Disposal

Antofagasta PLC
21 May 2003


LONDON, 21 May 2003:  Antofagasta plc announces that Anaconda Peru, its wholly
owned subsidiary, and Inca Pacific Resources Inc have reached a formal agreement
to jointly sell the Magistral Project in Peru.  As previously announced,
Antofagasta has elected not to exercise its right to increase its interest in
the project from 51% and after an internal valuation process has agreed jointly
with Inca Pacific to sell Magistral.

The Mining and Metals Advisory Group of Standard Bank London has been appointed
to manage the sale process.


                                      Ends


Philip Adeane, Antofagasta plc               Tel: [phone]

                                             Email: [e-mail]

Ricardo Muhr, Antofagasta Minerals SA        Tel: [phone]

                                             Email: [e-mail]

Keith Irons, Bankside Consultants            Tel:  [phone]

                                             Email:  [e-mail]



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