Offer Update

Antofagasta PLC
28 April 2006




        Tethyan takeover offer reaches compulsory acquisition threshold


28 April 2006


As of 9am, Sydney, Australia time today, Antofagasta PLC ('Antofagasta') had
secured a relevant interest in 91% of shares in Tethyan Copper Company Limited
('Tethyan').

Antofagasta's unconditional takeover offer will close at 7pm today, Sydney,
Australia time. After the close of the takeover offer, Antofagasta will
compulsorily acquire any remaining Tethyan shares in which it does not have a
relevant interest.

It should be noted that for Tethyan shareholders who accept the offer by the
closing date, payment will be despatched to them no later than 19 May 2006.
However, payment for Tethyan shares acquired under the compulsory acquisition
process will not be made before 1 June 2006. Accordingly, Antofagasta encourages
all remaining Tethyan shareholders to accept the offer by 7pm today, Sydney,
Australia time.


Enquiries - London                   Enquiries - Santiago
                                  
                   
Antofagasta PLC                      Antofagasta Minerals S.A.
Tel: [phone]                Alejandro Rivera
www.antofagasta.co.uk                Tel: [phone]
                                     Email: [e-mail]
 
Desmond O'Conor                      
Email: [e-mail]     Enquiries - Australia
                                    

Bankside Consultants                 N M Rothschild & Sons (Australia) Ltd
Tel: [phone]                (financial advisers)
Mob: [phone]                Tel: [phone]
                                     Marshall Baillieu
                                     Chris Forman
 

Keith Irons                          
Email: [e-mail]            
Oliver Winters                       Jackson Wells Morris (public relations advisers)
Email: [e-mail]   Tel: [phone]
                                     Benjamin Haslem
                                     Jakob Webster
 




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