ANNUAL RESULTS

2023
Santiago, Chile, March 28, 2024
Corporación Nacional del Cobre (CODELCO) released
its Annual Operational and Financial Report 2023

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 31, 2023

© 2023 CODELCO CHILE.
 FULL YEAR RESULTS 2023

and a yield of T+235. This transaction was heavily

Santiago, Chile, March 28, oversubscribed, with a combined order book of
2024 Corporación Nacional US$7.5 billion.
del Cobre (CODELCO)
Capex Program. CODELCO's structural projects
released its Annual
are gaining traction after experiencing various
Operational and Financial challenges that affected timelines and expected
Report 2023: investment.

Total copper production, including CODELCO’s Lithium. CODELCO and SQM announced a public-
stake in El Abra and Anglo American Sur, private partnership to jointly develop productive
decreased by 8.4% to 1,424 ktons during 2023 and commercial activities in the Salar de Atacama
compared to 1,553 ktons during 2022. This decline over the coming decades. This association, that
in production was mainly driven by temporary will materialize as of January 1, 2025, will be
operational difficulties during the first six months structured through a common company with a
of 2023 and the quality of the ore supplied to the majority participation of the State of Chile from
plants, which has impacted production since mid- 2031 onwards and CODELCO will have an early
2022. Of this reduction, 73% (-88 ktmf) was due to stake in the profits of this common company. The
operational aspects and 27% (-33 ktmf) was final document will be signed during the second
caused by the impact of structural projects. quarter of 2024.
Nonetheless, production trends showed signs of
Additionally, CODELCO successfully acquired
recovery in the fourth quarter compared to
100% of the shares of Lithium Power International
previous quarters.
for approximately US$244 million equivalent. LPI
owns the Salar Blanco project in the Maricunga
Direct C1 cash cost was 203.1 cents per pound in salt flat, which is adjacent to Codelco’s property.
2023, compared to 165.4 cents per pound in 2022. The purchase took place in March, 2024 and was
This increase in cash cost was primarily attributed financed with its own resources.
to lower production, increased use of inventory, Furthermore, a competitive process will be carried
higher costs of maintenance services and higher out to select one or more partners for Maricunga.
operational cost in local currency due to the Through both steps, CODELCO consolidates its
appreciation of the Chilean peso against the U.S. mining property in the Maricunga salt flat and
dollar. Nevertheless, higher molybdenum prices advances in the configuration of a very relevant
and lower energy, diesel and acid prices partially project for Chile.
offset this increased cost.

New Debt Issue. Codelco issued two bonds on Revenues amounted to US$ 16.4 billion in 2023,
January 23, 2024, totaling US$2 billion. The first showing a 3.7% decrease from the reported US$
bond was a US$1.5 billion note due in 2036 with a 17.0 billion in 2022. This decrease in revenues was
coupon rate of 6.44% and a yield of T+230. The primarily influenced by lower copper sales
second bond was a US$500 million reopening of volume, partially offset by higher average prices.
the note due in 2053 with a coupon rate of 6.30%

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 2

 FULL YEAR RESULTS 2023

Profit (loss) before tax reached US$ (757.2) 1, 2026, over 85% of the electrical energy used by
million in 2023, in stark contrast to the US$ 1.5 CODELCO will be supplied from 100% renewable
billion profit recorded in 2022. Furthermore, the sources, thus moving toward achieving its
adjusted EBITDA(1) in 2023 totaled US$ 4.2 billion, strategic plan goal , i.e., decarbonize its power grid
down 24.8% from US$ 5.6 billion achieved in 2022. by 2030.

In December CODELCO achieved the Copper Mark

certification for its mines, smelters and refineries,
Net debt reached a total of US$ 19.3 billion as of
after an exhaustive independent review that
December 2023. The net debt to adjusted
confirmed on the ground that the company is
EBITDA(1) ratio surged to 4.6x from 2.9x on
applying the highest sustainability standards in
December 31, 2022. Additionally, the adjusted
the industry, ratifying its commitment to be a
EBITDA(1) coverage ratio declined to 6.2x in 2023,
pillar of sustainable development of Chile and the
decreasing from 10.7x in 2022.
world.

ESG. CODELCO announced the appointment of its

new CFO, Alejandro Sanhueza, effective from
February 1, 2024. Mr. Sanhueza was the former
Head of Finance at Codelco, from 2017 to 2023.

CODELCO successfully concluded a renewable

energy public bidding process undertaken in 2023,
in which more than 50 national and international
companies participated. The bid was awarded to
Colbún, Atlas and Innergex, for a total of 1.8
terawatt hours per year (TWh/year), equivalent to
the consumption of approximately 222 thousand
households. Thanks to this process, as of January

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 3

 FULL YEAR RESULTS 2023

FINANCIAL AND OPERATING DATA SUMMARY

December 31, CHANGE

2022 2023 Amount %

Total Copper Production (‘000 mft) (2) 1,552.7 1,424.2 (128.5) (8.4)

Total Own Molybdenum Production (‘000 mft) 20.1 16.3 (3.8) (19.0)

Cash Cost (USc/lb) 165.4 203.1 37.7 22.8

Total Own Copper Sales (‘000 mft) 1,664.3 1,562.6 (101.7) (6.1)

Total Molybdenum Sales (‘000 mft) 20.9 17.0 (3.9) (18.8)

LME Copper Price (USc/lb) 399.0 382.5 (16.6) (4.2)

Realized Copper Price (USc/lb) 374.5 384.1 9.6 2.6

Metals Week Molybdenum Price (US$/lb) 18.8 18.5 (0.3) (1.6)

Average Exchange Rate (CLP/US$) 872.3 839.1 (33.3) (3.8)

Closing Exchange Rate (CLP/US$) 966.0 906.8 (59.2) (6.1)

Total Revenues (US$ million) 17,018.4 16,393.2 (625.2) (3.7)

Gross Profit (US$ million) 4,733.8 3,119.9 (1,613.9) (34.1)

Gross Margin (%) 27.8 19.0 (8.8) (31.6)

Adjusted EBITDA (US$ million) (1) 5,565.0 4,184.3 (1,380.7) (24.8)

Adjusted EBITDA Margin (%) 32.7 25.5 (7.2) (21.9)

Net Financial Debt (US$ million) (3) 16,342.1 19,254.8 2,912.8 17.8

Net Interest Expense (US$ million) 521.8 679.9 158.0 30.3

Net Financial Debt to LTM Adjusted EBITDA 2.9 4.6 1.7 56.7

Adjusted EBITDA to Net Interest Expense 10.7 6.2 (4.5) (42.3)

Net Financial Debt to total Capitalization (%) 56.3 60.8 4.5 8.1

Contribution to the Chilean Treasury (US$ million-cash flow) 2,295.4 1,417.1 (878.3) (38.3)

1. Adjusted EBITDA is calculated by adding interest expense, income tax, depreciation and amortization of assets, copper reserve law and
impairment charges to profit (loss) for the period.
2. Total Production Includes Codelco’s share in El Abra and Anglo American Sur.
3. Net Financial Debt is financial Debt minus Cash and Cash Equivalents.

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 4

 FULL YEAR RESULTS 2023

OPERATION: PRODUCTION, REVENUES, COST & ADJUSTED EBITDA

Consolidated Production. In 2023, consolidated copper output, including CODELCO’s stake in El Abra and
Anglo American Sur, decreased by 8.4% to 1,424 ktons compared to 1,553 ktons in 2022. The main reasons
for this drop are due to temporary operational difficulties during the first half of 2023 and the quality of
the ore supplied to the plants, which has impacted production since mid-2022. Of this reduction, 73% (-88
ktmf) was due to operational aspects and 27% (-33 ktmf) was caused by the impact of structural projects.
A more detailed analysis is provided below:
El Teniente Division (-54 ktmf), was affected by the Sewell plant shutdown (due to a fatal accident), a major
maintenance at the Colón plant, an unusual weather event in June, and a seismic event during the last
week of July.
The decline at the Ministro Hales Division (-26 ktmf) is explained by lower ore grades supplied to the
concentrator, mainly during the first half of the year. As a result of the 2021 landslide, we were forced to
change the mining sequence, feeding the concentrator with lower grade ores that was originally scheduled
for the end of the mining plan.
The decrease in sulfides processed at the Chuquicamata concentrator (-11 ktmf) is explained by depleting
mineral resources from the open-pit mine (-85 ktmf), but it has been offset by higher grade ores from the
underground mine (+46 ktmf).
The lower production at the Andina Division (-13 ktmf) is mainly due to lower treatment caused by a ball
mill motor failure, and operational discontinuities during the first half of the year. Additionally, this Division
was affected by a severe weather event at the end of June, preventively stopping operations to avoid
environmental incidents in the event that the tailings channel were damaged.
The reduction at the Gabriela Mistral Division (-3.7 ktmf) is mainly due to lower copper ore grades
compared to 2022, a difference that occurred mainly in the first six months.
Regarding the impact of structural projects in 2023 (-33 ktmf), key events are the lower production in
Salvador Division (-24 ktmf), due to the delay in the start-up of the Rajo Inca Project, and the slower
progress of the Chuquicamata Underground project (-9 Ktmf), which has hampered the access to better
grade ores (0.91% in 2023 vs. 0.97% in 2022).
Notwithstanding the above, own-production trends showed signs of recovery during the fourth quarter,
reaching 360 ktons between October and December 2023, 8.1% and 17.6% higher than in the third quarter
and the second quarter, respectively. It is important to highlight the improvements and advances in terms
of plant activity and material movement in the mines, which lay the foundations for a production recovery
once the quality of the mineral ore improves:

- 52% increase in the mineral extraction rate from the Chuquicamata underground mine (50 ktpd in
December 2023 versus 33 ktpd in December 2022).
- Greater sulfide extraction capacity from Radomiro Tomic (45%) treated at the Chuquicamata
concentrator, compensating for the depletion of the pit and slower growth rate of the
underground mine.

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 5

 FULL YEAR RESULTS 2023

- Use of minerals from Radomiro Tomic (2,085 ktms) to improve the metallurgical response of the
Ministro Hales concentrator.
- 5% increase in stacking at the Gabriela Mistral Division (111 ktpd versus 105 ktpd), reaching a
historical stacking record in May 2023 (135 ktpd) and managing to register 1,000 million tons
transported in autonomous trucks in the same month.
- Ministro Hales Division increased the concentrator throughput rate by 10%, reaching 59 ktpd in
December 2023 versus the same period in 2022, as a result of stabilizing the tailings treatment
process.

Molybdenum production was down 19.0% to 16.3 ktons in 2023, compared to 20.1 ktons in 2022. This
decline in molybdenum production was primarily attributed to lower production at Chuquicamata.

DIVISION 2022 2023 ∆%

COPPER PRODUCTION (K

CHUQUICAMATA 268.3 248.5 (7.4)

RADOMIRO TOMIC 301.1 314.8 4.5
MINISTRO HALES 152.2 126.0 (17.2)
GABRIELA MISTRAL 109.5 105.8 (3.4)
TON)

EL TENIENTE 405.4 351.9 (13.2)

ANDINA 177.0 164.5 (7.1)
SALVADOR 32.1 13.0 (59.5)
EL ABRA(4) 44.9 48.2 7.3
(5)
ANGLO AMERICA SUR 62.2 51.0 (18.0)
CODELCO TOTAL 1,552.7 1,423.7 (8.4)

4. CODELCO’s figures for El Abra include 49% of the mine’s total production (CODELCO’s share of production, i.e., 49% ownership interest in the
mine).
5. CODELCO’s figures presented for Anglo American Sur include 20% of the mine’s total production (CODELCO’s share of production, i.e., 20%
ownership interest in the mine).

Revenues. Amounted to US$ 16.4 billion in 2023, a 3.7% decrease from the reported US$ 17.0 billion in
2022. This decrease in revenues was primarily influenced by a lower copper sales volume, partially offset
by higher average prices.

Consolidated Costs. Direct C1 cash cost was 203.1 cents per pound in 2023, compared to 165.4 cents per
pound in 2022. This increase in cash cost was primarily attributed to lower production, increased use of
inventory, higher costs of maintenance services and higher operational costs in local currency due to the
appreciation of the Chilean peso against the U.S. dollar (in 2023, the average exchange rate was CLP 839
per U.S. dollar compared to CLP 872 per U.S. dollar in 2022). Nevertheless, higher molybdenum prices and
lower energy, diesel and acid prices partially offset this increased cost.

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 6

 FULL YEAR RESULTS 2023

2024 Guidance

Actual 2023 FY 2024 E

(In thousands of U.S.$)

Copper production (kt) 1,325 1,325 – 1,390

Cash Cost (USc/lb) 203.1 202 - 210

Capital and exploration expenditure 4,185 4,000 – 5,000

Codelco’s assumptions: Average foreign exchange rate in 2024: CLP/USD 843.

Adjusted EBITDA. In 2023, the Adjusted EBITDA totaled US$ 4.2 billion, down 24.8% decrease from US$
5.6 billion achieved in 2022. On December 31, 2023, the net debt to Adjusted EBITDA ratio surged to 4.6x
from 2.9x on December 31, 2022. Additionally, the Adjusted EBITDA coverage ratio declined to 6.2x in
2023, decreasing from 10.7x in 2022.

Adjusted EBITDA is calculated by adding interest expense, taxes, depreciation, and amortization of assets
plus export taxes (Copper Reserve Law) and impairment charges to profit (loss) for the period. Impairment
charges include charges and reversals of charges for investment projects, research projects, and
investment in associates and joint ventures.

Debt is defined as bonds issued plus leases and loans from financial institutions. Net debt is defined as
debt net of cash and cash equivalents. Adjusted EBITDA coverage ratio is the ratio of Adjusted EBITDA to
interest expense net of finance income.
December 31,

2022 2023

(US$000’s)
Profit (loss) for the period 361,571 (591,239)

Income taxes 1,133,670 (165,916)

Interest expenses 569,060 778,910

Asset depreciation and amortization 2,227,284 2,292,126

Copper Reserve Law 1,273,425 1,256,339

Accounting Adjustment 91,430 614,055

Adjusted EBITDA 5,656,440 4,184,275

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 7

 FULL YEAR RESULTS 2023

CAPITAL EXPENDITURE: STRUCTURAL PROJECTS

Chuquicamata Underground Mine: The 82.4%. On December 31, 2023, progress

underground mine began operations on April 30, execution works for the Diamante’s, and
2019. On December 31, 2023, the overall Andesita’s projects had progressed to 34.7% and
progress of the continuity infrastructure phase I 40.1%, respectively.
had reached 51.0%, while phase II was still being
Salvador Rajo Inca Project: Salvador operation is
defined.
carrying out prestripping activities. On December
Andina Transfer System: This project is currently 31, 2023, the project’s overall progress was
in the commissioning phase. Its overall progress 70.2%. Looking ahead, focus will shift toward the
had reached 99.6% on December 31, 2023. Only concentrator and hydrometallurgical plants, and
minor works remain for the project completion. the tailings dam.

El Teniente New Mine Level (NML): The

Diamante, Andesita, and Andes Norte projects,
collectively referred to as The New Mine Level,
aims to extend mine life by 50 years and enable
mining at deeper levels. Andes Norte faced a
seismic event that affected the project; however,
it resumed construction and has progressed to

AVERAGE METAL PRICE

LME COPPER COMEX COPPER MOLYBDENUM

(US$/lb.) (US$/lb.) (US$/lb.)

1Q 2023 4.1 4.1 32.0

2Q 2023 3.8 3.8 20.9

3Q 2023 3.8 3.8 23.6

4Q 2023 3.7 3.7 18.4

AVERAGE 2023 3.8 3.9 23.7

1Q 2022 4.5 4.5 19.7

2Q 2022 4.3 4.3 18.4

3Q 2022 3.5 3.5 16.1

4Q 2022 3.6 3.7 21.5

AVERAGE 2022 4.0 4.0 18.9

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 8

 FULL YEAR RESULTS 2023

VARIATION: 4Q 2023 VS. 4Q 2022 2.0% 1.8% (14.4)%

VARIATION: 4Q 2023 VS. 3Q 2022 4.4% 3.2% 9.7%

Sources: LME, COMEX and Metals Week Dealer Oxide

CASH FLOWS

In 2023, net cash flows from operating activities totaled US$ 623.5 million, down 71.7% compared to
2022. Higher other cash receipts from operating activities, payments to and on behalf of employees, and
supplier payments for goods and services were the main drivers behind the decrease in operating cash
flows, partially offset by lower taxes and non-dividend payment.

CASH AND DEBT

In December 31, 2023, net financial debt increased to US$ 19.3 billion, showing a 17.8% rise compared to
net financial debt of US$ 16.3 billion recorded on December 31, 2022. This increase can be attributed to
the issuance of two bonds on January 23, 2024, totaling US$2 billion (the first bond was a US$1.5 billion
note due in 2036 with a coupon rate of 6.44% and a yield of T+230, while the second bond was a US$500
million reopening of the note due in 2053 with a coupon rate of 6.30% and a yield of T+235).

Additionally, on September 2023, CODELCO also issued US$ 2,000 million in two tranches, the first bond
was a US$1.3 billion note due in 2034 with a coupon rate of 5.95% and a yield of T+170. The second bond
was a US$700 million note due in 2053 with a coupon rate of 6.30% and a yield of T+195.

SUSTAINABILITY FOCUS: ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Safety. Accident-severity and Accident-frequency rates improved trends up to December 31, 2023.

Accident-severity and Accident-frequency rates were 119 and 0.50 on December 31, 2023, respectively.

SEVERITY RATE - EMPLOYEES & CONTRACTORS FREQUENCY RATE - EMPLOYEES & CONTRACTORS
(DAYS LOST & DAYS CHARGED / MILLION HOURS WORKED) (LOST TIME INJURY / MILLION HOURS WORKED)

400
1.40
300
1.10
200
119 0.80
0.50
100 0.50

0 0.20
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

CODELCO OPERATIONAL AND FINANCIAL RESULTS DECEMBER 2023 9

 FULL YEAR RESULTS 2023

CODELCO’s six commitments are as follows:

1. Reduce carbon footprint: Codelco will reduce its greenhouse gas emissions by 70%.
We will implement a 100% renewable energy portfolio of Power Purchase Agreements. We will also
innovate to replace all underground mine production and logistics equipment with electrical equipment
and actively participate in the search for new clean energy sources such as green hydrogen.

2. Reduce water footprint: Codelco will reduce inland water use per ton of treated ore by 60%.
We will reduce make-up water (freshwater resources utilized by operations) through process efficiency,
Codelco will incorporate a desalination plant in the Northern District and, through innovative solutions,
we will recover water from our tailings storage facilities.

3. Circular economy: Codelco will recycle 65% of its industrial waste.

We will recycle 100% of mine truck tires and ramp up recycling efforts for primary, solid, non-hazardous
waste from our operations and projects such as steel, wood, packaging materials, organic waste and scrap
metal.

4. A new tailings storage standard: Tailings storage facilities (TSF) with 100% world-class sustainability
measures in place. Using innovative systems, Codelco will conduct online monitoring of the TSF physical
and chemical stability and apply seepage control systems.

5. Create additional social value in our territories: Codelco will increase by 60% the goods and services
sourced from local suppliers and increase employment of local workforce.
Moreover, Codelco will implement a new strategy for territorial integration focused on creating social
value, by promoting the use of local labor, strengthening mining education and increasing sustainability
within the territory.

6.-Reduce particular matter: Codelco will reduce PM10 emissions by 25%. The North District will reduce
emissions 20% by 2030; this is 3% more than required by the Calama Air Decontamination Plan. We will
incorporate new dust suppression technologies, detection system for adverse weather conditions, and
100% of the air quality monitoring stations will detect levels below 40 μg per m3 (micrograms of PM10/m3
of air) in local communities by 2030.

C O D E L C O O P E R A T I O N A L A N D F I N A N C I A L R E S U L T S D E C E M B E R 2 0 2 3 10
 FULL YEAR RESULTS 2023

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (US$ ‘000)

TWELVE MONTHS ENDED DECEMBER 31,

PROFIT (LOSS) 2022 2023

REVENUE 17,018,409.0 16,393,229.0

COST OF SALES (12,284,652.0) (13,273,343.0)
GROSS PROFIT 4,733,757.0 3,119,886.0
OTHER INCOME, BY FUNCTION 64,731.0 93,039.0
DISTRIBUTION COSTS (17,151.0) (25,497.0)
ADMINISTRATIVE EXPENSES (502,313.0) (544,162.0)
OTHER EXPENSES (2,103,316.0) (2,062,806.0)
OTHER GAINS (LOSSES) 29,782.0 43,046.0

PROFIT (LOSSES) FROM OPERATING ACTIVITIES 2,205,490.0 623,506.0

FINANCE INCOME 47,245.0 99,051.0

FINANCE COSTS (569,060.0) (778,910.0)

IMPAIRMENT AND REVERSED IMPAIRMENT ACCORDING
(2,648.0) 2,279.0
TO IFRS 9
SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES
51,991.0 (658,118.0)
ACCOUNTING USING THE EQUITY METHOD
FOREIGN EXCHANGE DIFFERENCES (237,777.0) (44,963.0)
PROFIT FOR THE PERIOD BEFORE TAX 1,495,241.0 (757,155.0)
INCOME TAX EXPENSE (1,133,670.0) 165,916.0
PROFIT FOR THE PERIOD 361,571.0 (591,239.0)
PROFIT (LOSS) ATTRIBUTABLE TO:
PROFIT (LOSS) ATTRIBUTABLE TO OWNERS OF THE
345,589.0 (374,974.0)
PARENT
PROFIT (LOSS) ATTRIBUTABLE TO
15,982.0 (216,265.0)
NON- CONTROLLING INTERESTS
PROFIT FOR THE PERIOD 361,571.0 (591,239.0)

C O D E L C O O P E R A T I O N A L A N D F I N A N C I A L R E S U L T S D E C E M B E R 2 0 2 3 11
 FULL YEAR RESULTS 2023

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (US$ ‘000)

ASSETS DECEMBER 31,

CURRENT ASSETS 2022 2023

CASH AND CASH EQUIVALENTS 1,026,727 1,342,043

OTHER CURRENT FINANCIAL ASSETS 1,451 12

OTHER CURRENT NON-FINANCIAL ASSETS 36,989 48,580

TRADE AND OTHER CURRENT RECEIVABLES 3,386,785 3,405,668

ACCOUNTS RECEIVABLES DUE FROM RELATED

31,756 34,657
COMPANIES, CURRENT
INVENTORY 2,300,909 2,455,701

CURRENT TAX ASSETS 10,226 2,620

TOTAL CURRENT ASSETS 6,794,843 7,289,281

NON - CURRENT ASSETS

OTHER NON - CURRENT FINANCIAL ASSETS 105,518 494,747

OTHER NON – CURRENT NON-FINANCIAL ASSETS 13,615 107,436

NON - CURRENT RECEIVABLES 88,906 13,488

ACCOUNTS RECEIVABLES DUE FROM RELATED
224 71,272
COMPANIES, NON - CURRENT
NON - CURRENT INVENTORIES 603,446 224
INVESTMENT ACCOUNTED FOR USING THE EQUITY
3,527,323 2,866,698
METHOD
INTANGIBLE ASSENTS OTHER THAN GOODWILL 42,687 39,660

PROPERTY, PLANT AND EQUIPMENT, NET 32,309,530 34,622,571

INVESTMENT PROPERTY 981 981

ASSETS BY RIGHT OF USE 405,843 390,756

ASSETS FOR CURRENT TAXES, NON-CURRENT 748,611 875,604

C O D E L C O O P E R A T I O N A L A N D F I N A N C I A L R E S U L T S D E C E M B E R 2 0 2 3 12
 FULL YEAR RESULTS 2023

DEFERRED TAX ASSETS 95,705 103,530

TOTAL NON - CURRENT ASSETS 37,942,389 39,586,967

TOTAL ASSETS 44,737,232 46,876,248

LIABILITIES DECEMBER 31,

CURRENT LIABILITIES 2022 2023

OTHER CURRENT FINANCIAL LIABILITIES 595,627 985,850

TRADE AND OTHER CURRENT PAYABLES 1,779,538 1,789,892

ACCOUNTS PAYABLES TO RELATED COMPANIES,

178,673 172,434
CURRENT

OTHER CURRENT PROVISIONS 761,665 899,489

CURRENT TAX LIABILITIES 26,309 14,414

CURRENT EMPLOYEE BENEFIT ACCRUALS 544,289 480,740

OTHER CURRENT NON - FINANCIAL LIABILITIES 34,384 41,164

TOTAL CURRENT LIABILITIES 3,920,485 4,383,983

NON - CURRENT LIABILITIES

OTHER NON - CURRENT FINANCIAL LIABILITIES 16,975,802 19,814,161

OTHER NON - CURRENT LIABILITIES 1,062 954

OTHER NON - CURRENT PROVISIONS AND ACCRUED
2,679,728 2,332,643
EXPENSES
DEFERRED TAX LIABILITIES 8,461,928 8,241,800

NON - CURRENT EMPLOYEE BENEFIT ACCRUALS 1,041,117 1,053,430

OTHER NON - CURRENT NON - FINANCIAL LIABILITIES 2,545 2,628

TOTAL NON - CURRENT LIABILITIES 29,162,182 31,445,616

TOTAL LIABILITIES 33,082,667 35,829,599

C O D E L C O O P E R A T I O N A L A N D F I N A N C I A L R E S U L T S D E C E M B E R 2 0 2 3 13
 FULL YEAR RESULTS 2023

EQUITY

ISSUED CAPITAL 5,619,423 5,619,423

RETAINED EARNINGS (LOSSES) (538,367) (909,651)

OTHER RESERVES 5,659,426 5,639,923

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 10,740,482 10,349,695

NON – CONTROLLING INTERESTS 914,083 696,954

TOTAL EQUITY 11,654,565 11,046,649

TOTAL LIABILITIES AND EQUITY 44,737,232 46,876,248

CONSOLIDATED STATEMENTS OF CASH FLOWS (US$ ‘000)

TWELVE MONTHS ENDED DECEMBER 31,

2022 2023
CASH FLOW PROVIDED BY (USED IN) OPERATING
ACTIVITIES:
CASH FLOWS PROVIDED BY SALES OF GOODS AND
17,999,563 16,752,682
RENDERING OF SERVICES
OTHER CASH FLOWS PROVIDED BY OPERATING
2,335,896 2,706,265
ACTIVITIES
TYPES OF CASH PAYMENTS - -

PAYMENTS TO SUPPLIERS FOR GOODS AND SERVICES (10,954,146) (11,804,380)

PAYMENTS TO AND ON BEHALF OF EMPLOYEES (1,393,362) (1,657,379)

OTHER CASH FLOWS USED IN OPERATING ACTIVITIES (3,063,993) (3,464,919)

DIVIDENDS RECEIVED 163,619 -

INCOME TAXES PAID (741,578) (144,043)

NET CASH FLOWS PROVIDED BY OPERATING

4,345,999 2,388,226
ACTIVITIES

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CASH FLOWS PROVIDED BY (USED IN) INVESTING

ACTIVITIES:
PURCHASES OF PROPERTY PLANT AND EQUIPMENT,
(3,480,367) (4,368,917)
EQUITY OR DEBT INSTRUMENTS OF OTHER ENTITIES
INTEREST RECEIVED 39,302 94,125

OTHER INFLOWS (OUTFLOWS) OF CASH 324,392 9,257

NET CASH FLOWS FROM (USED IN) INVESTING
(3,116,673) (4,265,535)
ACTIVITIES
CASH FLOWS USED IN FINANCING ACTIVITIES:

DIVIDENDS PAID (259,900) -

PROCEEDS FROM BORROWINGS AND LONG TERM
- 3,730,000
BOND
REPAYMENTS OF BORROWINGS (344,623) (558,218)

PAYMENTS OF LIABILITIES FOR FINANCIAL LEASES (141,780) (154,482)

INTEREST PAID (705,345) (785,701)

OTHER INFLOWS (OUTFLOWS) OF CASH (52,619) (21,387)

NET CASH FLOWS USED IN FINANCING ACTIVITIES (1,504,267) 2,210,212

NET INCREASE (DECREASE) IN CASH AND CASH
(274,941) 332,903
EQUIVALENTS BEFORE FX DIFFERENCE
FOREIGN EXCHANGE RATE NET INCREASE (DECREASE) IN
18,050 (17,587)
CASH EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH
(256,891) 315,316
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF
1,283,618 1,026,727
PERIOD
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,026,727 1,342,043

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COMPANY PROFILE

CODELCO is the world’s largest copper producer primarily engaged in the exploration, development and
extraction of copper-bearing ores and by-products, processing ore into refined copper and international
trade of refined copper and by-products. CODELCO is 100% owned by the Republic of Chile and controls
approximately 4.7% of the world’s proven and probable copper reserves as defined by the U.S.
Geological Survey.

CODELCO CORPORATE ADDRESS

1270 Huerfanos St.

P.O. Box 150 – D
Santiago, CHILE
Phone: (56-2) 2690 3000

INVESTOR CONTACT

Rocío Castillo Pamela Carvajal Olivar Hernández

Director of Investor Relations Investor Relations Head of Finance
Phone: (56-9) 6824 0355 Phone: (56-9) 8905 7854 Phone: (56-2) 2690 3248
[email protected] [email protected] [email protected]@CODELCO.cl

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DISCLAIMER

This new release has been prepared by Corporación Nacional del Cobre de Chile (“CODELCO” or the
“Company”) This news release does not constitute or form part of an offer or any request to any other
person or to the general public to subscribe for or otherwise acquire securities issued by CODELCO in any
jurisdiction or an inducement to enter into investment activity, nor shall it (or any part hereof) or the fact
of its distribution or availability, form the basis of, or be relied on in connection with, or act as any
inducement to enter into, any contract or commitment or investment decision.

The information contained in this independent news release has not been verified and is subject to change
without notice. No representation or warranty expressed or implied is made as to and no reliance should
be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions
contained herein, None of the Company, any of its respective affiliates, advisers or representatives shall
have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of
this presentation or its contents or otherwise arising in connection with the presentation.

This news release is only for persons who have professional experience in matters relating to investments
and must not be acted or relied on by people who are not relevant persons,

This news release contains forward-looking statements as that term is defined in the Private Security
Litigation Reform Act of 1995. In addition to the risks and uncertainties noted in this news release, there
are certain factors that could cause results to differ materially from those anticipated by some of the
statements made, The Company expressly disclaims any obligation to release publicly any update or
revisions for any forward-looking statements contained herein to reflect any change in the Company’s
expectations with regard thereto or any change in events, conditions or circumstances on which any
statement is based.

As an Industry Standard, CODELCO divides its mineral holdings into two categories, reserves and resources.
Resources are ore bodies of economic value that have been identified and evaluated through exploration,
reconnaissance, and sampling. Reserves are the portion of the resources that can be extracted based on
an economic, environmental, and technological analysis set forth in the mining plan, Reserves and
resources are both subdivided further, based on the degree of knowledge that CODELCO has of their
extent and composition. The system used by CODELCO for categorizing mineral ores is according to the
Chilean law (N° 20,235), which is in accordance with other systems widely used within the mining industry.
The “Comisión Calificadora de Competencias en Recursos y Reservas Mineras” is the independent Chilean
entity that regulates this, and it is part of the Committee for Mineral Reserves International Reporting
Standards (CRISCO).

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