Quarterly Production Report

Antofagasta PLC
30 July 2003



30 July 2003





Antofagasta plc
Quarterly Production Report - Q2 2003



Highlights


  • Group Copper production increased by 13% over Q1 to 119,400 tonnes


  • Los Pelambres cash costs were 29 cents per pound - the lowest quarterly
    costs to date


  • FCAB increased tonnage carried by 20% over Q1



                                           Q1       Q2        Q3        Q4        Acc        Acc     Full Year

Group Total                              2003     2003      2003      2003       2003       2002          2002
Total copper production
('000 tonnes)                           105.8    119.4                          225.1      210.9         460.7
Weighted average
Cash costs (cents per pound)             39.8     35.6                           37.6       39.2          38.9





Los Pelambres

Copper production at Los Pelambres was 83,700 tonnes in Q2, an increase of 17%
compared to Q1.  This was mainly due to higher use of operating capacity at the
plant, improvements to gratings at the SAG Mills and higher ore grades.



Cash costs for the period were 29 cents per pound - a record for the mine.  The
reduction in costs was primarily due to increased by-product credits, cost
control efficiency and expanded Copper production. The production of Molybdenum
increased by 6% in the period and the average Molybdenum price obtained during
the second quarter was US$5.20  per pound - almost 30% higher than the Moly
price levels achieved in the previous quarter.



Copper production at Los Pelambres should reach 325,000 tonnes in 2003.



El Tesoro

Cathode production at 22,100 tonnes was 6% lower than in Q1 as a result of the
scheduled shutdown for maintenance at the concentrator during May.   This
enabled improvements to be made to the tailings dispersal system.



Due mainly to the reduced production, cash costs at 41.3 cents per pound were
marginally higher than the 40.6 cents in Q1.



Production at El Tesoro is still expected to reach 85,000 tonnes of cathodes for
the year.



Michilla

Michilla's production increased by 24% to 13,500 tonnes in Q2, which partially
recouped the lower production in the previous quarter, following modifications
made to the crusher line.



Cash costs at 67.4 cents per pound were 8% less than Q1, as a consequence of the
above mentioned production increase.



Production at Michilla is expected to be around 52,000 tonnes for the year.




Rail and Road Transport

Tonnage was 1,131,000 tons, an increase of 20% over the previous quarter as the
El Abra mine resumed its normal level of sulphuric acid shipments and the FCAB
started to move copper from Codelco's stockpile.




                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

Los Pelambres                         2003      2003         2003      2003      2003      2002          2002
Daily average ore treated
('000 tonnes)                        107.1     115.4                            111.3     107.1         110.5
Average ore grade
(%)                                   0.88      0.93                             0.90      0.86          0.91
Average recovery
(%)                                   90.1      89.3                             89.7      91.0          91.1
Concentrate produced
('000 tonnes)                        172.7     219.2                            392.0     357.7         811.8
Average concentrate grade
(%)                                   42.8      39.5                             40.9      41.8          41.3
Fine copper in concentrate
('000 tonnes)                         73.9      86.6                            160.4     149.7         335.5
Payable copper in concentrate
('000 tonnes)                         71.5      83.7                            155.2     144.8         324.6
Payable moly in concentrate
('000 tonnes)                          1.8       1.9                              3.8       4.5           7.8
Cash costs
(cents per pound)                     34.4      29.0                             31.5      35.4          34.9






                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

El Tesoro                             2003      2003         2003      2003      2003      2002          2002
Daily average ore treated
('000 tonnes)                         22.7      19.7                             21.2      20.1          20.5
Average ore grade
(%)                                   1.48      1.60                             1.54      1.42          1.50
Average recovery
(%)                                   77.0      77.5                             77.2      75.6          74.4
Copper cathodes
('000 tonnes)                         23.4      22.1                             45.5      40.6          84.3
Cash costs
(cents per pound)                     40.6      41.3                             41.0      39.7          40.8






                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

Michilla                              2003      2003         2003      2003      2003      2002          2002
Daily average ore treated
('000 tonnes)                         12.4      16.4                             14.4      12.5          13.4
Average ore grade
(%)                                   1.35      1.24                             1.29      1.45          1.39
Average recovery
(%)                                   75.1      74.7                             74.8      76.1          75.6
Copper cathodes
('000 tonnes)                         10.9      13.5                             24.4      25.5          51.8
Cash costs
(cents per pound)                     73.1      67.4                             69.9      60.3          61.4






                                        Q1         Q2           Q3        Q4        Acc        Acc     Full Year

Transport                             2003       2003         2003      2003       2003       2002          2002
Rail tonnage transported
('000 tons)                            946      1,131                             2,077      2,101         4,142





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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