Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

				Year ended December 31,																								Six months ended June 30,
				1998				1999				2000				2001				2002				2002 (Pro Forma)				2002				2003				2003 (Pro Forma)
				(millions of constant Ch$ as of December 31, 2002)																								(millions of constant Ch$ as of June 30, 2003)
Chilean GAAP
Fixed Charges:
Financial expenses					186,271				242,812				271,334				232,254				228,526				247,627				108,116				99,664				111,060
Capitalized interest costs					4,952				14,661				6,579				10,705				25,503				25,503				10,094				5,924				5,924
Fixed charges					191,223				257,473				277,913				242,959				254,029				273,130				118,210				105,588				116,984
Earnings:
Pretax income (or loss) from continuing operations					81,422				(162,465	)			203,410				118,909				72,239				53,138				62,692				60,685				49,289
Fixed charges					191,223				257,473				277,913				242,959				254,029				273,130				118,210				105,588				116,984
Sub total					272,645				95,008				481,323				361,868				326,268				326,268				180,902				166,273				166,273
Less: interest capitalized during the period					(4,952	)			(14,661	)			(6,579	)			(10,705	)			(25,503	)			(25,503	)			(10,094	)			(5,924	)			(5,924	)
Less: undistributed earnings of equity method investees					(343	)			(1,797	)			(678	)			9,948				(8,570	)			(8,570	)			5,665				(18,055	)			(18,055	)
Earnings					267,350				78,550				474,066				361,111				292,195				292,195				176,473				142,294				142,294
Ratio of earnings to fixed charges					1.40				0.31				1.71				1.49				1.15				1.07				1.49				1.35				1.22

				Year ended December 31,																								Six months ended June 30,
				1998				1999				2000				2001				2002				2002 (Pro Forma)				2002				2003				2003 (Pro Forma)
				(millions of constant Ch$ as of December 31, 2002)																								(millions of constant Ch$ as of June 30, 2003)
US GAAP
Fixed Charges:
Financial expenses					186,271				242,812				271,334				232,254				238,197				257,298				—				—				—
Capitalized interest costs					4,952				14,661				6,579				10,705				15,832				15,832				—				—				—
Fixed charges					191,223				257,473				277,913				242,959				254,029				273,130				—				—				—
Earnings:
Pretax income (or loss) from continuing operations					54,509				(201,058	)			207,817				55,032				3,760				(15,341	)			—				—				—
Fixed charges					191,223				257,473				277,913				242,959				254,029				273,130				—				—				—
Sub total					245,732				56,415				485,730				297,991				257,789				257,789
Interest capitalized during the period					(4,952	)			(14,661	)			(6,579	)			(10,705	)			(15,832	)			(15,832	)			—				—				—
Undistributed earnings of an equity method investee					3,897				3,643				(835	)			10,028				(29,431	)			(29,431	)			—				—				—
Earnings					244,677				45,397				478,316				297,314				212,526				212,526				—				—				—
Ratio of earnings to fixed charges					1.28				0.18				1.72				1.22				0.84				0.78				—				—				—