Obbligazione Codealco 4.5% ( USP3143NAW40 ) in USD

Emittente Codealco
Prezzo di mercato 99.36 USD  ▲ 
Paese  Cile
Codice isin  USP3143NAW40 ( in USD )
Tasso d'interesse 4.5% per anno ( pagato 2 volte l'anno)
Scadenza 15/09/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Codelco USP3143NAW40 in USD 4.5%, scaduta


Importo minimo /
Importo totale /
Cusip P3143NAW4
Descrizione dettagliata Codelco è la più grande azienda produttrice di rame al mondo, di proprietà dello Stato cileno.

The Obbligazione issued by Codealco ( Chile ) , in USD, with the ISIN code USP3143NAW40, pays a coupon of 4.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/09/2025







OFFERING MEMORANDUM
U.S.$2,000,000,000
Corporación Nacional del Cobre de Chile
4.500% Notes due 2025
The notes will bear interest at the rate of 4.500% per year and will mature on September 16, 2025. The interest on the notes will be
payable semi-annually in arrears on March 16 and September 16 of each year, beginning on March 16, 2016. 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 constitute direct, general, unconditional and unsubordinated obligations of Corporación Nacional del Cobre de Chile
("CODELCO" or the "Company"). The notes rank and will rank without any preference among themselves and equally with all
other unsubordinated obligations of CODELCO, other than certain obligations granted preferential treatment pursuant to Chilean
law. It is understood that this provision will not be construed so as to require CODELCO to make payments under the notes ratably
with payments being made under any other obligations. See "Description of Notes--Ranking."
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 purposes of the Luxembourg
Act dated July 10, 2005 on prospectuses for securities, as amended.
See "Risk Factors" beginning on page 15 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") on or about September 16, 2015.
Issue price: 98.458% plus accrued interest, if any, from September 16, 2015.
Joint Book-Running Managers
BofA Merrill Lynch
HSBC
J.P. Morgan
The date of this offering memorandum is September 24, 2015.


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...................................................................................................................12
Risk Factors ...............................................................................................................................................................15
Use of Proceeds ..........................................................................................................................................................26
Capitalization.............................................................................................................................................................27
Exchange Rates..........................................................................................................................................................28
Selected Consolidated Financial Data......................................................................................................................29
Selected Operating Data ...........................................................................................................................................32
Management's Discussion and Analysis of Financial Condition and Results of Operations ..............................33
Business and Properties ............................................................................................................................................54
Overview of the Copper Market ..............................................................................................................................80
Regulatory Framework.............................................................................................................................................83
Management...............................................................................................................................................................89
Related Party Transactions ......................................................................................................................................92
Foreign Investment and Exchange Controls in Chile.............................................................................................94
Description of Notes ..................................................................................................................................................95
Taxation....................................................................................................................................................................107
Plan of Distribution .................................................................................................................................................112
Transfer Restrictions...............................................................................................................................................117
Validity of the Notes ................................................................................................................................................120
Independent Auditors .............................................................................................................................................121
Glossary of Certain Mining Terms ........................................................................................................................122
General Information ...............................................................................................................................................126
Unaudited Interim Consolidated Financial Statements for the six months ended June 30, 2015 and 2014 .... F-1
Consolidated Financial Statements for the Years Ended December 31, 2013 and 2014 ............................... F-107
Consolidated Financial Statements for the Years Ended December 31, 2012 and 2013 ............................... F-219
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 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.
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., J.P. MORGAN
SECURITIES LLC OR MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 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., J.P. MORGAN
SECURITIES LLC OR MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 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.
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
ii



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 Member State 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 Directive 2003/71/EC (as amended, including any applicable implementing
measures in any Member State, 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 15 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 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 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, profit (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 indenture 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 indenture, 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 and 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. References to "euro" or "" are to the legal currency of the European Economic and
Monetary Union.
Pursuant to Oficio Circular No. 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.
On September 29, 2014, an extensive tax reform in Chile became effective, which, among other changes,
increased the corporate statutory income tax rates beginning in 2014. With respect to deferred tax assets and
liabilities arising as a result of this increased corporate statutory income tax rate, Oficio Circular No. 856 issued by
the SVS requires us to record such effects in equity. This SVS requirement differs from the accounting treatment
under IFRS, which requires such effects to be reported as an income tax expense in the results of operations. The
impact on CODELCO's consolidated financial statements for the year ended December 31, 2014 included in this
offering memorandum corresponds to a one-time charge against profit in the amount of U.S.$783.62 million for
2014, U.S.$646.90 million of which corresponds to the impact on CODELCO and those subsidiaries in which it has
a controlling interest and U.S.$136.72 million of which corresponds to the impact on those subsidiaries in which
CODELCO does not have a controlling interest. It should be noted that the consolidated financial statements as of
and for the year ended December 31, 2014 included in this offering memorandum have been prepared in accordance
with IFRS. Therefore, the consolidated financial statements as of and for the year ended December 31, 2014 filed
with the SVS and published on CODELCO's website differ from the financial statements prepared under IFRS with
respect to the accounting treatment of the effects of the change in the corporate statutory income tax rate explained
above. To the extent that CODELCO issues its consolidated financial statements under SVS requirements, such
consolidated financial statements will not be in compliance with IFRS in this regard.
The audited consolidated financial statements as of and for the years ended December 31, 2012 and 2013
and as of and for the years ended December 31, 2013 and 2014 (together, the "Year-end Consolidated Financial
Statements") included herein are presented in accordance with IFRS as issued by the IASB. The audited
consolidated financial statements for the years ended December 31, 2012 and 2013 are referred to as the "2012-2013
Year-end Consolidated Financial Statements" and the audited consolidated financial statements for the years ended
December 31, 2013 and 2014 are referred to as the "2013-2014 Year-end Consolidated Financial Statements."
The unaudited interim consolidated financial statements as of June 30, 2015 and for the six-month periods
ended June 30, 2014 and 2015 (the "Unaudited Interim Consolidated Financial Statements") included herein are
presented in accordance with IAS 34 "Interim Financial Reporting." 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 2013-2014 Year-end Consolidated Financial
Statements. See "Management's Discussion and Analysis of Financial Condition and Results of Operations--New
Accounting Standards."
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 Diario Oficial de la República de Chile (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.
vi


Because the notes offered hereby have not been and will not be registered with the SEC, this Offering
Memorandum does not and is 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.
The body of generally accepted accounting principles is commonly referred to as "GAAP." A non-GAAP
financial measure is generally defined by the SEC as one that purports to measure historical or future financial
performance, financial position or cash flows but excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly comparable measure calculated and presented in
accordance with GAAP in the issuer's statement of income, balance sheet or statement of cash flows (or equivalent
statements) or includes amounts, or is subject to adjustments that have the effect of including amounts, that are
excluded from the most directly comparable measure so calculated and presented. In this offering memorandum, we
disclose several non-GAAP financial measures, including EBIT, Adjusted EBITDA and "cash cost." EBIT is
calculated by adding finance cost and income tax expense to profit for the period. Adjusted EBITDA, on the other
hand, is calculated by adding finance cost, income tax expense, depreciation and amortization plus export taxes to
profit for the period. EBIT and Adjusted EBITDA data are 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. We believe that EBIT and Adjusted EBITDA, while providing useful
information, should not be considered in isolation or as a substitute for profit for the period as an indicator of
operating performance or as an alternative to cash flow as a measure of liquidity. Additionally, CODELCO's
calculation of EBIT and Adjusted EBITDA may differ from the calculation used by other companies and, therefore,
comparability may be affected. We also present certain ratios and margins that are derived using Adjusted
EBITDA, including the ratio of debt to Adjusted EBITDA, the Adjusted EBITDA coverage ratio and earnings to
fixed charges (adjusted). We believe that these ratios are widely used by investors and are useful indicators to
measure our performance. In the section titled "Summary Consolidated Financial Data," we provide a reconciliation
of EBIT and Adjusted EBITDA to profit, along with the ratio of debt to Adjusted EBITDA, adjusted EBITDA
coverage ratios and ratio of earnings to fixed charges (adjusted), for the relevant period.
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, electricity, diesel, finance costs, third party services, other costs, 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. CODELCO 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.
You should be aware that our use of non-GAAP measures differs from those that would be included in an
SEC filing.
Under IFRS, gross profit is calculated before the 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). These
taxes are included in "other expenses" by function. See "Risk Factors--Risks Relating to CODELCO's
Relationship with the Government of Chile--CODELCO is subject to special taxes and distributions" for additional
information related to the mining tax rate effective for 2014 and estimated for 2015.
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
vii


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 30, 2014 was Ch$607.38 = U.S.$1.00, as of June 30, 2015 was Ch$634.58 = U.S.$1.00 and as
of September 8, 2015 was Ch$693.78 = 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, Inc.) 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, "Chuquicamata," "Radomiro Tomic," "Gabriela Mistral,"
"El Teniente," "Andina," "Salvador", "Mina Ministro Hales" and "Ventanas" refer to 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