MINERA PECOBRE S.A. DE C.V.
December 31st, 2006

Legal Status
Created on 21 June 1999 in Mexico City, DF, under the name Minera Peñodelco, SA de C.V., as per act 275,615, volume 10,293, before Notary No. 10 of the DF, Tomás Lozano Molina. Modified 7 October 1999, to include the Corporación Nacional del Cobre de Chile. On 25 January 2000, an extraordinary meeting of shareholders changed the company's name to Minera Pecobre, SA de C.V.

Capital subscribed and paid in (Mexican pesos)
Fixed capital: 100,000
Variable capital: 384,094,300
Registered capital: 398,052,610

Purpose
To explore, develop and exploit copper deposits in the Republic of Mexico.

Board of Directors
Jaime Lomelín Guillén, President
Octavio Alvídrez Cano
Andreas Raczynski
Juan Enrique Morales Jaramillo (*)
Nicolás Saric Rendic (*)

Codelco's share of capital and changes during the fiscal year
Codelco's share 49%.
In 2006, Codelco contributed US$3,030,650 equivalent to 33,720,000 Mexican pesos.

Commercial relations with Codelco
Codelco provides Minera Pecobre with a range of services in the field of exploration, mainly by assigning experienced, highly skilled professionals to explore for ore deposits who work with Pecobre's projects in Mexico, participating in geological, geochemical and geophysical explorations, and applying other specialized techniques required for defining the potential interest of ore deposits in the regions under exploration. In 2005, Codelco assigned exploration professionals to the Cobre Sonora, Mesa Central, Centinela and Generativo IOCG projects, and during 2006 to the Cobre Sonora, Franja Cananea, Generativo IOCG and the rest of Mexico projects.

Contracts with Codelco
Codelco has a current contract with Pecobre that in 2005 and 2006 billed Minera Pecobre, SA de C.V. for US$746,607 and US$876,944 respectively, for exploration services with the following projects: Cobre Sonora, Franja Cananea Mesa Central, Otras Franjas, Centinela and Generativo IOCG and the rest of Mexico.

Investment as a percentage of total head office
2006 Investment in jointly held firm US$1,414,000.
2005 investment in jointly held firm US$1,193,000.
Total investment as a percentage of head office assets: 0.011%, 2006.