Quarterly Production Report

Antofagasta PLC
30 October 2003

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.


30 October 2003


Antofagasta plc
Quarterly Production Report - Q3 2003


Highlights



  •  Group Copper production climbed 4% to 124,300 tonnes in Q3



  • Group cash costs were 34.6 cents per pound, historically the lowest to
    date


                                          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     124.3               349.4     323.5         460.7
Weighted average

Cash costs (cents per pound)            39.8     35.6      34.6                36.5      38.4          38.9





Los Pelambres

Quarterly copper production was 86,300 tonnes, an increase of 3% compared to the
previous quarter. The increase was due to higher grades and recoveries but was
offset by lower processing levels. The decrease in throughput resulted from
scheduled maintenance carried out during August which included installation of
the new Pebble Crusher. A similar production level will be maintained during the
next quarter despite lower ore grades as per the Mine Plan which should be
offset by higher processing levels.



Cash costs for the period were 27.5 cents per pound, a new record.  This was
mainly achieved by increased by-product credits.  Production of Molybdenum
increased (15% over Q2) as did Moly prices (7% higher than Q2).



The company expects that copper production in 2003 will reach 325,000 tonnes.



El Tesoro

Cathode production at El Tesoro increased 8% compared to the previous quarter.
The increase was due to higher throughput and better recoveries offset by a
decrease in the ore grade. It is expected that similar processing and recovery
levels will be maintained, although the grade will be lower due to the
extraction sequence in the ore body.  Notwithstanding and as previously stated,
El Tesoro will still produce at least 90,000 tonnes of cathodes for the year.



Cash costs were marginally less than in Q2, due to increased production.



Michilla

The additional crusher capacity, which was installed at the beginning of the
year, boosted Michilla's production in Q3 to 14,000 tonnes, 4% higher than in
the previous quarter.  Cash costs were maintained at around 67 cents per pound.




The Chilean peso which averaged CH$ 693 to US$ 1.00 in Q3 has now strengthened
to CH$ 635 to US$ 1.00, which will have a negative impact, to a greater or
lesser degree, on the Group's three mines and will be reflected in Q4 costs as
approximately 35% of the cash cost of the three mines is incurred in Pesos.



Rail and Road Transport

Tonnage levels in Q3 were similar to Q2 and should be maintained through the
year end.  Expectation is that total tonnage carried in 2003 will exceed tonnage
in 2002.




                                        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        105.0               109.1     110.3         110.5
Average ore grade

(%)                                   0.88      0.93         1.00                0.93      0.85          0.91
Average recovery

(%)                                   90.1      89.3         90.9                90.1      90.6          91.1
Concentrate produced

('000 tonnes)                        172.7     219.2        217.2               609.2     563.7         811.8
Average concentrate grade

(%)                                   42.8      39.5         41.1                41.0      41.0          41.3
Fine copper in concentrate

('000 tonnes)                         73.9      86.6         89.2               249.6     231.0         335.5
Payable copper in concentrate

('000 tonnes)                         71.5      83.7         86.3               241.5     223.4         324.6
Payable moly in concentrate

('000 tonnes)                          1.8       1.9          2.2                 6.0       6.6           7.8
Cash costs

(cents per pound)                     34.4      29.0         27.5                30.1      34.0          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         22.0                21.4      20.4          20.5
Average ore grade

(%)                                   1.48      1.60         1.43                1.50      1.47          1.50
Average recovery

(%)                                   77.0      77.5         80.3                78.2      74.7          74.4
Copper cathodes

('000 tonnes)                         23.4      22.1         24.0                69.5      61.5          84.3
Cash costs

(cents per pound)                     40.6      41.3         41.1                41.0      40.4          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         16.7                15.2      12.8          13.4
Average ore grade

(%)                                   1.35      1.24         1.21                1.26      1.43          1.39
Average recovery

(%)                                   75.1      74.7         74.9                74.8      76.1          75.6
Copper cathodes

('000 tonnes)                         10.9      13.5         14.0                38.4      38.6          51.8
Cash costs

(cents per pound)                     73.1      67.4         67.3                69.0      60.6          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        1,118                3,194      3,107         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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