SOCIEDAD CONTRACTUAL MINERA EL ABRA
December 31st, 2006

Legal Status
The company was created June 28th 1994, duly witnessed by Santiago notary, Víctor Manuel Correa Valenzuela. The company’s legal name is “Sociedad Contractual Minera El Abra”.

Sociedad Contractual Minera El Abra is a contractual mining company established under the regulations included in articles 201 and thereafter in the Republic of Chile’s Mining Code.

Capital subscribed and paid in
At 31 December 2006, the capital subscribed and paid in amounts to US$647,059,000 divided into 100,000 shares.

The shareholders are Cyprus El Abra Corporation, with 51,000 shares, and the Corporación Nacional del Cobre de Chile, with 49,000 shares.

Purpose
The purpose of this company is to prospect for, explore and exploit the ore deposit known as El Abra, located in the Second Region of Antofagasta, in its full extension, along with others adjoining or nearby; extracting, and processing the ore obtained from exploiting the properties that make up this ore body and surrounding areas; and transporting and selling products and by–products from processing ores and other activities involved in exploiting the deposit. To meet with this objective, the company can build and operate production and processing plants and facilities, stake mining claims or purchase it, and carry out all kinds of operations related to the same. The company can carry out any actions and celebrate any contracts and agreements that directly or indirectly contribute to meeting this objective.

Board of Directors
Directors:
Harry M. Conger, President of the Board of Directors

Members:
Timothy Snider, Cyprus El Abra Corporation
Jorge Riquelme, Cyprus El Abra Corporation
Juan Eduardo Herrera, Codelco (*)
Juan Enrique Morales, Codelco (*)

Executives:
Miguel Munizaga Badilla, President and General Manager
McKay Pugmire, General Manager of Operations
Douglas Comer, Manager of Administration
Mariano Neira Sáenz, Comptroller

Codelco’s share of capital and changes during the fiscal year
Codelco’s share is 49%, and has not changed since the company was established.

Commercial Relations with Codelco
The main business shared by the two firms is El Abra’s sale of copper cathodes to Codelco. The annual amount is established in a marketing agreement, which states that it will sell 49% of production that has not been committed to third parties under contract to Codelco, or at least 30,000 metric tons. Codelco also sells sulphuric acid to El Abra, the amount and price of which is subject to annual negotiations.

Contract with Codelco
The copper sales agreement is covered by a marketing agreement, signed June 15th 1995, between Sociedad Contractual Minera El Abra and Codelco Services Ltd.

This agreement expires on January 1st 2012 and can be automatically renewed on an annual basis. Contracts for the sale of sulphuric acid that are current until 2006.

Investment as percentage of head office assets
2006 Invested in jointly held firm US$456,861,000
2005 Invested in jointly held firm US$323,321,000

Total investment as a percentage of head office assets:
3.6%, 2006.