifying these statements.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates
and intentions expressed in these forward-looking statements. These factors, some of which are discussed under
"Risk Factors," include economic and political conditions and government policies in Chile or elsewhere, inflation
rates, exchange rates, regulatory developments and changes in Chilean law, customer demand, competition,
unanticipated mining and production problems, commodity prices, relations with employees and contractors,
variances in ore grade, adverse weather conditions and natural disasters. We caution you that the foregoing list of
factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially from those
in forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking statements which reflect our views
only as of the date they are made, and we do not undertake any obligation to update them or publicly to release the
result of any revisions to these forward-looking statements in light of new information or future developments after
the date of this offering memorandum.

iv





ENFORCEABILITY OF CIVIL LIABILITIES
CODELCO is a state-owned enterprise organized under the laws of Chile. All of its directors and
executive officers and certain experts named in this offering memorandum reside outside the United States
(principally in Chile) and all or a substantial portion of the assets of CODELCO and of such persons are located
outside the United States. As a result, it may not be possible for investors to effect service of process within the
United States on, or bring actions or enforce foreign judgments against, CODELCO or such persons in U.S. courts.
In addition, CODELCO has been advised by its Chilean counsel, Carey y Cía. Ltda., that no treaty exists between
the United States and Chile for the reciprocal enforcement of foreign judgments. There is also doubt as to the
enforceability in Chilean courts of judgments of U.S. courts obtained in actions predicated upon the civil liability
provisions of the U.S. federal securities laws. Chilean courts, however, have enforced judgments rendered in the
United States by virtue of the legal principles of reciprocity and comity, subject to the review in Chile of the U.S.
judgment in order to ascertain whether certain basic principles of due process and public policy have been respected,
without reviewing the merits of the subject matter of the case. Lastly, CODELCO has been advised by Carey y Cía.
Ltda. that there is doubt as to the enforceability in original actions in Chilean courts of liabilities predicated solely
upon U.S. federal securities laws.
The notes, the Fiscal and Paying Agency Agreement and the Purchase Agreement will provide that
CODELCO will appoint the Chilean consul in New York City as its agent upon whom process may be served in any
action arising out of or based upon, respectively, the notes, the Fiscal and Paying Agency Agreement, the Purchase
Agreement or the transactions contemplated thereby, which may be instituted in any federal or state court having
"subject matter" jurisdiction. See "Description of Notes."
Pursuant to the Chilean Mining Code, mining concessions as well as certain raw materials and other
property or assets permanently dedicated to the exploration or extraction of minerals cannot be subject to an order of
attachment, except with respect to mortgages, in the case that the debtor consents to the attachment in the same
enforcement proceeding or when the debtor is a stock corporation. In addition, pursuant to the Chilean Constitution,
mining concessions corresponding to mining deposits exploited by CODELCO upon its creation in 1976 cannot be
subject to attachment nor to any act of disposition by CODELCO. As a result, the rights of holders to attach
property of CODELCO in the event of a default under the notes would be limited by such provisions. See
"Regulatory Framework--Mining Regulations."

v





PRESENTATION OF FINANCIAL AND STATISTICAL INFORMATION
In this offering memorandum, references to "U.S.$," "$," "U.S. dollars" and "dollars" are to United States
dollars, references to "cents" are to United States cents (U.S.$0.01), references to "pesos" or "Ch$" are to Chilean
pesos and references to "UF" are to "Unidades de Fomento." The UF is an inflation-indexed Chilean monetary unit
which is linked to, and which is adjusted daily to reflect changes in, the Chilean consumer price index during the
preceding 30 days.
Pursuant to Oficio Circular 368 of October 2006, as amended, of the Superintendencia de Valores y
Seguros ("SVS"), or the Chilean Superintendency of Securities and Insurance, beginning in 2010, all companies
with publicly traded securities in Chile are required to prepare and report consolidated financial statements in
accordance with International Financial Reporting Standards ("IFRS") as adopted by the International Accounting
Standards Board (IASB). As of January 1, 2010, CODELCO no longer prepares financial statements in accordance
with generally accepted accounting principles in Chile ("Chilean GAAP"). CODELCO's first results reported under
IFRS were the unaudited interim financial statements as of and for the three-month period ended March 31, 2010.
Financial results for the fiscal year ended December 31, 2009 have been reconstructed according to IFRS in order to
make them comparable to our 2010, 2011 and 2012 financial statements.
The audited consolidated statements of financial position as of December 31, 2009, 2010, 2011 and 2012,
the opening consolidated statement of financial position as of January 1, 2010 and the consolidated statements of
comprehensive income for the years ended December 31, 2009, 2010, 2011 and 2012 included herein (the "Year-
end Consolidated Financial Statements"), are presented in accordance with IFRS as issued by the IASB. The
consolidated financial statements for the years ended December 31, 2011 and 2012 are referred to as the "2011-2012
Year-end Consolidated Financial Statements."
The unaudited interim consolidated statements of financial position as of March 31, 2013 and the unaudited
consolidated statements of comprehensive income, changes in equity and cash flows for the three month periods
ended March 31, 2012 and 2013 (the "Unaudited Interim Consolidated Financial Statements") included in this
offering memorandum are presented in accordance with IFRS. The Unaudited Interim Consolidated Financial
Statements and the Year-end Consolidated Financial Statements are referred to together as the "Consolidated
Financial Statements."
The accounting policies adopted in the preparation of the Unaudited Interim Consolidated Financial
Statements are consistent with those applied in the preparation of the Year-end Consolidated Financial Statements
for the year ended December 31, 2012, except for the adoption of certain new standards and interpretations effective
from January 1, 2013, which required retroactive restatement of certain figures for the three months ended March
31, 2012. See "Management's Discussion and Analysis of Financial Condition and Results of Operations--New
Accounting Standards" for the details of the restatement and Section II.3 to the Unaudited Interim Consolidated
Financial Statements. Therefore, the amounts reported at and for the three months ended March 31, 2013 are
presented based on the new accounting standards and are not fully comparable to amounts presented in our Year-end
Consolidated Financial Statements.
Unless otherwise indicated, the Consolidated Financial Statements and other financial information
concerning CODELCO included herein are presented in U.S. dollars in conformity with Decree Law 1.350 of 1976,
as amended by Law 20.392 published in the Official Gazette on November 14, 2009, and for periods after
January, 1, 2009, in accordance with IFRS. Decree Law 1.350 is the Chilean law pursuant to which CODELCO was
created and which provides for its governance.
Because the notes offered hereby have not been and will not be registered with the SEC, the Consolidated
Financial Statements do not and are not required to comply with the applicable requirements of the Securities Act,
and the related rules and regulations adopted by the SEC, which would apply if the notes offered hereby were being
registered with the SEC.
The U.S. dollar is the currency used in the primary economic environment in which CODELCO operates.
Nevertheless, as an international company operating primarily in Chile as well as in several other Latin American
countries, a portion of CODELCO's business is transacted in Chilean pesos and other non-dollar currencies.

vi





Adjusted EBITDA data is included in this offering memorandum because such data is used by certain
investors to measure a company's ability to service debt and fund capital expenditures, and it is included herein for
convenience only. Adjusted EBITDA is calculated by adding finance income (expense), net, income tax expense,
depreciation and amortization plus export taxes to net income, in each case determined in accordance with IFRS as
issued by the IASB. Adjusted EBITDA is presented because it is a widely accepted indicator of funds available to
service debt, although it is not an IFRS-based measure of liquidity or performance. The Company believes that
Adjusted EBITDA, while providing useful information, should not be considered in isolation or as a substitute for
net income as an indicator of operating performance, or as an alternative to cash flow as a measure of liquidity.
Additionally, the Company's calculation of Adjusted EBITDA may be different than the calculation used by other
companies and therefore, comparability may be affected.
Under IFRS, gross profit is calculated before provision for the 10% special export tax payable by
CODELCO under Law 13.196, as well as a mining tax at progressive rates of between 5% and 14% that became
effective in January 2006 pursuant to a modification of Chilean Income Tax Law 824 (Decreto Ley 824). See also
"Risk Factors--Risks Relating to CODELCO's Relationship with the Chilean Government--CODELCO is subject
to special taxes and distributions" for information related to the mining tax rate effective in 2012.
Certain figures included in this offering memorandum and in the Consolidated Financial Statements have
been rounded for ease of presentation. Percentage figures included in this offering memorandum have in some cases
been calculated on the basis of such figures prior to rounding. For this reason, certain percentage amounts in this
offering memorandum may vary from those obtained by performing the same calculations using the figures in the
Consolidated Financial Statements. Certain other amounts that appear in this offering memorandum may not sum
due to rounding.
The Observed Exchange Rate (as defined herein under "Exchange Rates") reported by the Central Bank of
Chile as of December 28, 2012 was Ch$478.60 = U.S.$1.00, as of March 28, 2013 was Ch$472.54 = U.S.$1.00 and
as of August 5, 2013 was Ch$513.63= U.S.$1.00. The Federal Reserve Bank of New York does not report a noon
buying rate for Chilean pesos. See "Exchange Rates."
All tonnage information in this offering memorandum is expressed in metric tons and all references to
ounces are to troy ounces, in each case, unless otherwise specified. Tonnage information in this offering
memorandum does not include CODELCO's share of the El Abra deposit, which is mined by Sociedad Contractual
Minera El Abra, owned 49% by CODELCO and 51% by Cyprus El Abra Corporation (a subsidiary of Freeport
McMoRan Copper & Gold, Inc. ("Freeport McMoRan")) or CODELCO's indirect 20% share of Anglo American
Sur S.A. ("Anglo American Sur"), unless otherwise specified. See "Business and Properties--Associations, Joint
Ventures and Partnerships--SCM El Abra" and "Business and Properties--Associations, Joint Ventures and
Partnerships--Anglo American Sur" for a description of these joint ventures. Certain terms relating to the copper
mining business are defined in "Glossary of Certain Mining Terms."
Market information regarding 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 global copper
production data and cost analysis by mine site. While CODELCO believes that its estimates are reliable, such
estimates have not been confirmed by independent sources. The Consolidated Financial Statements do not reflect
the value of CODELCO's mining concessions or its resources and reserves.
As used in this offering memorandum, "cash cost" is calculated in accordance with the methodology
specified by Brook Hunt & Associates for determination of C1 cost (cash cost) and includes all direct cash costs of
mining, including costs associated with extraction, leaching, smelting and further processing of copper ores into
refined metal, as well as labor, transportation and physical plant costs associated with those processes, net of income
from sales of by-products. Cash cost figures are given as nominal dollar amounts, usually expressed as cents per
pound, and exclude provisions, amortization, depreciation and central office costs. Cash cost is presented because it
is a widely used measure of costs, although it is not an IFRS or U.S. GAAP-based measure of cost. The Company
believes that cash cost, while providing useful information, should not be considered in isolation or as a substitute
for costs of sales, costs of selling and administrative expenses, or as an indicator of costs.

vii





As used in this offering memorandum, "Chuquicamata," "Radomiro Tomic," "Gabriela Mistral," "El
Teniente," "Andina," "Salvador", "Mina Ministro Hales" and "Ventanas" refer to the divisions of CODELCO, not
the mines having those names, unless otherwise required by context.
As used in this offering memorandum, the term "billion" means one thousand million (1,000,000,000).

viii




Document Outline