Q4 2002 Production Report

Antofagasta PLC
29 January 2003

The following statement has been released by Antofagasta plc and is distributed
in London by Bankside Consultants on behalf of the Company.  Contact:  Keith
Irons, 020 7444 4155.




29 January 2003




Antofagasta plc

Quarterly Production Report - Q4 2002




Highlights



•         Record year for copper production which totalled 460,700 tonnes (2001
          - 445,000 tonnes).

•         Group cash costs were held below 40 cents per pound, despite some
          disruption to operations in June 2002 caused by abnormal winter 
          conditions at Los Pelambres.

•         Group copper production in Q4 was 137,100 tonnes, 21.8% above Q3.
          Higher ore grades at Los Pelambres were the main contributing factor.

•         El Tesoro's first full year of operations produced 84,300 tonnes,
          12.4% above design capacity.




                                           Q1         Q2         Q3       Q4     Full Year     Full Year
Group Total                              2002       2002       2002     2002          2002          2001

Total copper production
('000 tonnes)                           108.9      102.0      112.6    137.1         460.7         445.0

Weighted average
Cash costs (cents per pound)             39.2       39.3       36.9     40.1          38.9          38.8





Los Pelambres

Copper production at Los Pelambres in Q4 was 101,100 tonnes, 28.5% over Q3,
boosted by improved ore grades under the current phase of the mine plan.  Ore
grades for 2003, however, are expected to be similar to the 2002 average.



Cash costs in Q4 increased to 36.7 cents per pound from 31.5 cents per pound in
Q3, due mainly to lower by-product credits as prices for Molybdenum concentrates
weakened and Moly. production decreased.



El Tesoro

El Tesoro produced 84,300 tonnes of cathodes in its first full year of
operations.  The production level achieved compared with the 75,000 tonnes
design capacity of its cathode plant.



Q4 production was 22,800 tonnes, an increase of  9.1% over Q3, due to a
combination of higher grades and improved recoveries.  Lower grades expected in
2003 should be compensated by higher ore processing levels and better recoveries
as production processes continue to be upgraded and cathode production is
expected to be maintained at 2002 levels.



Cash costs of 41.7 cents per pound in Q4 were marginally below the previous
quarter.



Michilla

Michilla produced 13,200 tonnes of cathodes in Q4, a slight increase on the
previous quarter.  The additional crushing capacity in service at Michilla,
since March 2002, has enabled production levels to be maintained despite lower
grades during the year.

Cash costs in Q4 were higher at 63.5 cents, compared with 61.3 cents in the
previous quarter, and resulted mainly from increased throughput to compensate
for lower ore grades in the second half.



Rail and Road Transport

Freight carried in Q4 was 1,035,000 tons, only marginally ahead of Q3, but total
tonnages for 2002 reached  4,142,000 tons, a 6.2% increase over 2001.




                                         Q1        Q2           Q3        Q4     Full Year        Full Year
Los Pelambres                          2002      2002         2002      2002          2002             2001

Daily average ore treated
('000 tonnes)                         113.6     100.6        116.6     111.1         110.5            104.7

Average ore grade
(%)                                    0.89      0.83         0.85      1.09          0.91             1.05

Average recovery
(%)                                    91.2      90.8         89.8      92.2          91.1             92.4

Concentrate produced
('000 tonnes)                         189.7     168.1        206.0     248.1         811.8            856.9

Average concentrate grade
(%)                                    42.1      41.6         39.5      42.1          41.3             43.6

Fine copper in concentrate
('000 tonnes)                          79.8      69.9         81.3     104.5         335.5            373.8

Payable copper in concentrate
('000 tonnes)                          77.2      67.6         78.7     101.1         324.6            361.5

Payable moly in concentrate
('000 tonnes)                           2.4       2.1          2.1       1.3           7.8              6.9

Cash costs
(cents per pound)                      35.9      34.8         31.5      36.7          34.9             35.3






                                         Q1        Q2           Q3        Q4     Full Year        Full Year
El Tesoro                              2002      2002         2002      2002          2002             2001

Daily average ore treated
('000 tonnes)                          20.6      19.7         21.0      20.6          20.5             17.7

Average ore grade
(%)                                    1.34      1.51         1.55      1.60          1.50             1.44

Average recovery
(%)                                    76.5      74.8         73.1      73.6          74.4             76.1

Copper cathodes
('000 tonnes)                          19.3      21.2         20.9      22.8          84.3             34.0

Cash costs
(cents per pound)                      39.6      39.7         41.9      41.7          40.8             39.6






                                         Q1        Q2           Q3        Q4     Full Year        Full Year
Michilla                               2002      2002         2002      2002          2002             2001

Daily average ore treated
('000 tonnes)                          11.8      13.1         13.4      15.1          13.4             12.2

Average ore grade
(%)                                    1.48      1.43         1.38      1.29          1.39             1.49

Average recovery
(%)                                    77.4      74.8         76.2      74.3          75.6             74.8

Copper cathodes
('000 tonnes)                          12.5      13.1         13.1      13.2          51.8             49.6

Cash costs
(cents per pound)                      59.0      61.5         61.3      63.5          61.4             64.5




                                         Q1        Q2           Q3        Q4     Full Year        Full Year
Transport                              2002      2002         2002      2002          2002             2001

Rail tonnage transported
('000 tons)                           1,037     1,064        1,006     1,035         4,142            3,899





For further enquiries:


Philip Adeane, Antofagasta plc
[e-mail]                           (44) 20 7382 7862

Hussein Barma, Antofagasta plc
[e-mail]                               (44) 20 7382 7862

Alejandro Rivera, Antofagasta Minerals
[e-mail]                                   (56-2) 377 5145





Issued by:


Keith Irons, Bankside Consultants
[e-mail]                                     (44) 20 7444 4155






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