For Codelco it is essential to identify new resources to transform into reserves, since this allows to quantify the economically extractable mineral.

A resource is defined as a concentration of solid, liquid or gaseous material occurring naturally in or on the earth´s crust, in such a quantity and form that its extraction is actually or potentially possible.

The conversioin of the identified resources during the exploration stage into reserves involves a number of technical procedures.

The positively identified resources become "base reserves", over which productive scenarios of commercial interest may be planned.

A more restricted classification is that of "mining reseves" which identification allows to prepare specific mining plans, including commercial guidelines, technical support and feasibility studies.

The resources and reserves are a very important asset for a mining company such as Codelco. The finding of new resources, through new discoveries or the updated assessment of its deposits, are the base of the business of exploitation and mining development.