Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

				Year ended December 31,																				Three months ended March 31,
				1998				1999				2000				2001				2002				2002				2003
				(millions of constant Ch$ as of December 31, 2002)																				(millions of constant Ch$ as of March 31, 2003)
Chilean GAAP
Fixed Charges:
Financial expenses					186,271				242,812				271,334				232,254				228,526				54,537				52,696
Capitalized interest costs					4,952				14,661				6,579				10,705				25,503				2,684				3,967
Fixed charges					191,223				257,473				277,913				242,959				254,029				57,221				56,663
Earnings:
Pretax income (or loss) from continuing operations					81,422				(162,465	)			203,410				118,909				72,239				30,131				45,165
Fixed charges					191,223				257,473				277,913				242,959				254,029				57,221				56,663
Sub total					272,645				95,008				481,323				361,868				326,268				87,352				101,828
Less: interest capitalized during the period					(4,952	)			(14,661	)			(6,579	)			(10,705	)			(25,503	)			(2,684	)			(3,967	)
Less: undistributed earnings of equity method investees					(343	)			(1,797	)			(678	)			9,948				(8,570	)			3,591				(10,529	)
Earnings					267,350				78,550				474,066				361,111				292,195				88,259				87,332
Ratio of earnings to fixed charges					1.40				0.31				1.71				1.49				1.15				1.54				1.54

				Year ended December 31,																				Three months ended March 31,
				1998				1999				2000				2001				2002				2002				2003
				(millions of constant Ch$ as of December 31, 2002)																				(millions of constant Ch$ as of March 31, 2003)
US GAAP
Fixed Charges:
Financial expenses					186,271				242,812				271,334				232,254				238,197				—				—
Capitalized interest costs					4,952				14,661				6,579				10,705				15,832				—				—
Fixed charges					191,223				257,473				277,913				242,959				254,029				—				—
Earnings:
Pretax income (or loss) from continuing operations					54,509				(201,058	)			207,817				55,032				3,760				—				—
Fixed charges					191,223				257,473				277,913				242,959				254,029				—				—
Sub total					245,732				56,415				485,730				297,991				257,789
Interest capitalized during the period					(4,952	)			(14,661	)			(6,579	)			(10,705	)			(15,832	)			—				—
Undistributed earnings of an equity method investee					3,897				3,643				(835	)			10,028				(29,431	)			—				—
Earnings					244,677				45,397				478,316				297,314				212,526				—				—
Ratio of earnings to fixed charges					1.28				0.18				1.72				1.22				0.84				—				—