CARTA DE CODELCO

Codelco Investor

Presentation

April 2014

2

Copyrights © 2010 by CODELCO-CHILE. All Rights Reserved.Copyrights © 2011 CODELCO-CHILE. Todos los Derechos Reservados. Copyrights © 2011 by CODELCO-CHILE. All Rights Reserved.

Codelco´s Highlights

Development Plan Update & Outlook

Operating & Financial Review

Industry Overview

3


Codelco At a Glance – December 2013

*: Includes 49% share in El Abra and 20% in Anglo American Sur

**: .Includes Anglo American Sur Stock Option Revaluation

Copper Reserves and

Resources(million mft)

Geological Resources 337.2

Mineral Resources 130.7

Reserves (9% of

Total World Reserves)61.2

Financial Results(million US$)

Pre-Tax Profit** 3,889

EBITDA 5,964

EBITDA Margin 39.9%

Credit Ratings

S&P AA- Stable

Moody‟s A1 Negative

Fitch A+ Stable

DBRS A Stable

Production* (thousand mft)

Copper 1,792

World largest copper producer

Molybdenum 23.0

2nd world largest moly producer

World Largest Copper Producer: 10% of Market Share

4


Refined Copper 79%

Concentrate 21%- Cathodes 72%

- Anodes/Blister 7%

Sales Breakdown by Region (mft)Sales Breakdown by Product

Copper Sales Breakdown (mft)

US$ millions 2013 %

Copper 13,918 93.1%

Molybdenum 493 3.3%

Other Products

(anodic slimes,

sulfuric acid, etc.)

545 3.6%

Total 14,956 100%

Source: Codelco

Codelco: Sales Breakdown – December 2013

41% 41%

17% 19%

15%18%

12%10%

14% 11%

0% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2012

China Asia (exc. China) Europe

North America South America Oceania

5



Industry Overview



6


Price above long term average, explained by a strong demand1908-2014*

0

50

100

150

200

250

300

350

400

450

500

1908 1914 1920 1926 1932 1938 1944 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010

World War I:

military demand

Post-WWII recovery in the US,

European reconstruction,

industrialisation of Japan

Oil crisis

substitution

Emergence of

China and other

Developing

Economies

(*): Year 2014, average up to January 30th.

Note: The red line represents the average cooper price for each cycle

Great Depression

c/lb, 2014

currency

Subprime

crisis

1908-1919 1920-1954 1955-1978 1979-2004

China

new

growth

Pattern

2005 - ?

7


Chinese Importance for the World Copper Mining Industry

Sources: Codelco based on different sources

Notes: Projected production per country does include projected disruption

0

5,000

10,000

15,000

20,000

25,000

1993 2000 2012 2022

China Cu Consumption World Cu Mine Production

943

6,231 6,358

3,592 3,511

6,242

0

1,400

2,800

4,200

5,600

7,000

2000 2012 2022

Marginal Chinese Cu Consumption Marginal World Cu Mine Production

Marginal Chinese Cu Consumption vs Marginal Global Mine Production

China Cu Consumption Evolution vs Global Mine Production

8


Besides Fundamentals, Copper Price is Subject to Short

Term Volatility due to Chinese Recent Events

Since March 6, 2014, copper price volatility reflects latest news about China:

Potential slowdown in the Chinese economy, motivated by lower total exports ,

industrial production and others

Possible restrictions on financing operations using copper as collateral in China, which

could result in inventory movements

A soft landing to more sustainable growth rates showing the new path to a more stable

growth that Premier Li Keqiang has taken and will lead to a proper assessment of risk,

and the right price for that risk

9


Copper Price

c/lb

Metal Exchange Stocks**

„000 mft

*:Year 2014: stocks and copper prices up to March 19. **: London, COMEX and Shanghai metal exchanges.

Copper Price and Stocks in Metal Exchanges

50

100

150

200

250

300

350

400

450

500

0

200

400

600

800

1,000

1,200

1,400

1,600

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Stocks

290

300

310

320

330

340

300

360

420

480

540

600

1/2/2014 2/2/2014 3/2/2014

2014

10


-240

-180

-120

-60

0

60

120

180

240

300

360

2014 2015 2016 2017

Market Outlook for the following years2014 currency

Sources: Codelco (Q3 scenario), based on different sources, January and February 2014.

Analysts & Banks

Average Price

Balance

Market Balance Analysts and Banks Price Outlook

c/lb „000 mft

280

300

320

340

360

380

400

2014 2015 2016 2017 2018

Wood Mackenzie CRUMacquarie ScotiabankMorgan Stanley Cochilco

Sources: Forecasts March 2014, current currency .

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Industry Overview



12


1,466

1,702 1,689 1,7351,647 1,622

0.770.79

0.84

0.80

0.73 0.73

0.68

0.73

0.78

0.83

0.88

0.93

0.98

500

700

900

1,100

1,300

1,500

1,700

1,900

2008 2009 2010 2011 2012 2013

Codelco El Abra AAS Ore Grade w/o El Abra and AAS

1.547

1.782 1.760 1.796 1.758

Production & Ore Grade

Production vs. Ore Grade Evolution

c/lb %

1.792

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December 31, 2013 & 2012 Financial ResultsIFRS

2013 2012 2013/2012

Copper Production (‘000 mft)(1)

1,792 1,758 1.9%

Cash Cost (US¢/pound)(2)

163.1 163.5 (0.2)%

LME Copper price (US¢/pound) 332.1 360.6 (7.9)%

Metal Week Molybdenum price (US$/pound) 10.3 12.6 (18.3)%

Average Exchange Rate (US$/CLP) 495.0 486.7 1.7%

Closing Exchange Rate (US$/CLP) 524.8 478.6 9.7%

Total Revenues $14,956 $15,860 (5.7)%

Gross Profit $4,154 $5,253 (20.9)%

Gross Margin 27.8% 33.1% (16.0)%

Adjusted EBITDA (3)

$5,964 $9,818 (39.2)%

Adjusted EBITDA Margin 39.9% 61.9% (35.5)%

Adjusted EBITDA without Anglo Effect(3)

$5,964 $6,027 (1.1)%

Adjusted EBITDA Margin without Anglo Effect(3)

39.9% 38.0% 5.0%

Net Financial Debt(4)

$11,075 $8,639 28.2%

Net Interest Expense $298 $347 (14.1)%

Capex $4,178 $4,093 2.1%

1 Includes Codelco’s share of El Abra and Anglo American Sur production

2 Cash cost is expressed per unit of production. It includes all cash expenses of production net of the revenues from other metals extracted that are not copper

3 Calculated as Net Profit plus Taxes (includes Export Tax), Finance Cost, Depreciations and Amortizations

4 Net of cash and cash equivalents

In US$ million, except noted

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Codelco Costs Evolution

c/lb 2013 2012 Var

Total Costs & Expenses 231.5 264.5 (12.5)%

Net Cathode Cost (C3) 217.0 241.7 (10.2)%

Direct Cash Cost (C1) 163.1 163.5 (0.2)%

Savings in materials, services and input costs (especially energy), favorable

exchange rate movements and lower labor costs, due to a decrease in labor

agreement expenses, contributed to reduced Codelco’ costs.

130.2

163.7 173.1 181.1 170.0 172.5154.4 157.4

0

40

80

120

160

200

1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013

Direct Cash Cost (C1) Evolution

2012 C1: 163.5 c/lb 2013 C1: 163.1 c/lb

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Estructural Control Cost Program up to December 2013

PRODUCTIVITY

COSTS

Performance Optimization

(minimize disruptions)

Energy and Input costs

Optimization

Budget Optimization:

Third Party Services,

Inputs and staffing

Hygienic Factors

December

18.7

Total Savings

2013 GoalReal up toDecember

%

418 490 172%

December

49.3

December

419.2

December

21.4KMFT

MUSD

MUSD

MUSD

MUSD

Conferencia de prensa | 28 de marzo 2014

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Industry Overview


Highlights


17


Santiago

Calama

C

H

I

L

E

Antofagasta

Mining PortfolioProduction: 1,792 thousand mft in 2013 vs. 1,758 thousand mft in 2012

Radomiro TomicProduction of Copper (‘000 mft) 380

Share in Codelco’s Production 21.2%

Gabriela MistralProduction of Copper (‘000 mft) 128

Share in Codelco’s Production 7.2%SalvadorProduction of Copper (‘000 mft) 54


AndinaProduction of Copper (‘000 mft) 237


El TenienteProduction of Copper (‘000 mft) 450


ChuquicamataProduction of Copper (‘000 mft) 339


*: Proportional production according to Codelco‟s share

El Abra*Production of Copper (‘000 mft) 76


Anglo American Sur*Production of Copper (‘000 mft) 94


Ministro HalesProduction of Copper (‘000 mft) 34


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Shaping the Future

Structural Mining Projects

CAPEX Source: CODELCO - Project & Investment Evaluation Management, March 2014, Codelco Website www.codelco.com

Under construction In feasibility stage Feasibility studies completed and starting early works

2013Mina

Ministro Hales

183,000 mft/year

Capex US$3.1 bn

2021Andina Phase II

(244)

350,000 mft/year

Capex US$6.8 bn

2018Chuquicamata

Underground

366,000 mft/year

Capex US$4.2 bn

2017Radomiro Tomic

Sulphides Phase II

343,000 mft/year

Capex US$5.4 bn

2017El Teniente New

Mine Level

434,000 mft/year

Capex US$3.4 bn

Note: Projects production refers to first 10 years average production after ramp up

December 31, 2013 Progress per Project:

• 99.9% total execution

progress and delivering first

production

• Developing feasibility study

• Environmental Impact

Study submitted on May 31

• 20.2% execution progress:

constructing main &

ventilation tunnels, mine

interior and Maitenes road

• 72.7% execution progress

of early works

• Continues processing the

Environmental Impact Study

and an extension of the

deadline was requested until

July 31, 2014

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Codelco LT Debt Maturity Profile - December 2013* In US$ million

134

691

5

605

4 3 3 1

500600

10001150

1250

750

500 500

750

950

208

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2025 2035 2036 2042 2043

Local bonds International bonds

955

Bank Debt

*: Does not include Anglo American Sur acquisition debt with Mitsui because it is non recourse to Codelco

Includes the amortization schedule of the loans for the development, construction and operation of a metals processing plant to be constructed in Mejillones

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Codelco: Largest Copper Producer with High Grade

Quality Reserves and Solid Financial Metrics

100% owned by the Republic of Chile (Aa3 /AA- / A+), representing 14% of

Government total revenues

World s largest copper producer representing approximately 10% of world production

and 9% of molybdenum world production in 2013

An integrated business model that generates stable cash flows with strong contribution

to the Chilean Treasury

A consistent ,well-defined business plan based on world s largest proven and probable

reserves (9%) and a sustainable production to serve a large and stable market

A history of solid investment grade credit ratings (A1 / AA- / A+)

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This presentation has been prepared by Corporación Nacional del Cobre de Chile (“Codelco” or the “Company”) This presentation does not constitute

or form part of an offer or any solicitation to any other person or to the general public to subscribe for or otherwise acquire securities issued by Codelco

in any jurisdiction or an inducement to enter into investment activity, nor shall it (or any part of it) or the fact of its distribution or availability, form the

basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment decision.

The information contained in this independently presentation has not been verified and is subject to change without notice. No representation or

warranty express or implied is made as to and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information

or the opinions contained herein. None of the Company, any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in

negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the

presentation.

This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by people

who are not relevant persons.

This presentation includes „forward-looking statements‟. These statements may include words such as “anticipated”, “believe”, “intend”, “estimate”,

“expect”, “preliminary” and words of similar meaning. All statements other than statements of historical facts included in this presentation, including,

without limitation, those regarding the Company‟s financial position, business strategy, plans and objectives of management for future operations

(including development plans and objectives relating to the Company‟s products and services) are forward-looking statements. Such forward-looking

statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or

achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward looking

statements. Such forward-looking statements are based on numerous assumptions regarding the Company‟s present and future business strategies

and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained

herein to reflect any change in the Company‟s expectations with regard thereto or any change in events, conditions or circumstances on which any such

statement is based.

As is standard in the industry, CODELCO divides its mineral holdings into two categories, reserves and resources. Resources are ore bodies of

economic value that have been identified and evaluated through exploration, reconnaissance and sampling. Reserves are the portion of the resource

that can be extracted based on an economic, environmental and technological analysis set forth in the mining plan. Reserves and resources are both

subdivided further, based on the degree of knowledge that CODELCO has of their extent and composition. The system used by CODELCO for

categorizing mineral ore is widely used within the mining industry (and codified in such international regulations as the Joint One Reserves Committee

(JORC) code of Australia, the South African Mineral Resources Committee (SAMREC), and the Reporting Code of Great Britain). Other systems of

categorization are also used; one such system is that used by the U.S. Geological Survey. This presentation may not be taken away with you. The

contents of this presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in

part, for any purpose.

Disclaimer

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