Chagres smelter will begin production of higher-value copper anodes in 2000.

BUSINESS SCOPE

ExxonMobil owns and operates the Los Bronces and El Soldado copper mines and the Chagres smelter in Chile. Industry Conditions Worldwide copper demand increased 2 percent in 1999. However, copper prices averaged $0.71 per pound down $0.04 per pound from 1998.

MINERALS STRATEGIES

• Reduce costs and improve effectiveness to achieve leading-edge performance.

• Pursue attractive opportunities to optimize and expand production from existing operations.

1999 HIGHLIGHTS

Improved earnings in spite of lower copper price. Record copper production of 248 thousand metric tons. Achieved a 20-percent increase in production of higher-value copper blister and cathode. Reduced unit costs 13 percent. (1) Expanded the Los Bronces copper cathode production capacity by 4 thousand metric tons per annum.
Began work to upgrade the Chagres smelter to produce up to 115 thousand metric tons annually of higher-value copper anodes. Received Chile's 1999 National Environmental Award for environmental leadership at Compaņia Minera Disputada de Las Condes Limitada.

MINERALS OPERATIONS
	1999 Production ExxonMobil Share	Process	Reserves ExxonMobil Share	Ore Grade	ExxonMobil Interest
	(thousands of metric tons - metal)		(millions of metric tons - ore)		(percent)
Los Bronces	171 (Cu); 4 (Mo)	Milling	482	1.03% Cu; 0.017% Mo	100
		Leaching	751	0.49% Cu
El Solado	77 (Cu)	Milling	88	1.13% Cu	100
		Leaching	7	0.90% Cu
Chagres	147 (Cu Blister)		NA	NA	100

Statistical Recap	1999	1998	1997
Earnings (millions of dollars)	43	(10)	31
Copper Production (thousands of metric tons)(2)	248	216	202
Average capital employed (millions of dollars)	897	952	1,011
Capital expenditures (millions of dollars)	23	31	69
(1) Adjusted for currency effects. (2) Excludes discounted operations.