Drill Programme

Antofagasta PLC 4 December 2000 NEWS RELEASE ANTOFAGASTA PLC ANNOUNCES THAT IT WILL PROCEED WITH MAJOR DRILL PROGRAMME IN 2001, FOLLOWING SCOPING STUDY LONDON: Monday, 04 December 2000 - Antofagasta plc announces that following the discovery of significant copper and molybdenum mineralization at the Magistral project in Northern Peru and the completion of an internal scoping study, Anaconda Peru, its wholly owned subsidiary, has elected to proceed with a Second Phase exploration programme. As part of the programme, Anaconda Peru will spend up to US $2,950,000 by December 31 2001, including 14,000 metres of diamond drilling. Copper/molybdenum mineralization occurs at Magistral in a setting composed of well mineralised porphyry and adjacent skarn. In 1999 and 2000 Anaconda Peru completed 8,500 metres of diamond drilling in 27 holes. The saddle-shaped mineralised body is some 1,200 metres long, 125 metres in thickness and extends to a depth of 350 metres. The mineralization remains open at depth. A new company, Ancash Cobre S.A., has been formed in Peru by Inca Pacific to hold all the Magistral assets. Anaconda Peru will receive a 30% interest in this company when it exercises the underlying option between Inca Pacific and Banco Minero del Peru by paying an additional US $400,000 to Banco Minero del Peru and delivering the scoping study. Upon completion of the 2001 programme the project will be at the Pre-Feasibility stage and Anaconda Peru will acquire a 51% interest in the project. - Ends - Enquiries: Philip Adeane, Managing Director Email: sbolton@antofagasta.co.uk Antofagasta plc - London, UK Telephone: +44 207 374 8091 Ricardo Muhr, Vice President of New Email: rmuhr@anaconda.cl Business Development Antofagasta Minerals S.A. - Santiago, Telephone: +562 240 5070 Chile Issued by: Keith Irons/Sarah Campbell Email: keith@bankside.com Bankside Consultants Ltd Telephone: +44 207 220 7477