2003 was a year in which our national copper corporation, Codelco, continued to consolidate its reputation in Chile and around the world as a company of excellence, which benefits all Chilean men and women.

The steps it has taken in as part of its plan to add value and increase income before taxes during the 2000-2006 period are significant; they have been recognized by the most prestigious international financial and mining institutions and at this point very few would dare to question the seriousness of this project.

The government has emphasized its deepest conviction that the company must remain state-owned, allowing, where possible and suitable, for some projects to be developed as joint ventures with third parties. Thus, we will continue to work on projects that strengthen the Corporation. For Chile, it is better business for Codelco to remain in the hands of all Chilean men and women, generating funds for social policies, that is, better education, health care and quality of life. All this must occur in the framework of efficient management of the resources that the country has placed in our hands, as we have clearly demonstrated.

We know that the country supports us. Many surveys have shown that the vast majority of the population wants Codelco to remain publicly owned. Moreover, Codelco was recently chosen as the company that contributes the most to the country's social development.

Along with the solidity that Codelco has shown during this period (consolidation of the Codelco Norte Division, certification of all Divisions under the ISO 14001 standard, start-up of the Mejillones Port, bond issues at excellent rates, among many other examples), it is worth emphasizing the context in which we finished 2003 and the favorable prospects ahead for 2004.

This period has brought with it the long-awaited recovery in the copper price. Today the mining industry is enjoying boom times, but it is essential to keep in mind that Codelco's policy in terms of stockpiling has played an important role in the current copper price. This reduction in sales, during 2003, is associated with our enormous responsibility to the industry, the country and a vision of the business that fills us with pride.

The company has also had the courage to recognize these hardships and, as a result, has reorganized, a process that has brought with it changes in some executives, changes that, as in other opportunities, the company has understood.

My congratulations go to everyone in Codelco for your efforts to date. I call on you to continue to work, inspired by a positive spirit of cooperation for the country's sake. The government has firm hopes that depend on this company and, as a result, not only wishes for it to remain in the power of the State, but also to increase its value and, as a result, yield more to its owners, that is, all men and women of Chile.