4th Quarter Production Result

Antofagasta PLC 31 January 2001 Antofagasta plc 4th Quarter Production Results 31 January 2001 Highlights * Total Group annual copper production up 580% to 351,100 tonnes (1999 - 60,500 tonnes) following a successful first year of operations at Los Pelambres. * Los Pelambres Q4 production up 12.2% over Q3 to 83,400 tonnes through improved processing levels. * El Tesoro mine construction nears 90%. Group Total Q1 Q2 Q3 Q4 Year 2000 Year 1999 2000 2000 2000 2000 Total copper production 82.3 85.4 87.0 96.4 351.1 60.5 ('000 tonnes) Weighted average 38.7 39.6 37.7 39.9 39.2 55.4 Cash costs (cents per pound) Los Pelambres Improvements made to the grinding lines in September increased ore processing levels by 17% compared with the previous quarter, reaching an average of 106,200 tonnes per day in Q4. Production of payable copper in concentrate was 83,400 tonnes in Q4. This increased production had no significant impact on recovery or concentrate grades. Cash costs in Q4 were 36.7 cents per pound, reflecting repair and maintenance costs incurred on the conveyor belts and tailings thickener. Los Pelambres annual production in 2000 was 298,900 tonnes at average cash costs of 35.6 cents per pound while shipments reached 306,200 tonnes. The improved Q4 ore processing levels are expected to be maintained in 2001. In December, Los Pelambres made its first principal repayment of US$67.2 million on senior debt in addition to interest payments and made its first distribution to shareholders. Michilla Michilla continued the planned expansion of the open pit under its mine plan and started on Phase Seven in November. Production in the fourth quarter was maintained at 12,900 tonnes and a total of 51,100 tonnes of cathodes was produced in 2000. El Tesoro Progress at the El Tesoro project remained on schedule and within budget. Construction at the year end was 88.7% complete. Pre-stripping of the open pit began early in December together with satisfactory testing of the crusher systems. First cathode production is expected in May 2001. El Tesoro plans to produce 75,000 tonnes annually when in full production. Exploration Antofagasta acquired a 30% interest in the Magistral project in January 2001 under the option agreement with its joint venture partner, Inca Pacific. This followed successful completion of its Phase Two drilling programme at the copper skarn project in Northern Peru. Antofagasta will spend a further US$2.95 million in 2001 which will entitle it to increase its interest to 51% when the project will be at the pre-feasibility stage. Transport (FCAB) Railway increased transport volumes over the previous quarter. Total tonnages carried increased by 6% to 3.3 million tons compared to 1999. Los Pelambres Q1 Q2 Q3 Q4 Year Year 2000 2000 2000 2000 2000 1999 Daily average ore treated 84.7 90.0 90.5 106.2 93.1 - ('000 tonnes) Average ore grade 1.04 1.01 0.95 0.96 0.98 - (%) Average recovery 91.4 93.0 93.2 92.2 92.4 - (%) Concentrate produced 158.5 171.6 179.1 205.3 714.5 - ('000 tonnes) Average concentrate grade 44.8 43.8 42.9 42.1 43.3 - (%) Copper in concentrate 68.6 72.6 74.3 83.4 298.9 - ('000 tonnes) Cash costs 34.9 35.9 33.8 36.7 35.6 - (cents per pound) Michilla Q1 Q2 Q3 Q4 Year Year 2000 2000 2000 2000 2000 1999 Daily average ore treated 12.1 11.7 11.7 11.8 11.8 12.1 ('000 tonnes) Average ore grade 1.72 1.70 1.65 1.63 1.67 1.77 (%) Average recovery 74.5 71.6 72.0 72.3 72.6 77.3 (%) Copper cathodes 12.6 12.8 12.7 12.9 51.1 51.3 ('000 tonnes) Copper in concentrate 1.1 - - - 1.1 9.2 ('000 tonnes) Cash costs 58.8 60.2 60.2 60.3 59.8 55.4 (cents per pound) Transport (FCAB) Q1 Q2 Q3 Q4 Year Year 2000 2000 2000 2000 2000 1999 Rail tonnage transported 767 838 834 860 3,299 3,118 ('000 tons) For further information please contact: Hussein Barma, Antofagasta plc, London Tel: +44 20 7374 8091 Fax: +44 20 7628 3773 Email:hbarma@antofagasta.co.uk Alejandro Rivera, Antofagasta Minerals, Santiago Tel: +56 2 2405145 Email:ariveria@anaconda.cl Keith Irons, Bankside Consultants Ltd, London Tel: +44 207 2207477 Fax: +44 207 2207211 Email: keith@bankside.com