1st Quarter Production Report

Antofagasta PLC
30 April 2002

30 April 2002





Antofagasta plc
Quarterly Production Report - Q1 2002



Highlights



•   Group copper production of 108,900 tonnes in Q1 compared with 121,600
    tonnes in Q4 2001 due to lower ore grades at Los Pelambres as expected

•   Group cash costs of 39.2 cents per pound in Q1 compared with 37.9
    cents in Q4 2001

•   Ore processing level at Los Pelambres up 8% to 113,600 tonnes per day

•   Michilla's cash costs below 60 cents per pound in Q1




                                       Q1        Q2       Q3        Q4        Acc        Acc      Full Year
Group Total                           2002      2002     2002      2002       2002      2001        2001

Total copper production              108.9                                   108.9      92.0        445.0
('000 tonnes)

Weighted average                      39.2                                    39.2      43.2        38.8
Cash costs (cents per pound)





Los Pelambres

The ore processing level at Los Pelambres increased 8% from 105,200 tonnes per
day (tpd) in Q4 2001 to 113,600 tpd in Q1 this year.  This higher processing
level is expected to be maintained this year.  Although throughput increased,
copper production in Q1 fell 13.6% to 77,154 tonnes compared to 89,422 in Q4
mainly due to lower ore grades as expected under the mine plan for 2002.  Cash
costs at 35.9 cents per pound were marginally higher compared to Q4 and as
previously stated are expected to increase in the following months due to the
lower ore grades.



Molybdenum concentrates are an important by-product for Los Pelambres and will
be included in future Quarterly Production Reports.  Molybdenum produced in Q1
was 2,400 tonnes compared to 2,100 tonnes in Q4.  Total production in 2002 will
be comparable to 2001.



El Tesoro

El Tesoro produced 19,340 tonnes in Q1 compared to 19,257 tonnes in Q4 2001.
Cash costs were 39.6 cents per pound, within the expected costs levels for 2002.



Michilla

Q1 production was 12,456 tonnes compared to 12,895 tonnes in Q4 2001.
Production of cathodes was affected while the enlarged crushing line was
installed, and the additional crusher will boost annual production to 52,000
tonnes in 2002.  Recoveries have risen consistently during the last four years
due to optimisation of the processes and reached 77.4% during Q1.  During the
first months of 2002, the Cuprochlor process, which has been developed and
patented by Michilla, has resulted in higher recoveries of sulphide ores.
Approximately 12% of Michilla's ore is now being treated using this process with
recoveries obtained of over 80%.



Cash costs in Q1 were 59.0 cents per pound as a result of the cost reduction
programme implemented in Q4 last year.




Rail and Road Transport

Rail tonnages were slightly lower at 1.04 million tons compared to 1.05 million
tons in Q4 2001 caused by lower movements on the Andino Railway compensated by
higher tonnages on the FCAB's operations within Chile.


                                     Q1        Q2          Q3         Q4        Acc        Acc       Full Year
Los Pelambres                       2002      2002        2002       2002       2002       2001        2001

Daily average ore treated          113.6                                       113.6       98.5        104.7
('000 tonnes)

Average ore grade                   0.89                                        0.89       1.04        1.05
(%)

Average recovery                    91.2                                        91.2       91.6        92.4
(%)

Concentrate produced               189.7                                       189.7      194.6        856.9
('000 tonnes)

Average concentrate grade           42.1                                        42.1       42.8        43.6
(%)

Fine copper in concentrate          79.8                                        79.8       83.2        373.8
('000 tonnes)

Payable copper in concentrate       77.2                                        77.2       80.5        361.5
('000 tonnes)

Payable molybdenum in               2.4                                         2.4        1.2          6.9
concentrate
('000 tonnes)

Cash costs                          35.9                                        35.9       39.2        35.3
(cents per pound)








                                    Q1        Q2          Q3         Q4        Acc       Acc      Full Year
El Tesoro                          2002      2002        2002       2002      2002      2001        2001

Daily average ore treated          20.6                                       20.6        -         17.7
('000 tonnes)

Average ore grade                  1.34                                       1.34        -         1.44
(%)

Average recovery                   76.5                                       76.5        -         76.1
(%)

Copper cathodes                    19.3                                       19.3        -         34.0
('000 tonnes)

Cash costs                         39.6                                       39.6        -         39.6
(cents per pound)





                                    Q1        Q2          Q3         Q4        Acc       Acc      Full Year
Michilla                           2002      2002        2002       2002      2002      2001        2001

Daily average ore treated          11.8                                       11.8      11.6        12.2
('000 tonnes)

Average ore grade                  1.48                                       1.48      1.53        1.49
(%)

Average recovery                   77.4                                       77.4      72.4        74.8
(%)

Copper cathodes                    12.5                                       12.5      11.5        49.6
('000 tonnes)

Cash costs                         59.0                                       59.0      71.6        64.5
(cents per pound)




                                     Q1        Q2          Q3         Q4        Acc        Acc      Full Year
Transport                           2002      2002        2002       2002       2002      2001        2001

Rail tonnage transported           1,037                                       1,037       905        3,899
('000 tons)





For further enquiries:



Philip Adeane, Antofagasta plc                      (44) 20 7382 7862
[e-mail]



Hussein Barma, Antofagasta plc                      (44) 20 7382 7862
[e-mail]



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



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





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