Q3 Production Report

Antofagasta PLC
31 October 2006



31 October 2006

Antofagasta plc

Quarterly Production Report - Q3 2006

Highlights


   • Group copper production in Q3 was 126,400 tonnes compared with 100,900
     tonnes in Q2, reflecting higher production at all three mines.

   • Molybdenum production at Los Pelambres in Q3 increased to 2,900 tonnes
     compared with 2,100 tonnes in Q2.

   • Group cash costs for Q3 fell 12.5 cents to 31.4 cents per pound, mainly
     due to improved by-product credits.


Group Total                      Q1      Q2      Q3     Q4     Acc      Acc   Full Year
                               2006    2006    2006   2006    2006     2005        2005

Total production of           107.0   100.9   126.4          334.3    343.4       467.3
payable copper ('000 tonnes)

Total production of             2.0     2.1     2.9            7.0      6.7         8.7
payable moly ('000 tonnes)

Weighted average cash          49.7    43.9    31.4           41.0      4.8        13.9
costs (cents per pound)


Los Pelambres

Los Pelambres produced 88,800 tonnes of payable copper in Q3, an increase of
31.5% over the previous quarter. This was mainly due to the release of
unfiltered copper concentrate from the concentrator plant to the port which
built-up in Q2 when repairs to the slurry pipeline took place. The increased
production also resulted from higher daily ore throughput at the concentrator
plant as Los Pelambres started to benefit from the 140,000 tonnes per day
expansion project currently in progress, as well as higher recoveries. These
factors were partly offset by the effect of the ore grade which as expected was
lower this quarter.

Molybdenum production in Q3 increased to 2,900 tonnes compared with 2,100 tonnes
in Q2. This reflected the higher ore throughput level and changes in the level
of partly-processed molybdenum concentrate and, to a lesser extent, the higher
molybdenum ore grade and improved recoveries.

Cash costs in Q3 were 5.7 cents per pound, compared with 18.5 cents per pound in
Q2. This mainly resulted from improved by-product credits (which increased by
9.0 cents) and lower treatment and refining charges (which decreased by 3.5
cents). Improved by-product credits resulted mainly from the higher molybdenum
production and, to a lesser extent, higher molybdenum market prices (which
averaged US$26.3 per pound compared with US$24.4 per pound in Q2). Onsite and
shipping costs for Q3 were marginally below Q2.


El Tesoro

Cathode production at El Tesoro in Q3 was 25,900 tonnes, an 18.9% increase over
the previous quarter. This was mainly due to higher than expected recoveries
mainly as a result of lower carbonates. Cathode production also benefited from
the improved ore grade which rose in Q3 in line with budget.

Cash costs in Q3 were 76.1 cents per pound, 2.7 cents below the previous
quarter. This resulted principally from the higher production level this
quarter.


Michilla

Michilla produced 11,700 tonnes of copper cathodes in Q3, marginally above Q2.
The expected decrease in the ore grade and lower processing level were offset by
higher recoveries. The improved recoveries were due to the higher proportion of
sulphide ores (which yield higher recoveries than oxide ores) processed in the
period.

Cash costs in Q3 were 127.8 cents per pound, 3.9 cents per pound above Q2. This
was mainly due to higher transport costs as a result of increased costs of tyres
and fuel.


Transport

Rail tonnages in Q3 were 1,104,000 tons, recovering from the temporary decrease
experienced the previous quarter. Road tonnages of 361,000 remained in line with
previous quarters.


Water

The water division continued to perform strongly, with year-to-date volumes
increasing 13.6% over the previous year. Volumes in Q3, usually the weakest
seasonal quarter, exceeded the previous two quarters mainly due to increased
sales to the mining sector.



Los Pelambres                  Q1     Q2     Q3    Q4     Acc       Acc  Full Year
                             2006   2006   2006  2006    2006      2005       2005

Production statistics

Daily average ore treated   120.9  119.5  130.0         123.5     128.3      128.1
('000 tonnes)

Average ore grade            0.81   0.84   0.78          0.81      0.79       0.80
(%)

Average recovery             88.1   88.2   89.3          88.6      89.8       89.2
(%)

Concentrate produced        194.8  200.2  207.4         602.4     645.4      865.1
('000 tonnes)

Average concentrate grade    39.6   40.0   40.2          40.0      38.4       38.5
(%)

Fine copper in               76.6   69.8   91.8         238.2     244.0      333.8
concentrate
('000 tonnes)

Payable copper in            74.1   67.5   88.8         230.4     235.9      322.8
concentrate
('000 tonnes)

Average moly ore grade      0.026  0.027  0.028         0.027     0.023      0.022
(%)

Average moly recovery        74.4   76.0   77.8          76.2      80.0       79.9
(%)

Payable moly                  2.0    2.1    2.9           7.0       6.7        8.7
('000 tonnes)


Cash costs statistics

On-site and shipment         54.5   56.8   56.5          55.9      44.6       47.1
costs
(cents per pound)

Tolling charges for          34.8   45.4   41.9          40.6      27.2       27.6
concentrates
(cents per pound)

By - product credits        (59.5) (83.7) (92.7)        (79.4)   (101.5)    (91.8)
(cents per pound) *

Cash costs                   29.8   18.5   5.7           17.2     (29.7)    (17.1)
(cents per pound)


(*) Note: By-products credits do not include any costs attributable to the
production of molybdenum concentrate. By-product calculations also do not take
into account unrealised mark-to-market gains at the beginning or end of each
period.




El Tesoro                     Q1    Q2    Q3    Q4      Acc       Acc  Full Year
                            2006  2006  2006  2006     2006      2005      2005

Daily average ore treated   29.7  28.6  27.9           28.7      26.1      27.2
('000 tonnes)

Average ore grade           0.99  1.18  1.25           1.14      1.28      1.23
(%)

Average recovery            77.9  73.9  80.4           77.4      79.7      80.2
(%)

Copper cathodes             20.8  21.8  25.9           68.4      73.8      98.1
('000 tonnes)

Cash costs                  79.6  79.8  76.1           78.3      63.5      66.1
(cents per pound)



Michilla                      Q1    Q2    Q3    Q4       Acc      Acc  Full Year
                            2006  2006  2006  2006     2006      2005      2005

Daily average ore treated   14.6  15.4  15.0           15.0      14.9      14.9
('000 tonnes)

Average ore grade           1.13  1.07  1.03           1.07      1.07      1.10
(%)

Average recovery            76.2  76.4  80.9           77.8      75.5      75.4
(%)

Copper cathodes             12.1  11.6  11.7           35.4      33.7      46.4
('000 tonnes)

Cash costs                 120.2 123.9 127.8          123.9     117.3     118.8
(cents per pound)



Transport                    Q1     Q2     Q3    Q4     Acc     Acc   Full Year
                            2006   2006   2006  2006    2006   2005       2005

Rail tonnage transported   1,122  1,011  1,104         3,237   3,301     4,336
('000 tons)

Road tonnage transported     383    367    361         1,111   1,122     1,522
('000 tons)


Water                        Q1    Q2    Q3    Q4       Acc       Acc  Full Year
                            2006  2006  2006  2006     2006      2005      2005

Water volume sold -        9,304 9,231 9,328         27,864    24,526    33,074
potable and untreated
('000 m3) **


(**) Note: Water volumes include water transportation of 270,000 m3 in Q1,
740,000 m3 in Q2 and 254,000 m3 in Q3.


For further enquiries:

Alejandro Rivera
[e-mail]                     Santiago: (56-2) 377 5145


Desmond O'Conor
[e-mail]                London: (44) 20 7808 0988

Hussein Barma                            London: (44) 20 7808 0988
[e-mail]


Issued by:

Keith Irons, Bankside Consultants                (44) 20 7367 8873
[e-mail]

Oliver Winters, Bankside Consultants             (44) 20 7367 8874
[e-mail]



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