Escondida 2002

MINERA ESCONDIDA
MERRILL LYNCH INVESTOR VISIT
NOVEMBER 18, 2002

Presentation Content
Geographical Location
Escondida Strengths
Operations Operview
Production (Including Apollo)
Financials
Business Strategy
Growth Opportunities
Current Activities
Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure
Page 2 18 Nov 2002
Worlds Premium Copper Region
BOLIVIA
TOCOPILLA CHUQUICAMATA
Northern Chiles Atacama Desert, CALAMA

160 km south east of Antofagasta.
CHILE
MEJILLONES
ANTOFAGASTA
COLOSO ZALDIVAR
Cerro Colorado MONTURAQUI
Collahuasi Quebrada Blanca

ESCONDIDA
El Abra
ARGENTINA
Radomiro Tomic
Chuquicamata
Michilla Lince Spence TATAL
Mantos Blancos
Lomas Bayas Escondida
EL SALVADOR
El Tesoro Zaldivar
CHAARAL
Manto Verde El Salvador POTRERILLOS
La Candelaria INCA DE ORO
Andacollo El Indio
Los Pelambres
El Soldado Andina
Los Bronces El Teniente

Page 3 18 Nov 2002
Escondida
Zaldivar Norte
Aerial View
Leach Padsof MEL
Zaldivar
Pit
Concentrator
Main
Pit
Oxide Hamburgo
Leach Pads Tails
N
Phase IV
5 km
Plant site
Page 4 18 Nov 2002
Coloso Filter & Port
Coloso Filter & Port Facilities

Page 5 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 6 18 Nov 2002
Escondidas Strategy Builds on its Strengths to Maximize Long
Term Value
Worlds
Worlds
Largest
Largest
Strong
Strong Copper
Copper Mine
Mine Strong
Strong Cash
Cash
Credit
Credit Flow
Flow
Ratings
Ratings
Strong Low
Low Cost
Cost
Strong
Sponsors Producer
Producer
Sponsors
Diversified
Diversified Stable
Stable
Sales
Sales Base
Base Country
Country
Ability
Ability to
to Unequalled
Unequalled
Manage
Manage Resource
Resource
Expansions
Expansions High
High Quality
Quality
Concentrate
Concentrate

Page 7 18 Nov 2002
Worlds Largest Copper Mine
Leading Copper Mine Sites Leading Copper Producers
Escondida Ph IV Codelco
Freeport Indonesia
Escondida Ph IV
Chuquicamata
Copper Producing Companies

Collahuasi Phelps Dodge
Morenci
Copper Mines
BHP Billiton
El Teniente
Grupo Mexico
Los Pelambres
Bingham Canyon Rio Tinto
Andina F-McMoran
Rudna
KGHM
Dzhezkazgan
Oktyabryski Anglo
0 400 800 1200 0 500 1000 1500
Copper Production ('000 tonnes) Copper Production ('000 tonnes)
Source: Brook Hunt & Associates, Note: BHP and Rio Tinto production shares include
Calendar year 2000, plus shares of Escondida production. Brook Hunt do not rate
Escondida Ph IV 2004 projection. Escondida as a stand alone company.

Page 8 18 Nov 2002
Sponsored By Worlds Premier Metals & Mining Houses
Mitsubishi Corporation 60% International Finance
BHP Billiton Limited Rio Tinto Plc Mitsubishi Materials Corp 20% Corporation
100% 100% Nippon Mining & Metals Co Ltd 20%
2.5%
Rio Tinto JECO

BHP Escondida Inc
Escondida Limited 10%
57.5%
30%
Owners Council
Minera Escondida Limitada

Page 9 18 Nov 2002
Total Ore Reserves and Mineral Resources:
Official declaration at June 30, 2002, JORC Competent Person: Dr J M Gilligan
Ore Reserves Mineral Resources
Ore Tonnes Grade Metal Tonnes Grade Metal
Type (millions) (%Cu) (mlbs) (millions) (%Cu) (mlbs)
Sulphide 1,568 1.24 36,503 2,182 1.14 54,835

LG Float 582 0.60 6,157 1,409 0.59 18,421
Escondida LG Leach 658 0.43 6,209
Mixed 50 1.02 431 113 0.81 2,023
Oxide 208 0.69 2,706 280 0.64 3,935
Sulphide 649 1.33 19,014
Escondida Norte LG Float 642 0.58 8,190
Mixed 43 0.81 761
Oxide 142 0.79 2,476
Sub-Totals All Sulphide 2,149 1.07 42,660 5,540 0.87 106,669
Mixed 50 1.02 431 155 0.81 2,784
Oxide 208 0.69 2,706 422 0.69 6,411
TOTAL All Types 2,408 45,797 6,117 115,864

Page 10 18 Nov 2002
Escondida Schematic Deposit Evolution Profile:
Increasingly complex & variable geological conditions
variability
1991-1997 1998-2010
Cu - Fe Oxides
cc
cc+cv+cp+py
cp + py
>2010
py >> cp

Page 11 18 Nov 2002
Copper Production & Head Grade:
Incremental Expansion to offset Progressive Reduction in Head Grade with Time
Graphic Represents Mine Capacity, Actual Production Depends on Market Conditions
Copper Production
million lb
Production History & Forecast Sulphide Ore Grade
3,000 3.0%
2,500
Ore Grade 2.5%
450 ktpa
Oxide
2,000 Ph. 3.5 Phase 4 at 110,000 tpd 2.0%
P
h
a 3
1,500 s 1.5%
e 300 ktpa
Ph. 2
1,000 1.0%
Ph. 1
500 Phase 0 Original Production Forecast

0.5%
0 0.0%
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
fine copper production fine copper production fine copper production sulphide ore grade
1988 Project Approval through Phase 3.5 Phase 4 Expansion Phase 4 Expansion

Page 12 18 Nov 2002
Diverse Customer Base
CY 2001 Concentrate Sales, By Country CY 2001 Cathode Sales, By Country
Chile
Bulgaria Spain Mexico Indonesia
Sweden Iran Traders 2%
2% 2% 2% 1%
2% 1% 5% Japan
3%
Finland
Spain Taiwan France
3% 2%
4% 24%
India China
Japan
3% 4%
34%
Canada South Korea
4% 5%
South Korea USA

4% 5%
Philippines
5%
England
10% Italy
Brazil 16%
5%
China
6% Chile Holland
14% 10% Brazil
Germany
10% 12%

Page 13 18 Nov 2002
C1 Unit Costs in the 1st Quartile
CY01 Brook Hunt, Copper Industry C1 Cost Curve
160
140
120
C1 Cash Operating Cost
Escondida Minesite
100
(US c/lb)
80
60
40
20
0
0 5,000 10,000 15,000 20,000 25,000
Cumulative Production (Mlbs)
t
Escondida Real Cost and Cooper Industry estimate

Page 14 18 Nov 2002
Only 3 Producers with a Lower C3 Unit Cost
CY01 Brook Hunt, Copper Industry C3 Cost Curve
160
140
120 Escondida Minesite

C3 Producction Cost
100
(US c/lb)
80
60
40
20
0
0 5,000 10,000 15,000 20,000 25,000
Cumulative Production (Mlbs)
Escondida Real Cost and Cooper Industry estimated Cost

Page 15 18 Nov 2002
Phase IV Expansion Components
An additional mine fleet
(1) 65 yd3 shovel, (6) 380 st haul trucks, (1) drill
Support equipment and maintenance shop expansion
In-pit ore crusher and conveyor to Phase IV concentrator
Relocation of existing crushers
110,000 tpd Concentrator
38-ft. SAG mill and (3) 25-ft. Ball mills
Conventional flotation using large cells, regrind, column cells
Concentrate handling
Slurry pipeline to existing concentrator, then on to the port
Added concentrate filtering and storage capacity
Modifications to port facility
Laguna Seca Tailings Facility
Tailings disposal for life of mine both mills
Improved water reclaim to both mills
Page 16 18 Nov 2002
Phase IV: Laguna Seca Concentrator:
Detailed Site Layout

Page 17 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 18 18 Nov 2002
Employment
Antofagasta Coloso Escondida Santiago Total
Expatriates 3 0 24 2 29
Operators 2 70 1627 0 1699
Tchnical & Admin 15 1 89 1 106
Professional/Mgrs 51 17 426 9 503
Total 71 88 2166 12 2337
Avg workforce age 38 years
Permanent Contractors 1770
Avg length of service 7 years
Employee turnover - 2% Projects & Construction 740
Attendance rates - 97%+
Female employees - 4% Total 4847
Expatriate employees 0.8%

Page 19 18 Nov 2002
Safety Potential or Actual Level 4 Incidents
20
18
18
16
14
12
# of Incidents
10
10
8 7
6
2 1
0
2000 2001 2002 2003
Fiscal Years

Page 20 18 Nov 2002
Dimensions Now Final
E-W 2.2km 3.5km
Escondida Mine Pit
N-S Escondida Mine
3.2km Pit 4.8km
Depth 465m 750m

Page 21 18 Nov 2002
Escondida Mining Fleet FY-02
Electric Rope Shovels Total 13
P&H 4100 XPB (73 yd Dipper) 2
BE 495 (55 yd Dipper) 10
BE 395 (30 yd Dipper) 1
Haul Trucks Total 89
Komatsu 830E (240 mt) 28
CAT 793 B&C (240 mt) 47
CAT 797 (380 mt) 14
Front End Loaders Total 3
CAT 994 (23 yd Bucket) 3
Drills Total 12
BE 49R & R2s (8), IR DMM2s (2) & P&H 250XPs (2)
Auxiliary Equipment Total 44
Dozers (9-D10s & 4-D11s), Tiger 690s (2), RTDs (13), Graders (5-16Gs & 2-24Hs), Water
Trucks (6-CAT 777s) & Cable Reelers (3-CAT950Fs)

Page 22 18 Nov 2002
Mine Production 000s TPD Ex-Pit
1000
900
800
700
'000s Tonnes per Day
600
500
901 928 930
400 835 841 863 863
678 681 725
300
200
100
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Fiscal Years History Forecast Budget

Page 23 18 Nov 2002
Mine Unit Cost US$/t Mined
0.90
0.80
0.70
0.60
US$ / t Mined
0.50
0.40 0.779 0.736 0.706 0.670 0.641 0.683

0.30
0.20
0.10
0.00
1998 1999 2000 2001 2002 2003

Page 24 18 Nov 2002
Unit Cost & Productivity: Mine
Mines
1
Estimated Brook Hunt 200
2
3
1.30
4
UQ:91,0
5
8 1.20
9
11 1.10 11
12
Escondia FY98 13 1.00
Unit Cost US$/ton Mined
Escondia FY99 14
Escondida FY00 15
1
0.90
Escondida FY01 16 22
Escondida YTD FY02 17 0.80 8 34
Escondida Budget FY02 18 13 27 20
Escondida Budget FY03 19 25 4
0.70 28
20
14 24 15 3 19 FY03
29 2 18
21 12 32 16
0.60 33 17
22 23 30
26 9 LQ:0.60
23 31 5
24 0.50
25
0.40 21
26
27
28 0.30
29
30 0.20
31 20 30 40 50 60 70 80 90 100 110 120 130
32
33
Productivity (ton Mined/Hour)
34

Page 25 18 Nov 2002
Los Colorados Concentrator

Page 26 18 Nov 2002
Los Colorados Production 000s TPD Milled
140
120
100
'000s Tonnes per Day
80
60 125 125 122 127 122

116 118 115 118
103
40
20
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Page 27 18 Nov 2002
Los Colorados Unit Cost US$/t Milled
4.50
4.00
3.50
3.00
US$ / t Milled
2.50
2.00 4.07 3.91

3.58 3.43 3.42 3.42
1.50
1.00
0.50
0.00
1998 1999 2000 2001 2002 2003

Page 28 18 Nov 2002
Unit Cost & Productivity: Concentrators
Mills
1 Estimated Brook Hunt 200
2
3
4.80
4
UQ:55,0
5 4.40 10
6 11
7 4.00
12 13
Unit Cost (US$/ton Milled)
8
3.60 26
9 6 14 16 FY03 28 Laguna Seca FY03
Escondida FY98 10 3.20 9 15 2
Escondida FY99 11 20 24 5
Escondida FY00 12 2.80
2.40 7
Escondida YTD FY02 14 22 25
4 18 3 LQ:1,96
Escondida Budget FY02 15 2.00 23
19 1
Escondida Budget FY03 16 17
17 1.60
18 1.20
19
20 0.80
21
22 0.40
23 0.00
24
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110
25
26
Productivity (ton Milled/Hour)
27
Escondida Laguna Seca 28
Laguna Seca including Filter and excluding Overland Conveyors and Camp Cost
Page 29 18 Nov 2002
Escondida SX-EW Oxide Plant
Page 30 18 Nov 2002
Oxide Production 000s Tonnes of Cathodes
160 1.6%
1.4%
140 1.4%
1.2%
120 1.1% 1.2%
Ore Grade Stacked (% Cu)

1.0% 1.0% 1.0%
100 1.0%
'000s Tonnes
0.8% 0.8%
80 0.7% 0.8%
60 0.6%
40 0.4%
20 0.2%
0 0.0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Fiscal Years History Forecast Budget Ore Grade (%)

Page 31 18 Nov 2002
Oxide Unit Cost US$/lb Cathode
0.30
0.25
0.20
US$ / lb Cathode
0.15
0.262 0.250 0.249 0.256
0.244
0.10
0.05
0.00
1998 1999 2000 2001 2002 2003

Page 32 18 Nov 2002
Unit Cost & Productivity: Oxide
Oxide
Estimated CRU
1
2
60.0
3 21
UQ:135.8
4 55.0
5
50.0
6
Escondida FY00 7 45.0
40.0 18
Unit Cost (cUS$/Lb)
Escondida YTD FY02 9

Budget FY02 10 35.0 19
6
Budget FY03 11 5 4 14
30.0 3 12
12 1
11 FY03 LQ:25.2
13 25.0 16 2 7 8
14
20.0
15 10 9
20 23
15
16 15.0
17
10.0
18
19 5.0
20 -
21 0 20 40 60 80 100 120 140 160 180 200 220 240
22 Productivity (Kg-Cu/Hours)
23

Page 33 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 34 18 Nov 2002
Head Grade - % Contained Copper
3.0%
2.5%
2.0%
Head Grade % Cu
1.5%
2.75%
2.22%
1.0% 1.95% 1.89%
1.69% 1.57% 1.65% 1.56% 1.61%
1.53%
0.5%
0.0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Page 35 18 Nov 2002
Escondida Substantial Production Flexibility
Copper Production
Escondida Escondida + Development Projects
1,800
1,600
1,400
1,200
Copper - 000's t
1,000
800
600
400
200
-
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Fiscal Period

Page 36 18 Nov 2002
Escondida Substantial Production Flexibility
No Limits Limited at 1,400 ktpa
Escondida Base Development Projects Escondida Base Development Projects
1,600 1,600
1,400 1,400
1,200 1,200
1,000 1,000
Copper - kt
Copper - kt
800 800
600 600
400 400
200 200
- -
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
Fiscal Period Fiscal Period
Limited at 1,000 ktpa Limited at 1,200 ktpa

Escondida Base Development Projects Escondida Base Development Projects
1,600 1,600
1,400 1,400
1,200 1,200
1,000 1,000
Copper - kt
Copper - kt
800 800
600 600
400 400
200 200
- -
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
2031
2033
2035
Fiscal Period Fiscal Period

Page 37 18 Nov 2002
Historical Global Copper Market Situation
The strong temporary
price increase reflects Market
Strong increase in price the influence of Conditions:
when stock levels fell speculative agents Today worse
below 5 weeks of than 1998
18 demand 160 but not so
Demanda al Trmino del Trimestre)
bad as the
Stock/Consumo (Semanas de
16 140 start of the
Precio Trimestral del Cobre

14 80s
120
12
Copper Price 100
(USc/lb)
10
80
8
60
6
4 40 Stocks
20 pass over
2 Stock Demand critical
0 0 levels and
rising
1980
1985
1990
1995
2000
Page 38 18 Nov 2002
Resistance to Closure and Consolidation
Persistent optimism of imminent return of higher prices
Most operations making cash at $0.65/lb
Higher cost assets have already closed or improved cost competitiveness
Cross subsidization of asset portfolio
Re-financing opportunities at historically low rates
Country priorities: foreign exchange, employment, basic
services, etc
Lack of feed for integrated smelters
Excessive environmental liabilities associated with many
take-over targets

Page 39 18 Nov 2002
The Way Forward
The Project Apollo has been very successful for FY02
Led to a supply-demand balance in the copper market
Prompted a 7 cent / lb rise in price
No market commitment beyond Calendar 2002
Major decision pending in December 2002 with regard to

production levels for Calendar 2003

Page 40 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 41 18 Nov 2002
Key Business Drivers
(Effect of Incremental Movements on EBIT)
Copper Price 1c/lb = US$21m

C1 Costs 1c/lb = US$21m
Mill Recovery 1% = US$16m
Headgrade 0.01% = US$8.5m
Mill Throughput 1k TPD = US$7.5m
Concentrate Grade 1% = US$7m
TCRCs 5% change = US$5.5m
Peso FX Rate 10 peso = US$4m
Power 0.1c/kwh = US$2m
Fuel 1c/l = US$1m
Page 42 18 Nov 2002
Financial Performance: Strong Cash Despite Poor Global
Economic Conditions
Metric FY00 FY01 FY02
Net Profit 481 375 143
(US$m)
FCF 456 134 (383)

(US$m)
EBIT SVA (US$m) 341 111 (131)

ROC 18.5 14.6 6.0
(%)
ROE 35.8 35.1 16.1
(%)
Dividends 764 480 -
(US$m)

Page 43 18 Nov 2002
Controlling Cost (C1) Against a Declining Grade
Mines
1
Estimed Brook Hunt 2001
2
3
4 105
5
8 95
9
11
85
12
Escondia FY98 13 27 23
Escondia FY99 14 75
Escondida FY00 15 5
C1 (US$/Pay Lb)
Escondida FY01 16 3 33
65 19 26
Escondida Budget FY03 18 9
55 1 12
19 20 24
20 8 31 21 13 FY98
45
14 FY99
21 2 22 15 FY00
22 30
25 11 29
23 35 17 FY02 16 FY01
24
25
25 4 18 BFY03
26
27
28 15
29 32
30 5
31
0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8
32
Grade Ore (% )
33

Page 44 18 Nov 2002
Maintaining C3 Units Costs Below US$0.60/lb
Mines
1
2 Estimed Brook Hunt 2001
3 110
4
5
8 100
9 24
11 28 12
12 90 5
Escondia FY98 13
Escondia FY99 14 3
80
34
20 27 23
C3 (US$/Pay Lb)
Escondida FY01 16
1
Escondida FY02 17 70 25
21 2
Escondida Budget FY02 18 8 11
9
Escondida Budget FY03 19 32 14 FY99
31 26 18 BFY02 22
20 60 30
21
22 4
17 FY02 15 FY00
23 50 13 FY98
16 FY01
24 19 BFY03
25 33
40
26
27
28 30
29
30
31 20
32 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8
33
Grade Ore (% )
34

Page 45 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 46 18 Nov 2002
STRATEGIC KEY ELEMENT HSEC
Achieve a Zero Harm Culture
We will achieve our HSEC Zero Harm goals through:
Managing by walking around with a focus on safe behaviours
Simplifying and rationalizating our systems and procedures under the BHP
Billiton Standards
Entrenching Cardinal Rules into our culture
Requiring demonstrated safety performance when considering promotions
Engaging our contractors and subcontractors in the same way that we engage
Escondidas workforce in our safety program
Being proactive and transparent on environment issues and maintaining our
ISO 14001 accreditation
Directing 1% of our pre-tax profit to activities that will benefit the community
Promoting a culture that actively encourages the social and environmental
responsability of each of our employees

Page 47 18 Nov 2002
STRATEGIC KEY ELEMENT NPV
Optimize Escondidas Net Present Value
We will optimize NPV by:
Taking a leadership role within the industry and adopting a flexible
production profile
Continually focusing on cost reduction
Leveraging Operational Excellence and the Maintenance Improvent
Programs
Using tollgating to improve our Capital Productivity
Capturing the synergies of both concentrators
Leveraging leach technologies
Taking a leadership position in the responsible management of the
use of fossil water; 10% reduction in water requirements

Page 48 18 Nov 2002
STRATEGIC KEY ELEMENT PEOPLE
Achieve Maximum Potential with Employees

We willl ensure Maximum Alignment Among Employees,
Organizational Structure & Performance Management
Systems by:
Attracting and retaining high quality employees
Creating a high performance environment
Focusing on the development of technical and people leaders
Ensuring that learning and skills development are applied to everyone in
the organization
Creating a work environment where we have positive, mature, and direct
working relationships

Page 49 18 Nov 2002
STRATEGIC KEY ELEMENT CUSTOMERS
To Be The Preferred Supplier of Copper in Concentrate & Cathodes

We will achieve our value proposition to customers
through:
Achieving appropriate geographical and market diversification
Leveraging the BHP Billiton Base Metals Marketing hub
Minimizing the impact of variability and low concentrate grades
Emphazising continuous and proactive interaction between the
Operational and Marketing areas
Maintain status as a quality supplier through producing improved
levels of Grade A quality cathode

Page 50 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy
Current Activities
Page 51 18 Nov 2002
ROM Leach Pads
Escondida Norte
Waste Dump Open Pit
Facilities Premine 250 MT
Sulphide Ore
Laguna 584 MT @ 1.3 % TCu
Seca Conc
Crusher
Oxide Ore
97 MT @ 0.82 % SCu
Sulphide Low grade
Norte Pit Los Colorados 442 MT @ 0.6 % TCu
Concentrator
5 Electric Shovel
Escondida Pit 39 Haul Trucks
1 Semi Mobil Crusher
CMZ 6 Km Land Conveyors
Maintenance Shop
Capital
Order of magnitude
US$400m (100%)
including US$170 pre-
strip
Page 52 18 Nov 2002
Escondida Sulphide Leach Outline
Sulphide Leach Circuit 2.3 Billion tonnes sulphide ore at 0.55%TCu
Approx 50 Mtpa @0.5% TCu
Current stockpile 86Mt
Acid solution
Copper recovery by:

Run of Mine Dump
Pregnant
ROM leaching
Solution
Solvent Extraction
Solvent extraction
Rich Electrolyte
Electrowinning
Expected recovery 30-35%
Lean Electrolyte
Electrowinning 84,000
84,000tpa
tpaCathodes
Cathode
Approx 50% of Cu is chalcopyrite
Tonnage & mineralogy highly variable
Initial copper production 84 ktpa

Increasing to 234 ktpa as ore supply
increases and oxide T/H capacity
becomes available
Estimated operating cost of <40 cents/lb
Capital Order of magnitude US$500m

Page 53 18 Nov 2002
Escondida Strengths
Operations Operview
Financials
Business Strategy & Risk Management
Current Activities
Page 54 18 Nov 2002
Action Plans HSEC
Simplification and streamlining proposal of the HSEC
systems under the BHP Billiton Standards
Employ the Landmark process to engage the workforce and
ensure their commitment to a zero harm workplace
Implemention of Cardinal Rules Program
Development of Drug/Alcohol Policy
Alignment of HSEC & RDO
Encourage employee participation in Company sponsored
assistance projects for the community to instill a sense of
social responsibility in Escondidas employees,
Adoption of Dupont Job Observation methodology
Page 55 18 Nov 2002
Action Plans NPV
Los Colorados Mill improvement program
Mine to mill improvement project
Light dump bodies project
Develop long term water sourcing plan
Inventory reduction program
Flexible production plans
Develop a program for coordinating plants, crushers,
shovels, pipelines, filters shutdowns
Development of an integrated production system

Page 56 18 Nov 2002
Action Plans PEOPLE
Implementation of an employee climate survey
Continuous development of a team based work structure
To build an integrated Performance Management system
which links competency development, individual
performance on the job and remuneration
To perform the second teams check-up (HISI)

Page 57 18 Nov 2002
Action Plans CUSTOMERS
Realignment of specifications of concentrate grades in sale

contracts
Develop plan to address concentrate grade reduction and
variability issues
Develop LME average price achievement strategy
Develop standards for exchange of commercial
documentation

Page 58 18 Nov 2002
Escondidas Strengths to Maximize Long Term Value
Worlds
Worlds
Largest
Largest
Strong
Strong Copper
Copper Mine
Mine Strong
Strong Cash
Cash
Credit
Credit Flow
Flow
Ratings
Ratings
Strong Low
Low Cost
Cost
Strong
Sponsors Producer
Producer
Sponsors
Diversified
Diversified Stable
Stable
Sales
Sales Base
Base Country
Country
Ability
Ability to
to Unequalled
Unequalled
Manage
Manage Resource
Resource
Expansions
Expansions High
High Quality
Quality
Concentrate
Concentrate

Page 59 18 Nov 2002

Escondida 2002

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Escondida 2002

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MINERA ESCONDIDA

MERRILL LYNCH INVESTOR VISIT

NOVEMBER 18, 2002

Northern Chiles Atacama Desert, CALAMA

Collahuasi Quebrada Blanca

Los Bronces El Teniente

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Coloso Filter & Port Facilities

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Copper Producing Companies

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Rio Tinto JECO

Minera Escondida Limitada

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Sulphide 1,568 1.24 36,503 2,182 1.14 54,835

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

500 Phase 0 Original Production Forecast

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

South Korea USA

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

120 Escondida Minesite

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

0.40 0.779 0.736 0.706 0.670 0.641 0.683

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

60 125 125 122 127 122

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

2.00 4.07 3.91

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Ore Grade Stacked (% Cu)

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Escondida YTD FY02 9

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Limited at 1,000 ktpa Limited at 1,200 ktpa

Fiscal Period Fiscal Period

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

16 140 start of the

Precio Trimestral del Cobre

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

No market commitment beyond Calendar 2002

Major decision pending in December 2002 with regard to

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Copper Price 1c/lb = US$21m

FCF 456 134 (383)

EBIT SVA (US$m) 341 111 (131)

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure

Achieve Maximum Potential with Employees

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure