Q4 2003 Production Report

Antofagasta PLC
20 January 2004

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



20 January 2004



Antofagasta plc
Quarterly Production Report - Q4 2003



Highlights



•       Group production increased by 2.4% to 471,800 tonnes in 2003.  All
three mines increased their production levels.



•       Group cash costs were down 6.4% to 36.4 cents per pound in 2003.


                                           Q1       Q2         Q3         Q4     Full Year     Full Year

Group Total                              2003     2003       2003       2003          2003          2002
Total copper production

('000 tonnes)                           105.8    119.4      124.3      122.4         471.8         460.7
Weighted average

Cash costs (cents per pound)             39.8     35.6       34.6       36.1          36.4          38.9





Los Pelambres

Annual copper production was 326,700 tonnes, marginally above the previous year.
Higher ore processing levels followed installation of the new Pebble Crusher
in August and compensated for lower recoveries.  Production levels in 2004 are
expected to be similar to 2003, as higher ore processing levels will offset
lower ore grades under the next phase of the mine plan.



Cash costs in 2003 were 16% lower than the previous year at 29.3 cents per
pound.  This reduction was due mainly to by-product credits resulting from
increased Molybdenum production, 11% higher than 2002, and higher Moly prices,
40% above 2002.  Moly production in 2004 is expected to be lower, which will
impact cash costs.



El Tesoro

During 2003, El Tesoro increased its cathode production by 9.5% and again
exceeded its design capacity.  The increased production resulted from higher ore
processing levels and improved recoveries due to a better mix of ores aimed at
achieving optimum grades for heap-leaching.  Similar production levels are
expected in 2004 when higher ore processing levels should compensate for lower
ore grades.



Cash costs in 2003 were 42.4 cents per pound, 3% higher than the previous year.
The increase was due mainly to higher haulage costs incurred in the mixing of
ores as mentioned and the addition of dry waste material to reduce humidity
levels in the tailings dumps.  Cash costs are expected to increase in 2004 due
to higher processing levels and the appreciation of the Chilean peso against the
US dollar.



Michilla

Cathode production increased by 2% in 2003 to 52,700 tonnes.  The installation
of additional crushing capacity at the beginning of the year increased ore
processing levels by 16% and compensated for lower ore grades.



Cash costs were 69 cents per pound, 12% higher than the previous year.  This
resulted from production difficulties experienced in the first part of the year
and increased haulage costs under the current phase of the mine plan.  The
Chilean peso, which averaged CH$688 to US$1 during 2003, has continued to
strengthen and is currently at the CH$575 to US$1 level.  This will adversely
affect costs in 2004.



Rail and Road Transport



Tonnages from Chilean customers increased, as did mineral shipments from
Bolivia.  The port of Mejillones began operating in November and Codelco has
initiated shipments of copper cathodes through that port.  Overall rail tonnages
increased by 5.9% over 2002.



In December, the Railway completed the acquisition of a 30-year water concession
in Chile's Region II for US$ 195.3 million (including IVA tax).  The Concession
will be operated by Aguas de Antofagasta S.A., a wholly-owned subsidiary.




                                         Q1        Q2           Q3        Q4     Full Year     Full Year

Los Pelambres                          2003      2003         2003      2003          2003          2002
Daily average ore treated
('000 tonnes)                         107.1     115.4        105.0     125.5         113.3         110.5
Average ore grade
(%)                                    0.88      0.93         1.00      0.85          0.91          0.91
Average recovery
(%)                                    90.1      89.3         90.9      89.3          89.9          91.1
Concentrate produced
('000 tonnes)                         172.7     219.2        217.2     217.3         826.5         811.8
Average concentrate grade
(%)                                    42.8      39.5         41.1      40.6          40.9          41.3
Fine copper in concentrate
('000 tonnes)                          73.9      86.6         89.2      88.1         337.8         335.5
Payable copper in concentrate
('000 tonnes)                          71.5      83.7         86.3      85.2         326.7         324.6
Payable moly in concentrate
('000 tonnes)                           1.8       1.9          2.2       2.7           8.7           7.8
Cash costs
(cents per pound)                      34.4      29.0         27.5      27.3          29.3          34.9






                                         Q1        Q2           Q3        Q4     Full Year     Full Year

El Tesoro                              2003      2003         2003      2003          2003          2002
Daily average ore treated
('000 tonnes)                          22.7      19.7         22.0      24.0          22.1          20.5
Average ore grade
(%)                                    1.48      1.60         1.43      1.34          1.46          1.50
Average recovery
(%)                                    77.0      77.5         80.3      78.3          78.2          74.4
Copper cathodes
('000 tonnes)                          23.4      22.1         24.0      22.9          92.4          84.3
Cash costs
(cents per pound)                      40.6      41.3         41.1      46.6          42.4          40.8







                                         Q1        Q2           Q3        Q4     Full Year     Full Year

Michilla                               2003      2003         2003      2003          2003          2002
Daily average ore treated
('000 tonnes)                          12.4      16.4         16.7      16.7          15.6          13.4
Average ore grade
(%)                                    1.35      1.24         1.21      1.21          1.25          1.39
Average recovery
(%)                                    75.1      74.7         74.9      75.4          75.0          75.6
Copper cathodes
('000 tonnes)                          10.9      13.5         14.0      14.3          52.7          51.8
Cash costs
(cents per pound)                      73.1      67.4         67.3      72.0          69.0          61.4






                                         Q1         Q2           Q3         Q4     Full Year     Full Year

Transport                              2003       2003         2003       2003          2003          2002
Rail tonnage transported
('000 tons)                             946      1,131        1,118      1,193         4,388         4,142





For further enquiries:


Philip Adeane, Antofagasta plc
[e-mail]                           (44) 20 7808 0988

Hussein Barma, Antofagasta plc
[e-mail]                               (44) 20 7808 0988

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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