3rd Quarter Production Report

Antofagasta PLC
26 October 2000



26 October 2000

Antofagasta plc

Quarterly Production Report

3rd Quarter 2000



 Highlights

  * Los Pelambres increases daily ore throughput to over 100,000 tonnes per
    day following plant optimisation.
  * El Tesoro construction progress of 64%.

Group Total                   Q1   Q2   Q3    Accum             Full Year

                             2000 2000 2000    2000               1999
Total copper production      82.3 85.4 87.0   254.7               60.5
                             
('000 tonnes)
Weighted average cash costs  38.7 39.6 37.7    38.8               55.4
                             
(cents per pound)

Commentary

Los Pelambres

During the third quarter, an average of 90,500 tonnes per day of ore was
processed, producing 74,300 tonnes of payable copper in concentrates in the
period, with no significant disruption despite an unusually severe winter in
Chile.

Further improvements on the two grinding lines were introduced during August
and September which resulted in average daily throughput during September
increasing to 100,200 tonnes. This represents 18% over the original design
capacity of the concentrator, and this rate of throughput of ore is expected
to be maintained for the remainder of the year.

Michilla

Michilla continued with its programme for the expansion of the open pit and
plant upgrade under its new mine plan. Treatment by leaching of both sulphide
and oxide ores continues to result in favourable recoveries. As a result,
production of copper cathodes in the third quarter was maintained at 12,700
tonnes.

El Tesoro

The El Tesoro project remains on schedule and within budget, with start up
expected in May 2001. Construction progress of the project was 64% by 30
September, including all of the engineering stage of the engineering,
procurement and management (EPC) contract with Kvaerner Metals. El Tesoro is
expected to produce 75,000 tonnes of copper in cathodes per year.

Exploration

The Phase II drilling programme at the Magistral copper skarn prospect in Peru
has been completed. Should the Group decide to go to the next stage, it would
involve further exploration at a cost of US$ 2.95 million in 2001 which
includes an infill drilling campaign of 12,000 metres and several
metallurgical, geotechnical and engineering studies to improve knowledge of
the deposit. The Group will earn a 51% joint venture interest in this prospect
under the terms of its option agreement with Inca Pacific Resources Inc. on
completion of this stage.

The Group's exploration programme in Chile has demonstrated the existence of a
copper-gold porphyry resource at Esperanza, located south of the Tesoro-NE
deposit. This contains 10 million tonnes of copper oxides with an average
copper grade of 0.62 per cent and 150 million tonnes of copper sulphides, with
an average copper grade of 0.81 per cent and 0.46 grammes of gold per ton.

Transport (FCAB)

The Railway maintained its increased tonnages over 1999 in the third quarter.
Total freight in the first nine months has increased 6% compared with the same
period last year.
Los Pelambres                    Q1        Q2        Q3      Accum    Full Year

                               2000      2000      2000       2000         1999
Daily average ore treated      84.7      90.0      90.5       88.8            -

('000 tonnes)
Average ore grade              1.04      1.01      0.95       1.00            -

(%)
Average recovery               91.4      93.0      93.2       92.5            -

(%)
Concentrates produced         158.5     171.6     179.1      509.2            -

('000 tonnes)
Average concentrate grade      44.8      43.8      42.9       43.8            -

(%)
Copper in concentrates         68.6      72.6      74.3      215.5            -

('000 tonnes)
Cash costs                     34.9      35.9      33.8       35.0            -

(cents per pound)




Michilla                               Q1    Q2   Q3    Accum    Full Year

                                      2000  2000 2000    2000      1999
Daily average ore treated             12.1  11.7  11.7   11.8      12.1

('000 tonnes)
Average ore grade                     1.72  1.70  1.65   1.69      1.77

(%)
Average recovery                      74.5  71.6  72.0   72.8      77.3

(%)
Copper cathodes                       12.6  12.8  12.7   38.1      51.3

('000 tonnes)
Copper in concentrates                1.1    -     -     1.1       9.2

('000 tonnes)
Cash costs                            58.8  60.2  60.2   59.7      55.4

(cents per pound)




Transport (FCAB)           Q1    Q2   Q3           Accum           Full Year

                          2000  2000 2000           2000              1999
Rail tonnage transported   767  838   834          2,439             3,118

('000 tons)



Enquires:

Alejandro Rivera

[e-mail]

Santiago: (56-2) 2405145

Hussein Barma

[e-mail]

London: (44-20) 73748091

Issued by:

Keith Irons

Bankside Consultants Ltd

[e-mail]

London (44-20) 72207477