Q1 Production Report 2005

Antofagasta PLC
27 April 2005


The following statement has been released by Antofagasta plc and is distributed
in London by Bankside Consultants Ltd on behalf of the Company.  Contact:  Keith
Irons, 020 7444 4155.

27 April 2005

Antofagasta plc
Quarterly Production Report - Q1 2005

Highlights


•  Group cash costs reached a record low as a result of high molybdenum prices.


•  Group copper production reached 118,800 tonnes, 9.0% above 2004 Q1 but 4.7% 
   less than the quarterly average in 2004.


                                    Q1        Q2       Q3        Q4          Acc          Acc        Full Year
Group Total                        2005      2005     2005      2005        2005         2004             2004

Total copper production
('000 tonnes)                     118.8                                    118.8        109.0            498.4

Weighted average
Cash costs (cents per pound)      (8.0)                                    (8.0)         41.9             24.3


Los Pelambres

Los Pelambres produced 80,600 tonnes in the first quarter compared to 72,400
tonnes in Q1 2004 but 8.1% below the quarterly average for 2004.  The reduction
was due to lower grades, as forecast in the mine plan, which were compensated
partly by higher recoveries and by increased throughput in line with previous
quarters.  Improved recoveries are being obtained from material now being mined
which includes some primary ore which is metallurgically favourable for the
flotation process.  Costs for the quarter fell to a record negative 45.9 cents
per pound as by-product credits of 109.9 cents more than outweighed underlying
costs. The high by-product credit was partially offset by higher treatment and
refining charges and to a lesser extent by lower copper grades.  Molybdenum
prices averaged US$31.4 per pound compared with US$16.2 per pound in 2004.

El Tesoro

El Tesoro produced 26,300 tonnes in the quarter 7.6% above the quarterly average
of the previous year.  This was mainly due to higher recoveries helped by
improved quality of ore in the agglomeration prior to transfer to the leach
pads.  This was only partially offset by the slight fall in grades and the
reduced quantity of ore treated.  Cash costs rose to 57.8 cents per pound, a
10.3% increase over 2004.  The main cause of this increase was a higher waste to
ore ratio in accordance with the mine plan, as well as increased sulphuric acid
and petroleum costs.



Michilla

Production of 11,900 tonnes in Q1 was 4.8% less than the quarterly average for
the year 2004.  This was a result of changes in the sequence followed in the
mine plan due to operational factors in the underground mine, which will be
resolved during the second half.  These changes affected both the quantity and
grade of ore extracted which were only partly offset by higher recoveries.  Cash
costs rose substantially from 85.6 cents per pound in 2004 to 102.4 cents per
pound in Q1 2005, due to the lower production as well as higher prices for
sulphuric acid, power and petroleum.



Transport (FCAB)



Tonnage carried of 1.5 million (both rail and road) marginally increased over
the quarterly average for 2004.



Water - Aguas de Antofagasta S.A.



Water sales increased by 1.5% to 8.3 million cubic metres compared to the
quarterly average for 2004.


                                     Q1        Q2         Q3         Q4         Acc          Acc       Full Year
Los Pelambres                      2005      2005       2005       2005        2005         2004         2004

Daily average ore treated                                                                   115.4        125.9
('000 tonnes)                     129.0                                        129.0

Average ore grade
(%)                                0.79                                         0.79         0.84         0.88

Average recovery
(%)                                91.0                                         91.0         87.4         89.1

Concentrate produced
('000 tonnes)                     222.0                                        222.0        186.9        948.8

Average concentrate grade
(%)                                37.5                                         37.5         40.0         38.2

Fine copper in concentrate
('000 tonnes)                     83.3                                          83.3         74.8        362.6

Payable copper in
concentrate
('000 tonnes)                      80.6                                         80.6         72.4        350.6

Payable moly
('000 tonnes)                       2.2                                          2.2          1.8          7.9

Cash costs
(cents per pound)                (45.9)                                       (45.9)         33.3          7.9

By-product credits
(cents per pound)               (109.9)                                      (109.9)       (25.8)       (45.8)




                                Q1        Q2         Q3         Q4         Acc        Acc 2004    Full Year

El Tesoro                      2005      2005       2005       2005        2005                      2004
Daily average ore treated

('000 tonnes)                     24.8                                         24.8         24.2         25.4
Average ore grade

(%)                               1.34                                         1.34         1.35         1.35
Average recovery

(%)                               82.4                                         82.4         81.0         78.1
Copper cathodes

('000 tonnes)                     26.3                                         26.3         24.0         97.8
Cash costs

(cents per pound)                 57.8                                         57.8         47.2         52.4




                                     Q1        Q2         Q3         Q4         Acc          Acc       Full Year
Michilla                           2005      2005       2005       2005        2005         2004         2004

Daily average ore treated
('000 tonnes)                      15.3                                         15.3         16.8         16.1

Average ore grade
(%)                                1.09                                         1.09         1.09         1.11

Average recovery
(%)                                76.1                                         76.1         75.2         75.4

Copper cathodes
('000 tonnes)                      11.9                                         11.9         12.6         50.0

Cash costs
(cents per pound)                 102.4                                        102.4         81.2         85.6


                                     Q1        Q2         Q3         Q4         Acc          Acc       Full Year
Transport                          2005      2005       2005       2005        2005         2004         2004

Rail tonnage transported
('000 tons)                       1,126                                        1,126        1,056        4,479

Road tonnage transported
('000 tons)                         348                                          348          375        1,414


                                      Q1        Q2         Q3         Q4         Acc          Acc        Full year
Water                               2005      2005       2005       2005        2005         2004         2004

Water volume sold - potable
and untreated ('000 m3)            8,265                                        8,265        7,937        32,575
                                   


For further enquiries:


Desmond O'Conor, Antofagasta plc
[e-mail]
                                                       (44) 20 7808 0988

Hussein Barma, Antofagasta plc
[e-mail]                               (44) 20 7808 0988

Alejandro Rivera, Antofagasta Minerals
[e-mail]                                   (56-2) 377 5145



Issued by:

Keith Irons, Bankside Consultants
[e-mail]                                     (44) 20 7444 4155


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