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Annual Report2003

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Annual Report2003 tamba cuivre tong dou chalcos cuprum miedz´ koppar cobre kupfer bakar pembaga ibana cupru rame kupari copper annual report 2003 codelco chile Codelco’s mission is to develop, in a responsible and flexible manner, its full capacity for mining and related business, to maximize its long- term economic value and its contribution to the national treasury. 5 CODELCO index LetterCarta from thedel chairman presidente of the del board directorio 7 LetterCarta from the del president presidente and chief ejecutivo executive officer 8 The boardDirectorio of directors 10 SeniorAdministración officers superior 11 HighlightsAntecedentes relevantes 13 DivisionsDivisiones 14 CorporatePerfil profile corporativo 16 HistoryHistoria 18 AssetGestión management de activos 25 HumanDesarrollo development humano 35 SustainabilitySustentabilidad 43 FinancialResultados and economic económico-financieros results 51 SubsidiariesFiliales and y coligadasjoint ventures 56 FinancialEstados statements financieros 75 6 CODELCO company of excellence In the eyes of the country and the world, Codelco has consolidated its reputation as a company of excellence, which benefits all Chilean men and women. 2003 was a year in which our national copper corporation, Codelco, continued to 7 consolidate its reputation in Chile and around the world as a company of excellence, which benefits all Chilean men and women. The steps it has taken in as part of its plan to add value and increase income before taxes during the 2000-2006 period are significant; they have been recognized by the CODELCO most prestigious international financial and mining institutions and at this point very few would dare to question the seriousness of this project. The government has emphasized its deepest conviction that the company must remain state-owned, allowing, where possible and suitable, for some projects to be developed as joint ventures with third parties. Thus, we will continue to work on projects that letter from the strengthen the Corporation. For Chile, it is better business for Codelco to remain in the hands of all Chilean men and women, generating funds for social policies, that is, better chairman of the board education, health care and quality of life. All this must occur in the framework of efficient management of the resources that the country has placed in our hands, as we have clearly demonstrated. We know that the country supports us. Many surveys have shown that the vast majority of the population wants Codelco to remain publicly owned. Moreover, Codelco was recently chosen as the company that contributes the most to the country's social development. Along with the solidity that Codelco has shown during this period (consolidation of the Codelco Norte Division, certification of all Divisions under the ISO 14001 standard, start- up of the Mejillones Port, bond issues at excellent rates, among many other examples), it is worth emphasizing the context in which we finished 2003 and the favorable prospects ahead for 2004. This period has brought with it the long-awaited recovery in the copper price. Today the mining industry is enjoying boom times, but it is essential to keep in mind that Codelco's policy in terms of stockpiling has played an important role in the current copper price. This reduction in sales, during 2003, is associated with our enormous responsibility to the industry, the country and a vision of the business that fills us with pride. The company has also had the courage to recognize these hardships and, as a result, Alfonso Dulanto Rencoret has reorganized, a process that has brought with it changes in some executives, changes Minister of Mining that, as in other opportunities, the company has understood. My congratulations go to everyone in Codelco for your efforts to date. I call on you to continue to work, inspired by a positive spirit of cooperation for the country's sake. The government has firm hopes that depend on this company and, as a result, not only wishes for it to remain in the power of the State, but also to increase its value and, as a result, yield more to its owners, that is, all men and women of Chile. 8 CODELCO letter from the president and chief executive officer Upon looking at the results of efforts unfolded in 2003 by the women and men who day by day work with and for Codelco, I must emphasize the responsibility, commitment and effectiveness that have once again distinguished their performance. 2003 was a difficult year. For most of it, we faced an uncertain market and a price that was below our expectations. The results for the period and progress in each of our value creation strategy areas - asset management, human development and sustainability - show that, despite the hardships, we have continued to advance with a firm step in the implementation of our Joint Strategic Plan (Proyecto Común de Empresa). The market clearly understood this, voting for Codelco by loaning it US$500 million in ten-year bonds, with the best financial conditions provided to a South American firm in recent years. Before tax income reached US$606 million, we boosted production by 2.8% and, on average, divisions' net cathode costs remained virtually the same, at about 56 cents per pound. The decision to build up strategic stock did not, in the long run, affect the surplus because the lower income from sales (of about US$100 million) was offset by its impact Juan Villarzú Rohde on the copper price, estimated to be at least three cents per pound, due to the reduced President and Chief supply that resulted from the decision to accumulate stock and production cuts decided Executive Officer upon by other producers. This does not take into account profits of US$200 million or more that the sale of this copper should bring in during 2004. Although the results for the year exceeded our expectations, they did not leave us wholly satisfied. Due to stoppages and delays in developing and starting up several of our investment projects, we produced almost 80,000 fine tons of copper less than programmed. We could partly offset the impact of this lower production on net income thanks to important progress in reliability maintenance, the application of best practices and implementation of shared services. In 2003 we invested around US$900 million. Faced with the problems we detected in managing our main project portfolio, we reacted diligently and improved our system for evaluating, monitoring and executing investments and business, incorporating best practices at the global level into these areas. In particular, we reinforced the pre- 9 CODELCO We are working for the success of a Plan that we have built together, workers, supervisors and management. Together we have opened the way and made enormous progress toward its implementation. We know and admit to our weaknesses and strengths. We know what we have to do and we have the persistence and the willpower to do it. investment phase and placed all responsibility for basic engineering and managing commissions continued to move through their agendas, making it possible to agree on construction in our Corporate Headquarters. the alcohol and drug policy, advance significantly toward defining the competency and career development model and give birth to the Mining Village. Today, 11,500 families Optimizing the assets we manage is one of our main challenges. We spent an important are connected to each other, the company and the world. part of the year evaluating the potential for value creation associated with the significant increase in resources and reserves achieved in recent years. After a decade's worth of Providing solutions to the problems of workers with occupational illnesses, achieving systematic effort to explore for and turn these resources into reserves, today we have an occupational health management system, eliminating fatal and significantly reducing proven reserves of 120 million equivalent fine tons, using a price of 85 cents per pound. other accidents will be priority areas for 2004. We also have a Business and Development Plan (BDP) 2004, which includes developing projects and improving management to maximize the company's value over a 25-year I end these remarks by expressing my pride because in 2003 we fulfilled our commitment horizon. This Plan assumes peak investments of US$1.2 billion per year and will bring to achieve ISO 14001 certification in all Corporation facilities, thus making a great leap production to 2.2 million fine tons of copper starting in 2008. If there were no budgetary forward in terms of sustainability. restraints, Codelco could produce more than 3 million fine tons of copper per year, starting in 2012. In contrast to the way it started, 2003 ended in an atmosphere of optimism and promising signs for copper and therefore Codelco. We are preparing to make the most of these Aside from good reserves, maximizing Codelco's value requires facilities, equipment conditions. and a first-class human team, committed to the company's Joint Strategic Plan. During the year we made progress toward consolidating the competency model, the management We are working for the success of a Project that we have built together, workers, development program and, in general, career development. Already, 984 workers have supervisors and management. Together we have opened the way and made enormous an individual development plan and by the end of 2004 this should reach one-third of progress toward its implementation. We know and admit to our weaknesses and strengths. Codelco's workers and supervisors, or about 5000 workers. We know what we have to do and we have the persistence and the willpower to do it. Despite these and other important achievements, we must admit that during the year some moments of tension arose with our workers. Bargaining to determine the cost and type of housing to be offered to families benefited by the move from the Chuquicamata camp to Calama, to renew collective agreements in Andina and Codelco Norte, ease implementation of shared services, and overcome differences between contractors and their employees, especially in the El Teniente Division, generated difficulties between management and union leaders, which eventually led to solutions.
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