Consolidated June 30th

Financial balances year 2000 | June 30th
Interim Consolidated Balance Sheets (Unaudited)

	June 30
	*2000*	*1999*
	Th.US$	Th.US$
ASSETS
CURRENT ASSETS
Cash	9,040	21,239
Time deposits and marketable securities	62,948	224,746
Trade accounts receivable	213,860	132,460
Other accounts receivable	194,561	271,065
Inventories	547,898	438,540
Prepaid expenses	16,611	20,157
Other current assets	2,181	1,525
Total current assets	1,047,099	1,109,732
PROPERTY, PLANT AND EQUIPMENT
Land, infrastructure and equipment, net	3,382,262	3,051,657
Construction-in-progress	493,561	781,247
Mine development, net	243,622	257,892
Total property, plant and equipment	4,119,445	4,090,796
OTHER ASSETS
Other assets	300,715	216,444
Investments in other companies	216,896	152,451
Long-term accounts receivable	98,642	129,110
Total other assets	616,253	498,005
TOTAL ASSETS	5,782,797	5.698,533

CORPORACION NACIONAL DEL COBRE DE CHILE Interim Consolidated Balance Sheets (Unaudited)
	June 30
	*2000*	*1999*
	Th.US$	Th.US$
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bank debt	291,271	462,541
Accounts payable	186,169	122,858
Accrued liabilities and withholdings	202,097	217,099
Other current liabilities	9,578	8,599
Income taxes	6,951	0
Total current liabilities	696,066	811,097
LONG-TERM LIABILITIES
Bank debt	836,189	823,022
7 3/8% Notes due May 1, 2009	300,000	300,000
Provisions	610,461	554,637
Deferred taxes	582,497	501,848
Other long-term liabilities	15,398	10,667
Total long-term liabilities	2,344,545	2,190,174
EQUITY
Paid-in capital	1,524,423	1,524,423
Other reserves	1,215,885	1,220,068
Net income for the year	94,409	1,046
Less: Distribution advances from profits to the Chilean Treasury Department	(92,531)	(48,275)
Total equity	2,742,186	2,697,262
Total Liabilities and Equity	5,782,797	5,698,533

CORPORACION NACIONAL DEL COBRE DE CHILE Interim Consolidated Statements of Income (Unaudited)
	For the six month period Ended at June 30,
	*2000*	*1999*
	Th.US$	Th.US$
OPERATING ICOME
Sales of copper	1,320,012	1,031,921
Sales of copper acquired from third parties	206,539	114,759
Sales of by-products	147,564	128,266
	1,674,115	1,274,946

Cost of sales	(1,014,718)	(957,817)
Cost of copper acquired from third parties	(200,434)	(111,461)
Gross profit	458,963	205,668

Selling and administrative expenses	(33,392)	(35,557)
Other operating expenses	(25,689)	(18,669)
Foreign exchange adjustments	5,983	1,301
Operating income	405,865	152,743
NON - OPERATING INCOME
Interest income	6,592	7,724
Other income	52,282	38,638
Interest expense	(53,432)	(51,437)
Other expenses	(64,312)	(25,254)
Non-operating loss	(58,870)	(30,329)
Income before taxes	346,995	122,414
Tax Law No. 13196	(132,353)	(108,428)
Income taxes	(120,233)	(12,940)
Net income for the year	94,409	1,046

CORPORACION NACIONAL DEL COBRE DE CHILE Interim Consolidated Statements of Cash Flows (Unaudited)
	For the six month period Ended at June 30,
	*2000*	*1999*
	Th.US$	Th.US$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers	1,700,488	1,353,321
Other receipts	33,424	24,283
Payments to supplier, salaries and other costs	(1,162,513)	(993,834)
V.A.T. paid	(176,349)	(138,652)
V.A.T. recovered	156,627	124,576
Interest received	3,276	4,226
Interest paid	(43,561)	(41,820)
Income taxes paid	(77,359)	0
Hedging operations	(7,254)	9,856
Tax Law No. 13196	(145,410)	(105,705)
Dividends received	0	2,012
Net cash flows from operating activities	281,369	238,263
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of fixed assets	552	49
Investments in related companies	(1,912)	(1,638)
Additions to property, plant and equipment and mine development	(233,505)	(235,740)
Collection of accounts receivable	17,655	18,286
Long-term loans	(14,900)	(21,478)
Net cash flows from investing activities	(232,110)	(240,521)
CASH FLOWS FROM FINANCING ACTIVITIES
Bank financing	187,386	523,993
Repayment of debt	(185,000)	(512,389)
Distribution advances from profits to the Chilean Treasury Department	(160,755)	0
Net cash flows from financing activities	(158,369)	11,604
Change in cash and cash equivalents	(109,110)	9,346
Opening balance of cash and cash equivalents	181,098	236,639
Ending balance of cash and cash equivalents	71,988	245,985

ESTADOS CONSOLIDADOS INTERINOS DE FLUJOS DE EFECTIVO (NO AUDITADOS) Interim Consolidated Statements of Cash Flows (Unaudited) (Continued) Reconciliation of Net Income to Cash Flows from Operating Activities
	For the six month period Ended at June 30,
	*2000*	*1999*
	Th.US$	Th.US$
Net income for the year	94,409	1,046
Charges (credits) to income not representing movements of cash:	275,781	219,770

Depreciation and amortization	205,771	192,438
Write-off of fixed assets, net	1,094	1,219
Realized gain on investments in other companies	(27,318)	(22,089)
Equity income of subsidiaries	(1,956)	5,657
Increase in long-term provisions, including the impact of exchange rate variation	22,179	(15,098)
Deferred income taxes, net	52,157	52,533
Accrual for financial transactions	4,886	6,411
Impact of exchange rate variation in other accounts	18,968	(1,301)
Decrease (increase) in current assets	(16,731)	52,868

Trade accounts receivable	(6,069)	58,942
Other accounts receivable	(5,378)	(48,634)
Inventories	4,749	44,133
Prepaid expenses	(9,701)	(3,653)
Other current assets	332)	2,080
Increase (decrease) in current liabilities	(72,090)	(35,421)

Accounts payable to suppliers	(12,138)	27,378
Accrued liabilities and withholdings	(53,584)	(63,749)
Other current liabilities	4,009	950
Income taxes payable	(10,377)	0
Net cash flows from operating activities	281,369	238,263