Quarterly Production Report

Antofagasta PLC
28 October 2004

The following report 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.





28 October 2004



Antofagasta plc
Quarterly Production Report - Q3 2004



Highlights



•      Group copper production was 130,700 tonnes, an increase of 3.4% over
the previous quarter.  All three mines increased their production in Q3.


•      Group cash costs remained low at 24.9 cents per pound (Q2 - 21.9 cents
per pound), as Los Pelambres continued to benefit from strong molybdenum prices.




                                          Q1       Q2        Q3        Q4       Acc       Acc     Full Year
Group Total                             2004     2004      2004      2004      2004      2003          2003

Total copper production
('000 tonnes)                          109.0    126.4     130.7               366.1     349.4         471.8

Weighted average
cash costs (cents per pound)            41.9     21.9      24.9                28.9      36.5          36.4





Los Pelambres



Copper production increased by 1.0% compared to the previous quarter, and
reached 93,500 tonnes.  Los Pelambres benefited from the optimisation of the
grinding lines during the year, which enabled the ore processing level to reach
128,400 tonnes per day (tpd) compared with 127,300 tpd in Q2.  The higher ore
throughput, together with improved recoveries at the plant, offset a slightly
lower ore grade.  In addition, higher plant utilisation particularly in the
latter part of Q3 compensated for the effect of the maintenance programme in
July.


Cash costs remained exceptionally low at 8.8 cents per pound, compared with 6.2
cents in Q2.  Los Pelambres continued to benefit from high molybdenum prices,
which averaged US$16.70 in the quarter.   As a result of these prices,
by-product credits were 40.9 cents per pound in Q3 compared to 42.3 cents in Q2.



El Tesoro



Cathode production in Q3 was 24,600 tonnes, 7.4% above the previous quarter.
The increase was due to improved metallurgical recoveries together with a higher
ore processing level following improvements to the crushing lines.  Ore
throughput in the quarter averaged 27,000 tonnes per day, the highest level
achieved since operations began.



Cash costs in Q3 increased by 2.4% to 55.2 cents.  This was mainly due to an
increase in the amount of material moved at the mine in the early part of the
quarter as well as higher sulphuric acid costs resulting from increased
consumption and higher spot prices.





Michilla



This quarter's cathode production reached 12,600 tonnes, an increase of 15.6%
over Q2, as ore extraction and production returned to normal levels following
changes to mining methods to avoid old mine workings encountered in the first
half of the year.



Cash costs in Q3 were 85.4 cents per pound, 3.7% below the previous quarter.
The decrease was mainly due to the combination of higher throughput and the
better ore grade.





Transport (FCAB)



Transport volumes remained strong, with tonnages increasing 8% over the previous
quarter.





Aguas de Antofagasta S.A.



Aguas de Antofagasta has continued to perform satisfactorily, with continued
progress in its plans to improve service and reduce costs.  Water volumes
supplied in the first nine months of this year amounted to 24.2 million m3, a
5.8% increase over the comparable period last year when the water distribution
and treatment facilities were controlled by ESSAN.








                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Los Pelambres                         2004      2004         2004      2004      2004      2003          2003

Daily average ore treated
('000 tonnes)                        115.4     127.3        128.4               123.7     109.1         113.3

Average ore grade
(%)                                   0.84      0.93         0.91                0.89      0.93          0.91

Average recovery
(%)                                   87.4      88.7         89.3                88.5      90.1          89.9

Concentrate produced
('000 tonnes)                        186.9     266.6        254.1               707.6     609.2         826.5

Average concentrate grade
(%)                                   40.0      36.0         38.0                37.8      41.0          40.9

Fine copper in concentrate
('000 tonnes)                         74.8      95.9         96.7               267.4     249.6         337.8

Payable copper in concentrate
('000 tonnes)                         72.4      92.6         93.5               258.5     241.5         326.7

Payable moly in concentrate
('000 tonnes)                          1.8       1.9          2.1                 5.8       6.0           8.7

Cash costs
(cents per pound)                     33.3       6.2          8.8                14.7      30.1          29.3




                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
El Tesoro                             2004      2004         2004      2004      2004      2003          2003

Daily average ore treated
('000 tonnes)                         24.2      24.2         27.0                25.1      21.4          22.1

Average ore grade
(%)                                   1.35      1.33         1.33                1.34      1.50          1.46

Average recovery
(%)                                   81.0      75.4         77.9                78.1      78.2          78.2

Copper cathodes
('000 tonnes)                         24.0      22.9         24.6                71.5      69.5          92.4

Cash costs
(cents per pound)                     47.2      53.9         55.2                52.1      41.0          42.4



                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Michilla                              2004      2004         2004      2004      2004      2003          2003

Daily average ore treated
('000 tonnes)                         16.8      15.1         16.2                16.0      15.2          15.6

Average ore grade
(%)                                   1.09      1.06         1.15                1.10      1.26          1.25

Average recovery
(%)                                   75.2      74.9         74.8                75.0      74.8          75.0

Copper cathodes
('000 tonnes)                         12.6      10.9         12.6                36.2      38.4          52.7

Cash costs
(cents per pound)                     81.2      88.7         85.4                84.9      69.0          69.8




                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Transport                             2004      2004         2004      2004      2004      2003          2003

Rail tonnage transported
('000 tons)                          1,056     1,076        1,165               3,297     3,194         4,388





For further enquiries:


Philip Adeane, 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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