Exhibit 99(2)
 INDEPENDENT AUDITORS REPORT




---



##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.
 
 Notes
    
    2009
    
    2008ThUS$
    
    ThUS$(Unaudited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    
    
    
    
    
    3,632
    
    
    
    2,617Trade receivables
    
    
    3
    
    
    
    29,516
    
    
    
    23,995Accounts receivable from related companies
    
    
    6
    
    
    
    1,580
    
    
    
    371Inventories
    
    
    3
    
    
    
    8,482
    
    
    
    9,626Prepaid expenses and other current assets
    
    
    3
    
    
    
    681
    
    
    
    531Deferred income taxes
    
    
    9
    
    
    
    1,114
    
    
    
    708Total current assets
    
    
    
    
    
    
    45,005
    
    
    
    37,848PROPERTY, PLANT AND EQUIPMENT:Buildings
    
    
    
    
    
    
    1,322
    
    
    
    1,322Camps
    
    
    
    
    
    
    216
    
    
    
    224Machinery and equipment
    
    
    
    
    
    
    26,805
    
    
    
    22,624Vehicles
    
    
    
    
    
    
    14,198
    
    
    
    14,112Office furniture and equipment
    
    
    
    
    
    
    67
    
    
    
    67Machinery and vehicles acquired under capital leases
    
    
    
    
    
    
    20,117
    
    
    
    18,01662,725
    
    
    
    56,365Less  accumulated depreciation
    
    
    
    
    
    
    (35,531
    )
    
    
    (28,815
    )Net property, plant and equipment
    
    
    
    
    
    
    27,194
    
    
    
    27,550OTHER ASSETS:Account receivables from related companies
    
    
    6
    
    
    
    100
    
    
    
    347Investment in affiliate
    
    
    5
    
    
    
    116
    
    
    
    54Total other assets
    
    
    
    
    
    
    216
    
    
    
    401TOTAL ASSETS
    
    
    
    
    
    
    72,415
    
    
    
    65,799




---



##### 



Notes
    
    2009
    
    2008ThUS$
    
    ThUS$(Unaudited)LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIES:Short-term debt
    
    
    7
    
    
    
    
    
    
    
    5,957Current maturities of long-term debt
    
    
    7
    
    
    
    253
    
    
    
    306Current maturities of capital leases
    
    
    8
    
    
    
    5,162
    
    
    
    4,688Accounts payable
    
    
    3
    
    
    
    9,755
    
    
    
    9,180Accounts payable to related companies
    
    
    6
    
    
    
    1,108
    
    
    
    Withholdings and accrued expenses
    
    
    3
    
    
    
    5,843
    
    
    
    3,783Unearned income
    
    
    3
    
    
    
    908
    
    
    
    1,144Income taxes payable
    
    
    
    
    
    
    1,258
    
    
    
    1,941Other current liabilities
    
    
    
    
    
    
    1,848
    
    
    
    1,088Total current liabilities
    
    
    
    
    
    
    26,135
    
    
    
    28,087LONG-TERM LIABILITIES:Long-term debt
    
    
    7
    
    
    
    107
    
    
    
    284Capital leases
    
    
    8
    
    
    
    848
    
    
    
    3,560Unearned income
    
    
    3
    
    
    
    3,286
    
    
    
    2,956Deferred income taxes
    
    
    9
    
    
    
    1,987
    
    
    
    988Total long-term liabilities
    
    
    
    
    
    
    6,228
    
    
    
    7,788STOCKHOLDERS EQUITY:Common stock
    
    
    
    
    
    
    310
    
    
    
    310Retained earnings
    
    
    
    
    
    
    39,742
    
    
    
    29,614Total stockholders equity
    
    
    
    
    
    
    40,052
    
    
    
    29,924TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY
    
    
    
    
    
    
    72,415
    
    
    
    65,799




---



##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.
 
 Notes
    
    2009
    
    2008
    
    2007ThUS$
    
    ThUS$
    
    ThUS$(Unaudited)
    
    (Unaudited)REVENUES
    
    
    
    
    
    
    144,866
    
    
    
    136,922
    
    
    
    85,915COST OF REVENUES
    
    
    
    
    
    
    (121,583
    )
    
    
    (119,471
    )
    
    
    (75,615
    )GROSS PROFIT
    
    
    
    
    
    
    23,283
    
    
    
    17,451
    
    
    
    10,300SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
    
    
    
    
    
    
    (6,191
    )
    
    
    (4,125
    )
    
    
    (2,012
    )OPERATING INCOME
    
    
    
    
    
    
    17,092
    
    
    
    13,326
    
    
    
    8,288OTHER INCOME (EXPENSE):Equity in net earnings of affiliate
    
    
    
    
    
    
    50
    
    
    
    33
    
    
    
    14Financial expense
    
    
    
    
    
    
    (939
    )
    
    
    (958
    )
    
    
    (336
    )Exchange differences
    
    
    
    
    
    
    (144
    )
    
    
    (111
    )
    
    
    (33
    )Other income (expense)
    
    
    
    
    
    
    (1,033
    )
    
    
    (1,036
    )
    
    
    (355
    )Income before income taxes
    
    
    
    
    
    
    16,059
    
    
    
    12,290
    
    
    
    7,933Income tax expense
    
    
    9
    
    
    
    (3,031
    )
    
    
    (1,491
    )
    
    
    (1,256
    )Net income
    
    
    
    
    
    
    13,028
    
    
    
    10,799
    
    
    
    6,677




---



##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.
 
 Common
    
    Stock
    
    Retained
    
    TotalShares
    
    Amount
    
    earnings
    
    equityThUS$
    
    ThUS$
    
    ThUS$Balance as of January 1, 2007
    
    
    3,600,000
    
    
    
    310
    
    
    
    15,638
    
    
    
    15,948Dividends distribution
    
    
    
    
    
    
    
    
    
    
    (1,500
    )
    
    
    (1,500
    )Comprehensive income:Net income
    
    
    
    
    
    
    
    
    
    
    6,677
    
    
    
    6,677Balance as of December 31, 2007
    
    
    3,600,000
    
    
    
    310
    
    
    
    20,815
    
    
    
    21,125Dividends distribution
    
    
    
    
    
    
    
    
    
    
    (2,000
    )
    
    
    (2,000
    )Comprehensive income:Net income
    
    
    
    
    
    
    
    
    
    
    10,799
    
    
    
    10,799Balance as of December 31, 2008
    
    
    3,600,000
    
    
    
    310
    
    
    
    29,614
    
    
    
    29,924Dividends distribution
    
    
    
    
    
    
    
    
    
    
    (2,900
    )
    
    
    (2,900
    )Comprehensive income:Net income
    
    
    
    
    
    
    
    
    
    
    13,028
    
    
    
    13,028Balance as of December 31, 2009
    
    
    
    
    
    
    310
    
    
    
    39,742
    
    
    
    40,052




---



##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.
 
 2009
    
    
    2008
    
    
    2007ThUS$
    
    
    ThUS$
    
    
    ThUS$(Unaudited)
    
    
    (Unaudited)CASH FLOWS FROM OPERATING ACTIVITIES:Collection of trade account receivables
    
    
    167,105
    
    
    
    155,747
    
    
    
    88,421Other income received
    
    
    494
    
    
    
    1,376
    
    
    
    1,625Payments to suppliers and personnel
    
    
    ( 133,182
    )
    
    
    ( 128,754
    )
    
    
    ( 81,533
    )Payment of interest
    
    
    ( 939
    )
    
    
    ( 953
    )
    
    
    VAT and similar items paid
    
    
    (13,529
    )
    
    
    (9,153
    )
    
    
    (5,533
    )Total net cash flows provided by operating activities
    
    
    19,949
    
    
    
    18,263
    
    
    
    2,980CASH FLOWS FROM FINANCING ACTIVITIES:Payment of leasing
    
    
    (4,119
    )
    
    
    (3,949
    )
    
    
    (2,225
    )Leaseback
    
    
    
    
    
    
    9,159
    
    
    
    4,621Loans
    
    
    8,027
    
    
    
    16,188
    
    
    
    8,322Dividend payments
    
    
    (2,900
    )
    
    
    (2,000
    )
    
    
    (1,500
    )Bank short term borrowings
    
    
    (13,646
    )
    
    
    (21,162
    )
    
    
    (3,573
    )Total net cash flow used in financing activities
    
    
    (12,638
    )
    
    
    (1,764
    )
    
    
    5,645CASH FLOWS FROM INVESTMENT ACTIVITIES:Purchases of fixed assets
    
    
    ( 6,296
    )
    
    
    ( 15,732
    )
    
    
    ( 9,917
    )Total net cash flow (used in) provided by investment activities
    
    
    (6,296
    )
    
    
    (15,732
    )
    
    
    (9,917
    )NET INCREASE (DECREASE) IN CASH FLOWS FOR THE YEAR
    
    
    1,015
    
    
    
    767
    
    
    
    (1,292
    )CASH AND CASH EQUIVALENTS AT BEGINING OF YEAR
    
    
    2,617
    
    
    
    1,850
    
    
    
    3,142CASH AND CASH EQUIVALENTS AT THE END OF YEAR
    
    
    3,632
    
    
    
    2,617
    
    
    
    1,850




---



##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.
 
 2009
    
    
    2008
    
    
    2007ThUS$
    
    
    ThUS$
    
    
    ThUS$(Unaudited)
    
    
    (Unaudited)RECONCILIATION BETWEEN NET CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES AND NET INCOME FOR THE YEAR:Net income
    
    
    13,028
    
    
    
    10,799
    
    
    
    6,677Adjustments to reconcile net income to net cash provided by operating activities:Depreciation
    
    
    7,809
    
    
    
    5,648
    
    
    
    3,542Net foreign exchange differences
    
    
    144
    
    
    
    111
    
    
    
    33Equity share in net income of related company
    
    
    (50
    )
    
    
    (33
    )
    
    
    (14
    )Allowance for inventory reserve
    
    
    220
    
    
    
    315
    
    
    
    300Deferred income taxes
    
    
    593
    
    
    
    (267
    )
    
    
    131Changes in operating assets (increases) decreases:Trade account receivables
    
    
    (5,521
    )
    
    
    (4,066
    )
    
    
    (11,519
    )Inventories
    
    
    924
    
    
    
    (5,167
    )
    
    
    (2,461
    )Other assets
    
    
    (150
    )
    
    
    1,263
    
    
    
    (695
    )Due from related companies
    
    
    (962
    )
    
    
    1,314
    
    
    
    (1,670
    )Changes in operating liabilities increases (decreases):Accounts payable related to operating income
    
    
    575
    
    
    
    2,239
    
    
    
    6,795Other accounts payable
    
    
    3,928
    
    
    
    478
    
    
    
    805Unearned revenues
    
    
    94
    
    
    
    4,100
    
    
    
    519VAT and similar payables
    
    
    (683
    )
    
    
    1,529
    
    
    
    537NET CASH PROVIDED BY OPERATING ACTIVITIES
    
    
    19,949
    
    
    
    18,263
    
    
    
    2,980




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##### 



SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS  GEOTEC BOYLES BROS S.A.
 
 Note 1. Description of business
  Note 2. Summary of significant accounting policies
 Basis of Presentation
 Foreign Currency Transactions and Translation
 Use of Estimates
 Inventories
 Property, plant and equipment
 1




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##### 



YearsBuildings
    
    
    20Camps
    
    
    1Machinery and equipment
    
    
    5Vehicles
    
    
    3 to 5Leased assets
    
    
    5
 Impairment of Long-Lived Assets
 Revenue recognition
 Allowance for doubtful accounts
 Cash and cash equivalents
 Accrued expenses
 Income taxes
 Investment
in affiliated companies
 2




---



##### 



Fair
Value of Financial Instruments
 Note 3. Composition of Certain Financial Statement Captions
 December 31,2009
    
    2008(unaudited)(in thousands of U.S. dollars - ThUS$)
    
    ThUS$
    
    ThUS$Accounts receivable, netAccounts receivable
    
    
    29,516
    
    
    
    23,995Less allowance for doubtful accounts
    
    
    
    
    
    
    29,516
    
    
    
    23,995Inventories, netBits and diamonds
    
    
    956
    
    
    
    816Bars and casings
    
    
    5,330
    
    
    
    6,466Spare parts and other
    
    
    3,081
    
    
    
    3,009Less inventory reserve
    
    
    (885
    )
    
    
    (665
    )8,482
    
    
    
    9,626Prepaid expenses and other current assetsPrepaid expenses
    
    
    469
    
    
    
    390Other receivable
    
    
    212
    
    
    
    141681
    
    
    
    531Account payableForeign suppliers
    
    
    9,704
    
    
    
    8,658Domestic suppliers
    
    
    51
    
    
    
    5229,755
    
    
    
    9,180Withholdings and accrued expensesVacation benefits
    
    
    2,571
    
    
    
    1,763Withholdings
    
    
    2,134
    
    
    
    1,464Other
    
    
    1,139
    
    
    
    5565,843
    
    
    
    3,783Unearned income  current portionAdvances from customers
    
    
    908
    
    
    
    1,144908
    
    
    
    1,144Unearned income  long term portionAdvances from customers
    
    
    3,286
    
    
    
    2,9563,286
    
    
    
    2,956
 3




---



##### 



Beginning
    
    Charged to
    
    
    
    
    
    Charged
    
    Endingbalance
    
    expense
    
    Written-off
    
    to other
    
    balance(in thousands of U.S.
dollars - ThUS$)
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$2009Allowance for doubtful accounts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Allowance for inventory reserve
    
    
    665
    
    
    
    220
    
    
    
    
    
    
    
    
    
    
    
    8852008 (unaudited)Allowance for doubtful accounts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Allowance for inventory reserve
    
    
    350
    
    
    
    315
    
    
    
    
    
    
    
    
    
    
    
    665
 Note 4. Supplemental Cash Flow Information
  For the Year Ended
    
    For the Year Ended
    
    For the Year EndedDecember 31, 2009
    
    December 31, 2008
    
    December 31, 2007(unaudited)
    
    (unaudited)(in thousands of U.S. dollars - ThUS$)
    
    ThUS$
    
    ThUS$
    
    ThUS$Income taxes paid
    
    
    2,050
    
    
    
    1,436
    
    
    
    837Non-cash items
    
    
    
    
    
    
    
    
    
    
    
 4




---



##### 



Note 5. Investment in Affiliates
   12.31.2009
    
    Non-current
    
    Current
    
    Non-current
    
    Current
    
    
    
    
    
    Net
    
    UndistributedCompany
    
    assets
    
    assets
    
    liabilities
    
    liabilities
    
    Equity
    
    income
    
    earningsThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$Centro Internacional de Formación S.A.
    
    
    4
    
    
    
    207
    
    
    
    
    
    
    
    17
    
    
    
    194
    
    
    
    61
    
    
    
    89Geoestrella S.A.
    
    
    1,042
    
    
    
    4,174
    
    
    
    106
    
    
    
    5,110
    
    
    
    39
    
    
    
    39
    
    
    
    
 Non-current
    
    Current
    
    Non-current
    
    Current
    
    
    
    
    
    Net
    
    Undistributed12.31.2008
    
    assets
    
    assets
    
    liabilities
    
    liabilities
    
    Equity
    
    income
    
    earningsCompany
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$Centro Internacional de Formación S.A.
    
    
    2
    
    
    
    136
    
    
    
    
    
    
    
    30
    
    
    
    108
    
    
    
    66
    
    
    
    31Geoestrella S.A.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 Non-current
    
    Current
    
    Non-current
    
    Current
    
    
    
    
    
    Net
    
    Undistributed12.31.2007
    
    assets
    
    assets
    
    liabilities
    
    liabilities
    
    Equity
    
    income
    
    earningsCompany
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)
    
    (unaudited)ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$Centro Internacional de Formación S.A.
    
    
    1
    
    
    
    63
    
    
    
    
    
    
    
    14
    
    
    
    50
    
    
    
    28
    
    
    
    
    (1)Geoestrella S.A.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 Note 6. Related party transactions
  Accounts receivable / payables
    
    TransactionsShort
    
    Long
    
    Short
    
    Long
    
    Sales and
    
    Purchases andterm
    
    term
    
    term
    
    term
    
    other revenues
    
    other costs2009
    
    2008
    
    2009
    
    2008
    
    2007
    
    2009
    
    2008
    
    2007(unaudited)
    
    
    
    
    
    (unaudited)
    
    (unaudited)
    
    
    
    
    
    (unaudited)
    
    (unaudited)ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$Due from related companies:Inmobiliaria Plantel Industrial Ltda.
(Ex  Plantel Industrial S.A.)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    747
    
    
    
    773
    
    
    
    446Geoductos Chile S.A.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    10
    
    
    
    
    
    
    
    12
    
    
    
    Geotec Perú S.A.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37
    
    
    
    1,026
    
    
    
    2,018
    
    
    
    59
    
    
    
    Boytec Sondajes de México S.A.
    
    
    247
    
    
    
    100
    
    
    
    371
    
    
    
    347
    
    
    
    70
    
    
    
    1,030
    
    
    
    1,186
    
    
    
    9
    
    
    
    18
    
    
    
    Sondajes Colombia S.A.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    318
    
    
    
    261
    
    
    
    
    
    
    
    
    
    
    
    Diamantina Christensen Inc.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    277
    
    
    
    183
    
    
    
    
    
    
    
    
    
    
    
    Geoestrella S.A
    
    
    1,333
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    316
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Totals
    
    
    1,580
    
    
    
    100
    
    
    
    371
    
    
    
    347Due to related companies:Christensen Comercial S.A.
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7
    
    
    
    8
    
    
    
    5
    
    
    
    6
    
    
    
    3
    
    
    
    2Christensen Chile S.A.
    
    
    1,103
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    516
    
    
    
    618
    
    
    
    638
    
    
    
    14,099
    
    
    
    17,851
    
    
    
    7,411Totals
    
    
    1,108
    
    
    
    
    
    
    
    
    
    
    
    
 5




---



##### 



Inmobiliaria Plantel Industrial Ltda.:
    20082009
    
    (unaudited)ThUS$
    
    ThUS$2009
    
    
    
    
    
    
    6722010
    
    
    702
    
    
    
    5942011
    
    
    
    
    
    
    2012
    
    
    
    
    
    
    2013
    
    
    
    
    
    
    Thereafter
    
    
    
    
    
    
    
 Boytec Sondajes de México S.A.:
    Christensen Chile S.A.:
 Geoestrella S.A.:
  6




---



##### 



Note 7. Short Term and Long Term Debt
 Short Term Debt:
  Financial
    
    
    
    
    
    
    
    
    
    
    
    Issuance
    
    ExpirationInstitution
    
    Transaction
    
    Beneficiary
    
    Currency
    
    Rate
    
    date
    
    date
    
    2009
    
    2008(unaudited)ThUS$
    
    ThUS$Banco Santander
    
    Loans
    
    
    
    Ch$
    
    
    4.68
    %
    
    Dec - 2008
    
    Mar - 2009
    
    
    
    
    
    
    3,155Banco BBVA
    
    Loans
    
    
    
    Ch$
    
    
    6.72
    %
    
    Dec - 2008
    
    Mar - 2009
    
    
    
    
    
    
    943Banco Santander
    
    Letter of credit
    
    Scramm Inc.
    
    US$
    
    
    3.84
    %
    
    Dec - 2008
    
    Feb - 2009
    
    
    
    
    
    
    948Banco de Chile
    
    Letter of credit
    
    Scramm Inc.
    
    US$
    
    
    5.09
    %
    
    Aug -2008
    
    Feb - 2009
    
    
    
    
    
    
    912Totals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,957
 Long Term Debt:
    Financial
    
    
    
    
    
    Short-term portion
    
    Long-termInstitution
    
    Transaction
    
    Currency
    
    2009
    
    2008
    
    2009
    
    2008(unaudited)
    
    
    
    
    
    (unaudited)ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$Banco Security
    
    Loans
    
    Ch$
    
    
    253
    
    
    
    306
    
    
    
    107
    
    
    
    284
 7




---



##### 



(in thousands of U.S. dollars - ThUS$)
    
    20092009
    
    
    2010
    
    
    2532011
    
    
    107Totals
    
    
    360
 Note 8. Leases
  Years to maturity
    
    2009ThUS$2010
    
    
    5,1622011
    
    
    8282012
    
    
    20Totals
    
    
    6,010
 8




---



##### 



Note 9. Income taxes
  For the Year Ended December 31,2009
    
    2008
    
    2007ThUS$
    
    ThUS$
    
    ThUS$(in thousands of U.S. dollars - ThUS$)
    
    
    
    
    
    (unaudited)
    
    (unaudited)Income before income taxes
    
    
    16,059
    
    
    
    12,290
    
    
    
    7,933
  For the Year Ended December 31,2009
    
    2008
    
    2007ThUS$
    
    ThUS$
    
    ThUS$(in thousands of U.S. dollars - ThUS$)
    
    
    
    
    
    (unaudited)
    
    (unaudited)Current taxes
    
    
    (2,438
    )
    
    
    (1,758
    )
    
    
    (1,125
    )Deferred taxes
    
    
    (593
    )
    
    
    267
    
    
    
    (131
    )Total, net
    
    
    (3,031
    )
    
    
    (1,491
    )
    
    
    (1,256
    )
  Short term
    
    Long-termDecember 31,
    
    December 31,2009
    
    2008
    
    2009
    
    2008ThUS$
    
    ThUS$
    
    ThUS$
    
    ThUS$(in thousands of U.S. dollars - ThUS$)
    
    
    
    
    
    (unaudited)
    
    
    
    
    
    (unaudited)Deferred income tax assets:Vacation accruals
    
    
    437
    
    
    
    300
    
    
    
    
    
    
    
    Unearned income
    
    
    178
    
    
    
    254
    
    
    
    
    
    
    
    Other provision
    
    
    310
    
    
    
    40
    
    
    
    
    
    
    
    Inventory reserve
    
    
    189
    
    
    
    114
    
    
    
    
    
    
    
    Deferred income tax assets
    
    
    1,114
    
    
    
    708
    
    
    
    
    
    
    
    Deferred income tax liabilities:Property, plant and equipment
    
    
    
    
    
    
    
    
    
    
    787
    
    
    
    376Leases
    
    
    
    
    
    
    
    
    
    
    1,200
    
    
    
    612Deferred income tax liabilities
    
    
    
    
    
    
    
    
    
    
    1,987
    
    
    
    988
 9




---



##### 



For the year ended
    
    For the year endedFor the year ended
    
    December 31, 2008
    
    December 31, 2007December 31, 2009
    
    (unaudited)
    
    (unaudited)Amount
    
    Effective
    
    Amount
    
    Effective
    
    Amount
    
    Effective(in thousands of U.S. dollars - ThUS$)
    
    ThUS$
    
    Rate
    
    ThUS$
    
    Rate
    
    ThUS$
    
    RateIncome tax at statutory tax rate
    
    
    2,730
    
    
    
    17.00
    %
    
    
    2,089
    
    
    
    17.00
    %
    
    
    1,349
    
    
    
    17.00
    %Difference in tax expense resulting from:Non deductible expenses
    
    
    (8
    )
    
    
    -0.05
    %
    
    
    
    
    
    
    0.00
    %
    
    
    
    
    
    
    0.00
    %Permanent differences
    
    
    (122
    )
    
    
    -0.76
    %
    
    
    12
    
    
    
    0.10
    %
    
    
    19
    
    
    
    0.24
    %Other
    
    
    431
    
    
    
    2.68
    %
    
    
    (610
    )
    
    
    -4.96
    %
    
    
    (112
    )
    
    
    -1.41
    %3,031
    
    
    
    18.87
    %
    
    
    1,491
    
    
    
    12.13
    %
    
    
    1,256
    
    
    
    15.83
    %
 st Income Taxes Income Taxes
  Note 10. Stockholders equity
 Common stock
 Dividend distribution
  10




---



##### 



Note 11. Guarantees
  Letter of
    
    Issuance
    
    ExpireBank issuer
    
    Beneficiary
    
    guarantee
    
    date
    
    date
    
    AmountThUS$CorpBanca
    
    Central Restaurant Aramark
    
    
    
    
    
    
    
    
    
    
    5/1/2010
    
    
    
    41Security
    
    Cia. Min. Ines de Collahuasi SCM
    
    
    200786
    
    
    
    6/8/2007
    
    
    
    7/1/2010
    
    
    
    405BBVA
    
    Codelco Chile
    
    
    70823
    
    
    
    12/10/2009
    
    
    
    4/16/2010
    
    
    
    256CorpBanca
    
    Codelco Chile Div. Norte
    
    
    50324
    
    
    
    12/2/2008
    
    
    
    2/28/2010
    
    
    
    1,438CorpBanca
    
    Codelco Chile Div. Norte
    
    
    57872
    
    
    
    7/23/2009
    
    
    
    5/30/2010
    
    
    
    1,252CorpBanca
    
    Codelco Chile Div. Norte
    
    
    61053
    
    
    
    10/14/2009
    
    
    
    4/8/2010
    
    
    
    146BBVA
    
    Codelco Chile Div. Norte
    
    
    70682
    
    
    
    10/29/2009
    
    
    
    3/26/2011
    
    
    
    91BBVA
    
    Codelco Chile Div. Norte
    
    
    70683
    
    
    
    10/29/2009
    
    
    
    2/28/2011
    
    
    
    467CorpBanca
    
    Compass Catering S.A.
    
    
    59102
    
    
    
    9/14/2009
    
    
    
    10/31/2010
    
    
    
    71Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8798
    
    
    
    7/1/2008
    
    
    
    1/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8802
    
    
    
    7/1/2008
    
    
    
    2/28/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8808
    
    
    
    7/1/2008
    
    
    
    3/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8804
    
    
    
    7/1/2008
    
    
    
    4/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8806
    
    
    
    7/1/2008
    
    
    
    5/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8810
    
    
    
    7/1/2008
    
    
    
    6/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8812
    
    
    
    7/1/2008
    
    
    
    7/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8825
    
    
    
    7/1/2008
    
    
    
    8/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8826
    
    
    
    7/1/2008
    
    
    
    9/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8829
    
    
    
    7/1/2008
    
    
    
    10/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8831
    
    
    
    7/1/2008
    
    
    
    11/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8833
    
    
    
    7/1/2008
    
    
    
    12/30/2010
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8835
    
    
    
    7/1/2008
    
    
    
    1/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8853
    
    
    
    7/1/2008
    
    
    
    2/28/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8858
    
    
    
    7/1/2008
    
    
    
    3/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8857
    
    
    
    7/1/2008
    
    
    
    4/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8855
    
    
    
    7/1/2008
    
    
    
    5/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8861
    
    
    
    7/1/2008
    
    
    
    6/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8871
    
    
    
    7/1/2008
    
    
    
    7/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8873
    
    
    
    7/1/2008
    
    
    
    8/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8875
    
    
    
    7/1/2008
    
    
    
    9/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8754
    
    
    
    7/1/2008
    
    
    
    10/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8759
    
    
    
    7/1/2008
    
    
    
    11/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8761
    
    
    
    7/1/2008
    
    
    
    12/30/2011
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8767
    
    
    
    7/1/2008
    
    
    
    1/30/2012
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8878
    
    
    
    7/1/2008
    
    
    
    2/28/2012
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8880
    
    
    
    7/1/2008
    
    
    
    3/30/2012
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8795
    
    
    
    7/1/2008
    
    
    
    4/30/2012
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8801
    
    
    
    7/1/2008
    
    
    
    5/30/2012
    
    
    
    120Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8796
    
    
    
    7/1/2008
    
    
    
    6/30/2012
    
    
    
    120BBVA
    
    Min. Escondida Ltda.
    
    
    60269
    
    
    
    6/2/2009
    
    
    
    6/2/2010
    
    
    
    460BBVA
    
    Min. Escondida Ltda.
    
    
    59753
    
    
    
    5/8/2009
    
    
    
    5/8/2010
    
    
    
    414BBVA
    
    Minera Spence S.A.
    
    
    59752
    
    
    
    5/8/2009
    
    
    
    4/30/2010
    
    
    
    499CorpBanca
    
    Soc Contractual Minera Tres Valles
    
    
    63997
    
    
    
    12/28/2009
    
    
    
    4/30/2010
    
    
    
    6Totals
    
    
    9,146
 11




---



##### 



Letter of
    
    Issuance
    
    ExpireBank issuer
    
    Beneficiary
    
    guarantee
    
    date
    
    date
    
    AmountThUS$CorpBanca
    
    Cerro Colorado
    
    
    43137
    
    
    
    8/31/2008
    
    
    
    12/31/2009
    
    
    
    269Security
    
    Cía. Min. Ines de Collahuasi SCM
    
    
    200786
    
    
    
    6/30/2007
    
    
    
    7/1/2010
    
    
    
    330CorpBanca
    
    Cía. Minera Latino Americana Ltda.
    
    
    46717
    
    
    
    10/31/2008
    
    
    
    4/7/2009
    
    
    
    349CorpBanca
    
    Cía. Minera Latino Americana Ltda.
    
    
    46707
    
    
    
    10/31/2008
    
    
    
    4/7/2009
    
    
    
    53CorpBanca
    
    Codelco Chile Div. Norte
    
    
    50324
    
    
    
    12/31/2008
    
    
    
    2/28/2010
    
    
    
    1,029Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8750
    
    
    
    7/31/2008
    
    
    
    1/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8769
    
    
    
    7/31/2008
    
    
    
    2/28/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8771
    
    
    
    7/31/2008
    
    
    
    3/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8778
    
    
    
    7/31/2008
    
    
    
    4/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8877
    
    
    
    7/31/2008
    
    
    
    5/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8774
    
    
    
    7/31/2008
    
    
    
    6/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8738
    
    
    
    7/31/2008
    
    
    
    7/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8740
    
    
    
    7/31/2008
    
    
    
    8/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8742
    
    
    
    7/31/2008
    
    
    
    9/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8792
    
    
    
    7/31/2008
    
    
    
    10/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8779
    
    
    
    7/31/2008
    
    
    
    11/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8869
    
    
    
    7/31/2008
    
    
    
    12/30/2009
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8798
    
    
    
    7/31/2008
    
    
    
    1/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8802
    
    
    
    7/31/2008
    
    
    
    2/28/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8808
    
    
    
    7/31/2008
    
    
    
    3/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8804
    
    
    
    7/31/2008
    
    
    
    4/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8806
    
    
    
    7/31/2008
    
    
    
    5/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8810
    
    
    
    7/31/2008
    
    
    
    6/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8812
    
    
    
    7/31/2008
    
    
    
    7/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8825
    
    
    
    7/31/2008
    
    
    
    8/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8826
    
    
    
    7/31/2008
    
    
    
    9/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8829
    
    
    
    7/31/2008
    
    
    
    10/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8831
    
    
    
    7/31/2008
    
    
    
    11/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8833
    
    
    
    7/31/2008
    
    
    
    12/30/2010
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8835
    
    
    
    7/31/2008
    
    
    
    1/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8853
    
    
    
    7/31/2008
    
    
    
    2/28/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8858
    
    
    
    7/31/2008
    
    
    
    3/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8857
    
    
    
    7/31/2008
    
    
    
    4/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8855
    
    
    
    7/31/2008
    
    
    
    5/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8861
    
    
    
    7/31/2008
    
    
    
    6/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8871
    
    
    
    7/31/2008
    
    
    
    7/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8873
    
    
    
    7/31/2008
    
    
    
    8/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8875
    
    
    
    7/31/2008
    
    
    
    9/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8754
    
    
    
    7/31/2008
    
    
    
    10/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8759
    
    
    
    7/31/2008
    
    
    
    11/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8761
    
    
    
    7/31/2008
    
    
    
    12/30/2011
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8767
    
    
    
    7/31/2008
    
    
    
    1/30/2012
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8878
    
    
    
    7/31/2008
    
    
    
    2/28/2012
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8880
    
    
    
    7/31/2008
    
    
    
    3/30/2012
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8795
    
    
    
    7/31/2008
    
    
    
    4/30/2012
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8801
    
    
    
    7/31/2008
    
    
    
    5/30/2012
    
    
    
    95Santander Stgo.
    
    Min. Escondida Ltda.
    
    
    8796
    
    
    
    7/31/2008
    
    
    
    6/30/2012
    
    
    
    95Itau Chile
    
    Minera Escondida Ltda
    
    
    51288
    
    
    
    2/29/2008
    
    
    
    9/15/2009
    
    
    
    337Itau Chile
    
    Minera Spence S.A.
    
    
    51268
    
    
    
    4/30/2008
    
    
    
    4/30/2009
    
    
    
    1,035CorpBanca
    
    Minera Spence S.A.
    
    
    45774
    
    
    
    7/31/2008
    
    
    
    12/30/2009
    
    
    
    396Totals
    
    
    7,788
 12




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##### 



Note 12. Contingencies and commitments
  Note 13. Subsequent events
 st
 Note 14. New accounting pronouncements
 FASB Accounting Standards Codification
  Fair Value Measurements and Disclosures
   13




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##### 



Measurement of Other-Than-Temporary Impairments
  Derivative Instruments and Hedging Activities
  14




---



##### 



Business Combination
  Revenue Recognition
  15




---



##### 



16