3rd Quarter Production Report

Antofagasta PLC
31 October 2001


31 October 2001

ANTOFAGASTA PLC


Quarterly Production Report - 3rd Quarter 2001


Highlights


*    Group copper production reached 129,500 tonnes in Q3, a 27% increase
     over the previous quarter.

*    Production in Q3 includes 14,700 tonnes from El Tesoro.  During Q2
     El Tesoro remained under development.

*    Group average cash costs decreased by 7.7% to 36.0 cents per pound in
     Q3 compared to 39.0 cents in Q2.


                                  Q1      Q2      Q3     Acc     Acc  Full Year
Group Total                     2001    2001    2001    2001    2000       2000
Total copper production
('000 tonnes)                   92.0   101.9   129.5   323.4   254.7      351.1

Weighted average
cash costs (cents per pound)    43.2    39.0    36.0    39.0    38.8       39.2


Note - El Tesoro remained under development in Q2, and produced 9,000 tonnes
of cathodes during this commissioning period.  This production has not been
included in the group figures relating to current operations for Q2.


Los Pelambres

Ore processing levels reached 112,600 tonnes per day (tpd) during the quarter,
an increase of 9.9% over Q2.  This increase followed the installation of a
temporary pebble crusher at the end of July, which improved the efficiency of
the grinding lines.

During the first nine months of 2001 Los Pelambres produced 272,000 tonnes of
payable copper in concentrates, an increase of 26% over the same period for
2000.  This increase resulted from the improvements that were made to ore
processing levels.  The current optimisation plan will enable these levels to
be maintained during the mine life.

Q3 cash costs were 32.4 cents per pound, an 8% decrease compared to the
previous quarter.  This was primarily due to higher production volumes but
also to a lesser extent a lower waste to ore ratio during this period under
the existing mine plan.



Michilla

Michilla produced 12,800 tonnes of cathodes during Q3, an increase of 4.5%
over the previous quarter.  The increase resulted both from improvements made
in the leaching process and higher copper grades during the period.

Cash costs were 60.9 cents per pound, a 10% decrease on the previous quarter.
This significant reduction came from a lower waste to ore ratio during the
current phase of the mine plan.  A medium term plan to reduce costs
drastically in order to confront the current period of exceptionally low
copper prices is now being evaluated.



El Tesoro

El Tesoro completed its commissioning period and both cathode production and
recoveries have been within the expected parameters.  Q3 production reached
14,700 tonnes compared to 9,000 tonnes during the commissioning period in Q2.
Production at El Tesoro is expected to continue to increase steadily until the
design capacity of the plant is reached.



Rail and Road Transport

Rail tonnages, which include both the Chilean and Bolivian networks, were 5%
higher at 996,000 tons compared with the previous quarter.  The FCAB has
concluded a ten year freight agreement with El Tesoro for the transport of
85,000 tons of cathodes and 180,000 tons of sulphuric acid during 2002.
Additional Diesel-Electric locomotives were delivered during the quarter and
will be available to meet an increased demand expected in 2002.


                                  Q1     Q2     Q3    Acc    Acc  Full Year
Los Pelambres                   2001   2001   2001   2001   2000       2000
Daily average ore treated
('000 tonnes)                   98.5  102.5  112.6  104.6   88.8       93.1

Average ore grade
(%)                             1.04   1.10   1.07   1.07   1.00       0.98

Average recovery
(%)                             91.6   91.3   92.0   91.7   92.5       92.4

Concentrate produced
('000 tonnes)                  194.6  209.1  236.3  640.1  509.2      714.5

Average concentrate grade
(%)                             42.8   44.3   44.6   44.0   43.8       43.3

Fine copper in concentrate
('000 tonnes)                   83.2   92.6  105.4  281.3  223.1      309.5

Payable copper in concentrate
('000 tonnes)                   80.5   89.6  101.9  272.0  215.5      298.9
Cash costs
(cents per pound)               39.2   35.1   32.4   35.3   35.0       35.6


                             Q1    Q2    Q3     Acc        Acc        Full Year
El Tesoro                  2001  2001  2001    2001       2000             2000
Daily average ore treated
('000 tonnes)               -     -    15.1    15.1     -             -

Average ore grade
(%)                         -     -    1.43    1.43     -             -

Average recovery
(%)                         -     -    77.8    77.8     -             -

Copper cathodes
('000 tonnes)               -     -    14.7    14.7     -             -

Cash costs
(cents per pound)           -     -    39.4    39.4     -             -


Note - El Tesoro remained under development in Q2, and produced 9,000 tonnes
of cathodes during this commissioning period.  This production has not been
included in the table above for Q2.


                             Q1    Q2    Q3     Acc        Acc        Full Year
Michilla                   2001  2001  2001    2001       2000             2000
Daily average ore treated
('000 tonnes)              11.6  12.2  12.5    12.1       11.8             11.8

Average ore grade
(%)                        1.53  1.48  1.51    1.50       1.69             1.67

Average recovery
(%)                        72.4  74.4  75.3    74.1       72.8             72.6

Copper cathodes
('000 tonnes)              11.5  12.3  12.8    36.7       38.1             51.1

Copper in concentrate
('000 tonnes)               -     -            -           1.1              1.1

Cash costs
(cents per pound)          71.6  67.4  60.9    66.4       59.7             59.8


                             Q1    Q2     Q3    Acc         Acc       Full Year
Transport                  2001  2001   2001   2001        2000            2000


Rail tonnage transported    905   949    996  2,850       2,877           3,856



For further information:


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

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

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

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