Q3 Production Report

Antofagasta PLC
31 October 2007


Antofagasta plc

31 October 2007

Quarterly Production Report - Q3 2007


Highlights


  • Group copper production in Q3 was 100,600 tonnes compared to 106,100
    tonnes in Q2, mainly due to lower ore grades and plant throughput at Los
    Pelambres.

  • Molybdenum production at Los Pelambres in the first nine months of 2007
    was 7,400 tonnes compared with 7,000 tonnes in the first nine months of
    2006. Production in Q3 was 2,500 tonnes compared with 2,800 tonnes in Q2 due
    to the lower throughput and marginally lower molybdenum ore grades.

  • Group cash costs in Q3 were 30.1 cents per pound compared with 24.8
    cents per pound in Q2, reflecting the continued strong by-product credits.



Group Total               Q1      Q2      Q3     Q4     Acc     Acc   Full Year
                        2007    2007    2007   2007    2007    2006        2006
                      
Total production of    105.9   106.1   100.6          312.6   334.3       465.5
payable copper ('000
tonnes)
Total production of      2.1     2.8     2.5            7.4     7.0         9.8
payable moly ('000
tonnes)
Weighted average        35.8    24.8    30.1           30.2    41.0        40.2
cash costs (cents
per pound)


Los Pelambres


Los Pelambres produced 66,600 tonnes of payable copper in Q3, 6.4% below Q2
production. This was mainly due to lower ore grades, and reduced plant
throughput as a result of the higher proportion of the harder primary ore
treated in the period. The forecast for full year production is now expected to
be approximately 285,000 tonnes, as the primary ore is continuing to affect the
plant throughput.


Molybdenum production was 2,500 tonnes in Q3 and 7,400 tonnes in the first nine
months of 2007, 5.7% above the first nine months of 2006. The increase was
mainly due to the higher molybdenum grade, partly offset by the lower
recoveries. Molybdenum production for the full year is expected to be around
11,000 tonnes.


Cash costs in Q3 were negative 19.6 cents per pound compared to negative 21.3
cents per pound in Q2, an increase of 1.7 cents per pound. This was mainly due
to lower by-product credits as well as higher tolling charges, partly offset by
reduced on-site and shipping costs.


Cash costs during the first nine months of 2007 were negative 12.1 cents per
pound compared with 17.2 cents per pound for the same period last year, a
decrease of 29.3 cents per pound. This was mainly due to higher by-product
credits (reflecting the increase in molybdenum production and the average
molybdenum price compared with the same period last year) and lower tolling
charges (mainly due to decreased price participation as a result of the 2007
calendar year negotiations). This was partly offset by higher on-site costs, as
a result of increased machinery hire, maintenance, energy, fuel and oil costs.

El Tesoro


Cathode production at El Tesoro in Q3 was 22,500 tonnes, slightly below Q2 but
above budget. Year-to-date production was also slightly ahead of budget due to
better ore grades and higher metallurgical recoveries, partly offset by a lower
level of ore treated. Full year cathode production is expected to be 92,000
tonnes.


Cash costs in Q3 were 116.9 cents per pound, an increase of 10.4 cents per pound
from the previous quarter, mainly due to higher variable energy costs (following
the re-negotiation of the power supply contract) as well as higher acid and fuel
prices. Cash costs for the first nine months of the year were 103.4 cents per
pound, in line with budget.


Michilla


Michilla produced 11,400 tonnes of copper cathodes in Q3, and 34,900 tonnes
during the first nine months of the year, 5% above the year-to-date budget. This
was the result of the higher than expected levels of ore treated and
metallurgical recoveries, partly offset by the lower than expected grades. Full
year cathode production is expected to be 46,000 tonnes.


Cash costs in Q3 were 148.8 cents per pound, 7.4 cents per pound above the prior
quarter, mainly due to higher costs of energy as well as other input costs. Year
to date cash costs of 137.7 cents are in line with budget.


Transport


The transport business continued its strong operational performance. Combined
rail and road volumes transported during the first nine months of the year were
9.3% higher than the same period in 2006. The increase is mainly attributable to
the impact of the Spence mine, where the combined volumes of sulphuric acid and
copper cathodes accounted for more than 270,000 tonnes of the increase.


Water


The water division continued to perform well. Volumes sold during the year are
5.8% above the same period of 2006, mainly explained by water volumes sold to
the Spence project.



Los Pelambres                 Q1      Q2      Q3     Q4     Acc   Acc  Full Year
                            2007    2007    2007   2007    2007  2006       2006
                           
Production statistics

Daily average ore          125.0   126.0   120.9          123.9 123.5      127.4
treated ('000 tonnes)
Average ore grade           0.71    0.70    0.68           0.70  0.81       0.81
(%)
Average recovery            92.5    91.9    91.1           91.8  88.6       88.7
(%)
Concentrate produced       186.5   202.6   208.8          597.9 602.4      842.6
('000 tonnes)
Average concentrate         39.6    36.5    32.9           36.2  40.0       39.9
grade(%)
Fine copper in              73.1    73.6    68.9          215.6 238.2      335.2
concentrate ('000 tonnes)
Payable copper in           70.7    71.1    66.6          208.4 230.4      324.2
concentrate ('000 tonnes)

Average moly ore grade     0.033   0.030   0.027          0.030 0.027      0.028
(%)
Average moly recovery       66.7    75.6    78.7           73.3  76.2       76.1
(%)
Payable moly                 2.1     2.8     2.5            7.4   7.0        9.8
('000 tonnes)

Cash costs statistics

On-site and shipping        64.7    82.0    77.3           74.7  55.9       56.4
costs
(cents per pound)
Tolling charges for         25.7    31.9    33.8           30.4  40.6       39.7
concentrates
(cents per pound)
By - product credits       (86.3)  (135.2) (130.8)       (117.2)(79.4)     (79.7)
(cents per pound) *
Cash costs                   4.2   (21.3)  (19.6)         (12.1) 17.2       16.4
(cents per pound)

(*) Note: By-products credits do not include any costs attributable to the
production of molybdenum concentrate. By-product calculations also do not take
into account unrealised mark-to-market gains at the beginning or end of each
period.


El Tesoro                  Q1      Q2      Q3     Q4     Acc    Acc Full Year
                         2007    2007    2007   2007    2007   2006      2006
                         
Daily average ore        27.8    26.3    24.7           26.3   28.7      28.7
treated ('000 tonnes)
Average ore grade        1.21    1.25    1.27           1.24   1.14      1.16
(%)
Average recovery         77.4    77.3    79.4           78.0   77.4      78.1
(%)
Copper cathodes          23.6    23.2    22.5           69.4   68.4      94.0
('000 tonnes)
Cash costs               87.4   106.5   116.9          103.4   78.3      78.6
(cents per pound)


Michilla                   Q1      Q2      Q3     Q4     Acc     Acc  Full Year
                         2007    2007    2007   2007    2007    2006       2006
                        
Daily average ore        15.2    15.4    15.1           15.2    15.0       15.2
treated ('000 tonnes)
Average ore grade        1.04    1.04    1.04           1.04    1.07       1.05
(%)
Average recovery         81.2    78.3    78.3           79.2    77.8       78.2
(%)
Copper cathodes          11.6    11.8    11.4           34.9    35.4       47.3
('000 tonnes)
Cash costs              123.1   141.4   148.8          137.7   123.9      126.4
(cents per pound)


Transport                  Q1      Q2      Q3     Q4     Acc     Acc  Full Year
                         2007    2007    2007   2007    2007    2006       2006
                         
Rail tonnage            1,253   1,301   1,195          3,749   3,237      4,486
transported
('000 tons)
Road tonnage              321     342     340          1,003   1,111      1,456
transported
('000 tons)


Water                      Q1      Q2      Q3     Q4      Acc      Acc Full Year
                         2007    2007    2007   2007     2007     2006      2006
                         
Water volume sold -    10,069   9,740   9,679          29,488   27,864    37,798
potable and
untreated ('000 m3)**

(**) Note: Water volumes include water transportation of 300,000 m3 in Q1,
266,000 m3 in Q2 and 348,000 m3 in Q3 (270,000 m3 in Q1 2006, 740,000 m3 in Q2
2006 and 254,000 m3 in Q3).


Enquiries - investor relations:

Alejandro Rivera
[e-mail]                Santiago: (56-2) 798 7145

Desmond O'Conor
[e-mail]           London:   (44) 20 7808 0988

Hussein Barma
[e-mail]            London:   (44) 20 7808 0988


Enquiries - media:

Keith Irons, Bankside Consultants             (44) 20 7367 8873
[e-mail]

Oliver Winters, Bankside Consultants          (44) 20 7367 8874
[e-mail]




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