Decree No. 1350 creating the Chilean National Copper Corporation
In 1976, Decree No. 1350 was signed to create the Chilean National Copper Corporation. It is a State-owned mining, industrial and commercial company with legal personhood under the supervision of the Superintendence of Securities and Insurance on the same terms as open corporations.
The main purpose of the Corporation is to exercise the rights acquired by the State because of the copper nationalisation process (Law No 17450, 1971). Specifically, the Corporation has the following functions:
- Continue the exploitation of the copper deposits;
- Carry out geological or other explorations aimed at discovering and recognising non-ferrous mineral deposits, establishing and acquiring mining concessions and other mining rights, and exploiting other mining deposits;
- Produce and commercialise copper minerals and copper in any of its forms;
- Produce and commercialise other non-ferrous elements;
- Carry out, in the country or abroad, all kinds of civil, commercial or any activity, which are directly or indirectly related to the exploitation, production, manufacture, processing and marketing of copper and other metals or minerals;
- Fulfil other functions related to the exploration, research, production and commercialisation of copper entrusted to it by the Government.
The management and administration of the Company is entrusted to its Board of Directors. This Board is constituted by nine members appointed by the President based on a shortlist of candidates from workers and people with technical experience.
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