Codelco Corporacion Nacional del Cobre de Chile - Policy Report - 2016

Report generated on 3-November-2017 by emRatings, a product of Solaron Sustainability Services ©2017. Page 1 of 38
SUSTAINABILITY
RATING BBB
Company Industry Average
Company Industry Avg.
OVERALL SUSTAINABILITY SCORE: 64 /
100
Overall Performance
Industry Relative
Performance
Company Ranks 31 of 76
Company ESG Performance
Company Disclosure
Business Description
Codelco is a diﬀerent kind of high-energy copper top. State-owned Corporación
Nacional del Cobre de Chile (Codelco) is one of the world's top producers of copper
(along with Freeport-McMoran Copper & Gold and others), producing 877,000
metric tons of reﬁned copper, 15,900 tons of molybdenum, and 1.2 tons of gold
annually. Among the companies Codelco sells to are units of such diverse
multinational giants as LG (South Korea), Outokumpu (Finland), Southwire (the US),
and Wieland Werke (Germany). It is also a major producer of molybdenum (used for
ferroalloys). Codelco's joint development partners on projects include the Canadian
gold producer Barrick and the Mexican miner Industrias Peñoles.
Sustainability Policy Assessment
ASSESSMENT OF COMPANY'S POLICIES & DISCLOSURES
The policies of Codelco over ESG parameters have been satisfactory. The company
publishes the Sustainability Report separately. Overall, the company’s disclosure of
information has been moderate. Policies on Environment, Social, and Governance
parameters have been satisfactory, satisfactory, and moderate respectively.
The company has published an environmental
policy that covers features like Control of the
environmental impact, Initiatives for the
continuous improvement, and Compliance
with environmental legislation in place.
Regarding global warming, Codelco has taken
initiatives to reduce energy and water
consumption along with GHG emissions. An
Environmental Management System is
implemented and is ISO 14001 certified . The
environmental aspect is not reflected in the
products/services offered by Codelco nor in
the supply chain. Monetary fines on
environmental issues were applied to the
company during the year and there were no
cases of environmental litigations/law suits.
ENVIRONMENT
CORPORACION NACIONAL DEL COBRE DE CHILE (CODELCO)
RIC: NA • ISIN: PRIVATE • SEDOL: B1G6235 • INDUSTRY: METALS & MINING • COUNTRY: CHILE
Industry
Maximum
CompanyIndustry
Average
Industry
Minimum
0
25
50
75
100
Environment
Social
Governance
25
50
75
100
OverallEnvironmentSocialGovernance
0%
20%
40%
60%
80%
100%
0%
20%
40%
60%
80%
100%
Industry
Maximum
CompanyIndustry
Average
Industry
Minimum
0
20
40
60
80
100

Company
Industry Avg.
Number of Employees
Revenue (in USD mn)
Company Basic Information
Company Size
Company data is for the year
2015. The industry average
data is average of the latest
reported year data.
Other Information
Ticker:
NA
ISIN:
PRIVATE
SEDOL:
B1G6235
GICS Industry:
Metals & Mining
Country:
Chile
Website:
https://www.codelco.com/prontus_codelco/...
Investor Relations:
https://www.codelco.com/prontus_codelco/...
Codelco has a labor policy in place which
includes health and safety of employees,
freedom of association, non-discrimination
among employees and also refrains from
promoting child labor or forced labor. Labor
unions are present in the company,
representing their members in disputes with
management over violations of contract
provisions. Employees are covered by
collective bargaining agreements. Monitoring
health and safety of the employees is ensured
through detailed procedures but there is no
evidence of health & safety related
certification. On the Human Rights aspect
Codelco has a policy in place with no further
details. A good working relationship with the
community is ensured through dialogue with
community members and their
representatives on a regular basis. This is
enforced by the existence of a community
policy. There is a supplier policy statement
that covers labor issues but is only formal and
constitutes room for improvement. Regular
dialogue with suppliers is carried out and
training and development programs to ensure
compliance of labor policies for suppliers are
put in place.
SOCIAL
Regarding Board effectiveness, there are 8
directors but no information on independence
of directors is disclosed by the company.
Codelco has distinct roles for its board
chairman and its CEO. It is transparent in its
disclosure of remuneration of the board and
the top management. However, variable
remuneration of top executives does not
appear to be linked to sustainability
performance. The company has established a
policy on bribery and corruption. Reporting
violations of the code of conduct can be done
using several channels which are open 24/7.
Codelco is transparent regarding key decisions
in which the shareholders are entitled to vote
but gives no details of engagement
mechanisms. There is no evidence of
involvement in political contributionsbut
during the year there were cases of non
compliance with business policies.
GOVERNANCE
Company Average
0
20000
40000
60000
80000
Company Average
0
50000
100000
150000
Industry
Maximum
CompanyIndustry
Average
Industry
Minimum
0
20
40
60
80
100
Industry
Maximum
CompanyIndustry
Average
Industry
Minimum
0
20
40
60
80
100

7.2
5.5
7.9
5.0
8.8
5.3
6.0
5.1
Performance on Key
Parameters
* Click on the bars to view score details
Energy
Water
Biodiversity
Emissions
7.1
5.7
5.8
6.0
7.0
5.4
Performance on Key
Parameters
Labor Management
Occupational Health and Safety
Community
1.0
3.3
7.9
6.2
3.7
7.3
7.4
7.2
6.2
6.8
6.3
6.3
Performance on Key
Parameters
Board Composition
Top Management
Board Committees
Remuneration of the board
Shareholder Rights & Reporting
Business Conduct & Policies
Environment Social Governance

Policy Overview
Description Disclosure Level
Environmental policy GOOD
Labor Policies SATISFACTORY
Policy on Human Rights GOOD
Supplier Policy SATISFACTORY
Policy on bribery & corruption GOOD
Policy on Insider trading MODERATE
Policy on Competition POOR / NOT AVAILABLE
Policy on Conflicts of Interest GOOD
Policy on Money laundering
Policy on Responsible Marketing POOR / NOT AVAILABLE
WhistleBlower Mechanism GOOD

Description Dec 2015 Dec 2014 Dec 2013 Dec 2012 Dec 2011 Units
Net Profit Margin - - - - - -
R&D / Revenue - - - - - -
Description* Dec 2015 Dec 2014 Dec 2013 Dec 2012 Dec 2011 Units
Gross sales (local currency) - - - - -
Gross sales (USD - company reported) - - - - -
Net sales (local currency) - - - - -
Net sales (USD - company reported) 11,693 13,827 14,956 15,860 17,515 USD
In local currency - - - - -
In USD (company reported) -3,056.18 1,952 2,732 6,536 5,547 USD
In USD (Company Reported) -2,327.78 710.91 1,115 3,983 2,056 USD
Chuquicamata 2,157 2,680 2,819 3,408 4,673 USD
R. Tomic 1,630 2,116 2,585 3,082 3,375 USD
Salvador 459.99 798.73 867.23 829.22 1,178 USD
Andina 1,062 1,584 1,837 1,786 1,828 USD
El Teniente 2,453 3,209 3,502 3,512 3,536 USD
Ventanas 539.65 500.65 871.27 906.41 972.58 USD
G. Mistral 664.58 832.55 908.09 999.39 919.55 USD
M. Hales 1,653 673.67 - - - USD
Other 1,074 1,431 1,567 1,338 1,033 USD
Copper (own) 8,722 10,721 12,022 13,556 15,566 USD
Copper (third-party) 2,039 1,859 1,897 1,669 1,346 USD
BUSINESS INFORMATION
Mergers and acquisitions
Codelco Kupferhandel took over CK Metall Agentur GmbH.
Codelco reduced its ownership interest to 34% in subsidiary PRM (Planta Recuperadora de Metales).
The company began procedure to take over the subsidiary Santiago de Río Grande and CM Picacho.
Key Ratios
Sales/Total revenue (in millions)
NEBT/PBT (in millions)
Net Profit/Profit After Tax (PAT)/ Net Income (in millions)
Geographic break down of sales/revenues by region (millions or %)
Revenues from Products & Services (millions or %)

1. Google Finance website as of October 1, 2016
2. Annual Report 2015
4. Consolidated Financial Statements 2013
5. Consolidated Financial Statements 2012
Molybdenum 391.59 669.69 493.39 544.04 777.84 USD
Other products 538.29 564.97 544.65 855.64 1,054 USD
Futures market 2.58 12.59 -1.34 -764.58 -1,228.06 USD
The company does not provide information on this parameter
In USD ( Company Reported) 23.87 60.66 67.86 102.28 106.18 USD
Source List:
Sales from Renewables
Research and Development (in millions)
Operational Data

3.0
4.0
7.2
5.5
7.9
5.0
8.8
5.3
6.0
5.1
Performance on Key Parameters
Materials
Energy
Water
Biodiversity
Emissions
ENVIRONMENT
Total direct energy consumption
from fuel sources - PJ
Total Energy Consumption (Direct +
Indirect) - PJ
Total water use/withdrawal - m3
Total direct greenhouse gas (GHG)
emissions by weight (Scope 1) - t
CO2e
Indirect greenhouse gas (GHG)
emissions by weight (Scope 2) - t
CO2e
Total direct and indirect emissions
(Scope 1+2+3) - t CO2e
2011 2012 2013 2014 2015
0
5
10
15
20
25
30
2011 2012 2013 2014 2015
0
10
20
30
40
50
60
2011 2012 2013 2014 2015
0
50000000
100000000
150000000
200000000
2011 2012 2013 2014 2015
0
500000
1000000
1500000
2000000
2011 2012 2013 2014 2015
0
1000000
2000000
3000000
4000000
5000000
2011 2012 2013 2014 2015
0
1000000
2000000
3000000
4000000
5000000
6000000
KPI Performance
6.8
4.9
3.0
3.8
3.0
4.4
3.0
10.0
7.0
7.3
6.2
8.5
6.3
Effluents and Waste
Products and Services
Life Cycle Analysis
Compliance
4.0
Environmental Strategy
Environmental Management
Environmental Risks

Total Direct Energy consumption from Fuel Sources /
Total Energy Consumption
0.4745 0.4778 0.4981 0.4498 0.4669 n.a.
Total Indirect Energy consumption (purchased electricity)
/ Total Energy Consumption
0.5255 0.5222 0.5019 0.4943 0.5331 n.a.
Scope 1 GHG to total GHG emissions 0.2899 0.2846 0.2933 0.2799 0.2766 n.a.
Scope 2 GHG to total GHG emissions 0.7101 0.7154 0.7067 0.7210 0.7234 n.a.
Scope 3 GHG to total GHG emissions - - - - - -
Total GHG Emission to Revenue - - - - - -
Total materials used - - - - -
Processed ores - - 251,600,000 255,300,000 214,250,000 t
Bars and steel balls - - 110,557 107,756 100,688 t
Sulfuric Acid - - 1,927,763 1,274,482 1,118,509 t
Lime - - 239,616 235,680 212,846 t
Tires - - 2,826 3,567 3,560 #
Explosives - - 55,394 94,425 87,828 t
Dynamite - - 3,106,080 3,351,986 2,695,223 #
Detonators -tubes - - 2,982,687 2,695,188 2,122,366 #
Cables - - 5,006,152 5,339,582 5,100,725 m
Chemical Products - - 60,673 60,664 139,816 t
Materials used that are recycled input materials - - - - -
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Key Ratios
Materials

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Total direct energy consumption from fuel sources 23.20 23.65 24.68 21.95 21.03 PJ
Coal consumption/Coal based energy consumption 0.01 0.01 - 0.00 0.17 PJ
Natural gas consumption/ Natural gas based energy
consumption
4.59 4.39 4.23 3.83 4.05 PJ
Fuel oil consumption/Fuel oil based energy consumption 18.74 19.23 20.38 18.03 16.77 PJ
Biofuels consumption/Biofuels based energy consumption - - - - -
Energy consumed from renewable sources 0.17 0.16 0.05 - - PJ
Other fuel consumption/ Other fuel based energy
consumption
0.05 0.03 0.02 0.09 0.04 PJ
Direct energy consumption of own generated electricity - - - - -
Total direct energy intensity - - - - -
Total indirect energy consumption (purchased electricity) 25.69 25.85 24.87 24.12 24.01 PJ
Electricity from renewable energy sources (hydro, solar,
wind, geothermal, biomass…)
- - - - -
Electricity from coal based generation - - - - -
Electricity from oil based generation - - - - -
Electricity from gas based generation - - - - -
Electricity from nuclear based generation - - - - -
Total indirect energy intensity 28.40 29.60 30.55 30.50 27.90
PJ/mn
FMT
Total energy consumption 48.89 49.50 49.55 48.80 45.04 PJ
Energy saved due to conservation and efficiency
improvements
220.00 - - - - TJ
Initiatives/Programs undertaken to reduce energy consumption or achieve targets
At corporate level Codelco has the Energy and Water Resources Management whose main responsibility is enforcing
the Sustainable Development Policy, fostering the efficient use of energy and water resources to reduce
greenhouse-gas effects (GEI) and their impacts.
In 2014, Codelco subscribed an Energy Efficiency Partnership Agreement (EE) with the Ministry of Mining and
conducted a systematic search of energy efficiency opportunities in all operations; the initiatives were prioritized
according to their unit cost and their impact on energy consumption. In 2015, the projects fastest to implement
Energy

were materialized in all divisions.
Codelco’s energy management system has been structured around four main axes: management of existing
contracts, energy efficiency management in processes, renewable energy, and energy efficiency in investment
projects.
As to reductions achieved during 2015, these are estimated to be 220 terajoules (TJ). These initiatives have come as
a result of energy efficiency audits performed in 2014. Important reductions were made in facilities circuits and
other optimization projects.
Target type, target value and target scope
Target base year and target base year energy consumption
Target end year
Target met
Total water use/withdrawal 177,862,000 170,425,000 175,434,000 165,158,000 174,891,000 m3
Total volume of water recycled/reused 78.50 76.90 76.00 75.00 74.00 %
Initiatives/Programs undertaken to reduce water consumption or achieve targets
Codelco strives to reduce water supply demands by applying water efficiency which seeks to maximize recirculation
and reduce consumption per ton of processed ore.
Codelco uses mainly waters coming from surface or underground sources in all divisions while water is more
relevant in the five divisions located in desert climates. For this reason, efforts are centered in maintaining high
levels of recirculation in the North District and Salvador divisions. The total recirculation volume in the corporation
for the year reported was 649 million m3.
Target base year and target base year water consumption
Target end year
Target met
Energy Efficiency Targets
Water
Water Efficiency Targets

Position statement on biodiversity
The company states: "Codelco’s sustainable management includes the prevention and control of impacts associated
to emissions, discharges, and waste; the efficient management of such important resources as water and energy, as
well as territory, land, landscape, biodiversity, and mine closure topics.
Codelco is committed to help preserve biodiversity and minimize the impacts on ecosystems and on the areas of
influence of our projects, operations, and explorations, respecting protected areas and managing the land planning
in an inclusive way (ICMM Principles 6 and 7 and Position Statement on Protected Areas)."
Acreage of land under management
Biodiversity-rich areas managed by Codelco are those recognized by the State and/or by environmental impact
studies or statements. These areas are located around tailings dams in the region of Valparaíso and are part of the
Rinconada de Huechún estate in Andina division and of Los Cobres de Loncha ecological estate in El Teniente
division. It is important that these areas be monitored through management plans to identify the presence and
population of flora and fauna species in conservation categories.
> Thel Rinconada de Huechún Estate covers a 1,033-ha preservation area and a 1,618-ha conservation area. An
ecosystem characterized by thorny shrubs and rich in bird species prevails in both these areas.
> Los Cobres de Loncha Ecological Estate is located in the Alhué commune, in the Roblería del Cobre de Loncha
National Reserve and extends over 5,980 ha. This reserve hosts vulnerable flora and fauna species, most of them
endemic population mainly pertaining to the Sclerophyll forest type.
> The Río Blanco National Reserve, adjacent to Andina division, stretching over an area of 10,175 ha.
Significant impacts of activities, products and services on biodiversity in protected areas and areas of
high biodiversity value outside protected areas
Identity, size, protected status, and biodiversity value of water bodies and related habitats significantly
affected by the reporting organization's discharges of water, runoff and solid waste disposed
All liquid industrial waste discharges resulting from the company's operations comply with the applicable national
legislation; that is, they do not affect water bodies.
Codelco handles an area rich in marine biodiversity close to Salvador and Ventanas divisions: the port of Barquito,
owned by Salvador division, located in the Chañaral bay. This marine zone consists mainly of benthic invertebrates
and microalgae. The impact comes from the contamination caused by the introduction of substances associated to
port activities.
Habitats protected or restored
Thel Rinconada de Huechún Estate covers a 1,033-ha preservation area and a 1,618-ha conservation area. An
ecosystem characterized by thorny shrubs and rich in bird species prevails in both these areas. At present, this
estate is covered by a natural resources management plan that includes a fauna monitoring program destined to
identify likely impacts.
On the other hand, Los Cobres de Loncha Ecological Estate is located in the Alhué commune, in the Roblería del
Cobre de Loncha National Reserve and extends over 5,980 ha. This estate was ceded on a bailment basis by El
Teniente to the National Forest Corporation (CONAF) for its administration. This reserve hosts vulnerable flora and
fauna species, most of them endemic population mainly pertaining to the Sclerophyll forest type. These are covered
by a management plan intended to address the main impacts caused by the tailings dam by means of forestation
programs, rescue, and relocation of individuals.
Strategies, actions and plans for managing impacts on biodiversity
Codelco's impact management practices are focused on the assessment and monitoring of its risks in the different
types of scenarios (terrestrial, aquatic, maritime), identifying and characterizing the area of influence and then
setting up management plans, and conservation programs which are to be implemented in the different steps of a
project.
Biodiversity strategy development with environmental NGOs or other relevant organizations
Aas part of its commitments to protect biodiversity, Codelco encourages, engages/collaborates in the different
protection and/ or conservation initiatives at local and national level, towards the strengthening of biodiversity.
Codelco has put in place programs and/or agreements entered into with universities, government agencies, and
other organizations engaged in biodiversity conservation or protection initiatives. With respect to collaboration and
partnership commitment to develop knowledge at national and local level, the company's Ventanas division
Biodiversity

collaborated in the completion of a diagnosis study where the state of land and marine ecosystems within the area
of influence of the Puchuncaví-Quintero industrial complex was analyzed (PS “Mining: Partnerships for
Development”).
IUCN red list species and national conservation list species with habitats in areas affected by operations,
by level of extinction risk
Land disturbed and not yet rehabilitated
Measures or programs to protect biodiversity and ecosystems
In 2012 Codelco put in place the Biodiversity and Territory Standards and their respective Implementation Guides.
By applying these standards, the divisions will be better prepared to identify and characterize its ecosystems within
their areas of influence and to define their initiatives associated to protection and/or conservation. Codelco's
Territory, Soil, and Landscape Standard integrates the territorial variables in the business life cycle which helps
increase the viability of the different stages of projects (explorations, operations, and mine site closure) and other
initiatives developed by Codelco with the purpose of ensuring the land will be sustainably used. In general, the
standards set up the minimum criteria to be executed, such as: baseline formulation, impact management, creations
of variables that predict the “future”, and definition of strategic indicators that expedite the management, tracking,
and assessment of their impacts. The company's impact management practices are focused on the assessment and
monitoring of risks in the different types of scenarios (terrestrial, aquatic, maritime), identifying and characterizing
the area of influence and then setting up management plans, and conservation programs which are to be
implemented in the different steps of a project.
Total direct greenhouse gas (GHG) emissions (Scope
1)
1,586,922 1,604,819 1,688,361 1,527,852 1,403,485 t CO2e
Carbon dioxide (CO2) emissions - - - - -
Methane (CH4) emissions - - - - -
Nitrous oxide (N2O) emissions - - - - -
Chlorofluorocarbons (CFCs) emissions - - - - -
Hydrofluorcarbons (HFCs) emissions - - - - -
Perfluorcarbons (PFCs) emissions - - - - -
Sulphur hexafluoride (SF6) emissions - - - - -
Total direct emissions intensity - - - - -
Indirect greenhouse gas (GHG) emissions by weight
(Scope 2)
3,887,147 4,033,878 4,068,205 3,934,896 3,670,286 t CO2e
Other relevant indirect GHG emissions by weight
(Scope 3)
- - - - -
Total indirect emission intensity 3.20 3.40 3.70 - -
t
CO2e/mn
FMT
Total direct and indirect emissions 5,474,069 5,638,697 5,756,566 5,457,681 5,073,771 t CO2e
Initiatives/Programs to reduce greenhouse gas emissions (GHG) or achieve targets
With respect to GHG Emission Reduction Initiatives, in 2015 Codelco prepared the bid process for the construction,
operation, and electric generation by using the tailings flow in Cascada N°1 resulting from the transport of tailings
between Colón and El Teniente Carén dam. This particular project will be started by mid-2017 and will be the first
of its kind in the world. Pursuant to the program “public solar roofs” launched by the Ministry of Energy, Codelco
prepared a bid process, to be implemented during 2016, intended to incorporate photovoltaic energy in its
institutional buildings.
Emissions

Initiatives towards obtaining carbon credits
Initiatives or programs implemented to mitigate air emissions
Codelco owns four (4) copper concentrate smelters that generate, mainly, sulfur dioxide (SO2), arsenic (As), and
particulate material (MP). These facilities are governed by emission regulations and others by decontamination plans
applicable to the cities located within the area of influence of its operations. In 2015, all smelters met the established
limits and/or norms.
Target base year and target base year emissions
Target end year
Target met
Emissions of nitrogen oxides (NOx) by weight - - - - -
Emissions of nitrogen oxides (NOx) - intensity - - - - -
Emissions of sulphur oxides (SOx) by weight 224,500 240,830 241,090 226,500 273,880 t SOx
Emissions of sulphur oxides (SOx) - intensity - - - - -
Emissions of Persistent Organic Pollutants (POP) - - - - -
Emissions of Persistent Organic Pollutants (POP) -
intensity
- - - - -
Emissions of ozone-depleting substances (ODS) by
weight
- - - - -
Emissions of ozone-depleting substances (ODS) -
intensity
- - - - -
Emissions of volatile organic compounds (VOCs) by
weight
- - - - -
Emissions of volatile organic compounds (VOCs) -
intensity
- - - - -
Emissions of hazardous air pollutants (HAP) - - - - -
Emissions of hazardous air pollutants (HAP) - intensity - - - - -
Emissions of Particulate Matter (PM) by weight 300.00 782.00 830.00 1,300 1,610 t PM
Emissions of Particulate Matter (PM) - intensity - - - - -
Other types of standard air emissions identified 1,020 1,700 1,240 940.00 1,460 t
Other types of standard air emissions identified - intensity - - - - -
Emission Reduction Targets
NOx, SOx, and other significant air emissions by type and weight

Total quantity of water discharged by weight 55,989,000 37,533,000 58,375,000 58,243,000 38,219,000 m3
Total quantity of water discharged - intensity - - - - -
COD value of total water discharged by weight - - - - -
COD value of total water discharged - intensity - - - - -
BOD value of total water discharged by weight - - - - -
BOD value of total water discharged - intensity - - - - -
TSS value of total water discharged - - - - -
TSS value of total water discharged - intensity - - - - -
Total volume of significant spills 40.00 - - 20.00 20.00 t
Water discharge by quality and destination.
Type of destination:
Surface waters: 55,654,000 m3
Sea waters: 335,000 m3
All liquid industrial waste discharges resulting from the company's operations comply with the applicable national
legislation; that is, they do not affect water bodies.
Initiatives or programs implemented to reduce the impact of effluents and waste water discharged
In 2015, Codelco operated 15 discharges controlled by monitoring programs, all of them compliant with the quality
limits mandated by the standard. It must be noted that Radomiro Tomic, Chuquicamata, Ministro Hales, and Gabriela
Mistral divisions, do not discharge liquid industrial waste into water courses. There are some discharge points
authorized by monitoring program Resolutions. However, due to management reasons, these have ceased to
discharge effective liquid industrial waste, even if their monitoring programs are still current. This is the case for 3
discharge points in Salvador and 5 in Andina divisions.
Significant spills
101 environmental incidents occurred in 2015, including a severe incident, described above, 97 minor incidents, and
3 serious incidents.
While in the last years Codelco did not experience “severe” or “very severe” environmental incidents, in
September 2015, an incident rated as severe by Codelco’s NCC 38 standard, took place in Salvador division. The
incident was marked by a leakage and ensuing runoff of 40 tons of copper concentrate from conveyance pipelines;
the run-out distance reached the ravine adjacent to the installations and Salado river. The Salvador division started a
thorough inquiry into the operational incident that affected its filter plant and informed the authority and the
community.
Initiatives or programs implemented to mitigate spills and releases
In 2013 Codelco put in place the Environmental Incident Management System destined to analyze and learn from
each event in order to prevent environmental impacts, promoting their dissemination in a corporate online platform.
This system distinguishes four categories of incidents: minor, serious, severe, and very severe.
Total weight of non-hazardous waste 93,826 82,290 72,823 112,199 103,151 t
Total weight of non-hazardous waste recycled - - 26,352 33,528 30,192 t
Total weight of hazardous waste 201,344 164,101 137,865 154,406 150,492 t
Total weight of waste 295,170 246,391 210,688 266,605 253,643 t
Initiatives or programs implemented to mitigate non-hazardous waste
Solid industrial waste management lies on the implementation of the Solid Waste Standard, identifying and
minimizing their generation, in line with ICMM Principles 6 and 8; additionally, all process stages are controlled, thus
adding value to the business. The waste management process takes place in handling centers where waste is
Effluents and Waste
Total weight of Waste by Type and Disposal method

classified and then sent to final authorized destinations. Considering that solid industrial waste management is a key
activity in environmental management, due to the large volumes and/or risks associated to hazardous and non-
hazardous waste, all divisions have put in place management plans to control and prevent the occurrence of impacts
on people or on the environment.
Waste sent for recycling or re-use include hazardous and non-hazardous waste; eg., oils, lead anodes, iron scrap,
wires, etc.
Massive mine waste management is conducted following the Massive Mine Waste Standard and, through its
Implementation Guide, seeks to prevent and control impacts on people, the environment, and the land, thus
strengthening risk management in areas of tailings, slags, waste, low-grade ore, and leach tailings in every mine site
development stage, applying control criteria in the design of damps, operations, and projects. As in previous years,
and as part of the commitment to improve waste management and to optimize operations based on innovative
technologies, the divisions have looked for alternatives to recover copper contained in metallurgical dusts (dusts
from the smelting process). In these matters, Ecometales has successfully reprocessed the metallurgical dusts coming
from Ventanas, Chuquicamata, El Teniente, Salvador, and Ministro Hales divisions.
Initiatives or programs implemented to mitigate hazardous waste
The waste management process takes place in handling centers where waste is classified and then sent to final
authorized destinations.
All waste generated is sent to approved final disposals: authorized safety deposits, sanitary landfills or to treatment
companies. Hazardous waste is recorded by the Hazardous Waste Declaration and Tracking System (SIDREP), of the
Ministry of Health. Waste sent for recycling or re-use include hazardous and non-hazardous waste; eg., oils, lead
anodes, iron scrap, wires, etc.
Programs and targets to phase out hazardous substances
Hazardous waste transported, imported, exported, or treated as per the Basel Convention Annex I, II, III,
and VIII,(Cross border / internationally).
Codelco did not ship hazardous waste to other countries in 2015.
Programs/Initiatives to improve the environmental characteristics or to mitigate environmental impacts
of products and services and achieve targets
Programs to reduce CO2/GHG emissions of products
This parameter is not applicable for the company
Programs to improve the environmental characteristics of products (related to energy consumption)
Targets to improve the environmental characteristics of products (other than energy consumption)
Target base year and Target base year value
Target end year
Products and Services

Target met
End of life product recovery
Life Cycle Analysis of Products
International standards followed for LCA
In local currency (in thousands) - - - - -
In USD (Company Reported) (in thousands) - - - - -
Monetary value of significant fines for non-compliance
with environmental laws and regulations (in thousands)
- - - - -
Non-monetary sanctions for non-compliance with environmental laws and regulations
In the course of 2015, two environmental sanctions were received.
Cases of environmental litigations/law suits
In USD (Company Reported) (in thousands) 665,000 587,000 211,000 138,000 65,000 USD
Environmental policy
The company states: "Our Charter of Values and Sustainable Development Policy permanently prompt us into raising
our economic, environmental, and social standards, with the aim of positioning sustainability as our strategic
management pillar, all along the mining life cycle while focusing our efforts on the continuous improvement of the
social-environmental, occupational health and safety standards."
Control of the environmental impact
The company commits to: "Prevent and mitigate the negative impacts of our explorations, operations and projects in
Life Cycle Analysis
Amount spent on LCA
Compliance
Total environmental protection investments and expenditures
Environmental Strategy
Environmental Policy Features

the communities and ecosystems, incorporating sustainability criteria in mining plans and planning processes."
Initiatives for the continuous improvement
The company commits to: "Maintain auditable environmental management systems as an effective and efficient
support for daily management, within a framework of preventive action and continuous improvement."
Compliance with environmental legislation in place
The company commits to: "Comply with applicable legal and regulatory requirements, working with the authorities
in improving the applicable regulations."
Performance measuring
The company commits to: "Maintain auditable environmental management systems as an effective and efficient
support for daily management, within a framework of preventive action and continuous improvement."
Environmental training and communication to employees
Development of environmentally friendly products and services
The company commits to: "Encourage, in conjunction with industry, the environmentally responsible use of our main
products throughout their life cycle."
Green procurement
The company commits to work with suppliers that respect environmental legislation.
Commitment to reduce greenhouse gas emissions (fight climate change)
The company commits to: "Promote the efficient use of water and energy resources, thereby contributing to the
reduction of greenhouse gases and their impact on climate change."
Commitment to reduce use of natural resources (water/soil/biodiversity/rare resources)
The company commits to: "Promote the efficient use of water and energy resources".
Commitment to reduce use of energy
The company commits to: "Promote the efficient use of water and energy resources".
Commitment to reduce pollution
The company commits to: "handle, transport and dispose of hazardous and non-hazardous waste in authorized sites
in an environmentally safe manner".
Application scope of environmental policy
The policy applies to all the company's operations and employees.
Environmental Management Systems
The environmental management systems of the divisions and the Head Office, structure their efforts in order to
comply with the commitments assumed by the corporation’s environmental policies, incorporating planning,
operating, verifying and reviewing elements. As of December 31, 2015, they have received ISO 14001 certification
for the environmental management of Chuquicamata, Radomiro Tomic, Andina, Salvador, El Teniente, Ventanas,
Gabriela Mistral and the Head Office.
Environmental responsibilities at highest level
The company’s sustainability performance is periodically assessed by the Board through the “Corporate Governance
and Sustainability Committee”, providing guidelines and monitoring the management associated to such issues.
Environmental Management

1. Sustainability Report 2015
2. Company website as of October 1, 2016
3. Sustainability Report - Summary 2014
4. Sustainability Report Summary 2012
8. Sustainability Report -Summary 2014
9. Sustainable Development Policy 2012
10. Code of Business Conduct 2011
Green procurement programs
Programs to assess the environmental impact of suppliers and associated partnerships
Codelco's Business Ethics policy places key importance to the adherence to high ethical standards in all its activities
which must be performed according to principles and values that are consistent with these objectives. In Codelco,
this is materialized by the mandatory compliance of the Code of Business Conduct, based on the UN Universal
Declaration of Human Rights that, in turn, offers non-compliance reporting mechanism. At all times, contractual
relationships between Codelco and contractor companies should bear in mind that people’s lives, integrity, and
dignity, and the protection of the environment are core values for the Corporation. Therefore, both parties should
promote, generate and maintain adequate, sound, and safe working conditions and develop sustainable
environmental management practices.
Environmental certifications for EMS
As of December 31, 2015, Codelco has received ISO 14001 certification for the environmental management of
Chuquicamata, Radomiro Tomic, Andina, Salvador, El Teniente, Ventanas, Gabriela Mistral and the Head Office.
Environment audits
In 2014 the company conducted energy efficiency audits.
Environmental accounting/reporting
The company elaborated its latest sustainability report based on the GRI G4 guidelines.
Contents included in this report cover all 2015 Codelco activities and operations and were verified by KPMG, whose
external verification letter is enclosed under the Sustainability Report verification section.
Position statement on climate change
The company states: "We have strengthened our corporate management strategies by developing two corporate
standards: Energy Efficiency and Climate Change Standard and the Water Resources and RILES Standard, in an
effort to ensure efficient and sustainable water and energy management. In 2014, Codelco subscribed an Energy
Efficiency Partnership Agreement (EE) with the Ministry of Mining and conducted a systematic search of energy
efficiency opportunities in all operations; the initiatives were prioritized according to their unit cost and their impact
on energy consumption. In 2015, the projects fastest to implement were materialized in all divisions.
To ensure our energy management practices will optimize, both physically and economically, the use of water, we
consider energy efficiency and the use of renewable energy as core aspects, striving to contribute to the mitigation
of climate change effects and promoting adaptation measures, on the basis of the mining life cycle."
Contaminated site liabilities and initiatives to reduce site liabilities
The Corporation is obligated to incur decommissioning and site restoration costs when environmental disturbance is
caused by the development or ongoing production of a mining property. Costs are estimated on the basis of a formal
closure plan and are reassessed annually or as of the date such obligations become known.
Source List:
Environmental Risks

10.0
4.2
8.3
6.8
7.1
5.7
5.8
6.0
10.0
5.8
7.0
5.4
6.5
4.9
3.0
4.9
Human Capital
Training and development
Labor Management
Human Rights
Community
Supplier
Customer
Proportion of women in workforce 8.9 8.7 8.5 7.8 7.6 %
Proportion of disabled person in the workforce - - - - - -
Total number of employees 65,465 64,413 66,979 74,726 63,311 #
Permanent employees 27.65 28.17 27.97 24.24 27.67 %
SOCIAL
Total number of employees - # Employee turnover - % Total amounts of charitable
donations made (in '000) - CLP
2011 2012 2013 2014 2015
0
20000
40000
60000
80000
2011 2012 2013 2014 2015
0
5
10
15
2011 2012 2013 2014 2015
0
1000000
2000000
3000000
4000000
5000000
6000000
KPI Performance
Key Ratios
Human Capital

Temporary employees 72.35 71.83 72.03 75.76 72.33 %
Employee turnover 5.80 4.91 - 4.38 13.50 %
Women in the workforce 8.90 8.70 8.50 7.80 7.60 %
Women in the executive committee - - - - - %
Disabled employees - - - - -
Difference in benefits provided to different categories of employees
The benefits agreed on collective bargainings vary from one operation to another depending on the negotiations
made with respective Trade Unions. Thus, benefits vary according to type of collective bargaining and not according
to type of work schedule or contract. In this case, the life insurance for workers is the only instrument that includes
the entirety of the Corporation’s employees.
Chuquimata 6,342 6,214 6,479 6,767 6,527 #
Radomiro Tomic 1,287 1,237 1,077 1,072 1,010 #
Ministro Hales 772.00 790.00 673.00 498.00 292.00 #
Gabriela Mistral 566.00 527.00 530.00 - - #
Salvador 1,352 1,445 1,495 1,528 1,551 #
Andina 1,699 1,648 1,617 1,622 1,586 #
El Teniente 4,750 4,921 5,064 5,079 4,975 #
Ventanas 953.00 974.00 969.00 988.00 975.00 #
Headquarters + Project Vice Presidency 1,396 1,322 1,338 1,465 1,331 #
Difference - contractors 46,348 45,340 47,737 55,707 45,064 #
Training per employee per year 36.00 40.50 38.16 45.87 32.52 hr
Fresh graduates hired 34.00 46.00 48.00 144.00 188.00 #
Training programs implemented
Regarding the training area, during the year 2015 a number of 16.417 persons were trained and 687.217 hours of
training were provided which implied an investment of more than US$ 14 millions.
Training is divided into Essential Training targeted to strategic alignment and Training for Skills Deployment, aimed
at productivity increase and the adoption of new technologies to potentiate competencies and people’s
development. The first type of training provides values and knowledge of paramount importance to ease the
integration process into the organization and to potentiate the commitment, alignment, and identification with
Codelco’s culture and institutionality. It covers also the beginning and end of worker’s labor lifecycle; thus, it imparts
induction and regulatory training for work and prepares people for retirement. As to the second group, this type of
training pursues the development of new competencies associated to the role and responsibilities with the purpose
of improving productivity and maximizing worker’s performance in their current and future positions.
Position statement on the educational role
The company states: "One of the main aspects of the whole process for recruiting and selection purposes, that must
be done on an early and expert stage of this process, is to seek and attract young people with a high labor potential;
all of them also possessing a high level of commitment with the progress of the country. Therefore, we developed a
series of activities to be able to find and contact those young professionals, such as positioning the company within
the universities students’ data thus; the company can have access to the professional practices processes and even
to the Graduated Program itself. In fact we have some figures to support this, for example 6.219 youngsters applied
to the latter, from whom 34 entered to the different divisions of the company (14 women and 20 men from studies
like geo-mining, metallurgic and maintenance).
On the other hand, we also carried out some activities that were oriented to keep and stimulate the bond with
Chilean universities by participating into five recruitment and business fairs. Besides the program of academic
Geographic break down of employees
Training and development

excellency scholarships was able to keep its continuity thanks to eight students from Civil Engineering specialized in
Mining at the university called Universidad de Chile."
Initiatives/Programs for training of fresh graduates, interns and other apprenticeship facilities
Codelco's program of academic excellency scholarships was able to keep its continuity thanks to eight students from
Civil Engineering specialized in Mining at the university called Universidad de Chile.
Labor policy
Codelco has in place a Code of Business Conduct which states, among others, that all workers must abide by the
legal provisions, both national and international, that regulate or deal with the prohibition to employ forced or
coercive labor or the use of child labor, thus adhering to the principles established in the UN International
Convention on Children’s Rights and Convention 138 of the International Labor Organization.
Also, in August 2015, the People Management Policy was approved and enacted by the Board.
Avenues to foster personal-professional life balance of employees
Conciliating the different roles played by people beyond the professional sphere poses the permanent challenge of
finding equilibrium. People management helps people find this equilibrium without detriment to their professional
performance.
In 2015, a total of 64 women and 7 men used their parenthood rights with a 100% return to work in both cases.
Trade unions
99.7% of Codelco’s operative workers (level B) are members of Trade Union organizations and nearly 73.3% of its
Supervisors (level A) have also joined Trade Unions. This represents 90.2% of unionization among the own
workforce.
Employees covered by collective bargaining agreements
With respect to collective bargaining with Codelco Trade Unions, during 2015 Codelco negotiated six collective
bargaining agreements in 4 different divisions.
Systems to promote labor relations
Workers are represented in Codelco’s Board by two delegates. Thus, any organizational or management change
determined by the Board is known by workers.
The Administration keeps active communication channels with their workers. Codelco exhibits a high level of
unionization, respecting the facilities and conveniences established in the Labor Code in relation to Trade Unions and
their leaders.
With respect to labor relations with the Supervision level, during the first half of 2015, the Administration and
FESUC made important progress in the construction of a work agenda containing a wide variety of common-interest
topics. The company succeeded in agreeing on a specific operative agreement regarding the Performance
Management System (SGD) application criteria in the Supervision and it defined a structure conducive to the
materialization of dialogue and participation, as expressed by the parties. During the second half of 2015, the
termination of Supervisors from all divisions, triggered by the hard scenario that Codelco and the entire copper
mining industry are facing, strained the relationships between the Administration and FESUC.
Management of labor issues
During the collective bargaining negotiations with Radomiro Tomic professionals the process ended up in a 12-day
strike as the bargaining took place during, to that moment, the biggest copper price drop.
Also, in July 2015, Contractors, member of the CTC trade union, went on a 22-day strike. There were several
incidents during the strike at Salvador Division, which resulted in the death of a contractor. The business
interruption loss was US$ 80 million.
Amount spent on training
Labor Management

Signatory of UN Global Compact
The company is a signatory to the United Nation Global Compact.
Employee satisfaction surveys
The company conducts regular internal opinion surveys. Among these are Codelco Opina (feedback from workers
about the strategic development of the company and its workers’ development), Minero Barómetro survey, and the
RSE Corporate Social Responsibility Monitor (MORI).
Staff restructuring announcement
Programs to prevent mobbing and/or harassment at work
Codelco has a no bullying and harassment policy. Also, the company maintains a whistleblower line, where any
person can report, in an anonymous, safe, and confidential way, any potential violation of the company' policy.
SA 8000 certification for employees
SA 8000 certification for contractors
Labor issues responsibilities at highest level
The company’s sustainability performance is periodically assessed by the Board through the “Corporate Governance
and Sustainability Committee”, providing guidelines and monitoring the management associated to such issues.
Health and safety
The company has adopted a Health & Safety policy.
Minimum living wages
Maximum working hours
Freedom of association/right to collective bargaining
Codelco respects the Chilean labor legislation, Conventions Nº 87, about Freedom of Association and Protection of
the Right to Organize, and Nº 98, about Right to Organize and Collective Bargaining, subscribed by Chile with the
International Labor Organization, OIT.
Child labor
coercive labor or the use of child labor.
Acceptable living conditions
Non-discrimination
Labor Policy Features

The company states: "Equal opportunities, diversity, and gender equality are unrenounceable principles."
The company commits to provide "a work environment free from bullying and discrimination".
Corporal punishment/disciplinary practices
Forced labor
coercive labor or the use of child labor.
Application scope
The code applies to all employees, executives and directors and also to contractors and consultants.
Procedures to monitor health and safety performance
In 2015, Codelco moved forward in the definition and implementation of the Management System for Health and
Safety in the Workplace and Operational Risks (SIGO).
For 2016, the company has defined a work schedule prepared jointly with the divisions and the Vice Presidency of
Projects where the main results derived from internal audits and the incidental analysis of SIGO key elements have
been included. This standard schedule has considered, among other actions, the update of fatality control and health
in the workplace standards. Likewise, the creation of two technical work groups is being considered, associated to
underground mines and smelters. Another important aspect to be potentiated in 2016 is learning about relevant,
highpotential incidents. To this effect, an informatics platform will be implemented, in all the company's operations,
through which the action plans defined in their investigation will be shared.
Health and Safety audits for contractors
An audit plan was conducted in all divisions and Vice Presidency of Projects to evaluate the level of implementation
of the Management System for Health and Safety in the Workplace and Operational Risks (SIGO), according to the
goals defined in the performance agreements for 2015.
Health & safety related certifications
EHS training for its employees
EHS training for employees and contractors
Health and safety programs/measures taken by the company (other than training)
In 2015, the occupational health and safety management was centered on moving forward in the definition and
installation of the Management System for Health and Safety in the Workplace and Operational Risks (SIGO). Thus, a
new policy was made official aimed to protect the lives and physical integrity of people.
The 2015 agenda included the following actions intended to keep the systematic progress achieved in the
preventive management of professional diseases and work accidents:
• Environmental surveillance plans through a representative assessment and control of risk agents and factors, based
on similar exposure groups.
• Control programs for gap closures, respecting the control hierarchy, from engineering/maintenance interventions
to administrative and personal protection measures.
• Pre-occupational and occupational fit-for-work health programs and occupational medical surveillance programs for
workers exposed to health risk agents and factors.
With respect to occupational hygiene and, specifically, focused on the eradication of silicosis, Codelco updated the
inventory and status of silica-bearing dust emission sources in all critical operations and, on that basis, it proceeded
to elaborate the gap closure plans for the period. Additionally, with the CEO endorsement, the company set up the

“Corporate Technical Group for the Eradication of Silicosis” whose main purpose is to “define and steer a new model
to select, incorporate, and maintain dust control technologies and systems”.
The company also checked the degree of progress and implementation of the protocol concerning the minimum
norms for the development of hearing-loss surveillance programs caused by exposure to noise in all divisional
workplaces and in the Vice Presidency of Projects. Standards, criteria, and action plans were also defined for
performance adjustment purposes.
Measures to protect employees from harmful substances
Among its commitments for 2016 the company also addresses exposure reduction:
> 10% reduction of exposure to risk agents (physical, chemical and/or ergonomic factors) with respect to the
number of exposed workers (based on commitments per division/VP).
Codelco updated the inventory and status of silica-bearing dust emission sources in all critical operations and, on that
basis, it proceeded to elaborate the gap closure plans for the period. Additionally, with the CEO endorsement, the
company set up the “Corporate Technical Group for the Eradication of Silicosis” whose main purpose is to “define
and steer a new model to select, incorporate, and maintain dust control technologies and systems”.
The company populated the occupational health database of Codelco’s contractor companies which contains key
information about the progress made in environmental and medical surveillance programs, including exposure to
risk agents and factors that are critical for health. The company prepared the “Corporate Management Procedure for
the Procurement and Innovation of Personal Protection Elements and Work Clothes”, a matrix of families of these
elements, with a description of each item and technical sheets, to ensure that the standards that protect the
worker’s health and safety will be assigned and complied with.
Health and safety related targets
For 2016, a 9% reduction goal has been defined for the frequency index with respect to 2015 maximum acceptable.
For 2016, a 9% reduction goal has been defined for the severity index with respect to 2015 maximum acceptable.
The company has set two targets:
> to reduce frequency index by 9%
> to reduce severity index by 9 %
Target base year and target base year value
Target base year is 2015.
Target end year
Target end year is 2016.
Target met
Education, training, counseling, prevention, and risk-control programs in place to assist workforce
members, their families, or community members regarding serious diseases
Injury rate (IR) 0.91 1.32 1.26 1.35 1.39 #
Number of fatalities - 2.00 4.00 1.00 4.00 #
Occupational diseases rate (ODR) 25.00 43.00 30.00 33.00 45.00 #
Lost day rate (LDR) 140.00 230.00 249.00 189.00 335.00 #
Absentee rate (AR) 3.80 4.16 3.60 3.37 3.23 %
Rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities by
region
Human Rights

Policy on human rights
The company commits to: "Ensuring the protection of fundamental human rights and respect the cultures and
customs of workers, communities and indigenous peoples."
General commitment to respect human rights
The company commits to: "Ensuring the protection of fundamental human rights and respect the cultures and
customs of workers, communities and indigenous peoples."
Operations in sensitive countries
Use of security forces
Indigenous rights
The company commits to:
"> Respect the culture, heritage and customs of communities located in the company's area of operation.
> Appreciate and respect the rights of minorities, especially of ethnic groups and indigenous communities in the
regions where the company operates, their customs, rites and beliefs.
> Participate in knowledge, sharing and preservation of the culture of indigenous people near operations and
projects."
Community related policies
The company commits to: "Take responsibility for the social impacts that its operations and projects have on nearby
communities, contributing to their well-being, strengthening their capacities and resources, and enhancing reliable
and transparent relationships for mutual benefit."
The company also commits to: "Act transparently and communicate the objectives of the company's programs to
support the community. The company will inform neighboring communities, through formal and authorized
channels, about its plans and projects, maintaining a permanent dialogue with them."
Cases where the company has created a positive difference in the local communities by hiring women
and/or other minority groups
Ministro Hales division has generated programs focused on indigenous communities, such as the Alto El Loa
Apprentices program, exclusively devoted to indigenous peoples employability, through theoretical and hands-on
training during a 1-year stay in the division.
Codelco's strategy is to have the company gender diversity institutionalized, by establishing a Gender Policy and a
Master Plan for Gender Diversity by 2020, which will allow the company to generate focalized actions to close the
gaps and will also help keeping up with the continuity of the Chilean Norm Certification process number 3262. This
norm refers to gender equity and the labor, personal and family life conciliation. In 2015, the Gabriela Mistral
Division became the first mining organization of this sort in Chile to certify such norm, by receiving the Iguala Seal.
During this period, both Ventanas Division and the one from the Head Office decided to work for being granted the
same certification by 2016.
Inclusive growth (supporting local communities)
The company made a committment to generate programs per division intended to encourage the hiring of local
labor or provide local employability.
The use of available training tools was furthered in order to level up the skills in the areas of influence and thus have
access to jobs in mining. In 2015, through SENCE surpluses (2014 SENCE surpluses -executable in 2015- for $ 2,507
million), 212 courses were imparted to nearly 3,100 people by means of three internal programs: Veta Minera,
Juntos, and agreement with contractors. Once the training process was completed, a total of 113 people were hired,
still with some available positions for the next period.
Human Rights Policy Features
Community

Social Impact Assessment
Codelco has moved forward in the early incorporation of the social-environmental variable in investment projects.
Divisional teams have added project review to their activities, and act as the “guarantors” in the incorporation of the
social-environmental variable.
Follow-up is conducted through online informatics platforms that provide data traceability, control, and tracking of
social projects (community investments), of work groups, of commitments reached with communities, stakeholder
management, and the identification of early warnings and follow-up of likely social-environmental conflicts. Also, in
2015 Codelco retained the services of an independent company to conduct a perception study with the object of
learning the opinion, needs, expectations, and relationship level between divisions and communities located near its
operations. The results made Codelco change its relationship strategy whose short and mid-term focus was placed
on building transparent relationships, based on mutual benefit and collaboration working.
Position statement/Programs on the negative impact of activities on local communities
Engaging in community dialogue
Engagement and collaboration with neighboring communities takes place through the following means:
> Environmental grievance and suggestion system.
> Application process for FIS projects and SENCE training.
> Information (open houses, door-to-door, visits to division.)
> Work groups.
> Perception study.
> Social-economic impact study.
Strategy/initiatives for conducting philanthropic activities
Community investment projects were focused on three main axes:
• Social-environmental impact in the area of influence.
• Human capital.
• Indigenous peoples.
Some of the projcts supported are:
• Mining route of sustainable schools and environmental community monitors for Codelco.
• La Greda through a single voice: the company recycled oil to manufacture soaps.
• Sustainable community tourism: indigenous communities leading their own development.
Employee participation in philanthropic activities
Position statement on economic/digital divide
Position statement on access to basic needs
In local currency (in thousands) 5,670,000 2,570,000 - - - CLP
Percentage of minority suppliers - - - - -
Supplier policy
Total amounts of charitable donations made
Supplier

The company has adopted a detailed supplier policy to address labor rights in the supply chain.
Procurement policy
The company states: "Our contractual policy finds its basis in the company's Charter of Values. Its guidelines are
applied in every aspect of the relationships between Codelco and contractor companies."
Codelco will positively value contractors who:
> Promote local hiring and local supplier development.
> Participate in community development action in the surroundings of Codelco's operations where they provide
services.
Policy on sourcing of coltan
Regular dialogue with suppliers
Procurement portal: Codelco optimised its procurement portal, to promote supplier use of the website, such as
speed up its system response time, provide the tender documentation in an exclusive repository and improve design
of the incoming raw material webpages.
Specific supplier training programs
World-class suppliers: Since 2010, Codelco and BHP Billiton have developed a world-class supplier programme; its
long-term goal is to contribute to technology innovation in Chile, leveraging mining-sector challenges. Together
with Antofagasta Minerals - it joined the programme in 2014 - this World-Class Supplier Programme has become a
facilitating factor of the High Law National Mining Programme (a Corfo and Ministry of Mining initiative, coordinated
by Fundación Chile)
Programs/Procedures to ensure compliance of labor policies for suppliers
The company's contractual policy finds its basis, among others, in the Charter of Fundamental Human Rights and the
Charter of Values. Its guidelines are applied in every aspect of the relationships between Codelco and contractor
companies. A 100% of Codelco's agreements include Human Rights clauses associated mainly to compliance of the
regulations in place in Chile which consider Human Rights observance in specific norms. At all times, contractual
relationships between Codelco and contractor companies bear in mind that people’s lives, integrity, and dignity, and
the protection of the environment are core values for the Corporation. Therefore, both parties promote, generate
and maintain adequate, sound, and safe working conditions and develop sustainable environmental management
practices.
Policy on labor issues for suppliers
The company's suppliers are required to comply with Codelco's labor policies regarding, among others, health &
safety.
Human rights standards for suppliers
Application scope
The policy applies to contractors and suppliers.
Customer satisfaction monitoring
Source List:
Supplier policy Features
Customer

11. Annual Report 2015; Sustainability Report 2015
12. Sustainability Report 2015, Code of Business
Conduct 2011
13. Sustainability Report 2015; Annual Report 2015
14. Code of Business Conduct 2011
15. Health and Safety in the Workplace and
Operational Risks Policy 2015
16. Code of Business Conduct
17. People Management Policy 2015; Code of
Business Conduct 2011
18. Sustainable Development Poliy 2012
19. Sustainable Development Poliy 2012; Code of
Business Conduct 2011
20. Contractor Policy and Supply Chain
Management 2012

1.0
3.3
7.9
6.2
3.7
7.3
7.7
6.8
7.4
7.2
5.0
6.2
10.0
7.7
6.2
6.8
6.3
6.3
Board Composition
Top Management
Board Committees
Nomination and Appointment of the board
Audit
ESG Risk Management
Proportion of non-Audit fees to Audit fees - - - - - -
Size of Board (Number of Board Members) 8.00 - - - - #
Board Independence - - - - -
Members on the Board of Directors
1. Óscar Landerretche Moreno, Chairman
2. Dante Contreras Guajardo
3. Laura Albornoz Pollmann
4. Blas Tomic Errázuriz
5. Gerardo Jofré Miranda
6. Juan Enrique Morales Jaramillo
7. Isidoro Palma Penco
8. Raimundo Espinoza Concha
Biography of Members on the Board of Directors
GOVERNANCE
KPI Performance
Key Ratios
Board Composition

1. Óscar Landerretche Moreno
Oscar Landerretche is Chairman of the Codelco Board of Directors and professor in the Department of Economics at
Universidad de Chile. He studied economics at Universidad de Chile and earned a BS degree in Economics. He has a
PhD in economics from the Massachusetts Institute of Technology (MIT).
He teaches and conducts research in Macroeconomics, Labour Economics and Political Economics. He was Director of
the School of Economics and Administration at Universidad de Chile (2012‐2014) and founding director of the Master
in Public Policy degree at Universidad de Chile (2004‐2010). He was also the Chilean consultant for Global Source
Partners, New York, for five years (2006‐2011). Oscar began his professional career as an economic analyst at the
Central Bank of Chile and he recently was a member of the Expert Committee on GDP Trends and of the Financial
Advisory Committee for the Chilean Ministry of Finance. He was professor of economics at the INFOCAP Union
School and also directed the Economics Workshop for Young Socialists (TEJOS) at the Igualdad Institute.
In 2005, he was the Executive Secretary during the primary stage of the Michelle Bachelet 2006 presidential
campaign. He was also Executive Secretary of the Labour and Equality Presidential Advisory Council during the
period 2007‐2008. In 2009, he was Programme Coordinator for the Eduardo Frei 2010 presidential campaign and
was recently appointed Member of the APEC Business Advisory Council (ABAC).
2. Dante Contreras Guajardo
Dante Contreras is a professor in the Department of Economics at Universidad de Chile and a Director of the Center
for Conflict and Social Cohesion Studies (COES). He completed his undergraduate studies at Universidad de Chile,
where he earned the degree of commercial engineer, being recognized as the best student of his generation.
Contreras has a doctorate in economics from the University of California (USA) and a Post Doctorate at Yale
University (USA). He was president of the Society of Economy of Chile (SECHI) and between 2008 and 2010 served
as Executive Director of the World Bank
3. Laura Albornoz Pollmann
Laura Albornoz is a lawyer, academic, researcher and politician. She served as Minister of Women's Affairs (the
National Women's Service) between May 2006-March 2010, during President Michelle Bachelet's first term as
President of Chile. She has also served as president of the Inter-American Commission of Women.
4. Blas Tomic Errázuriz
Mr. Tomic Errazuriz serves as a Director of Transelec S.A., Quintec S.A., and Transelec Norte S.A. He serves as a
Director at Cristalerias de Chile S.A. From 1994 to 1999, he served as an Executive Member of the board of VTR,
Cia. Nacional de Teléfonos and Cia. Teléfonos de Coyhaique S.A. From 1996 to 1997, he served as an Executive
Member of the board of CTC-VTR Comunicaciones Móviles S.A. He also has represented the Government of Chile,
Ministry of Finance, in the United States and served as Executive Director and Chilean representative at the Inter-
American Development Bank. Mr. Tomic Errazuriz is a Civil Engineer. He holds Ph.D. in Economic Development
from Sussex University.
5. Gerardo Jofré Miranda
Mr. Gerardo Jofré Miranda is an economist and business manager. He is a member of the board of Directors of
Codelco, Enersis Chile and member of the Board of investment of property funds is roots of Banco Santander. He is
a member of the board of directors of LATAM Airlines. Between 2010 and 2014 was Chairman of Codelco and
between 2005 and 2010, he was member of the boards of Endesa Chile S.A., Viña San Pedro Tarapacá S.A., D&S
S.A., Construmart S.A., Inmobiliaria Titanium S.A., Inmobiliaria Playa Amarilla S.A and Inmobiliaria Parque del
Sendero S.A. He was also President of Foundation know more. Between 2004 and 2005, was the director of
insurance for the Americas of the Santander group in Spain. From 1989 to 2004, he was Vice President of the
Santander group in Chile, and worked as a Director and Chairman of several companies of that group.
6. Juan Enrique Morales Jaramillo
Juan Enrique Morales Jaramillo is a Codelco Director and Director of the Innovation Centre at the Universidad Adolfo
Ibáñez. Juan Enrique Morales graduated as a mining engineer from Universidad de Chile, where he received a
distinction for his thesis: Copper Ore Dry Concentration Methods. Plant Pre-Project.
He has more than 40 years of experience in the mining industry. From 1994 to 2011 he was Vice President of
Development at Codelco, where he was responsible for the following corporate areas: exploration, technology
innovation and research, project technical and economic assessment, mine planning and sustainability. In the public
sector, he was Executive Vice President (1993) and a Council member (1990-1993) at Cochilco. The Chilean Institute
of Mining Engineers has honoured him on two occasions; in 1992, he received the Outstanding Professional Award,
for his involvement in successful gold and silver projects; and in 2005, the Medal of Merit, for his successful
professional career. Between 1985 and 1986, he was the President of the Institute of Mining Engineers. He spent 11
years as professor of Mineral Concentration (1975-1986) at Universidad de Chile, Faculty of Engineering.
Between 1981 and 1992 he worked in mine development as project manager and engineering manager during the
experimental, design and construction phase of large copper and gold projects for foreign mining companies,
Anaconda, Minera El Indio and Placer Dome.
7. Isidoro Palma Penco
Dr. Isidoro Palma Penco holds a Business Degree in Business Administration and graduated with distinction from
Pontificia Universidad Católica de Chile. He is a PhD candidate and holds a Master’s Degree in Economics from the
University of Minnesota (USA) and an MBA from Stanford University (USA)
He has been a Principal Partner and Executive Director at Inversionesy Asesorías Prime since 1991. Dr. Palma Penco
served as Vice-President of Citicorp/Citibank Chile from 1980 to 1991. He served on the board of several national
and international, private and public, open and closely held companies in different economic sectors. For 12 years,
he was a Member of the Risk Rating Commission and the Surveillance Committee for the Movable and Immovable
Property Investment Fund. He was a Professor of Financial and Capital Markets, for the undergraduate and graduate

programmes at the Pontificia Universidad Católica de Chile and the Universidad Adolfo Ibáñez. He served as an
Associate Professor of Microeconomics at the University of Minnesota from 1972 to 1976 and Professor of
Introduction to Economics, Price Theory and Marketing at the Universidad Adolfo Ibáñez from 1968 to 1970. Dr.
Palma Penco has extensive experience in all aspects of corporate finance and as an Independent Consultant in
corporate strategy, project funding and arbitration. During his extensive career, he served as Vice President at
Citicorp Chile and General Manager at Inversiones Citicorp Chile, responsible for corporate finance and capital
investment from 1980 to 1991. From 1978 to 1980, he served as Vice President of Industrias Coia and Banco de
Santiago, at its New York office. He served as the Chairman and a Member of the Director in several companies. He
is a member of the Board of Directors of Cintac S.A. and Comisión Clasificadora de Riesgos. He has been a Director
at AFP Cuprum S.A. since February 2013. He served as Director at Masisa SA from 1988 to 1991. He joined Masisa
SA in 1988. Dr. Palma Penco served as member of the Board of Directors of several Chilean companies. He is a
Codelco Director, Member of the Corporate Governance Consultation Council at the Universidad Católica de Chile
and serves on the board of several companies.
8. Raimundo Espinoza Concha
Mr. Concha is an Electrical technician with Mining Engineering from Technical University of Antofagasta.
He has been the President of Federation of Copper Workers, FTC since 1993. Mr. Concha serves as the President of
the Codelco copper miners'' trade union. He served as vice-president of the Federation of Copper Workers, FTC,
from 1991 to 1993. From 1994 to 1998, he was Director of Codelco as the copper workers’ representative. His
career as trade union leader started in 1988 when he became a member of Union No. 1 at Codelco Salvador
Division, where he has been director and leader. He has been a Director of Corp Nacional del Cobre de Chile since
2010. Subsequently, during 1998- 2002, he was ratified as member of the Codelco Board by President Ricardo Lagos
Escobar, and in March 2006 he was appointed by President Michelle Bachelet as director of Codelco for the period
2006-2010.
Board Structure
The company has a 'two tier' board structure.
Independence of board chairman
The company is 100% state-owned and the President appoints the chairman.
Separation of board chairman and CEO roles
The roles of board chairman and CEO are separated:
Óscar Landerretche Moreno is he Chairman
Nelson Pizarro Contador is the President & Chief Executive Officer
Length of the CEO's tenure
Disclosure of relationship between the directors and the top management
Members in nominating committee and chair person
Independence of the nominating committee
Members in compensation committee and chair person
Mr. Blas Tomic Errázuriz, Chairman
Mr. Gerardo Jofré Miranda, Vice-Chairman
Mr. Juan Morales Jaramillo
Top Management
Board Committees

Mr. Isidoro Palma Penco
Independence of the compensation/remuneration committee
Members in audit committee and chair person
Mr. Blas Tomic Errázuriz, Chairman
Mr. Gerardo Jofré Miranda, Vice-Chairman
Mr. Juan Morales Jaramillo
Mr. Isidoro Palma Penco
Independence of the audit committee
Financial background of the audit committee chairman
Mr. Tomic Errazuriz holds Ph.D. in Economic Development from Sussex University.
He serves as a Director of Transelec S.A., Quintec S.A., and Transelec Norte S.A. He serves as a Director at
Cristalerias de Chile S.A. From 1994 to 1999, he served as an Executive Member of the board of VTR, Cia. Nacional
de Teléfonos and Cia. Teléfonos de Coyhaique S.A. From 1996 to 1997, he served as an Executive Member of the
board of CTC-VTR Comunicaciones Móviles S.A. He also has represented the Government of Chile, Ministry of
Finance, in the United States and served as Executive Director and Chilean representative at the Inter-American
Development Bank.
Retirement age (years) of directors - - - - -
Disclosure of election procedure
Codelco’s senior management and administration is exercised by a Board, consisting of the following:
• Three directors appointed by the President of the Republic.
• Two Codelco employee representatives, elected by the President of the Republic from a shortlist drawn from
candidates proposed for each position by the Copper Workers’ Federation and jointly by the National Association of
Copper Supervisors and the Copper Supervisor’s Federation.
• Four members designated by the directors appointed by the President of the Republic, from a shortlist drawn from
candidates proposed for each position by the Senior Public Management Council, with a favourable vote of four fifths
of its members.
The President of the Republic elects the Board Chairman from among these nine members.
Number of times a director can be re-elected
Tenure of the board members
Succession plan
The company has a procedure for planning and preparing the succession of the CEO and other key executives as
determined by the Board.
Disclosure of remuneration for Board of Directors
Global disclosure for each individual.
Disclosure of remuneration for top management
Nomination and Appointment of the board

Global disclosure for group.
Disclosure of remuneration for CEO
Variable remuneration of top executives linked to sustainability performance
Related party transactions
Related party transactions are disclosed in detail in the company's financial statements.
External auditors and frequency of re-election
The current auditor, Ernst & Young, had been associated with the company since at least last 5 years.
In USD (in thousands) - company reported - - - - -
In USD (in thousands) - company reported - - - - -
ESG risk and the actions to mitigate them
Codelco operates with a Corporate Risk Management Policy intended to ensure business continuity, based on
common management metrics which states that all identified risks must be assessed in the light of different criteria
established for health and safety,environmental, and social-community areas, as a way of anticipating the risks that
could affect the company while assigning responsibilities for their identification, assessment, and administration to
each Management. In 2015, just as in previous years, all divisions identified their high-impact risks which are
monitored and controlled on a continuous basis. This identification and prioritization processes are part of the
strategic definition of the Corporation’s sustainable development matters.
ESG risks identified by Codelco:
• Occupational health and safety
• Environmental, territory, and communities
• In projects
• Operational
• In partner companies
• In Human Resources
• Nature’s acts
Risks associated to social-environmental vulnerabilities are found among the identified and assessed risks. These are
handled with management programs in order to close them, when possible, or control their impacts. Also, the
Environmental Risk Management System is being implemented at corporate level with the purpose of addressing,
from the very beginning of projects, the prevention of Codelco's impacts and the standardization of its performance.
In 2015, the occupational health and safety management was centered on moving forward in the definition and
installation of the Management System for Health and Safety in the Workplace and Operational Risks (SIGO). Thus, a
new policy was made official aimed to protect the lives and physical integrity of people, the continuity of their
processes, and to safeguard the resources entrusted to their care.
Audit
Audit Fees
Non-Audit Fees
ESG Risk Management

Promoter ownership: shares owned by promoter/family 100.00 - - - - %
Shareholder rights policy or charter
The company is 100% state-owned.
Shareholder voting rights
The company is 100% state-owned.
Mechanisms for open communication between directors and shareholders
The company engages with financers or investors:
> Permanent contact with capital market analysts.
> Permanent contact with risk rating companies.
> Press conferences for financial statements.
> Annual polls.
Multi stakeholder approach
Codelco seeks to connect with people and become familiar with all stakeholders’ opinions. To that purpose, the
company has created a website where theirr concerns, grievances, and suggestions can be expressed. Additionally,
Codelco offers a number of relationship means through which their expectations and worries can be channeled.
As a result of external consultancies conducted in 2011, Codelco's environment was mapped to identify and
prioritize the stakeholders and the interaction channels available. Since then, this map is revised, validated, and
updated on an annual basis to reflect the relationship development existing with each group. No changes were
observed in 2015, with respect to 2014, in stakeholders or in the communication mechanisms maintained with them.
Priority stakeholders were defined after assessing their influence and impact level in the decision-making process.
Afterwards, their concerns and interests were surveyed to finally identify the material aspects and issues that must
be included in this report.
Codelco's stakeholders:
> Direct workers
> Trade unions
> Neighboring social organizations
> Local and regional authorities
> Mining sector
> Goods and services suppliers
> Media
> Non-governmental organizations
> Academia
> National community
> National authorities
> Customers
> Financers and investors
> Contractor companies
> Workers’ families
> Neighboring community
Means and frequency of engagement and collaboration with stakeholders is disclosed in detail in the company's
report.
Provision of timely and accurate information for shareholders
Key decisions in which the shareholders are entitled to vote
1. Conducting an analysis of Codelco’s position, Report of the External Auditors, Annual Report, Balance Sheet and
other financial statements for the year ended December 31, 2014;
2. Appointment of Codelco’s external auditors and risk raters for 2015.
3. Determining a newspaper based in the legal domicile for legal publications.
4. Information on transactions with related parties
5. Report on Expenses incurred by the Board of Directors and Board of Directors’ Committee during 2014.
6. Any other matter or topic of interest which is to be discussed by the shareholders at an ordinary shareholders’
meeting and adopting the related agreements.

Promoter ownership: exercise of control
Codelco is a 100% Chilean State-owned company and the directors are appointed by the President of the Republic.
The President also elects the Board Chairman from among these members.
Shareholders' rights: standard equity structures
Codelco is a Chilean State-owned company.
Policy on bribery and corruption
The company is a Partnering Against Corruption Initiative signatory and has guidelines regarding gifts and
courtesies.
PACI is the World Economic Forum's initiative to address corruption and transparency and signatories are expected
to display honesty and integrity in all professional and business relationships to foster a culture of trust and ethical
behaviour.
Policy on insider trading
The company prohibits the use of inside information for personal or financial gains.
Application scope
Policy on competition
Policy on conflict of interests
The company has a detailed conflict of interest policy.
Application scope
The policy applies to all employees, executives and directors and also to contractors and consultants.
Policy on responsible marketing
Whistleblower mechanism
Codelco maintains a “Whistleblower Line” available for all its stakeholders, where any person can report, in an
anonymous, safe, and confidential way, any potential violation to the Code of Business Conduct, via Internet
(http://Codelco.ethicspoint.com) or through the helpline (1230-020-5771).
Business conduct responsibility at highest level
The company has a board level Audits, Compensation and Ethics Committee.
Quality management certification
Political involvement
No
Codelcos' Business Code of Conduct is very clear in stating that the company transcends political preferences and
actions, so it will always maintain an impartial position on any political activity or party. It also stipulates that the
company does not perform or will perform, under any circumstances, contributions or political donations of any kind.
Codelco works according to Law 20,730, regarding activities considered as lobbying and is subject to regulations and
obligations of the legislation. Although the company does not qualify as one of the lobby taxpayers, the company

considers essential the imperative of transparency in its actions as a state-owned company. In that sense Codelco
has self-imposed a higher standard to the provisions of the Lobbying Law, creating a record and monitoring
rapprochement actions with authorities. From July 1, 2015, Codelco’s Board approved Corporate Relations and
Lobbying Regulations, applied to the whole company and its subsidiaries. This procedure specifies that some
arrangements and approaches of third parties to the company could be resembled as lobby taxpayers, so specific
and transparent procedures were adopted on the internal regulations.
Cases of non-compliance with business policies
In 2015, 222 reports were filed through the corporate whistleblower line: 48 violations of internal policies; 30
corruption cases; 29 conflicts of interests; and 54 reports associated directly or indirectly to people’s rights (unsafe
environment, unfavorable work conditions, harassment, or discrimination). 142 of them were fully investigated and
80 are still in the process of investigation. 19 of these reports ended up in sanctions.
Litigations the company has been involved with
The most significant lawsuits that involve Codelco are related to the following matters:
• Tax Lawsuits: There are several tax lawsuits due to Internal Revenue Service tax assessments, for which the
Corporation has filed the corresponding opposition.
• Labor Lawsuits: Labor lawsuits filed by workers of the Andina Division against the Corporation, relating to
occupational illness (silicosis).
• Mining and Other Lawsuits derived from operations: The Corporation has been participating and will probably
continue to participate as a claimant and defendant in certain lawsuits relating to its operations and mining activities
through which it seeks to exercise or oppose certain actions or exceptions with regard to certain mining concessions
that have been established or are pending constitution, and its other activities. These processes do not currently
have a fixed amount and do not essentially affect the development of Codelco.
A case by case analysis of these lawsuits has shown that there are a total of 437 cases that have a clearly estimated
value. It is estimated that 244 of these, which represent 55.84% of the total and which amount to ThUS$25,194,
could have a negative impact on the Corporation. There are also 74 lawsuits, representing 16.93% of the total and
which amount to ThUS$7,000, about which there is no certainty that the outcome would be unfavorable for
Codelco. For the 119 remaining cases, which amount to ThUS$9,762, the Corporation’s legal advisors believe that
an unfavorable outcome is unlikely. In addition, there are 102 lawsuits for undetermined amounts. It is believed that
the result of 56 of these could be unfavorable to Codelco.
Fines paid by the company
In the course of 2015, two environmental sanctions were received. 2 of the 8 divisions were penalized in 2015.
These fines amounted to 333 Monthly Tax Units (UTM).
On the other hand, in 2015 the Corporation received 14 fines for non-observance of labor legislation and
regulations. The total amount in fines was 1304 UTM and 20 Minimum Monthly Wages (IMM).
Definition of thresholds for receiving or giving gifts
The company states: "We regulate the criteria for acceptability of gifts for all the people who work in the company,
reducing existing monetary limits and setting new limits where none existed. We are also obliged to inform to the
direct supervisor of any gift or invitation that exceeds 1UF, with a maximum of 5 UF."
Declaration of compliance with laws fighting bribery and corruption
Application scope
Prohibition of the anti-competitive practices
Prohibition of anti-competitive practices without further details
Policy on bribery & corruption features:
Policy on Competition features

4. Procedure of Succession of Key Executives
5. Annual Report 2015; Company website as of
October 1, 2016
6. Code of Business Conduct
Declaration of compliance with competition laws
Application scope
Available 24/24 hours and 7/7 days
Reports can be submitted via Internet (http://Codelco.ethicspoint.com) or through the helpline (1230-020-5771).
Confidential treatment of whistleblower
Codelco maintains a “Whistleblower Line” available for all its stakeholders, where any person canreport, in an
anonymous, safe, and confidential way, any potential violation to the Code of Business Conduct.
Available also to third parties
Codelco's “Whistleblower Line” is available to all its stakeholders.
Application scope
Source List:
Policy on Money Laundering features
WhistleBlower Mechanism Features
Policy on Responsible Marketing Features

Codelco Corporacion Nacional del Cobre de Chile - Policy Report - 2016

Codelco Corporacion Nacional del Cobre de Chile - Policy Report - 2016

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