CONTENTS Cover page: Preparing explosive for blasting at Toquepala mine OPERATING HIGHLIGHTS  02 MAIN SPCC STATISTICAL DATA  05 LETTER TO THE SHAREHOLDERS  06 PRODUCTION STATISTICS  10 FIVE-YEAR SELECTED FINANCIAL AND STATISTICAL DATA  11 FIVE-YEAR EXPANSION AND MODERNIZATION PROGRAM  12  EXPLORATION  14 COMMUNITY OUTREACH  14 RESULTS OF OPERATIONS  16 FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002 DIVIDENDS AND CAPITAL STOCK  18 ENVIRONMENTAL AFFAIRS  19 GENERAL INFORMATION  23 DESCRIPTION OF OPERATIONS AND DEVELOPMENT MEMBERS OF THE BOARD OF DIRECTORS  56