Quarterly Production Report

Antofagasta PLC
26 January 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.





26 January 2005



Antofagasta plc
Quarterly Production Report - Q4 2004



Highlights



•   Annual group copper production increased by 5.6% to 498,400 tonnes in
    2004.



•   Group cash costs for the year reduced by 33.2% to 24.3 cents per pound
    in 2004, as Los Pelambres benefited from exceptional molybdenum prices.


                                           Q1       Q2         Q3         Q4     Full Year     Full Year

Group Total                              2004     2004       2004       2004          2004          2003

Total copper production
('000 tonnes)                           109.0    126.4      130.7      132.2         498.4         471.8

Weighted average
Cash costs (cents per pound)             41.9     21.9       24.9       11.6          24.3          36.4



Los Pelambres

Los Pelambres produced 350,600 tonnes in 2004 - an increase of 7.3% over 2003.
The increase was primarily due to the completion of modifications to the
grinding lines at the end of the previous year.  The resulting increase in the
processing level compensated for lower ore grades and lower recoveries.
Shipments of concentrate in 2004 amounted to 352,200 tonnes.  Molybdenum
production was 9.6% lower at 7,900 tonnes, due to lower ore grades and lower
recoveries.

Annual cash costs averaged 7.9 cents per pound, a significant decrease of 73.1%
over 2003.  The main reason for this exceptionally low figure was the
substantial increase in the market price of Molybdenum, which averaged US$16.2
per pound in 2004 compared to US$5.3 per pound in 2003.  Consequently the
by-product credit for 2004 was equivalent to 45.8 cents per pound of copper
produced, an increase of 181.3% over the by-product credit of 16.3 cents in
2003.  Los Pelambres' cash costs in 2004 Q4 were negative 11.3 cents.


El Tesoro

In 2004, El Tesoro produced 97,800 tonnes of cathodes - 5.8% more than in 2003.
Optimisation of the crushing line resulted in a higher level of ore processed,
which compensated for lower grades and marginally lower recoveries.  Ore
crushing capacity has now been raised to 9.7 million tonnes per year compared to
the previous 9.0 million tonnes level.



The average cash cost in 2004 increased to 52.4 cents per pound compared to 42.4
cents per pound in 2003.  A combination of lower ore grades, higher costs of
sulphuric acid and fuel as well as a higher waste to ore ratio in the mine
caused the increase.



Michilla

Cathode production was 50,000 tonnes compared to 52,700 tonnes in 2003.  The
fall in production was caused by a reduction in grades during the period and
some operational problems - since resolved - which were encountered at the
beginning of the year.  The impact on production of the lower grades was partly
lessened by the higher ore throughput achieved.  Notwithstanding, Michilla's
production in the last quarter of 2004 recovered strongly to a production level
of 13,800 tonnes which exceeded the average quarterly production level in 2003.

Michilla's cash cost increased from 69.8 cents per pound in 2003 to 85.6 cents
per pound in 2004.  Once again, lower grades and higher sulphuric acid and fuel
costs were the principal reasons, accentuated by a stronger Chilean peso.



Transport (FCAB)



Freight carried in 2004 increased to 4.5 million tons - a new all time record
for the railway.  In Q4, the FCAB acquired a 30% stake in the Antofagasta
International Terminal for US$2.9 million, continuing its strategy of making
acquisitions which can broaden its services to clients in the region.



Aguas de Antofagasta S.A.



Water sales reached 32.6 million cubic metres and exceeded FCAB's expectations
at the time the concession was acquired in December 2003.








                                          Q1         Q2           Q3        Q4     Full Year     Full Year

Los Pelambres                           2004       2004         2004      2004          2004          2003

Daily average ore treated
('000 tonnes)                          115.4      127.3        128.4     132.2         125.9         113.3

Average ore grade
(%)                                     0.84       0.93         0.91      0.86          0.88          0.91

Average recovery
(%)                                     87.4       88.7         89.3      90.6          89.1          89.9

Concentrate produced
('000 tonnes)                          186.9      266.6        254.1     241.1         948.8         826.5

Average concentrate grade
(%)                                     40.0       36.0         38.0      39.5          38.2          40.9

Fine copper in concentrate
('000 tonnes)                          74.8        95.9         96.7      95.2         362.6         337.8

Payable copper in concentrate
('000 tonnes)                           72.4       92.6         93.5      92.1         350.6         326.7

Payable moly
('000 tonnes)                            1.8       1.9           2.1       2.1           7.9           8.7

Cash costs
(cents per pound)                       33.3        6.2          8.8    (11.3)           7.9          29.3


                                         Q1        Q2           Q3        Q4     Full Year     Full Year

El Tesoro                              2004      2004         2004      2004          2004          2003

Daily average ore treated
('000 tonnes)                          24.2      24.2         27.0      26.0          25.4          22.1

Average ore grade
(%)                                    1.35      1.33         1.33      1.39          1.35          1.46

Average recovery
(%)                                    81.0      75.4         77.9      78.3          78.1          78.2

Copper cathodes
('000 tonnes)                          24.0      22.9         24.6      26.3          97.8          92.4

Cash costs
(cents per pound)                      47.2      53.9         55.2      53.2          52.4          42.4




                                         Q1        Q2           Q3        Q4     Full Year     Full Year

Michilla                               2004      2004         2004      2004          2004          2003

Daily average ore treated
('000 tonnes)                          16.8      15.1         16.2      16.4          16.1          15.6

Average ore grade
(%)                                    1.09      1.06         1.15      1.13          1.11          1.25

Average recovery
(%)                                    75.2      74.9         74.8      76.6          75.4          75.0

Copper cathodes
('000 tonnes)                          12.6      10.9         12.6      13.8          50.0          52.7

Cash costs
(cents per pound)                      81.2      88.7         85.4      87.4          85.6          69.8



                                         Q1        Q2           Q3        Q4     Full Year     Full Year

Transport                              2004      2004         2004      2004          2004          2003

Rail tonnage transported
('000 tons)                           1,056     1,076        1,165     1,182         4,479         4,388



                                         Q1        Q2           Q3        Q4     Full Year

Water                                  2004      2004         2004      2004          2004

Water volume sold - potable and
untreated ('000 m3)                   7,937     8,088        8,203     8,347        32,575





For further enquiries:


Philip Adeane, Antofagasta plc
[e-mail]                           (44) 20 7808 0988


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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