New Exploration Properties

Antofagasta PLC
30 April 2001



For Immediate Release: Monday 30 April 2001



                                 NEWS RELEASE



        Antofagasta plc acquires promising new exploration properties



London 30 April 2001 - ANTOFAGASTA PLC announces that it has agreed to
acquire, through its wholly owned subsidiary Minprop Limited, a 51%
controlling interest in a number of copper exploration properties situated in
Chile's Second and Fourth Regions.



The properties, which comprise an area of some 24,000 hectares, will be
acquired for a nominal consideration from Mineralinvest Establishment, which
is owned by Mr A. A. Luksic, Chairman of Antofagasta. The most significant
properties are situated in the Sierra Gorda and El Abra districts, on what is
known as the West Fissure, one of the most prospective geological environments
in the world, hosting several world class copper mines such as Escondida,
Chuquicamata and El Abra.  Certain properties are of particular interest to
the Group because they adjoin its existing operations, including Tesoro
Noreste and Centinela and part of Esperanza which are all located near the El
Tesoro mine. Other potentially valuable properties include Conchi, Mercedes
and Brujulinas which are located within the El Abra district.  Buey Muerto,
which lies only 30 kilometres to the east of the Michilla deposit, contains
oxide reserves which could be leached to provide copper solution to the
Michilla plant.



The decision to acquire these mining properties was approved by the
independent members of the Board, Mr P. J. Adeane and Mr C. H. Bailey, after
receiving an independent report prepared by Warrior, the mining consultancy
division of Standard Bank Group.  This report confirmed that the terms of the
transaction were fair and reasonable so far as the shareholders of the Company
are concerned.



Whilst the transaction does not impose any obligation on the Group to explore
the properties, the Group will assume the costs of any further exploration
that it may decide to carry out. The Group has, however, assumed the
responsibility to pay annual registration fees (estimated to be approximately
US$200,000 per annum) for maintaining the mining rights for the new
properties. In the event that the Group decides to develop any of the
properties, it has a right to acquire the remaining 49% interest from
Mineralinvest on arm's length terms and complying with all regulatory
requirements.



Philip Adeane, Managing Director of Antofagasta plc, said, 'We are excited
about this acquisition as together the properties add substantial exploration
upside and complement Antofagasta's existing mining operations in Chile.'



Enquiries to:

Philip Adeane, MD                             [e-mail]

Hussein Barma, CFO                            [e-mail]

Antofagasta plc, London                       Telephone + 44 207 374 8091



Ricardo Muhr, Chief Geologist                 [e-mail]

Antofagasta Minerals - Santiago, Chile        Telephone + 562 377 5070



Issued by:

Keith Irons/Sarah Campbell

Bankside Consultants                          Telephone + 44 207 220 7477