4th Quarter Production Result

Antofagasta PLC
31 January 2001

Antofagasta plc 4th Quarter Production Results

31 January 2001

 Highlights

  * Total Group annual copper production up 580% to 351,100 tonnes (1999 -
    60,500 tonnes) following a successful first year of operations at Los
    Pelambres.
  * Los Pelambres Q4 production up 12.2% over Q3 to 83,400 tonnes through
    improved processing levels.
  * El Tesoro mine construction nears 90%.

Group Total                     Q1   Q2   Q3   Q4       Year 2000       Year
                                                                        1999
                              2000 2000 2000 2000
Total copper production       82.3 85.4 87.0 96.4           351.1       60.5

('000 tonnes)
Weighted average              38.7 39.6 37.7 39.9            39.2       55.4

Cash costs (cents per pound)

Los Pelambres

Improvements made to the grinding lines in September increased ore processing
levels by 17% compared with the previous quarter, reaching an average of
106,200 tonnes per day in Q4. Production of payable copper in concentrate was
83,400 tonnes in Q4. This increased production had no significant impact on
recovery or concentrate grades. Cash costs in Q4 were 36.7 cents per pound,
reflecting repair and maintenance costs incurred on the conveyor belts and
tailings thickener. Los Pelambres annual production in 2000 was 298,900 tonnes
at average cash costs of 35.6 cents per pound while shipments reached 306,200
tonnes. The improved Q4 ore processing levels are expected to be maintained in
2001.

In December, Los Pelambres made its first principal repayment of US$67.2
million on senior debt in addition to interest payments and made its first
distribution to shareholders.

Michilla

Michilla continued the planned expansion of the open pit under its mine plan
and started on Phase Seven in November. Production in the fourth quarter was
maintained at 12,900 tonnes and a total of 51,100 tonnes of cathodes was
produced in 2000.

El Tesoro

Progress at the El Tesoro project remained on schedule and within budget.
Construction at the year end was 88.7% complete. Pre-stripping of the open pit
began early in December together with satisfactory testing of the crusher
systems. First cathode production is expected in May 2001. El Tesoro plans to
produce 75,000 tonnes annually when in full production.

Exploration

Antofagasta acquired a 30% interest in the Magistral project in January 2001
under the option agreement with its joint venture partner, Inca Pacific. This
followed successful completion of its Phase Two drilling programme at the
copper skarn project in Northern Peru. Antofagasta will spend a further
US$2.95 million in 2001 which will entitle it to increase its interest to 51%
when the project will be at the pre-feasibility stage.

Transport (FCAB)

Railway increased transport volumes over the previous quarter. Total tonnages
carried increased by 6% to 3.3 million tons compared to 1999.


Los Pelambres                 Q1     Q2     Q3       Q4        Year        Year

                            2000   2000   2000     2000        2000        1999

Daily average ore treated   84.7   90.0   90.5  106.2          93.1           -

('000 tonnes)
Average ore grade           1.04   1.01   0.95   0.96          0.98           -

(%)
Average recovery            91.4   93.0   93.2   92.2          92.4           -

(%)
Concentrate produced       158.5  171.6  179.1  205.3         714.5           -

('000 tonnes)
Average concentrate grade   44.8   43.8   42.9   42.1          43.3           -

(%)
Copper in concentrate       68.6   72.6   74.3   83.4         298.9           -

('000 tonnes)
Cash costs                  34.9   35.9   33.8   36.7          35.6           -

(cents per pound)


Michilla                       Q1    Q2     Q3       Q4        Year        Year

                             2000  2000   2000     2000        2000        1999

Daily average ore treated    12.1  11.7   11.7     11.8        11.8        12.1

('000 tonnes)
Average ore grade            1.72  1.70   1.65     1.63        1.67        1.77

(%)
Average recovery             74.5  71.6   72.0     72.3        72.6        77.3

(%)
Copper cathodes              12.6  12.8   12.7     12.9        51.1        51.3

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

('000 tonnes)
Cash costs                   58.8  60.2   60.2     60.3        59.8        55.4

(cents per pound)


Transport (FCAB)            Q1    Q2    Q3       Q4          Year          Year

                          2000  2000  2000     2000          2000          1999

Rail tonnage transported   767   838   834      860         3,299         3,118

('000 tons)



For further information please contact:

Hussein Barma, Antofagasta plc, London

Tel: [phone]

Fax: [phone]

Email:[e-mail]



Alejandro Rivera, Antofagasta Minerals, Santiago

Tel: [phone]

Email:[e-mail]



Keith Irons, Bankside Consultants Ltd, London

Tel: [phone]

Fax: [phone]

Email: [e-mail]