Exhibit 99(2)

INDEPENDENT AUDITORS’ REPORT

To the Stockholders of

Sociedad de Servicios Técnicos Geológicos Geotec Boyles Bros S.A.

We have audited the accompanying balance sheet of Sociedad de Servicios Técnicos Geológicos Geotec Boyles Bros S.A. (the “Company”) as of December 31, 2009 and the related statements of income, stockholders’ equity, and cash flow for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2009 and the results of its operations and its cash flow for the year then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte
January 30, 2010

Santiago, Chile

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.

BALANCE SHEETS AS OF DECEMBER 31, 2009 AND 2008
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

		Notes				2009				2008
						ThUS$				ThUS$
										(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents							3,632				2,617
Trade receivables			3				29,516				23,995
Accounts receivable from related companies			6				1,580				371
Inventories			3				8,482				9,626
Prepaid expenses and other current assets			3				681				531
Deferred income taxes			9				1,114				708
Total current assets							45,005				37,848
PROPERTY, PLANT AND EQUIPMENT:
Buildings							1,322				1,322
Camps							216				224
Machinery and equipment							26,805				22,624
Vehicles							14,198				14,112
Office furniture and equipment							67				67
Machinery and vehicles acquired under capital leases							20,117				18,016
							62,725				56,365
Less — accumulated depreciation							(35,531	)			(28,815	)
Net property, plant and equipment							27,194				27,550
OTHER ASSETS:
Account receivables from related companies			6				100				347
Investment in affiliate			5				116				54
Total other assets							216				401
TOTAL ASSETS							72,415				65,799

The accompanying notes are an integral part of these financial statements

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

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

		Notes				2009				2008				2007
						ThUS$				ThUS$				ThUS$
										(Unaudited)				(Unaudited)
REVENUES							144,866				136,922				85,915
COST OF REVENUES							(121,583	)			(119,471	)			(75,615	)
GROSS PROFIT							23,283				17,451				10,300
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES							(6,191	)			(4,125	)			(2,012	)
OPERATING INCOME							17,092				13,326				8,288
OTHER INCOME (EXPENSE):
Equity in net earnings of affiliate							50				33				14
Financial 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				7,933
Income tax expense			9				(3,031	)			(1,491	)			(1,256	)
Net income							13,028				10,799				6,677

The accompanying notes are an integral part of these financial statements

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.

STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

		Common				Stock				Retained				Total
		Shares				Amount				earnings				equity
						ThUS$				ThUS$				ThUS$
Balance as of January 1, 2007			3,600,000				310				15,638				15,948
Dividends distribution							—				(1,500	)			(1,500	)
Comprehensive income:
Net income							—				6,677				6,677
Balance as of December 31, 2007			3,600,000				310				20,815				21,125
Dividends distribution							—				(2,000	)			(2,000	)
Comprehensive income:
Net income							—				10,799				10,799
Balance as of December 31, 2008			3,600,000				310				29,614				29,924
Dividends distribution							—				(2,900	)			(2,900	)
Comprehensive income:
Net income							—				13,028				13,028
Balance as of December 31, 2009							310				39,742				40,052

The accompanying notes are an integral part of these financial statements

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.

STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2009, 2008 AND 2007
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

		2009				2008				2007
		ThUS$				ThUS$				ThUS$
						(Unaudited)				(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Collection of trade account receivables			167,105				155,747				88,421
Other income received			494				1,376				1,625
Payments 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				2,980
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of leasing			(4,119	)			(3,949	)			(2,225	)
Leaseback			—				9,159				4,621
Loans			8,027				16,188				8,322
Dividend 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	)			5,645
CASH 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				3,142
CASH AND CASH EQUIVALENTS AT THE END OF YEAR			3,632				2,617				1,850

The accompanying notes are an integral part of these financial statements

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS GEOTEC BOYLES BROS S.A.

STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

		2009				2008				2007
		ThUS$				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				6,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			7,809				5,648				3,542
Net foreign exchange differences			144				111				33
Equity share in net income of related company			(50	)			(33	)			(14	)
Allowance for inventory reserve			220				315				300
Deferred income taxes			593				(267	)			131
Changes 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				6,795
Other accounts payable			3,928				478				805
Unearned revenues			94				4,100				519
VAT and similar payables			(683	)			1,529				537
NET CASH PROVIDED BY OPERATING ACTIVITIES			19,949				18,263				2,980

SOCIEDAD DE SERVICIOS TECNICOS GEOLOGICOS
GEOTEC BOYLES BROS S.A.

NOTES TO FINANCIAL STATEMENTS
(In thousands of United States dollars — ThUS$)
(The 2008 and 2007 financial statements are unaudited)

Note 1. Description of business

The Company provides mining prospection services principally in the area of drilling and maintenance and recovery of water wells.

Note 2. Summary of significant accounting policies

Basis of Presentation - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Foreign Currency Transactions and Translation - The currency of the country in which the Company is incorporated is the Chilean pesos. Management determined the U.S. dollar as the Company’s functional currency in accordance with the Statement of Financial Accounting Standards (“SFAS”) No. 52 (codified in FASB ASC Topic 830). Accordingly, the Company remeasured into U.S. dollars monetary assets and liabilities at year-end exchange rates while nonmonetary items are remeasured at historical rates. Income and expense accounts are remeasured at the average rates in effect during the year, except for depreciation which is remeasured at historical rates. Gains or losses from changes in exchange rates are recognized in income in the year of occurrence. Exchange differences gains (losses) for 2009, 2008 and 2007 amounted to ThUS$(144), ThUS$(111) and ThUS$(33), respectively.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Inventories - Inventories are valued at the lower of cost or market (net realizable value). Cost is determined by the weighted average method. Allowances are recorded for inventory considered to be excess or obsolete. The amount of allowance for inventory reserve as of December 31, 2009 and 2008 was ThUS$885 and ThUS$665, respectively.

Property, plant and equipment - Property, plant and equipment are recorded at cost. Assets acquired under capital leases are recorded as acquisitions of property, plant and equipment, in an amount equivalent to the lower of; present value of the minimum lease payments, plus the present value of the purchase option and market value. The assets will be legally owned by the Company only when it exercises the purchase option.

Depreciation is provided using the straight-line method over the estimated useful lives of the assets. Depreciation expense for assets owned was ThUS$4,564, ThUS$3,623 and ThUS$2,504 in 2009, 2008 and 2007, respectively. Depreciation expense for leased assets was ThUS$3,245, ThUS$2,025 and ThUS$1,038 in 2009, 2008 and 2007, respectively. The useful lives used for the items within each property classification are as follows:

		Years
Buildings			20
Camps			1
Machinery and equipment			5
Vehicles			3 to 5
Leased assets			5

Impairment of Long-Lived Assets - Long-lived assets, such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company has determined that no impairment of long-lived assets was required, as of December 31, 2009 and 2008.

Revenue recognition- Revenues from contracts for the Company’s mineral exploration drilling services are billable based on the quantity of drilling performed. Thus, revenues for these drilling contracts are recognized on the basis of actual footage or meterage drilled. Revenues from contracts for maintenance and recovery of water wells are recognized upon rendering of such services.

Allowance for doubtful accounts - The Company estimates the allowance based on an individual analysis of customer credit worthiness and payment capacity. The Company has determined that no allowance for doubtful accounts was required, as of December 31, 2009 and 2008.

Cash and cash equivalents - The Company considers investments with an original maturity of three months or less when purchased to be cash equivalents. The Company’s cash equivalents included ThUS$1,972 of short term money market funds as of December 31, 2009 (none was held as of December 31, 2008). The carrying value of cash and cash equivalents approximates fair value.

Accrued expenses - Vacation cost are accrued as an expense in the year in which earned.

Income taxes - Income taxes are provided using the asset-and-liability method, in which deferred taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax bases of existing assets and liabilities. Deferred tax assets are reviewed for recoverability and valuation allowances are provided as necessary. Provision for income taxes are made in accordance with Chilean tax regulations.

Investment in affiliated companies - Investments in affiliates (20% to 50% owned) in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for by the equity method.

Fair Value of Financial Instruments -The carrying amounts of financial instruments, including cash and cash equivalents, trade and note receivables, accounts and notes payable and accrued expenses approximate fair value as of December 31, 2009 and 2008, because of the relatively short maturity of those instruments. See Note 7 for disclosure regarding the fair value of indebtedness of the Company.

Note 3. Composition of Certain Financial Statement Captions

		December 31,
		2009				2008
						(unaudited)
(in thousands of U.S. dollars - ThUS$)		ThUS$				ThUS$
Accounts receivable, net
Accounts receivable			29,516				23,995
Less allowance for doubtful accounts			—				—
			29,516				23,995
Inventories, net
Bits and diamonds			956				816
Bars and casings			5,330				6,466
Spare parts and other			3,081				3,009
Less inventory reserve			(885	)			(665	)
			8,482				9,626
Prepaid expenses and other current assets
Prepaid expenses			469				390
Other receivable			212				141
			681				531
Account payable
Foreign suppliers			9,704				8,658
Domestic suppliers			51				522
			9,755				9,180
Withholdings and accrued expenses
Vacation benefits			2,571				1,763
Withholdings			2,134				1,464
Other			1,139				556
			5,843				3,783
Unearned income — current portion
Advances from customers			908				1,144
			908				1,144
Unearned income — long term portion
Advances from customers			3,286				2,956
			3,286				2,956

Unearned income as of December 31, 2009 and 2008, relates to an advance payment received from customer Minera Escondida for a total amount of ThUS$4,194 and ThUS$4,100, respectively, for drilling integral services provided, which will be recognized over 60 monthly installments (48 in 2008) in accordance to actual footage or meterage drilled. As of December 31, 2009 and 2008 the outstanding balance correspond to 48 and 43 monthly installments, respectively, equivalent to ThUS$908 and ThUS$1,144 as current portion and ThUS$3,286 and ThUS$2,956 as long term portion. For this transaction the Company has issued letters of guarantee (see Note 11).

The following table reflects the changes in the allowance for doubtful accounts and allowance for inventory reserve accounts:

		Beginning				Charged to								Charged				Ending
		balance				expense				Written-off				to other				balance
(in thousands of U.S. dollars - ThUS$)		ThUS$				ThUS$				ThUS$				ThUS$				ThUS$
2009
Allowance for doubtful accounts			—				—				—				—				—
Allowance for inventory reserve			665				220				—				—				885
2008 (unaudited)
Allowance for doubtful accounts			—				—				—				—				—
Allowance for inventory reserve			350				315				—				—				665

Note 4. Supplemental Cash Flow Information

Supplemental cash flow information is summarized as follows:

For the Year Ended

For the Year Ended

For the Year Ended

December 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

837

Non-cash items

—

—

—

Note 5. Investment in Affiliates

The Company holds jointly controlled interest of 50% in Centro Internacional de Formación S.A. and Geoestrella S.A., which is carried at the equity share of the investments considered at the date acquired, plus the Company’s equity in undistributed earnings from that date.

Summarized financial information of the affiliate as of December 31, 2009, 2008 and 2007, and for the years then ended, was as follows:

12.31.2009

Non-current

Current

Non-current

Current

Net

Undistributed

Company

assets

assets

liabilities

liabilities

Equity

income

earnings

ThUS$

ThUS$

ThUS$

ThUS$

ThUS$

ThUS$

ThUS$

Centro Internacional de Formación S.A.

4

207

—

17

194

61

89

Geoestrella S.A.

1,042

4,174

106

5,110

39

39

—

Non-current

Current

Non-current

Current

Net

Undistributed

12.31.2008

assets

assets

liabilities

liabilities

Equity

income

earnings

Company

(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

31

Geoestrella S.A.

—

—

—

—

—

—

—

Non-current

Current

Non-current

Current

Net

Undistributed

12.31.2007

assets

assets

liabilities

liabilities

Equity

income

earnings

Company

(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

The Company is affiliated with a number of companies through common ownership. The balances of related party receivables and payables at year end and transactions during the year are as follows:

		Accounts receivable / payables																Transactions
		Short				Long				Short				Long				Sales and												Purchases and
		term				term				term				term				other revenues												other costs
		2009								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				446
Geoductos 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				347
Due to related companies:
Christensen Comercial S.A.			5				—				—				—				7				8				5				6				3				2
Christensen Chile S.A.			1,103				—				—				—				516				618				638				14,099				17,851				7,411
Totals			1,108				—				—				—

Inmobiliaria Plantel Industrial Ltda.:

On August 2002, the Company leases an industrial plant located in the city of Santiago to Inmobiliaria Plantel Industrial Ltda. The monthly installment for the year 2009 was ThUS$30 (ThUS$26 in 2008).

On June 2007, the Company leases an industrial plant located in the city of Antofagasta to Inmobiliaria Plantel Industrial Ltda. The monthly installment for the year 2009 was ThUS$36 (ThUS$30 in 2008).

Future minimum rental payments required under operating leases in excess of one year from December 31, 2009 and 2008, are as follows:

						2008
		2009				(unaudited)
		ThUS$				ThUS$
2009			—				672
2010			702				594
2011			—				—
2012			—				—
2013			—				—
Thereafter			—				—

Boytec Sondajes de México S.A.:

On August 2002, the Company received a loan from Boytec Sondajes de México S.A. for ThUS$355. The loan matures on March 2010, and it bears an interest of 7.68% in the year 2009 (6.2% in 2008).

On July 2007, the Company received a loan from Boytec Sondajes de México S.A. for ThUS$357. The loan matures on June 2010, and it bears an interest of 7.44% in the year 2009 (6.1% in 2008).

On September 2008, the Company received a loan from Boytec Sondajes de México S.A. for ThUS$400. The loan matures on July 2011, and it bears an interest of 10.80% in the year 2009 (9.0% in 2008).

Christensen Chile S.A.: The account payable to Christensen Chile S.A. relates to purchases of raw materials used in production.

Geoestrella S.A.: The account receivable from Geoestrella S.A. corresponds to mercantile account transactions.

The accounts payable and receivable with related parties are being paid or received within the normal business cycle of the Company, as other suppliers or customers, and therefore do not bear any interest.

Note 7. Short Term and Long Term Debt

Short Term Debt:

The short-term debt relates to borrowings for working capital during 2008 and letters of credit issued to finance the purchase of machinery.

Financial

Issuance

Expiration

Institution

Transaction

Beneficiary

Currency

Rate

date

date

2009

2008

(unaudited)

ThUS$

ThUS$

Banco Santander

Loans

—

Ch$

4.68

%

Dec - 2008

Mar - 2009

—

3,155

Banco BBVA

Loans

—

Ch$

6.72

%

Dec - 2008

Mar - 2009

—

943

Banco Santander

Letter of credit

Scramm Inc.

US$

3.84

%

Dec - 2008

Feb - 2009

—

948

Banco de Chile

Letter of credit

Scramm Inc.

US$

5.09

%

Aug -2008

Feb - 2009

—

912

Totals

—

5,957

Long Term Debt:

The banks borrowings correspond to three loans with Banco Security for a total amount of ThUS$360 and ThUS$590 as of December 31, 2009 and 2008, respectively (including ThUS$253 and ThUS$306 short term). These loans have an annual nominal interest rate of 7.68%, 7.44% and 10.8% (6.2%, 6.1% and 9% in 2008), and are repayable in fixed monthly installments through March 26, 2010, July 04, 2010 and July 30, 2011, respectively.

The purpose of those loans was to finance the purchase of a machinery from the related party Boytec Sondajes de México S.A. The Company recorded an account receivable for the same amount and terms of the bank liability as of December 31, 2009 and 2008 (See Note 6).

Debt outstanding as of December 31, 2009 and 2008, whose carrying value approximates fair value, was as follows:

Financial

Short-term portion

Long-term

Institution

Transaction

Currency

2009

2008

2009

2008

(unaudited)

(unaudited)

ThUS$

ThUS$

ThUS$

ThUS$

Banco Security

Loans

Ch$

253

306

107

284

As of December 31, 2009 and 2008, debt outstanding will mature by fiscal year as follows:

(in thousands of U.S. dollars - ThUS$)		2009
2009			—
2010			253
2011			107
Totals			360

Note 8. Leases

The Company has entered into seven sale and leaseback contracts with the following banks, Banco de Chile, Santander — Santiago, Banco Security and BBVA, for a total of UF244.704 (is an inflation-indexed, Chilean peso-denominated monetary unit. The UF rate is set daily in advance based on the change in the Consumer Price Index in relation to the previous month as reported in the monthly publication of the Central Bank of Chile); which are payable in monthly installments throughout the year 2012 and subject to a monthly average interest rate of 0.6%. The assets acquired are trucks, perforators and machinery, and the details of the years to maturity is as follows:

Years to maturity		2009
		ThUS$
2010			5,162
2011			828
2012			20
Totals			6,010

Note 9. Income taxes

Income before income taxes is as follows:

		For the Year Ended December 31,
		2009				2008				2007
		ThUS$				ThUS$				ThUS$
(in thousands of U.S. dollars - ThUS$)						(unaudited)				(unaudited)
Income before income taxes			16,059				12,290				7,933

The benefit/(expense) for incomes taxes consists of the following:

		For the Year Ended December 31,
		2009				2008				2007
		ThUS$				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	)

Deferred income tax assets and liabilities as of December 31, 2009 and 2008 are comprised of the following:

		Short term								Long-term
		December 31,								December 31,
		2009				2008				2009				2008
		ThUS$				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				376
Leases			—				—				1,200				612
Deferred income tax liabilities			—				—				1,987				988

A reconciliation of the total income tax expense to the statutory tax rate is as follows:

										For the year ended								For the year ended
		For the year ended								December 31, 2008								December 31, 2007
		December 31, 2009								(unaudited)								(unaudited)
		Amount				Effective				Amount				Effective				Amount				Effective
(in thousands of U.S. dollars - ThUS$)		ThUS$				Rate				ThUS$				Rate				ThUS$				Rate
Income 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	%

Effective January 1^st, 2007, we adopted FIN 48, “Accounting for Uncertainty in Income Taxes” (codified primarily in FASB ASC Topic 740, Income Taxes). Formerly FIN 48, ASC 740 clarifies the accounting for uncertainty in income taxes recognized in financial statements in accordance with former SFAS No. 109, “Accounting for Income Taxes” (codified primarily in FASB ASC Topic 740, Income Taxes). ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 requires that we determine whether the benefit of our tax positions are more likely than not to be sustained upon audit, based on the technical merits of the tax position. For tax positions that are more likely than not to be sustained upon audit, we recognize the greatest amount of the benefit that is more likely than not to be sustained in our financial statements. For tax positions that are not more likely than not to be sustained upon audit, we do not recognize any portion of the benefit in our financial statements. The provisions of ASC 740 also provide guidance on de recognition, classification, interest and penalties, accounting in interim periods, and disclosure. As a result of implementing FIN 48, there was no impact on the Company’s financial statements from the adoption of this interpretation. In addition, as of the date of the adoption of FIN 48, the Company did not have any accrued interest and penalties related to unrecognized tax benefits.

We are potentially subject to income tax audits in Chile until the applicable statute of limitations expire. Tax audits by their nature are often complex and can require several years to complete. The following tax years subject to examination are 2004 through 2009.

Note 10. Stockholders’ equity

Common stock - As of December 31, 2009, common stock authorized and outstanding consists of 3,600,000 shares with a nominal value of US$0.086 each (as of December 31, 2008, US$0.086 each).

Dividend distribution - As approved at the Ordinary Stockholders’ meeting, the Board of Directors agreed on March, April, June, August, September and November of 2009 to pay dividends of US$0.1132, US$0.1396, US$.1471, US$0.1355, US$0.1381 and US$0.143 per share, respectively. The total dividend distribution amounted to ThUS$2,900.

As approved at the Ordinary Stockholders’ meeting, the Board of Directors agreed on April 28th, June 26th, September 04th, and November 7th of 2008 to pay dividends of US$0.1389, US$0.1389, US$0.1389 and US$0.1389 per share. The total dividend distribution amounted to ThUS$2,000.

Note 11. Guarantees

In 2009, the Company has given letters of guarantee to customers for the fulfillment of contracts and proposals, amounting to ThUS$9,146. This amount includes ThUS$4,474 from the client Minera Escondida Ltda.

Letter of

Issuance

Expire

Bank issuer

Beneficiary

guarantee

date

date

Amount

ThUS$

CorpBanca

Central Restaurant Aramark

—

—

5/1/2010

41

Security

Cia. Min. Ines de Collahuasi SCM

200786

6/8/2007

7/1/2010

405

BBVA

Codelco Chile

70823

12/10/2009

4/16/2010

256

CorpBanca

Codelco Chile Div. Norte

50324

12/2/2008

2/28/2010

1,438

CorpBanca

Codelco Chile Div. Norte

57872

7/23/2009

5/30/2010

1,252

CorpBanca

Codelco Chile Div. Norte

61053

10/14/2009

4/8/2010

146

BBVA

Codelco Chile Div. Norte

70682

10/29/2009

3/26/2011

91

BBVA

Codelco Chile Div. Norte

70683

10/29/2009

2/28/2011

467

CorpBanca

Compass Catering S.A.

59102

9/14/2009

10/31/2010

71

Santander Stgo.

Min. Escondida Ltda.

8798

7/1/2008

1/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8802

7/1/2008

2/28/2010

120

Santander Stgo.

Min. Escondida Ltda.

8808

7/1/2008

3/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8804

7/1/2008

4/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8806

7/1/2008

5/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8810

7/1/2008

6/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8812

7/1/2008

7/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8825

7/1/2008

8/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8826

7/1/2008

9/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8829

7/1/2008

10/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8831

7/1/2008

11/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8833

7/1/2008

12/30/2010

120

Santander Stgo.

Min. Escondida Ltda.

8835

7/1/2008

1/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8853

7/1/2008

2/28/2011

120

Santander Stgo.

Min. Escondida Ltda.

8858

7/1/2008

3/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8857

7/1/2008

4/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8855

7/1/2008

5/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8861

7/1/2008

6/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8871

7/1/2008

7/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8873

7/1/2008

8/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8875

7/1/2008

9/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8754

7/1/2008

10/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8759

7/1/2008

11/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8761

7/1/2008

12/30/2011

120

Santander Stgo.

Min. Escondida Ltda.

8767

7/1/2008

1/30/2012

120

Santander Stgo.

Min. Escondida Ltda.

8878

7/1/2008

2/28/2012

120

Santander Stgo.

Min. Escondida Ltda.

8880

7/1/2008

3/30/2012

120

Santander Stgo.

Min. Escondida Ltda.

8795

7/1/2008

4/30/2012

120

Santander Stgo.

Min. Escondida Ltda.

8801

7/1/2008

5/30/2012

120

Santander Stgo.

Min. Escondida Ltda.

8796

7/1/2008

6/30/2012

120

BBVA

Min. Escondida Ltda.

60269

6/2/2009

6/2/2010

460

BBVA

Min. Escondida Ltda.

59753

5/8/2009

5/8/2010

414

BBVA

Minera Spence S.A.

59752

5/8/2009

4/30/2010

499

CorpBanca

Soc Contractual Minera Tres Valles

63997

12/28/2009

4/30/2010

6

Totals

9,146