COMPAÑÍA MINERA PICACHO SCM
December 31st, 2006

Legal Status
Company name: Compañía Minera Picacho SCM
RUT: 78.712.170-5
Created on: 26 September 1994
Repertory Nº 6552/94. Notary Andrés Rubio Flores.

Capital subscribed and paid in
Capital subscribed and paid in by Codelco (9,999 shares) and Santiago de Rio Grande S.A.C. (1share) totalled ThUS$1,450.

Purpose
Originally established in 1994 by Codelco and Sociedad Minera Mount ISA Chile SA, to carry out geological exploration in Codelco and Mount ISA properties. In 1997, Codelco purchased Mount ISA's share and expanded the company's activities to allow exploration permits and obtain water use rights, which has become its main activity in recent times.

Board of Directors
Mario Espinoza Durán, President (*)
Nicolás Saric Rendic (*)
Hernán Sepúlveda Astorga (*)

General Manager
Álvaro Puig Godoy (*)

Codelco's share of capital and changes during fiscal year.
Directly and indirectly, Codelco holds 100% of company equity.

Commercial relations with Codelco
None.

Contracts with Codelco
Mandate to Codelco which authorizes the execution of exploration activities in sectors where Picacho has approved and/or in process explorations requests.

Investments as a percentage of total head office
2006 Investment in subsidiary US$140,000.
2005 Investment in subsidiary US$144,000.
Total Investments as a percentage of head office assets: 0.001%, 2006.