Las Bambas Withdrawal

Antofagasta PLC
02 August 2004


                                  NEWS RELEASE

               Antofagasta plc withdraws from Las Bambas Auction


LONDON, 2 August 2004:  Antofagasta plc reports that it has decided not to
participate in the auction of Peru's Las Bambas Copper project after further
evaluation of the project and the continuing uncertainty for the mining industry
following approval by the Peruvian Congress for the introduction of a 1-3 %
royalty on concentrate sales.

                                      Ends


For further enquiries:

Philip Adeane                               [phone]
[e-mail]

Hussein Barma                               [phone]
[e-mail]

Sebastian Gil                               [phone]
[e-mail]

Keith Irons                                 [phone] / 07885 356 639
Bankside Consultants
[e-mail]



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