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Antofagasta PLC (ANTO)

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Wednesday 30 April, 2003

Antofagasta PLC

Quarterly Production Report

Antofagasta PLC
30 April 2003


30 April 2003

Antofagasta plc
Quarterly Production Report - Q1 2003

Highlights

•         Group copper production in Q1 of 105,800 tonnes

•         Group cash costs remain below 40 cents per pound

•         Continuing optimisation at El Tesoro results in record 23,400 tonnes
          of cathodes


                                           Q1       Q2        Q3        Q4        Acc        Acc     Full Year
Group Total                              2003     2003      2003      2003       2003       2002          2002

Total copper production
('000 tonnes)                           105.8                                   105.8      108.9         460.7

Weighted average
Cash costs (cents per pound)             39.8                                    39.8       39.2          38.9


Los Pelambres

Early maintenance on both grinding lines reduced ore processing levels in Q1 to
107,100 tonnes per day (tpd) compared with an average of 110,500 tpd during
2002.  Processing levels have now reverted to normal levels after completion of
maintenance and an average of 115,000 tpd for the year is forecast.  As expected
in the mine plan, ore grades decreased to 0.88% compared with 0.91% in 2002.
Consequently, copper production at Los Pelambres was 71,500 tonnes in Q1.  With
increased throughput expected for the remainder of the year, forecast production
remains at 325,000 tonnes of payable copper, compared with 324,600 tonnes in the
2002 full year.


Cash costs of 34.4 cents per pound compared to an average of 34.9 cents per
pound in 2002.  Molybdenum prices averaged US$4.00 per pound in Q1 compared with
US$3.70 per pound in 2002.  If these prices continue, cash costs at Los
Pelambres should be maintained at similar levels for the remainder of the year.


El Tesoro

Cathode production reached 23,400 tonnes, 12.4% above the quarterly average for
2002, resulting from higher throughput and increased metallurgical recoveries.
The higher recoveries resulted from blending of ores at the primary crusher
providing material for the leaching pads.   Production for the year is estimated
to be at least 85,000 tonnes.


Cash costs were 40.6 cents per pound, in line with the 2002 average of 40.8
cents per pound and are expected to remain at a similar level for the remainder
of the year.


Michilla

Michilla produced 10,900 tonnes of cathodes, 14.3% lower than the quarterly
average for 2002 due to the installation and start-up of additional crushing
capacity.  The crushing capacity has now been increased and consequently
production levels are expected to be similar to 2002.


Cash costs in Q1 jumped to 73.1 cents per pound, compared with 61.4 cents in
2002, due to the lower processing levels and higher costs under the current
phase of the mine plan, but cash costs for the year are expected to revert to
average of 64.5 cents per pound, helped by the increased crushing capacity and
with better grades expected in the second half of the year.


Rail and Road Transport

Rail tonnages decreased by 7% to 946,000 tons compared to the 2002 quarterly
average due to reduced shipments of cathodes and sulphuric acid from El Abra and
the decision by Codelco to stockpile some of its production.  The Railway
expects to move part of the tonnage stockpiled during the course of the year.


                                         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                                       107.1      113.6         110.5

Average ore grade
(%)                                    0.88                                        0.88       0.89          0.91

Average recovery
(%)                                    90.1                                        90.1       91.2          91.1

Concentrate produced
('000 tonnes)                         172.7                                       172.7      189.7         811.8

Average concentrate grade
(%)                                    42.8                                        42.8       42.1          41.3

Fine copper in concentrate
('000 tonnes)                          73.9                                        73.9       79.8         335.5

Payable copper in concentrate
('000 tonnes)                          71.5                                        71.5       77.2         324.6

Payable moly in concentrate
('000 tonnes)                           1.8                                         1.8        2.4           7.8

Cash costs
(cents per pound)                      34.4                                        34.4       35.9          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                                       22.7      20.6          20.5

Average ore grade
(%)                                   1.48                                       1.48      1.34          1.50

Average recovery
(%)                                   77.0                                       77.0      76.5          74.4

Copper cathodes
('000 tonnes)                         23.4                                       23.4      19.3          84.3

Cash costs
(cents per pound)                     40.6                                       40.6      39.6          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                                       12.4      11.8          13.4

Average ore grade
(%)                                   1.35                                       1.35      1.48          1.39

Average recovery
(%)                                   75.1                                       75.1      77.4          75.6

Copper cathodes
('000 tonnes)                         10.9                                       10.9      12.5          51.8

Cash costs
(cents per pound)                     73.1                                       73.1      59.0          61.4


                                        Q1        Q2           Q3        Q4       Acc        Acc     Full Year
Transport                             2003      2003         2003      2003      2003       2002          2002

Rail tonnage transported
('000 tons)                            946                                        946      1,037         4,142

For further enquiries:

Philip Adeane, Antofagasta plc
nwakefield@antofagasta.co.uk                           (44) 20 7382 7862
Hussein Barma, Antofagasta plc
hbarma@antofagasta.co.uk                               (44) 20 7382 7862

Alejandro Rivera, Antofagasta Minerals
arivera@aminerals.cl                                   (56-2) 377 5145


Issued by:

Keith Irons, Bankside Consultants
keith@bankside.com                                     (44) 20 7444 4155


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