Settlement Update

Antofagasta PLC
09 May 2008



For immediate release

                                 Antofagasta plc

        Mauro tailings dam - update on Supreme Court endorsed settlement


London, 9 May 2008

Antofagasta plc announces that, further to its statement of 7 May 2008,
the Chilean Water Authority (Direccion General de Aguas) has consented to, and
the Chilean Supreme Court has endorsed, the settlement of various cases
concerning water rights relating to the Mauro tailings dam including the
validity of a sectoral permit issued in 2005 by the Chilean Water Authority.
The consent of the Chilean Water Authority and the endorsement of the Supreme
Court follow the binding agreement entered into by Minera Los Pelambres and the
claimants on 7 May 2008.

The principal terms and effects of the settlement and other related matters are
set out in Antofagasta plc's statement of 7 May 2008.


+------------------------------------+-----------------------------------------+
|Enquiries - London                  |Enquiries - Santiago                     |
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+------------------------------------+-----------------------------------------+
|Antofagasta plc                     |Antofagasta Minerals S.A.                |
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|Tel: [phone]               |Tel: + 56 2 798 7000                     |
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|www.antofagasta.co.uk               |Francisco Veloso                         |
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|Desmond O'Conor                     |Tel: [phone]                      |
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|Email: [e-mail]    |Email: [e-mail]              |
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|Hussein Barma                       |                                         |
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|Email: [e-mail]     |                                         |
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+------------------------------------+-----------------------------------------+
|Press Enquiries - London            |                                         |
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|Bankside Consultants                |                                         |
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|Tel: [phone]               |                                         |
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|Oliver Winters                      |                                         |
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|Email: [e-mail]  |                                         |
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