EXPLORACIONES MINERAS ANDINAS S.A.
December 31st, 2006

Legal status
Exploraciones Mineras Andinas S.A. was created 29 July 2004, as a private, limited company whose shareholders are:
• Corporación Nacional del Cobre, holding a 99.9% share.
• Sociedad de Inversiones Copperfield Ltda. With a 0.1% share.
As of 30 November 2004, at the first special shareholders meeting, the company's name was changed from Exploraciones Mineras S.A. to Exploraciones Mineras Andinas S.A., and it may use the name "EM Exploraciones Mineras" or "Exploraciones Mineras Andinas".

Capital subscribes and paid in
Capital subscribed and paid as of December 31th 2006, was US$241,494.

Purpose
The purpose of this firm is "to carry out in Chile and abroad, on its own or with third parties, the planning, direction and execution of mining and water exploration programmes and services, which involve the services of drilling, chemical analyses, sampling, laboratory analysis, geological and geophysical mapping, measurements of physical properties, characterization of materials, support services and all other services necessary to realize these programmes; advisory services in the fields of geology, geo-techniques, geochemical, geo-metallurgy and hydrogeology; training of staff in areas related to mining exploration; seminars, workshops, and courses; publications; and in general realize contracts and related civil and commercial business, necessary or leading directly or indirectly to the fulfilling the company's collective goals".

Board of Directors
Fidel Báez Núñez (President) (*)
Nicolás Saric Rendic (*)
Jaime Piña Piña (*)
Carlos Huete Lira (*)
Alejandro Gómez Arenal (*)

General Manager
Sergio Rivera Cabello
Sub-manager of Administration and Finance
Francisco Ajenjo Henríquez

Codelco's share of capital and changes during the fiscal year
Shareholders' interests have not changed.

Commercial relations with Codelco
On October 15th 2004, the company signed a framework contract with Codelco to implement and execute exploration programmes for Codelco in Chile, through which it will be responsible for drilling, chemical analyses, mapping, material characterization, geophysics, data processing and other others, including moreover supervision and quality control of these activities.
This contract, which requires that the company provides services solely to Codelco, expires December 31th 2007, and may be renewed for successive three-year periods by common agreement between the two parties. The contract ceiling for the first three years was 31,180,200,000 pesos.
On November 28th 2006, the parties agreed a contract modification through which the service capacity was extended to incorporate specialized geological foreign consulting, to cover areas like Brazil, Mexico and other countries. In addition, through this modification the contract maximum amount was increased to 39.880.200.000 pesos; amounts that should be taken as a reference as it depends upon the programmes that the Corporation requires the firm to perform.
For the purpose of the technical and administrative elements of the contract, a management evaluation committee exists formed by executives within Codelco's exploration department (Gerencia Corporativa de Exploraciones) and the Corporative
vice-president of development. This committee will meet quarterly, to adjust and review programmes.
Moreover, the company signed a second service provision contract with Codelco to maintain its mining concession data base for one year starting January 3th 2005, for a total value of 51,200,280 pesos. This contract was renewed for three years (expires December 31th 2006) by means of the contract modification, increasing its value amount to 102.400.560 pesos. During December 2006, the parties agreed to extend the terms for an additional year (expires December 31th 2007) and increase the total value of the contract to 169.346.280 pesos.

Investment as a percentage of total head office
2006 Investment in subsidiary US$220,000.
2005 Investment in subsidiary US$191,000.
Total investment as a percentage of head office assets: 0.002%, 2006.