A Value Statement for Codelco

4.8Internally developed statements of mission or values, codes of conduct, and principles relevant to economic, environmental, and social performance and the status of their implementation. Since November 2010, Codelco has a Value Statement that guides company management and the actions of all workers.

This Statement is the result of an extensive dialogue process which encompassed all the organizational strata and included interviews, workshops and queries in all the divisions and work centers, as well as an online debate through Codelco’s portal, which allowedgathering over 6,300 opinions from company workers.

The Value Statement is the highestranking document in the Company hierarchy, and will guide Codelco’s management and actions towards the future.

Each of these values has a breakdown of the main conducts that are derived from them. The complete text can be read on the company website, www.codelco.com.

The identity and seven values that represent Codelco and its workers, detailed in the Statement, are:

Our Identity We are Codelco, the largest mining company in Chile

We are a team of men and women committed to Codelco’s leadership in the global mining industry and in Chile, with a view to contributing to the country’s development.

We work with enthusiasm and adhere to high safety standards, giving careful consideration to sustainability and maximizing the profit we generate for our owner, the Chilean State.

We endeavour to make every Chilean proud of Codelco and to hold in high regard the company’s long-standing history of service to our country, safeguarding the Company name as if it were our own.

Our values

1. Respect for human life and dignity
   Respecting human life and dignitiy is a core value.
   There is no justification for taking uncontrolled risks that
   put our health or safety in harm’s way.
2. Accountability and commitment
   Working at Codelco is a source of pride,
   great responsibility and an enormous commitment.
3. Personal skills
   We value and recognize competent
   employees who show initiative and leadership and
   face challenges with conviction and courage.
4. Teamwork
   We foster teamwork, responsible participation
   and contribution by employee organizations
   and other experienced sources.
5. Work excellence
   We strive for excellence in everything
   we do and practice continuous improvemen
   t in order to be one of the industry’s best.
6. Innovation
   We are a creative company,
   focusing on innovation to create know-how
   and value while furthering our leadership.
7. Sustainable Development
   We are committed to sustainable
   development in our operations and projects.