INDUSTRIAL ASSET

TOTAL ASSET NPV 5,191

TOTAL INVESTOR NPV 5,191

Asset Ownership 100.0%

Glencore NPV 5,191

Valuation Date 0

Asset Discount Rate 9.5%

Investor Discount Rate 9.5%

Include Terminal Value NO

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
US$ Millions (Unless Otherwise Stated) - Ao 1 Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 Ao 6 Ao 7 Ao 8 Ao 9 Ao 10 Ao 11

Production

Own Sourced Production

Contained Copper Mt - 4,907 5,426 762 - - - - - - - -
Contained Silver oz - 17,365 14,441 1,218 - - - - - - - -
Contained Gold oz - 1,575 6,022 1,125 - - - - - - - -
Key product 4 Mt
Key product 5 Mt

Third Party Production

Venta de Concentrado de Cob Mt
Key product 2 Mt
Key product 3 Mt
Key product 4 Mt
Key product 5 Mt

Total Production
Venta de Concentrado de Cob Mt - 4,907 5,426 762 - - - - - - - -
Key product 2 Mt
Key product 3 Mt
Key product 4 Mt
Key product 5 Mt

Commodity Prices

Realised Commodity Prices

Copper US$/t 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500.0 6,500
Silver US$/toz 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0
Gold US$/toz 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0 1,200.0
Key product 4 US$/t
Key product 5 US$/t

Financials

P&L

Venta de Concentrado de Cobre - 27,864 35,665 5,311 - - - - - - - -

Key product 2 - - - - - - - - - - - -
Key product 3
Key product 4
Key product 5
Total Revenues - 27,864 35,665 5,311 - - - - - - - -
Implied y-o-y growth n/a n/a 28.0% (85.1)% (100.0)% n/a n/a n/a n/a n/a n/a n/a

Mining / extraction costs - (7,637) (10,336) (1,751) - - - - - - - -

Processing costs - (8,285) (11,263) (1,913) - - - - - - - -
Distribution costs
Administrative costs - (2,407) (3,273) (556) - - - - - - - -
Other operating costs
Total Operating Costs (excl. D&A) - (18,329) (24,872) (4,220) - - - - - - - -

EBITDA - 9,536 10,793 1,091 - - - - - - - -

MARGIN Implied margin n/a 34.2% 30.3% 20.5% n/a n/a n/a n/a n/a n/a n/a n/a

Depreciation & Amortisation - (2,035) (5,883) (2,322) - - - - - - - -

EBIT - 7,501 4,910 (1,232) - - - - - - - -

Implied margin n/a 26.9% 13.8% (23.2)% n/a n/a n/a n/a n/a n/a n/a n/a

Net Interest Expense / Pure exploration - - - - - - - - - - - -

EBT - 7,501 4,910 (1,232) - - - - - - - -

Tax - (1,800) (1,252) - - - - - - - - -

Implied tax rate n/m 24.0% 25.5% 0.0% n/m n/m n/m n/m n/m n/m n/m n/m

Net Income - 5,701 3,658 (1,232) - - - - - - - -

Cashflow

EBITDA - 9,536 10,793 1,091 - - - - - - - -

Tax paid - (1,800) (1,252) - - - - - - - - -
Change in working capital - (761) (103) 778 86 - - - - - - -
Capital expenditure (5,760) (4,080) (700) (600) - - - - - - - -
Other Cashflow items (inc. acquisitions & disposals)
Free Cash Flow (5,760) 2,895 8,738 1,268 86 - - - - - - -

Asset Valuation

Free Cash Flow for Valuation $5,191 (5,760) 2,895 8,738 1,268 86 - - - - - - -
TIR 56.5%
NPV
7.5% 5,573 (5,760) 2,692 7,557 1,020 64 - - - - - - -
8.5% 5,380 (5,760) 2,667 7,418 992 62 - - - - - - -
9.5% 5,191 (5,760) 2,643 7,283 965 60 - - - - - - -
10.5% 5,008 (5,760) 2,619 7,152 939 58 - - - - - - -
11.5% 4,830 (5,760) 2,595 7,025 914 56 - - - - - - -

Terminal Value
7.5% -
8.5% -
9.5% -
10.5% -
11.5% -

Investor Valuation

Investor flow (5,760) - - - - - - - - - - -

Capital Debt flow - - - - - - - - - - - -
Periodo - 1 2 3 4 5 6 7
Free Cash Flow for Valuation $5,191 (5,760) 2,895 8,738 1,268 86 - - - - - - -
TIR 56.5%
NPV
7.5% 5,573 (5,760) 2,692 7,557 1,020 64 - - - - - - -
8.5% 5,380 (5,760) 2,667 7,418 992 62 - - - - - - -
9.5% 5,191 (5,760) 2,643 7,283 965 60 - - - - - - -
10.5% 5,008 (5,760) 2,619 7,152 939 58 - - - - - - -
11.5% 4,830 (5,760) 2,595 7,025 914 56 - - - - - - -

Terminal Value
7.5% -
8.5% -
9.5% -
10.5% -
11.5% -

OPEX Total Operating Costs (excl. D&A) 18,329 24,872 4,220 - - -

Depreciacin 2,035 5,883 2,322 - - -
EBIT 7,501 4,910 (1,232) - - -
9.5% VAN (5,760) (3,117) 4,166 5,132 5,191 5,191 5,191 5,191
Periodo 0 1 2 3 4 5 6 7

Estado de Ganancias y Perdidas Flujo de Caja despues de Impuestos

10,000 6,000
40,000 40%

35,000 35% 8,000

000 USD

4,000
000 USD

000 USD

30,000 30% 6,000

2,000
25,000 25% 4,000
20,000 20% -
2,000
15,000 15%
0 (2,000)
10,000 10% - Ao 1 Ao 1 Ao 2 Ao 3 Ao 4
-2,000
5,000 5% (4,000)
-4,000
0 0% Free Cash Flow for Valuation
Ao 1 Ao 2 Ao 3 Ao 4 Ao 5 (6,000)
-6,000 VAN

-8,000 (8,000)

EBITDA OPEX MARGIN - EBITDA

file:///conversion/tmp/scratch/359622305.xlsx 07/04/2017/14:53:46
 2014 2015
Sulfuros - Year 2 - Year 1

Ore Mined dmt 0 0

Copper grade % 0.00 0.00
Insoluble Copper grade % 0.00 0.00
Soluble Copper grade % 0.00 0.00
Silver grade gr/dmt 0.00 0.00
Gold Grade gr/dmt 0.00 0.00

Ore Production - Concentradora

Ore Treated dmt 0 0
Copper grade % 0.00 0.00
Silver grade gr/dmt 0.00 0.00
Gold Grade gr/dmt 0.00 0.00

Copper Conc dmt -

Copper grade % -
Silver grade gr/dmt -
Gold grade gr/dmt -

Met Recovery Cu % 0.00 0.00

Met Recovery Ag % 0.00 0.00
Met Recovery Au % 0.00 0.00

Copper content Cu dmt - -

Silver Content Ag Ozs - -
Gold Content Au Ozs - -

Total Production
Ore Treated Dmt 0 0
Copper grade % 0.00 0.00

Met Recovery Cu % - -

Copper content Cu Dmt - -

Silver Content Ag Ozs - -
Gold Content Au Ozs - -

Produccin de Relaves
Tailing Dmt 0 0
Copper grade % 0.00 0.00

Copper content Cu Tailings Dmt - -

 2016 2017 2018 2019 2020
Year 1 Year 2 Year 3 Year 4 Year 5

450,000 600,000 100,000 0 0

1.32 1.02 0.86 0.00 0.00
1.20 0.98 0.83 0.00 0.00
0.11 0.04 0.03 0.00 0.00
2.00 1.25 0.63 0.00 0.00
0.20 0.57 0.64 0.00 0.00

450,000 600,000 100,000 0 0

1.32 1.02 0.86 0.00 0.00
2.00 1.25 0.63 0.00 0.00
0.20 0.57 0.64 0.00 0.00

20,496 21,498 3,008 - -

23.94 25.24 25.33 - -
26.35 20.89 12.59 - -
2.39 8.71 11.63 - -

82.87 88.72 88.31 0.00 0.00

60.00 60.00 60.00 60.00 0.00
55.00 55.00 55.00 55.00 0.00

4,906.58 5,426.07 761.98 - -

17,365 14,441 1,218 - -
1,575 6,022 1,125 - -

450,000 600,000 100,000 0 0

1.32 1.02 0.86 0.00 0.00

82.87 88.72 88.31 - -

4,906.58 5,426.07 761.98 - -

17,365.42 14,441.49 1,217.65 - -
1,575.22 6,022.14 1,124.52 - -

429,504 578,502 96,992 0 0

0.24 0.12 0.10 0.00 0.00

1,014.47 689.72 100.83 - -

 2021 2022 2023 2024 2025 2026
Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
- - - - - -
- - - - - -
- - - - - -

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
- - - - - -
- - - - - -

0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -

- - - - - -
- - - - - -
- - - - - -

0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
 2014
- Year 2

Copper price USD/dmt 6,500

Silver price usd/oz 20
Gold price usd/oz 1,200

Mineral
Ley de Mineral % CuT
Ley de Mineral % CuS
Recuperacin de cobre % 80%
Cobre fino en Ton
Cobre fino en Lb

Leach Costs
Costo de SxEw US$/lb 0.32
Cargo por Lixiviacin US$ / Ton min 27.77
Cargo Stock US$ / ton min 1.78
Factor de cido Kg acido / Kg Cu 3.91
Precio cido US$ / Ton Acido 84.00

Venta USD 0

Ingresos US$ 0
 2015 2016 2017 2018 2019
- Year 1 Year 1 Year 2 Year 3 Year 4

6,500 6,500 6,500 6,500 6,500

20 20 20 20 20
1,200 1,200 1,200 1,200 1,200

0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0
0 0 0 0 0

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

0 0 0 0 0

0 0 0 0 0
 2020 2021 2022 2023 2024
Year 5 Year 6 Year 7 Year 8 Year 9

6,500 6,500 6,500 6,500 6,500

20 20 20 20 20
1,200 1,200 1,200 1,200 1,200

0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0
0 0 0 0 0

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

0 0 0 0 0

0 0 0 0 0
 2025 2026
Year 10 Year 11

6,500 6,500
20 20
1,200 1,200

0 0
0.00% 0.00%
0.00% 0.00%
0.0% 0.0%
0 0
0 0

- -
- -
- -
- -
- -

0 0

0 0
Copper price USD/dmt
Silver price usd/oz
Gold price usd/oz
DMT sold

Assays
Copper grade %
H2O %
Copper insoluble %
Ag Content (gr/dmt) 30 gr/dmt
Au Content (gr/dmt) 1 gr/dmt

Revenues
CU Copper content
Cu Copper payable
% Payment 100.00%
MAX 1% ;
Deduction %
3,35%*ley
Ag
% Payable 100%
Deduction Oz/t 10%
Au
% Payable 100%
Deduction Oz/t 10%

Total payments

Deductions
Copper Treatment Charge 135.00
Copper Refining Charge 0.135
Silver Refining Charge 0.35
above US$ 0
below US$ 0.35
Gold Refining Charge 4.0
Penalties
exceeds per each
Zn 3% 1.50
Pb 8% 2.00
Insoluble
Total Deductions
Final Sales Value befores expenses
Less:
Concentrate insurance 0.04% 110% CIF
freight parity 18.25 per wmt
Total Expenses

Final Sales Value FOB ST Coquimbo

Venta de Concentrado
 2014 2015 2016 2017 2018 2019
- Year 2 - Year 1 Year 1 Year 2 Year 3 Year 4

6,500 6,500 6,500 6,500 6,500 6,500

20 20 20 20 20 20
1,200 1,200 1,200 1,200 1,200 1,200
0 0 20,496 21,498 3,008 0

0.00% 23.94% 25.24% 25.33% 0.00%

8.00% 8.00% 8.00% 8.00% 8.00%
19.00% 19.00% 19.00% 19.00% 19.00%
0.00 0.00 0.00 0.00 0.00
0.00 2.39 8.71 11.63 0.00

0 4,907 5,426 762 0

0 4,702 5,211 732 0
0 31,893 35,269 4,953 0

0 (1,332) (1,397) (196) 0

0 0 0 0 0
0 0 0 0 0

0 1,890 7,227 1,349 0

0 (189) (723) (135) 0

0 32,262 40,376 5,972 0

0 (2,767) (2,902) (406) 0

0 (1,399) (1,551) (218) 0

- - - - -
- (5.67) (21.68) (4.05) -

0 (225) (236) (33) 0

0 (4,397) (4,711) (661) 0
0 27,864 35,665 5,311 0

0.00 0.00 0.00 0.00 0.00

- (407) (426) (60) -
0 (407) (426) (60) 0

0 27,458 35,238 5,251 0

0 27,458 35,238 5,251 0

86% 100% 106%

14% 0% -6%
 2020 2021 2022 2023 2024 2025
Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

6,500 6,500 6,500 6,500 6,500 6,500

20 20 20 20 20 20
1,200 1,200 1,200 1,200 1,200 1,200
0 0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
19.00% 19.00% 19.00% 19.00% 19.00% 19.00%
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

- - - - - -
- - - - - -

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0.00 0.00 0.00 0.00 0.00 0.00

- - - - - -
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
 2026
Year 11

6,500
20
1,200
0

0.00%
8.00%
19.00%
0.00
0.00

0
0
0 72,115

0
0

0
0

0
0

-
-

0
0
0

0.00
-
0

0 67,947

94%

6%
Recursos

Oxidos
Measured
Indicated
Inferred

Reservas Totales
Explotado a la fecha
Total de Reservas Neto

Mixtos
Measured
Indicated
Inferred

Reservas Totales
Explotado a la fecha
Total de Reservas Neto

Sulfuros
Measured
Indicated
Inferred

Reservas Totales
Explotado a la fecha
Total de Reservas Neto

Produccin

Capacidad Total de Produccin

Oxidos
Aos Evaluacin

Mine / Plant Production (monthly)

Start production (years)

Toneladas Totales

Ley de Cabeza
CuT
 CuS
Plata
Oro

Mixtos
Aos Evaluacin

Mine / Plant Production (monthly)

Start production (years)

Toneladas Totales

Ley de Cabeza
CuT
CuS
Plata
Oro

Sulfuros
Aos Evaluacin

Mine / Plant Production (monthly)

Start production (years)

0 Toneladas Totales

Ley de Cabeza
CuT
CuS
Plata
Oro

Ley de tratamiento (Cu)

CuT
CuS
Plata
Oro

Recuperacin
Cobre Oxidos
Plata Oxidos
Oro Oxidos
Cobre Mixtos
Plata Mixtos
Oro Mixtos
Cobre Sulfuros
Plata Sulfuros
Oro Sulfuros

Recuperaciones (mixtos / sulfuros)

Cobre
Plata
Oro

Mineral de Terceros
% de Minerales de terceros
 1 Proceso Mensual
Costo Compra
Mineral Procesadp

Third party Cobre

Cu Head Grade
Recovery Cu

Ventas

Precios
Cobre
Plata
Oro

Costos

Ore Milled
Capacidad de planta

Mina
Costo Variable
Costo Fijo

Planta
Costo Variable
Costo Fijo

Parametros y Costo de Venta de Oxidos a Enami

Mineral
Recuperacion de Cobre
Costo de SxEw
Cargo por Lixiviacion
Cargo por Stock
Factor de Acido
Precio de Acido
Costo de Transporte

BUDGET 2015 Planta - Concentradora

CRUSHING CRUSHING
MILLING MILLING
FLOTATION FLOTATION
FILTERING FILTERING
TAILINGS DAM DAM
LABORATORY LABORATORY
AUXILIARY SERVICES AUXILIARY SERVICES
PLANT SUPERVISION PLANT SUPERVISION
MECHANICAL / ELECTRICAL WORKS TALLER MECANICO
TALLER ELECTRICO
Total Planta

Indirect
0% Labour
0% Supplies
0% Services

% de indirectos (sinergias)

Costo de Energa
Mina
Consumo de energa Kwh / ton

Precio energa (US$ / Kwh)

Planta_Flotacion
Consumo de energa Kwh / ton

Precio energa (US$ / Kwh)

Planta_Lixiviacion
Consumo de energa Kwh / ton

Precio energa (US$ / Kwh)

Variacin en Capital de trabajo

Meses financiados
Cuentas por pagar

Meses por cobrar

Cuentas por cobrar
0 Inventarios
2% PPM

Capital de trabajo US$'000

Capex
Plan de Cierre US$ 000

Exploraciones

Macroeconomics Assumptios

Inflation Rate
Inflation Rate acum
IPC
Fx Rate
CPI
Libor
Interest Rate
PET. C/ESP

Formula Polinomica Desarrollo, Preparacion y Explotacin

Incidencia Dlar
Incidencia IPC

Formula Polinomica Transporte Mineral Mina-Planta

Incidencia IPC
Incidencia PET. C/ESP

Inflation Rate
 2014 2015 2016
- Year 2 - Year 1 Year 1

K Toneladas CuT Grade % Ag (g/t) Au (g/t)

0 0.00 0.00 0.00
0 0.00 0.00 0.00
0 0.00 0.00 0.00

100%

0
0
0

K Toneladas CuT Grade % Ag (g/t) Au (g/t)

0 0.00 0.00 0.00
0 0.00 0.00 0.00
0 0.00 0.00 0.00

100%

0
0
0

K Toneladas CuT Grade % Ag (g/t)

0 0.00 0.00
0 0.00 0.00
0 0.00 0.00

100%

0
0
0

50,000 600,000

dmt/month 50,000
years 0.0

dmt 0 0 0

% 0.00% 0.00% 0.00%

% 0.00% 0.00% 0.00%
gr/dmt 0 0 0.00
gr/dmt 0 0 0.00

dmt/month 50,000
years 0.0

dmt 0 0 0

% 0.00% 0.00% 0.00%

% 0.00% 0.00% 0.00%
gr/dmt 0.00 0.00 0.00
gr/dmt 0.00 0.00 0.00

dmt/month 50,000
years 0.0

dmt 0 0 450,000

% 0.00% 0.00% 1.32%

% 0.00% 0.00% 0.11%
gr/dmt 0.00 0.00 2.00
gr/dmt 0.00 0.00 0.20

% 0.00% 0.00% 1.32%

% 0.00% 0.00% 0.11%
gr/dmt - - 2.00
gr/dmt - - 0.20

0.00 0.00 0.00

0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.60
0.00 0.00 0.55
0.00 0.00 0.83
0.00 0.00 0.60
0.00 0.00 0.55

% 0.00 0.00 0.83

% 0.00 0.00 0.60
% 0.00 0.00 0.55

tons 0
0%
tons 0
USD / ton 0
tons 0 0 0

% 0.0% 0.00% 0.00%

% 0% 0% 0%

us/dmt 6,500 6,500 6,500

us/oz 20 20 20
us/oz 1,200 1,200 1,200

dmt 600,000
dmt 600,000

90%
10%

100% 0.62
0% 0.38

Unit
% 80%
US$/lb 0.32
US$/ Ton min 27.77
US$/ Ton min 1.78
Kg Acido / Kg Cu 3.91
US$ / Ton Acido 84.00
US$ / Ton 4.00

Sulfuros
US$ per ton
2.80
 5.45
2.50
0.95
0.40
0.60
3.40
0.95
0.60 60% 1.00
0.40 40%
18.05 18.50 100%

1.02

US$ 000 US$ per ton

1,253 1,253 2.09
99 99 0.16
1,795 1,795 2.99

100%

0.13

0.20 0.20

42.00

0.20 0.20

0.00

0.20 0.20

unit 1 1.0 1.0

US$ 000 0 0 1,527

unit 1 1 1
US$ 000 0 0 2,288
US$ 000 0 0
US$ 000 0 0

0 0 -761
 0 0.000 0.000 0.000

0 0

0.0% 0.0% 2.0%

0.0% 0.0% 2.0%
0.4% 2.0% 2.9% 2.9%
530 565 560 630
1.0% 1.0% 1.0%
0.6% 0.6% 0.8%
1% 1.6% 1.6% 1.8%
373,264 542,952 542,952 542,952

1.03 1.05 1.09

11.50%
88.50%

1.18 1.20 1.22

62.56%
37.44%
 2017 2018 2019 2020
Year 2 Year 3 Year 4 Year 5

En Milles

0 0 0 0

0.00% 0.00% 0.00% 0.00%

 0.00% 0.00% 0.00% 0.00%
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

600,000 100,000 0 0

1.02% 0.86% 0.00% 0.00%

0.04% 0.03% 0.00% 0.00%
1.25 0.63 0.00 0.00
0.57 0.64 0.00 0.00

1.02% 0.86% 0.00% 0.00%

0.04% 0.03% 0.00% 0.00%
1.25 0.63 - -
0.57 0.64 - -

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.60 0.60 0.60 0.00
0.55 0.55 0.55 0.00
0.89 0.88 0.00 0.00
0.60 0.60 0.60 0.00
0.55 0.55 0.55 0.00

0.89 0.88 0.00 0.00

0.60 0.60 0.00 0.00
0.55 0.55 0.00 0.00
 0 0 0

0.00% 0.00% 0.00% 0.00%

0% 0% 0% 0%

6,500 6,500 6,500 6,500

20 20 20 20
1,200 1,200 1,200 1,200

Dalmacia UG Desmonte Oxidos Transporte Planta

USD per ton USD per ton USD per ton
Explotation 0.00 10.10 0.00
Preparation 0.00 2.85 0.00
Transport to plant 0.00 0.00 5.60
Auxiliary Services 0.00 0.08 0.00
Geology 0.00 0.27 0.00
Engineering 0.00 0.43 0.00
Supervision 0.00 0.09 0.00
Electrical Workshop Mine 0.00 0.02 0.00
Total Cost 0.00 13.84 5.60

Dalmacia UG Desmonte Sulfuros Transporte Planta

USD per ton USD per ton USD per ton
Explotation 0.00 10.10 0.00
Preparation 0.00 2.85 0.00
Transport to plant 0.00 0.00 1.60
Auxiliary Services 0.00 0.08 0.00
Geology 0.00 0.27 0.00
Engineering 0.00 0.43 0.00
Supervision 0.00 0.09 0.00
Electrical Workshop Mine 0.00 0.02 0.00
Total Cost 0.00 13.84 1.60
 Produccion Mensual Produccion Mensual Produccion Dia

Dalmacia 50,000 42% 1700

Cinabrio 50,000 42% 1700
Compra de Terceros 20,000 17% 700
Total 120,000 100% 4,000

1.0 1.0 1 1
2,073 352 0 0

1 1 1 1
2,937 438 0 0
0 0 0 0
0 0 0 0

-864 -86 0 0
 0.000 0.000 0.000 0.000

0
0

2.0% 2.0% 2.0% 2.0%

4.0% 6.0% 8.0% 10.0%
2.5% 2.5% 2.5% 2.5%
610 606 606 606
1.0% 1.0% 1.0% 1.0%
1.0% 1.4% 1.7% 1.7%
2.0% 2.4% 2.7% 2.7%
542,952 542,952 542,952 542,952

1.11 1.128 1.153 1.178

1.23 1.25 1.27 1.28

 2021 2022 2023 2024
Year 6 Year 7 Year 8 Year 9

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0.00 0 0 0
0.00 0 0 0

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%
- - - -
- - - -

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
 0 0 0 0

0.00% 0.00% 0.00% 0.00%

0% 0% 0% 0%

6,500 6,500 6,500 6,500

20 20 20 20
1,200 1,200 1,200 1,200

Oxidos (ROM)
USD per ton
10.10
2.85
5.60
0.08
0.27
0.43
0.09
0.02
19.44

Sulfuros (ROM)
USD per ton
10.10
2.85
1.60
0.08
0.27
0.43
0.09
0.02
15.44
1 1 1 1
0 0 0 0

1 1 1 1
0 0 0 0
0 0 0 0
0 0 0 0

0 0 0 0
 0.000 0.000 0.000 0.000

2.0% 2.0% 2.0% 2.0%

12.0% 14.0% 16.0% 18.0%
2.5% 2.5% 2.5% 2.5%
606 606 606 606
1.0% 1.0% 1.0% 1.0%
1.7% 1.7% 1.7% 1.7%
2.7% 2.7% 2.7% 2.7%
542,952 542,952 542,952 542,952

1.203 1.228 1.253 1.00

1.30 1.31 1.33 1.34

 2025 2026
Year 10 Year 11

0 0

0.00% 0.00%
0.00% 0.00%
0 0
0 0

0 0

0.00% 0.00%
0.00% 0.00%
0.00 0.00
0.00 0.00

0 0

0.00% 0.00%
0.00% 0.00%
0.00 0.00
0.00 0.00

0.00% 0.00%
0.00% 0.00%
- -
- -

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

0.00 0.00
0.00 0.00
0.00 0.00
 0 0

0.00% 0.00%
0% 0%

6,500 6,500
20 20
1,200 1,200
1 1
0 0

1 1
0 0
0 0
0 0

0 0
 0.000 0.000

2.0% 2.0%
20.0% 22.0%
2.5% 2.5%
606 606
1.0% 1.0%
1.7% 1.7%
2.7% 2.7%
542,952 542,952

1.00 1.00

1.36 1.37
 2014 2015 2016
Geologia - Year 2 - Year 1 Year 1
Exploration 0 400 0

2014 2015 2016

Mina -2 -1 1
Development Mine 0 4,000 2,500
Road Investments (mine to plant) 0 100 0
Land Acquisitions 0 0 300
Enviromental Impact Statement 0 100 0
Legal Permits and Licences Operation 0 100 0
Mining Studies 0 100 0
Infraestructure 0 460 380
Mine closure 0 0 0
Contingencias (10%) 0 500 300
Total Capex Mina 0 5,360 3,480

2014 2015 2016

Mill Project - Year 2 - Year 1 Year 1
Planta 0 0 500
Proyectos 0 0 0
Contingencias (10%) 0 0 100
Valor de Rescate 0 0 0
Total Capex 0 0 600

2014 2015 2016

CAPEX - Year 2 - Year 1 Year 1
Geologia 0 400 0
Mina 0 5,360 3,480
Planta 0 0 600
TOTAL CAPEX 0 5,760 4,080
2017 2018 2019 2020 2021 2022 2023 2024
Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
0 0 0 0 0 0 0 0

2017 2018 2019 2020 2021 2022 2023 2024

2 3 4 5 6 7 8 9
600 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 500 0 0 0 0 0 0
100 100 0 0 0 0 0 0
700 600 0 0 0 0 0 0

2017 2018 2019 2020 2021 2022 2023 2024

Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

2017 2018 2019 2020 2021 2022 2023 2024

Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
0 0 0 0 0 0 0 0
700 600 0 0 0 0 0 0
0 0 0 0 0 0 0 0
700 600 0 0 0 0 0 0
 2025 2026
Year 10 Year 11 Geologia
0 0 Exploration

2025 2026
10 11 Mina
0 0 Development Mine
0 0 Road Investments (mine to plant)
0 0 Land Acquisitions
0 0 Enviromental Impact Statement
0 0 Legal Permits and Licences Operation
0 0 Mining Studies
0 0 Infraestructure
0 0 Mine closure
0 0 Contingencias (10%)
0 0 Total Capex Mina

2025 2026
Year 10 Year 11 Mill Project
0 0 Planta
0 0 Proyectos
0 0 Contingencias (10%)
0 0 Valor de Rescate
0 0 Total Capex

2025 2026
Year 10 Year 11
0 0 Geologia
0 0 Mina
0 0 Planta
0 0 TOTAL
Pre-produccion Production Grand
(000 USD) (000 USD) (000 USD)
400 0 400

Pre-produccion Production Grand

(000 USD) (000 USD) (000 USD)
4,000 3,100 7,100 70%
100 0 100 1%
0 300 300 3%
100 0 100 1%
100 0 100 1%
100 0 100 1%
460 380 840 8%
0 500 500 5%
500 500 1,000 10%
5,360 4,780 10,140 100%

Pre-produccion Production Grand

(000 USD) (000 USD) (000 USD)
0 500 500 83%
0 0 0 0%
0 100 100 17%
0 0 0 0%
0 600 600 100%

Pre-produccion Production Grand

(000 USD) (000 USD) (000 USD)
400 0 400 4%
5,360 4,780 10,140 91%
0 600 600 5%
5,760 5,380 11,140 100%
 Distribucion del Capex Mina

Development Mine
9.86%

Road Investments (mine

8.28%
Mining Studies; 100;
Land Acquisitions
0.99% 4.93%
Legal Permits and Enviromental Impact Sta
Licences Operation ;
100; 0.99% Legal Permits and Licen
Enviromental Impact
Statement; 100; 0.99%
2.96% Mining Studies
Road Investments
(mine to plant); 100; Infraestructure
0.99% 70.02%
Mine closure

Contingencias (10%)

Disribucion del Capex Dalmacia

5.39% 3.59%
Geologia M

Planta

91.02%
 Disribucion del CAPEX de Infraestructura Mina

Oficinas Adm
6.65% 5.70% Taller Mecan
Almacen
10.83%
SSEE Superfi
Generador El
1.50%
6.71% Compresor
Polvorin
43.18% 3.29%6.08%
Piscina
4.75%
1.23%
Planta de Tra
2.64% 2.90%
4.56% Romana
Sistema de C
Linea MT
Ventilador Pr
 Development Mine

Road Investments (mine to plant)

Land Acquisitions

Enviromental Impact Statement

Legal Permits and Licences Operation

Mining Studies

Infraestructure

Mine closure

Contingencias (10%)

ia

Geologia Mina

Planta
aestructura Mina

Oficinas Administrativas
Taller Mecanico
Almacen
SSEE Superficie
Generador Electrico
Compresor
Polvorin
Piscina
Planta de Tratamiento
Romana
Sistema de Comunicaciones
Linea MT
Ventilador Principal
Infraestructura Materiales Horas hombre Horas Equipo
Oficinas Administrativas 20,000,000 2,000,000 3,000,000
Taller Mecanico 30,000,000 8,000,000 4,000,000
Almacen 7,000,000 400 500
SSEE Superficie 3,000,000 2,000,000 300
Generador Electrico - - -
Compresor - - -
Polvorin 1,300,000 1,000,000 3,000,000
Piscina 3,000,000 1,500,000 2,000,000
Planta de Tratamiento 2,000,000 1,000,000 250
Romana 300 300 300
Sistema de Comunicaciones 6,000,000 3,000,000 -
Linea MT
Ventilador Principal
PESOS
DLAR
Equipamiento Total Total
5,000,000 30,000,000 48,000
15,000,000 57,000,000 90,000
 - 7,900,000 13,000
30,000,000 35,300,000 56,000
32,000,000 32,000,000 51,000
25,000,000 25,000,000 40,000
12,000,000 17,300,000 27,000
- 6,500,000 10,000
12,000,000 15,250,000 24,000
13,000,000 13,900,000 22,000
15,000,000 24,000,000 38,000
227,291,700 361,000
35,000,000 56,000
CLP 526,441,700 836,000
USD 835,622
 - Year 2 - Year 1 Year 1 Year 2 Year 3

Mina
Consumo Kwh 0 0 56,250 75,000 12,500
Precio Kwh 0 0 0 0 0
Costo Energa 0 0 11,250 15,000 2,500

Planta _ Flotacion
Consumo Kwh 0 0 18,900,000 25,200,000 4,200,000
Precio Kwh 0 0 0 0 0
Costo Energa 0 0 3,780,000 5,040,000 840,000

Planta _ Lixiviacion
Consumo Kwh 0 0 0 0 0
Precio Kwh 0 0 0 0 0
Costo Energa 0 0 0 0 0

Total Energa 0 0 3,791,250 5,055,000 842,500

Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

0 0 0 0 0 0 0
Year 11

0
0
0

0
0
0

0
0
0

0
Land
Buildings
Tailings Dam
Electrical substations
Machinery and equipment
Furniture
Closure Plan Assets
Hardware
Working in Progress

Activo Neto Inicial

Inversiones
Depreciacin
Activo Neto Final

Depreciacin Plant & Equipments 1,540

aos vida util

Mining Properties (purchase price)

Software
Mining Rights
Exploration
Development Mining
Other Intangible Assets (start up costs)

Recursos totales

Depreciacin Mine Developments & Exploration 8,700

Depreciacin Total 10,240

 2014 2015 2016 2017 2018
- Year 2 - Year 1 Year 1 Year 2 Year 3

- - 300 - -
- 660 880 - -

- - -

1,540 770
- -
770 770
770 -

- - 770 770
3.00 3.00 3.00 2.00 1.00

- 200 - - -
- 400 - - -
- 4,600 2,800 700 100

- 5,200 2,800 700 100

1,150,003 1,150,003 700,003 100,003 3

2,035 5,113 1,552

- 2,035 5,883 2,322

2019 2020 2021 2022 2023
Year 4 Year 5 Year 6 Year 7 Year 8

- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

- - - - -

3 3 3 3 3

- - - - -

- - - - -
2024 2025 2026
Year 9 Year 10 Year 11

- - -
- - -

- - -
- - -
- - -
- - -

- - -
- - -

- - -
- - -
- - -

- - -

3 3 3

- - -

- - -
 Pre-produccion

2014
- Year 2

Waste t 0

Oxidos t 0
Mixtos t 0
Sulfuros t 0
Ore total t 0

MINE (UG - Oxidos)

Explotation 0
Preparation 0
Transport to plant 0
Auxiliary Services 0
Geology 0
Engineering 0
Supervision 0
Electrical Workshop Mine 0
Costo Total 0

Cost per ton Mined 0.0

MINE (UG - Sulfuros)

Explotation 0
Preparation 0
Transport to plant 0
Auxiliary Services 0
Geology 0
Engineering 0
Supervision 0
Electrical Workshop Mine 0
Total Mine cost 0

Cost per ton Mined 0.0

Sulfuros

Ore Milled 0

PLANT
Crushing 0
Milling 0
Flotation 0
Filtering 0
Tailings 0
Laboratory 0
Auxiliary Services 0
Plant Supervision 0
Taller Electrico 0
Taller Mecanico 0
Total de Planta de Flotacion 0

Cost per ton Milled 0.0

INDIRECT
Labour 0
Supplies 0
Services 0
Costo total de Indirectos 0
Cost per ton Milled 0.0

Total Costos USD K 0

Total Costos USD/ ton 0.0

2014
- Year 2

MINE (OP - Oxidos)

Perforacion 0
Tronadura 0
Carguio 0
Transporte 0
Equipo Auxiliar 0
Otros costos 0
total de Costo Directo 0
Costo de Contratitas 0
Costo Total Mina 0

MINE (UG - Sulfuros)

Drilling 0
Blasting 0
Loading 0
Truck Haulage 0
Auxiliary equipment 0
Other cost 0
Total direct cost 0
contractor cost 0
Total Mine cost 0

Planta de Flotacion
Canchado 0
Molienda 0
Flotacion 0
Filtrado 0
Relavera 0
Laboratorio 0
Servicios auxiliares 0
Supervision planta 0
Taller Mecanico 0
Taller Electrico 0
Costo total Flotacion 0
INDIRECT (Cost per area)
Administracion 0
Logistica 0
Contabilidad 0
Medioambiente 0
Seguridad 0
Sistemas y comunicacin 0
Personal de servicios 0
Costo total de Indirectos 0

Total Costos de Operacin 0

Pre-produccion Produc

2015 2016 2017 2018 2019 2020

- Year 1 Year 1 Year 2 Year 3 Year 4 Year 5

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 450,000 600,000 100,000 0 0
0 450,000 600,000 100,000 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0

0 4,956 6,715 1,139 0 0

0 1,399 1,895 321 0 0
0 878 1,185 200 0 0
0 39 53 9 0 0
0 122 162 27 0 0
0 194 258 43 0 0
0 41 54 9 0 0
0 10 13 2 0 0
0 7,637 10,336 1,751 0 0

0.0 17.0 17.2 17.5 0.0 0.0

0 450,000 600,000 100,000 0 0

0 1,285 1,747 297 0 0

0 2,502 3,401 578 0 0
0 1,148 1,560 265 0 0
0 436 593 101 0 0
0 184 250 42 0 0
0 275 374 64 0 0
0 1,561 2,122 360 0 0
0 436 593 101 0 0
0 275 374 64 0 0
0 184 250 42 0 0
 0 8,285 11,263 1,913 0 0

0.0 18.41 18.77 19.13 0.00 0.0

0 959 1,303 221 0 0

0 76 103 17 0 0
0 1,373 1,866 317 0 0
0 2,407 3,273 556 0 0
0.0 5.35 5.45 5.56 0.00 0.00

0 18,329 24,872 4,220 0 0

0.0 40.7 41.5 42.2 0.0 0.0

2015 2016 2017 2018 2019 2020

- Year 1 Year 1 Year 2 Year 3 Year 4 Year 5

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 4,956 6,715 1,139 0 0

0 1,399 1,895 321 0 0
0 878 1,185 200 0 0
0 39 53 9 0 0
0 122 162 27 0 0
0 194 258 43 0 0
0 41 54 9 0 0
0 10 13 2 0 0
0 7,637 10,336 1,751 0 0

0 1,285 1,747 297 0 0

0 2,502 3,401 578 0 0
0 1,148 1,560 265 0 0
0 436 593 101 0 0
0 184 250 42 0 0
0 275 374 64 0 0
0 1,561 2,122 360 0 0
0 436 593 101 0 0
0 275 374 64 0 0
0 184 250 42 0 0
0 8,285 11,263 1,913 0 0
0 906 1,232 209 0 0
0 190 258 44 0 0
0 91 124 21 0 0
0 190 259 44 0 0
0 265 360 61 0 0
0 180 244 41 0 0
0 586 796 135 0 0
0 2,407 3,273 556 0 0

0 18,329 24,872 4,220 0 0

Produccion

2021 2022 2023 2024 2025 2026

Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
 0 0 0 0 0 0

0.0 0.0 0.0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0.00 0.0 0.0 0.0 0.0 0.0

0 0 0 0 0 0

0.0 0.0 0.0 0.0 0.0 0.0

2021 2022 2023 2024 2025 2026

Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
 Mill
Mine Production Sulphides
Tonnage dmt 1,150,000
Copper Grade % 1.12%
Soluble Copper % 0.07%
Silver Grade gr/t 1.49
Gold Grade gr/t 0.43
Stripping Ratio 0.00
Dilucion 10%
Recuperacion 90%

Leach Production - Enami 2017

Mineral dmt 0
Ley de Mineral CuT % 0.00%
Ley de Mineral CuS % 0.00%
Recuperacin de cobre % 0.0%
Cobre fino en Ton ton 0
Cobre fino en Lb Lb 0

Mill Production - MAP 2017

Mineral dmt 600,000
Ley de Mineral CuT % 1.02
Ley de Mineral CuS % 0.04
Ley de Mineral Ag g/t 1.25
Ley de Mineral Au g/t 0.57
CuS/CuT % 0.04
Recuperacin de cobre % 88.72
Cobre fino en Ton ton 5,211
Cobre fino en Lb Lb 11,488,357
Concept 2017
Mine Rate - MAP tpd 1,800
Plant Mill Rate - MAP tpd 1,800
Plant Leach Rate - ENAMI tpd 0
Cu recovery - Mill - MAP % 88.7%
Cu recovery - Leach - Enami % 0.0%

Cu Price USD / ton 6,500

Ag Price USD / oz 20.0
Inflation rate % 3%
Exchange rate % 610.0

MAP Headcount 2016 - 2020

Mine / Geology 25
Plant 145
Indirects 45
Total 226
 Leach Enami
Mixed Oxides Waste
0 0 0
0.00% 0.00%
0.00% 0.00%
0.00 0.00
0.00 0.00

2018 2019 2020 2021

0 0 0 0
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.0% 0.0% 0.0% 0.0%
0 0 0 0
0 0 0 0

2018 2019 2020 2021

100,000 0 0 0
0.86 0.00 0.00 0.00
0.03 0.00 0.00 0.00
0.63 0.00 0.00 0.00
0.64 0.00 0.00 0.00
0.03 0.00 0.00 0.00
88.31 0.00 0.00 0.00
732 0 0 0
1,613,543 0 0 0
2018 2019 2020 2021
300 0 0 0
300 0 0 0
0 0 0 0
88.3% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%

6,500 6,500 6,500 6,500

20.0 20.0 20.0 20.0
3% 3% 3% 3%
605.6 605.6 605.6 605.6
Discount Rate NPV Financials (000 USD)
7.5% 5,573 Sales
8.5% 5,380 Cost of Sales
9.5% 5,191 EBITDA
10.5% 5,008 Depreciation
11.5% 4,830 Taxes
Net Income

EBITDA
Tax paid
Capex
Change in Working capital

Free Cash Flow

Periodo
0 2014 2015 2016 2017 2018 2019
0 0 0 27,864 35,665 5,311 0
0 0 0 -18,329 -24,872 -4,220 0
0 0 0 9,536 10,793 1,091 0
0 0 0 -2,035 -5,883 -2,322 0
0 0 0 -1,800 -1,252 0 0
0 0 0 5,701 3,658 -1,232 0

0 0 0 9,536 10,793 1,091 0

0 0 -1,800 -1,252 0 0
0 0 -5,760 -4,080 -700 -600 0
0 0 -761 -103 778 86

0 0 -5,760 2,895 8,738 1,268 86

0 0 0 1 2 3 4
2020 2021 2022 2023
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0

NVP
0 0 0 0 18,532
0 0 0 0 -2,687
0 0 0 0 -10,525
0 0 0 0 -129

0 0 0 0 5,191

5 6 7 0
 38%
8%
4%
8%
11%
7%
24%
100%

Cargo por Venta - Concentrado

Cargo por Venta - Concentrado
Cargo por Venta - Concentrado
C1 - Cash cost (000 USD)

C3 - Total Cash Cost (000 USD)

Payable Copper
Payable Copper
Payable Copper

Cargo por Venta - Concentrado

Cargo por Venta - Concentrado
Cargo por Venta - Concentrado
C1 - Cash cost per pound

C3 - Total Cash Cost per lb (Cu)

C1 Cash cost per ton ore

C3 - Total Cash Cost per ton ore
 Sensibilidad del VAN versus la Tasa de

VAN US$ Miles

5,800

5,600 5,573

5,400 5,380

5,200

5,000

4,800

4,600

4,400
6.0% 7.0% 8.0% 9.0%

Tasa de Descuento

Mine Capex (000 USD) 2015 2016

Diamond Drilling campaign 400 0
Development Mine 4,000 2,500
Road Investments (mine to plant) 100 0
Land Acquisitions 0 300
Enviromental Impact Statement 100 0
Legal Permits and Licences Operation 100 0
Mining Studies 100 0
0 0 0
0 0 0
0 0 0
Infraestructure 460 380
Mine closure 0 0
Others Expenses 500 300
Processing Plant 0 500
Total Capex 5,760 3,980

Mine Cost (000 USD) 2016 2017

Explotation 4,956 6,715
Preparation 1,399 1,895
Transport to plant 878 1,185
Auxiliary Services 39 53
Geology 122 162
Engineering 194 258
Supervision 41 54
Electrical Workshop Mine 10 13
Total Cost 7,637 10,336

Mine cost US$ / ton 2016 2017

Ore Mined (t) 450,000 600,000

Explotation 11.01 11.19

Preparation 3.11 3.16
Transport to plant 1.95 1.98
Auxiliary Services 0.09 0.09
Geology 0.27 0.27
Engineering 0.43 0.43
Supervision 0.09 0.09
Electrical Workshop Mine 0.02 0.02
Total Cost 16.97 17.23

Plant Cost (000 USD) 2016 2017

CRUSHING 1,285 1,747

MILLING 2,502 3,401
FLOTATION 1,148 1,560
FILTERING 436 593
DAM 184 250
LABORATORY 275 374
AUXILIARY SERVICES 1,561 2,122
PLANT SUPERVISION 436 593
MCHANICAL WORKSHOP 275 374
ELECTRICAL WORKSHOP 184 250
Total Cost (000 USD) 8,285 11,263

Plant cost US$ / ton 2016 2017

Ore Milled (DMT) 450,000 600,000

CRUSHING 2.86 2.91

MILLING 5.56 5.67
FLOTATION 2.55 2.60
FILTERING 0.97 0.99
DAM 0.41 0.42
LABORATORY 0.61 0.62
AUXILIARY SERVICES 3.47 3.54
PLANT SUPERVISION 0.97 0.99
MCHANICAL WORKSHOP 0.61 0.62
ELECTRICAL WORKSHOP 0.41 0.42
Total Cost 18.41 18.77

Indirect cost (000 USD) 2016 2017

ADMINISTRATION 906 1,232

LOGISTICS 190 258
ACCOUNTING 91 124
ENVIRONMENTAL 190 259
SAFETY 265 360
SYSTEMS AND COMMUNICATION 180 244
PERSONNEL SERVICES AND CSI 586 796
Total Cost (000 USD) 2,407 3,273

Indirect cost US$ / ton 2016 2017

Ore Mined (t) 450,000 600,000

ADMINISTRATION 2.01 2.05

LOGISTICS 0.42 0.43
ACCOUNTING 0.20 0.21
ENVIRONMENTAL 0.42 0.43
SAFETY 0.59 0.60
SYSTEMS AND COMMUNICATION 0.40 0.41
PERSONNEL SERVICES AND CSI 1.30 1.33
Total Cost 5.35 5.45

Dalmacia Project Cost (000 USD) 2016 2017

Mina 7,637 10,336

Flotacion 8,285 11,263
Indirectos 2,407 3,273
Total Cost (000 USD) 18,329 24,872

TC/RC 4,397 4,711

Freight and Shipping charges 407 426
By products credits -1,701 -6,504
Total cash cost (000 USD) 21,432 23,506

Depreciation & Amortization 2,035 5,883

Financial Costs -2 -1
Total Cost (000 USD) 23,464 29,388

Dalmacia Project Cost US$ / lb 2016 2017

Ore Milled (lb) - MAP 10,365,302 11,488,461

Ore Leached (lb) -Enami 0 0
Total Mineral (lb) 10,365,302 11,488,461

Mina 0.74 0.90

Flotacion 0.80 0.98
Indirectos 0.23 0.28
Total Cost Operation 1.77 2.16

TC/RC 0.42 0.41

Freight and Shipping charges 0.04 0.04
By products credits -0.16 -0.57
Total cash cost 2.07 2.05

Depreciation & Amortization 0.20 0.51

Financial Costs 0.00 0.00
Total Cost 2.26 2.56

Dalmacia Project Cost US$ / ton 2016 2017

Total Cost 47.63 39.18

Total Cost 52.14 48.98

Dalmacia Project - Personal 2016 2017

Mina - MAP 25 25
Mina - Contratista 200 200
Flotacion 145 145
Indirectos 45 45
Total Personal 415 415
nsibilidad del VAN versus la Tasa de Descuento

5,573

5,380

5,191

5,008

4,830

8.0% 9.0% 10.0% 11.0% 12.0%

Tasa de Descuento

2017 2018 2019 2020 2021 2022

0 0 0 0 0 0
600 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 500 0 0 0 0
100 100 0 0 0 0
0 0 0 0 0 0
700 600 0 0 0 0

2018 2019 2020 2021

 1,139 0 0 0
321 0 0 0
200 0 0 0
9 0 0 0
27 0 0 0
43 0 0 0
9 0 0 0
2 0 0 0
1,751 0 0 0 19,749

2018 2019 2020 2021

100,000 0 0 0 1,150,000

11.39 0.00 0.00 0.00 11.14

3.21 0.00 0.00 0.00 3.14
2.00 0.00 0.00 0.00 1.97
0.09 0.00 0.00 0.00 0.09
0.27 0.00 0.00 0.00 0.27
0.43 0.00 0.00 0.00 0.43
0.09 0.00 0.00 0.00 0.09
0.02 0.00 0.00 0.00 0.02
17.51 0.00 0.00 0.00 17.15

2018 2019 2020 2021

297 0 0 0
578 0 0 0
265 0 0 0
101 0 0 0
42 0 0 0
64 0 0 0
360 0 0 0
101 0 0 0
64 0 0 0
42 0 0 0
1,913 0 0 0

2018 2019 2020 2021

100,000 0 0 0

2.97 0.00 0.00 0.00 2.89

5.78 0.00 0.00 0.00 5.63
2.65 0.00 0.00 0.00 2.58
1.01 0.00 0.00 0.00 0.98
 0.42 0.00 0.00 0.00 0.41
0.64 0.00 0.00 0.00 0.62
3.60 0.00 0.00 0.00 3.52
1.01 0.00 0.00 0.00 0.98
0.64 0.00 0.00 0.00 0.62
0.42 0.00 0.00 0.00 0.41
19.13 0.00 0.00 0.00 18.66

2018 2019 2020 2021

209 0 0 0
44 0 0 0
21 0 0 0
44 0 0 0
61 0 0 0
41 0 0 0
135 0 0 0
556 0 0 0

2018 2019 2020 2021

100,000 0 0 0 1,150,000

2.09 0.00 0.00 0.00 2.04

0.44 0.00 0.00 0.00 0.43
0.21 0.00 0.00 0.00 0.21
0.44 0.00 0.00 0.00 0.43
0.61 0.00 0.00 0.00 0.60
0.41 0.00 0.00 0.00 0.40
1.35 0.00 0.00 0.00 1.32
5.56 0.00 0.00 0.00 5.42

2018 2019 2020 2021

1,751 0 0 0 19,724
1,913 0 0 0 21,461
556 0 0 0 6,236
4,220 0 0 0 47,421

661 0 0 0 9,770
60 0 0 0 893
-1,214 0 0 0 -9,420
3,727 0 0 0 48,664

2,322 0 0 0 10,240
0 0 0 0 -3
6,049 0 0 0 58,901

2018 2019 2020 2021

1,613,558 0 0 0 23,467,321
0 0 0 0 0
1,613,558 0 0 0 23,467,321

1.09 0.00 0.00 0.00 0.84

1.19 0.00 0.00 0.00 0.91
0.34 0.00 0.00 0.00 0.27
2.62 0.00 0.00 0.00 2.02

0.41 0.00 0.00 0.00 0.42

0.04 0.00 0.00 0.00 0.04
-0.75 0.00 0.00 0.00 -0.40
2.31 0.00 0.00 0.00 2.07

1.44 0.00 0.00 0.00 0.44

0.00 0.00 0.00 0.00 0.00
3.75 - - - 2.51

2018 2019 2020 2021

37.27 0.00 0.00 0.00 42.32

60.49 - 0.00 0.00 51.22

2018 2019 2020 2021

25 25 0 0 25
200 200 0 0 200
145 145 0 0 145
45 45 0 0 45
415 415 0 0 415
2023
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Costo total Mina (000 USD) Supervisio
2.51% Services;
Auxiliary 0.
11.47%

t de material 18.33%

Explotation
Preparation
Transport to plant
Auxiliary Services
Geology
Engineering
Supervision
Electrical Workshop Mine
Costo total Mina US$/ton

CRUSHING
MILLING
FLOTATION
FILTERING
DAM
LABORATORY
AUXILIARY SERVICES
PLANT SUPERVISION
MCHANICAL WORKSHOP
ELECTRICAL WORKSHOP
Total Cost

ADMINISTRATION
LOGISTICS
ACCOUNTING
ENVIRONMENTAL
SAFETY
SYSTEMS AND COMMUNICATION
PERSONNEL SERVICES AND CSI
Total Cost
Flotacion

Mina
Flotacion
Indirectos
Total Cost

30,000.0
Opex (000 US$)

11,
25,000.0
10,365,302

20,000.0
 30,000.0

Opex (000 US$)

11,
25,000.0
10,365,302

20,000.0

15,000.0

10,000.0

5,000.0

0.0
2016

Indirectos

3.0

Opex (US$/lb)
11,488
2.5
10,365,302

2.0

1.5

1.0

0.5

0.0
2016 201

Indirecto

450
Personas

400

350
 450

N Personas
400

350

300

250

200

150

100

50

0
2016

Indirectos
 Costo de Mina

Explotation

Preparation

Supervision;
2.51% Services;
Auxiliary 0.09; 0.09;
0.51% 0.52% Transport
1.57% Electrical Workshop Mine;to0.02; 0.13%
plant
11.47%
Auxiliary
Services
18.33%
Geology
64.95%
Engineering

Supervision

Electrical
Workshop Mine
 Disribucion del Costo Operativo (OPEX)

Indirectos; 6,236;
Mina Flotacion
13.15%

Mina; 41.59%
Indirectos

Flotacion; 45.26%

Disribucion del Costo Operativo

30,000.0 14,000,000.0

11,488,461 12,000,000.0
25,000.0
10,365,302
10,000,000.0
CU

20,000.0
 Disribucion del Costo Operativo

30,000.0 14,000,000.0

11,488,461 12,000,000.0
25,000.0
10,365,302
10,000,000.0

Lb CU
20,000.0

8,000,000.0
15,000.0
6,000,000.0

10,000.0
4,000,000.0

5,000.0 1,613,558
2,000,000.0

0 0 0
0.0 0.0
2016 2017 2018 2019 2020 2021
Aos
Indirectos Flotacion Mina Total Mineral (lb)

Disribucion del Costo Operativo

3.0 14,000,000.0

11,488,461 12,000,000.0
2.5
10,365,302
10,000,000.0

Lb CU
2.0
8,000,000.0
1.5
6,000,000.0
1.0
4,000,000.0

0.5 1,613,558
2,000,000.0
0 0 0
0.0 0.0
2016 2017 2018 2019 2020 2021
Aos
Indirectos Flotacion Mina Total Mineral (lb)

Disribucion del Personal por Departamentos

450

400

350
 Disribucion del Personal por Departamentos

450

400

350

300

250

200

150

100

50

0
2016 2017 2018 2019
Aos
Indirectos Flotacion Mina - Contratista Mina - MAP
 Flotacion

14,000,000.0

12,000,000.0

10,000,000.0
CU
 14,000,000.0

12,000,000.0

10,000,000.0
Lb CU

8,000,000.0

6,000,000.0

4,000,000.0

2,000,000.0

0.0
21

14,000,000.0

12,000,000.0

10,000,000.0
Lb CU

8,000,000.0

6,000,000.0

4,000,000.0

2,000,000.0

0.0
1
2019
 0% Change of x% in Capex
% of Change 5,191 25% 20% 15% 10% 5%
NPV
Costo de Capital

0% Change of x% in Operational cost

% of Change 5,191 25% 20% 15% 10% 5%
NPV
Costo de Operacin
Costo de Mina 21.44 20.58 19.72 18.87 18.01

0% Change of x% in Cu Price
% of Change 5,191 25% 20% 15% 10% 5%
VAN
Precio Cu 8,125 7,800 7,475 7,150 6,825
3.69 3.54 3.39 3.24 3.10

0% Change of x% in Ore Grade

% of Change 5,191 25% 20% 15% 10% 5%
NPV
Ley de Mineral 1.40% 1.35% 1.29% 1.23% 1.18%

0% Change of x% in Recuperacion de Mineral

% of Change 5,191 25% 20% 15% 10% 5%
NPV
Recuperacion de Mineral 113% 108% 104% 99% 95%

0% Change of x% in Capex
% of Change 5,191 25% 20% 15% 10% 5%
NPV
Capex 13,925 13,368 12,811 12,254 11,697

Sensibilidad del VAN

VAN US$ Miles

12

10

4
6

0
25% 20% 15% 10% 5% 0%

% Variation

Precio Cu Costo de Operacin Costo de

 0% -5% -10% -15% -20% -25%

0% -5% -10% -15% -20% -25%

17.15 16.29 15.44 14.58 13.72 12.86

0% -5% -10% -15% -20% -25%

6,500 6,175 5,850 5,525 5,200 4,875

2.95 2.80 2.65 2.51 2.36 2.21

0% -5% -10% -15% -20% -25%

1.12% 1.07% 1.01% 0.95% 0.90% 0.84%

on de Mineral
0% -5% -10% -15% -20% -25%

90% 86% 81% 77% 72% 68%

0% -5% -10% -15% -20% -25%

11,140 10,583 10,026 9,469 8,912 8,355

l VAN

Caso Base
 5% 0% -5% -10% -15%

ation

Costo de Capital Ley de Mineral

 - Year 2 - Year 1 Year 1

Beginning period 0
Capital 0
Interest rate (yr) 0.00% 0.00% 2.10%
Period 0
1 Debt type bullet
Cuota 0

Initial Balance 0 0 0
Capital 0 0
Instalment 0 0
Interest 0 0
Final Balance 0 0

Initial Balance 0 0 0
Increase 0 0
Payments 0 0
Final Balance 0 0
Interest 0 0

Investor Flow
Capital Requirements 0 5,760 0
Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

2.45% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80% 2.80%

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
Year 10 Year 11

2.80% 2.80%

0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0

0 0
 year rate
Ka 9.530%
Kd 1.469%
Ke 9.530%

US$'000 % of Net Asset

Net Asset 1,000
Debt 0 0.0%
Equity 1,000 100.0%

2014 2015 2016

Updated Nominal Nominal Nominal
UK base rate % 23 Aug 2013 0.60% 0.75% 1.00%
Base points MAP % year 1.10% 1.10% 1.10%
Debt rate MAP % year 1.70% 1.85% 2.10%
 2017 2018 2019
Nominal Nominal Nominal
1.35% 1.70% 1.70%
1.10% 1.10% 1.10%
2.45% 2.80% 2.80%
 Minera Altos de Punitaqui Ltda.
Superintendencia de Mina
Plan de Minado
UG Mine Dalmacia

Year Strip Ratio Quart Month

Enero 2016 1 0.000 Y1 Qu. 1 1

Febrero 2016 2 0.000 Y1 Qu. 1 2
Marzo 2016 3 0.000 Y1 Qu. 1 3
Abril 2016 4 0.000 Y1 Qu. 2 4
Mayo 2016 5 0.000 Y1 Qu. 2 5
Junio 2016 6 0.000 Y1 Qu. 2 6
Julio 2016 7 0.000 Y1 Qu. 3 7
Agosto 2016 8 0.000 Y1 Qu. 3 8
Septiembre 2016 9 0.000 Y1 Qu. 3 9
Octubre 2016 10 0.000 Y1 Qu. 4 10
Noviembre 2016 11 0.000 Y1 Qu. 4 11
Diciembre 2016 12 0.000 Y1 Qu. 4 12
2017 13 0.000 Y1 Qu. 1 1
2017 14 0.000 Y1 Qu. 1 2
2017 15 0.000 Y1 Qu. 1 3
2017 16 0.000 Y1 Qu. 2 4
2017 17 0.000 Y1 Qu. 2 5
2017 18 0.000 Y1 Qu. 2 6
2017 19 0.000 Y1 Qu. 3 7
2017 20 0.000 Y1 Qu. 3 8
2017 21 0.000 Y1 Qu. 3 9
2017 22 0.000 Y1 Qu. 4 10
2017 23 0.000 Y1 Qu. 4 11
2017 24 0.000 Y1 Qu. 4 12
2018 25 0.000 Y2 Qu. 1 1
2018 26 0.000 Y2 Qu. 1 2
2018 27 0.000 Y2 Qu. 1 3
2018 28 0.000 Y2 Qu. 2 4
2018 29 0.000 Y2 Qu. 2 5
2018 30 0.000 Y2 Qu. 2 6
2018 31 0.000 Y2 Qu. 3 7
2018 32 0.000 Y2 Qu. 3 8
2018 33 0.000 Y2 Qu. 3 9
2018 34 0.000 Y2 Qu. 4 10
2018 35 0.000 Y2 Qu. 4 11
2018 36 0.000 Y2 Qu. 4 12
2019 37 0.000 Y3 Qu. 1 1
2019 38 0.000 Y3 Qu. 1 2
2019 39 0.000 Y3 Qu. 1 3
2019 40 0.000 Y3 Qu. 2 4
2019 41 0.000 Y3 Qu. 2 5
2019 42 0.000 Y3 Qu. 2 6
2019 43 0.000 Y3 Qu. 3 7
2019 44 0.000 Y3 Qu. 3 8
2019 45 0.000 Y3 Qu. 3 9
2019 46 0.000 Y3 Qu. 4 10
2019 47 0.000 Y3 Qu. 4 11
2019 48 0.000 Y3 Qu. 4 12
0.000 Y4 Qu. 1 1
0.000 Y4 Qu. 1 2
0.000 Y4 Qu. 1 3
0.000 Y4 Qu. 2 4
0.000 Y4 Qu. 2 5
0.000 Y4 Qu. 2 6
0.000 Y4 Qu. 3 7
0.000 Y4 Qu. 3 8
0.000 Y4 Qu. 3 9
0.000 Y4 Qu. 4 10
0.000 Y4 Qu. 4 11
0.000 Y4 Qu. 4 12
0.000 Y5 Qu. 1 1
0.000 Y5 Qu. 1 2
0.000 Y5 Qu. 1 3
0.000 Y5 Qu. 2 4
0.000 Y5 Qu. 2 5
0.000 Y5 Qu. 2 6
0.000 Y5 Qu. 3 7
0.000 Y5 Qu. 3 8
0.000 Y5 Qu. 3 9
10
11
12
0.00 Total
 Dilucion
Recuperacion

Rock Mined as ORE Mined Waste

tonnes tonnes tonnes

-
-
-
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000

-
-
-
-
-
-
-
-
-
-
-
-
 -
-
-
-
-
-

- 1,150,000 -

Plan de Tratamiento - UG Dalmacia

60,000

50,000
USD / t ore

40,000

30,000

20,000
U
40,000

30,000

20,000

10,000

-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 3

Mes

Sulfuros CuT
 10%
90%

Oxidos Sulfuros Mixtos

tonnes tonnes tonnes

- - -
- - -
- - -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- 50,000 -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
 - -
- -
- -
- -
- -
- -

- 1,150,000 -

n de Tratamiento - UG Dalmacia
2.00%

1.80%

1.60%

1.40%
CuT %

1.20%

1.00%

0.80%

0.60%
 1.40%

CuT %
1.20%

1.00%

0.80%

0.60%

0.40%

0.20%

0.00%
8 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

Mes

Sulfuros CuT
 Flotacion
CuT CuS CuI

1.03% 0.18% 0.85%

1.52% 0.14% 1.38%
1.33% 0.21% 1.13%
1.35% 0.17% 1.18%
0.97% 0.09% 0.88%
1.46% 0.06% 1.40%
1.81% 0.09% 1.71%
1.27% 0.05% 1.22%
1.11% 0.04% 1.06%
1.02% 0.05% 0.97%
0.99% 0.06% 0.93%
0.86% 0.05% 0.81%
1.07% 0.04% 1.03%
1.19% 0.05% 1.15%
1.05% 0.02% 1.03%
1.04% 0.03% 1.02%
1.06% 0.03% 1.03%
1.06% 0.04% 1.02%
1.04% 0.05% 0.99%
0.96% 0.02% 0.94%
0.89% 0.04% 0.85%
0.85% 0.04% 0.81%
0.87% 0.02% 0.86%
1.12% 0.07% 1.05%
 Lixiviacion
Ag Au CuT CuS

0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
1.72 0.77 0.00% 0.00%
3.80 0.03 0.00% 0.00%
2.49 0.03 0.00% 0.00%
2.39 0.03 0.00% 0.00%
0.78 0.02 0.00% 0.00%
0.85 0.03 0.00% 0.00%
2.64 0.07 0.00% 0.00%
1.78 0.28 0.00% 0.00%
1.56 0.53 0.00% 0.00%
1.40 0.45 0.00% 0.00%
1.47 2.23 0.00% 0.00%
1.19 0.04 0.00% 0.00%
0.82 0.02 0.00% 0.00%
0.87 0.06 0.00% 0.00%
2.52 0.02 0.00% 0.00%
1.90 0.03 0.00% 0.00%
0.97 0.63 0.00% 0.00%
1.68 2.30 0.00% 0.00%
0.76 0.50 0.00% 0.00%
0.56 0.04 0.00% 0.00%
0.82 0.49 0.00% 0.00%
0.82 1.22 0.00% 0.00%
0.44 0.06 0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
 0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
1.49 0.43 0.00% 0.00%
Lixiviacion
CuI Ag Au

0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% - -
0.00% 0.00% 0.00%
 Mixtos
CuT CuS CuI

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

 Mined Waste
Ag Au tonnes

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
 0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

0.00% 0.00% 0.00

Limited de Sulfuros 0%

CuS/CuT Rec

0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
17.2% 74.7%
9.4% 81.5%
15.4% 76.3%
12.9% 78.5%
8.8% 82.0%
3.9% 89.4%
5.2% 85.0%
4.3% 89.0%
4.0% 89.3%
5.0% 85.2%
6.2% 84.2%
5.9% 84.4%
3.9% 89.4%
3.8% 89.5%
2.1% 91.3%
2.5% 91.0%
2.6% 90.8%
3.8% 89.6%
4.6% 88.6%
2.0% 91.4%
4.1% 89.2%
5.1% 85.1%
1.9% 91.5%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%

6.1% 84.3%
 Recursos - Sin Dilucion
840

Primer Ao
Segundo Ao
Tercer Ao
Cuarto Ao
Total

Oxidos Sulfuros Mixtos

tonnes tonnes tonnes

50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
- 1,050,000 -
 t CuT CuS
450,000 1.32 0.11
600,000 1.02 0.04
73,309 0.86 0.04

2,547,847 1.12 0.18

Flotacion
CuT CuS CuI

1.32% 0.11% 1.20%

1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.32% 0.11% 1.20%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
1.02% 0.04% 0.98%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.86% 0.04% 0.82%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%

1.15% 0.07% 1.07%

 CuI Ag Au
1.20 2.00 0.20
0.98 1.25 0.57
0.82 0.70 0.85

0.95 1.88 0.22

acion
Ag Au CuT

2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
2.00 0.20
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
1.25 0.57
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
0.70 0.85
- -
- -
- -
 - -
- -
- -
- -
- -
- -
- -
- -
- -

1.57 0.41 #DIV/0!

 Lixiviacion - Enami
CuS CuI Ag Au
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
 Mixtos
CuT CuS CuI Ag
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
 Rock Waste
Au tonnes tonnes
#DIV/0! - -
Precio Histrico del Cobre
(Centavos de dlar por libra) NOMINAL
AOS NOMINAL REAL(1) USD/t
B.M.L. COMEX B.M.L. COMEX B.M.L.
1935 7 * 90 * 153.70
1936 9 * 108 * 188.05
1937 12 * 143 * 264.97
1938 9 * 116 * 195.85
1939 8 * 130 * 186.33
1940 11 * 139 * 233.67
1941 11 * 131 * 245.97
1942 11 * 116 * 246.17
1943 11 * 111 * 246.17
1944 11 * 111 * 246.17
1945 11 * 109 * 245.89
1946 14 * 119 * 306.24
1947 23 * 163 * 517.49
1948 24 * 155 * 531.58
1949 22 * 148 * 482.71
1950 22 * 145 * 492.72
1951 28 * 161 * 607.08
1952 32 * 193 * 713.06
1953 32 * 195 * 709.33
1954 31 * 189 * 689.16
1955 44 43 265 258 967.63
1956 41 40 240 233 905.33
1957 27 27 157 155 605.18
1958 25 25 139 142 545.11
1959 30 31 166 174 655.44
2960 31 31 172 172 677.83
1961 29 30 161 168 633.15
1962 29 29 164 164 645.03
1963 29 30 165 167 645.87
1964 44 43 247 241 972.30
1965 59 50 322 277 1,294.65
1966 69 63 369 336 1,531.19
1967 51 50 271 268 1,126.97
1968 56 51 290 264 1,236.61
1969 67 64 331 317 1,467.22
1970 64 61 309 295 1,415.02
1971 49 49 230 229 1,085.95
1972 49 49 217 219 1,070.30
1973 81 78 317 308 1,780.51
1974 93 90 315 304 2,055.96
1975 56 56 170 169 1,233.11
1976 64 64 185 186 1,402.15
1977 59 60 163 165 1,306.91
1978 62 62 157 158 1,364.13
1979 90 88 203 199 1,980.09
1980 99 97 197 192 2,186.05
1981 79 79 143 143 1,740.24
 1982 67 66 119 117 1,478.11
1983 72 72 127 126 1,590.88
1984 62 61 107 105 1,376.54
1985 64 61 111 105 1,416.92
1986 62 62 110 109 1,372.97
1987 81 78 139 134 1,787.35
1988 118 115 196 190 2,599.64
1989 129 125 204 198 2,845.99
1990 121 119 184 182 2,664
1991 106 105 162 160 2,338
1992 104 103 157 156 2,283
1993 87 85 130 127 1,911
1994 105 107 154 158 2,312
1995 133 135 190 192 2,936
1996 104 106 145 147 2,290
1997 103 104 144 144 2,275
1998 75 75 107 107 1,653
1999 71 72 101 102 1,573
2000 82 84 110 112 1,814
2001 72 73 95 96 1,578
2002 71 72 96 97 1,557
2003 81 81 104 104 1,780
2004 130 129 157 156 2,868
2005 167 168 188 189 3,683
2006 305 309 328 333 6,729
2007 323 322 332 331 7,125
2008 315 313 272 290 6,950
2009 234 235 275 275 5,163
2010 342 343 376 377 7,538
2011 400 401 405 406 8,809
2012 361 361 363 364 7,948
2013 332 334 333 334 7,321
2014 6,938

*
Informacin no disponible
(1)
Deflactor: Indice de Precios al por Mayor de Estados Unidos (PPI al commodities), base noviembre 2008=100.
Fuente: COMISION CHILENA DEL COBRE
 REAL
USD/t
COMEX B.M.L. COMEX
- 1,975.0 -
- 2,385.0 -
- 3,154.3 -
- 2,552.5 -
- 2,856.7 -
- 3,066.1 -
- 2,896.4 -
- 2,565.8 -
- 2,455.5 -
- 2,437.9 -
- 2,400.4 -
- 2,616.5 -
- 3,590.7 -
- 3,416.6 -
- 3,255.7 -
- 3,187.4 -
- 3,540.0 -
- 4,260.8 -
- 4,289.5 -
- 4,170.5 -
941.86 5,843.5 5,693.6
877.76 5,296.8 5,133.7
600.15 3,449.7 3,418.8
557.21 3,057.3 3,127.8
686.69 3,665.7 3,842.0
677.41 3,793.5 3,793.5
659.80 3,553.3 3,703.2
644.24 3,615.0 3,606.2
656.78 3,626.0 3,687.7
946.51 5,446.7 5,305.7
1,112.29 7,099.9 6,101.4
1,392.19 8,127.1 7,395.3
1,110.68 5,980.2 5,898.6
1,126.93 6,399.0 5,828.1
1,407.71 7,302.7 6,996.3
1,350.66 6,802.3 6,491.5
1,081.19 5,063.2 5,043.3
1,083.17 4,772.2 4,827.3
1,729.13 6,976.5 6,778.1
1,987.27 6,941.2 6,701.0
1,224.31 3,753.9 3,720.8
1,412.31 4,066.9 4,099.9
1,329.04 3,581.9 3,639.2
1,370.43 3,456.3 3,476.1
1,950.02 4,472.4 4,393.1
2,132.80 4,331.4 4,230.0
1,733.76 3,156.5 3,141.1
1,450.84 2,627.5 2,574.6
1,584.88 2,792.8 2,779.6
1,351.65 2,358.6 2,314.5
1,344.33 2,437.9 2,312.3
1,358.90 2,433.5 2,407.1
1,715.73 3,070.5 2,955.9
2,526.08 4,315.9 4,188.1
2,753.36 4,505.5 4,357.8
2,624.94 4,062.5 4,007.3
2,311.72 3,559.9 3,520.2
2,264.24 3,454.1 3,429.8
1,879.86 2,856.7 2,806.0
2,359.70 3,396.8 3,473.9
2,969.51 4,177.1 4,225.6 2014
2,333.69 3,191.8 3,246.9
2,283.15 3,167.5 3,176.3 NOMINAL REAL(1)
1,654.89 2,358.6 2,360.8 B.M.L. COMEX B.M.L. COMEX
1,589.51 2,221.9 2,246.1 ENERO 331
1,850.94 2,424.7 2,475.4 FEBRERO 324
1,599.57 2,085.2 2,113.9 MARZO 302
1,579.84 2,111.7 2,140.3 ABRIL 303
1,786.55 2,285.8 2,294.6 MAYO 312
2,842.88 3,467.3 3,438.6 JUNIO 309
3,708.16 4,139.6 4,170.5 JULIO 322
6,809.73 7,234.4 7,329.2 AGOSTO 318
7,101.51 7,309.3 7,293.9 SEPTIEMBRE 312
6,907.23 5,997.8 6,401.2 OCTUBRE
5,189.20 6,061.7 6,052.9 NOVIEMBRE
7,549.83 8,292.4 8,310.1 DICIEMBRE
8,828.06 8,933.9 8,942.7 2014 315
7,967.28 8,001.5 8,019.1
7,364.74 7,329.2 7,368.8
6,938.1
NOMINAL REAL
USD/t USD/t
B.M.L. COMEX B.M.L. COMEX