2nd Quarter Production Report

Antofagasta PLC
31 July 2002

31 July 2002



Antofagasta plc
Quarterly Production Report - Q2 2002


Highlights



•        Group copper production was 101,960 tonnes in Q2 compared with 108,950
         tonnes in Q1 mainly due to lower ore grades and processing levels at Los
         Pelambres.

•        El Tesoro's production up 9.8% from 19,340 tonnes in Q1 to 21,244 in
         Q2.

•        Michilla's production up 5.1% from 12,456 tonnes in Q1 to 13,090 in Q2.

•        Group cash costs maintained at under 40 cents per pound.






                                           Q1       Q2        Q3        Q4        Acc        Acc     Full Year

Group Total                              2002     2002      2002      2002       2002       2001          2001

Total copper production                 108.9    102.0                          210.9      193.9         445.0
('000 tonnes)

Weighted average                         39.2     39.3                           39.2       41.0          38.8
Cash costs (cents per pound)



Los Pelambres

Ore processing levels at Los Pelambres decreased 11.4% from 113,600 tonnes per
day (tpd) in Q1 to 100,600 tpd in Q2.  This was mainly due to harder ore feed
which reduced throughput at the grinding lines, and also because of bad weather
conditions causing stoppages at the beginning of June.  Production of payable
copper in concentrates decreased 12.4% from 77,154 tonnes in Q1 to 67,625 tonnes
in Q2, due to lower processing levels as well as lower ore grades as expected
during Phase 3 of the mine plan.

Despite the decrease in production, cash costs this quarter were marginally
below Q1 at 34.8 cents per pound with improved by-product credits from higher
molybdenum prices.  Molybdenum prices spiked in early May from the previous
US$2.60 per pound levels to around the US$5.00 levels currently being obtained.



El Tesoro

Cathode production increased by 9.8% from 19,340 tonnes in Q1 to 21,244 tonnes
in Q2, resulting from better ore grades under El Tesoro's mine plan partly
offset by lower processing levels and recoveries.  Cash costs of 39.7 cents per
pound in Q2 were virtually unchanged from the previous quarter.



Michilla

Cathode production of 13,090 tonnes was 5.1% above Q1 production of 12,456
tonnes due to higher processing levels following the installation of additional
crushing capacity, which will enable production to be maintained at current
levels despite a higher waste to ore ratio expected under Michilla's mine plan.

Cash costs in Q2 increased by 4.3% to 61.5 cents per pound compared with 59.0
cents per pound in Q1, mainly due to the higher waste to ore ratio.





Rail and Road Transport

Rail tonnages for Q2 increased by 2.6% compared to the previous quarter and
higher transport volumes were achieved in both Chile and Bolivia.  Tonnages for
the first six months of the year totalled 2,101,000 tons compared with 1,854,000
tons in the first six months of 2001.




                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

Los Pelambres                         2002      2002         2002      2002      2002      2001          2001

Daily average ore treated            113.6     100.6                            107.1     100.5         104.7
('000 tonnes)

Average ore grade                     0.89      0.83                             0.86      1.07          1.05
(%)

Average recovery                      91.2      90.8                             91.0      91.5          92.4
(%)

Concentrate produced                 189.7     168.1                            357.7     403.8         856.9
('000 tonnes)

Average concentrate grade             42.1      41.6                             41.8      43.6          43.6
(%)

Fine copper in concentrate            79.8      69.9                            149.7     175.9         373.8
('000 tonnes)

Payable copper in concentrate         77.2      67.6                            144.8     170.0         361.5
('000 tonnes)

Payable moly in concentrate            2.4       2.1                              4.5       3.0           6.9
('000 tonnes)

Cash costs                            35.9      34.8                             35.4      37.0          35.3
(cents per pound)





                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

El Tesoro                             2002      2002         2002      2002      2002      2001          2001

Daily average ore treated             20.6      19.7                             20.1         -          17.7
('000 tonnes)

Average ore grade                     1.34      1.51                             1.42         -          1.44
(%)

Average recovery                      76.5      74.8                             75.6         -          76.1
(%)

Copper cathodes                       19.3      21.2                             40.6         -          34.0
('000 tonnes)

Cash costs                            39.6      39.7                             39.7         -          39.6
(cents per pound)



El Tesoro remained in the commissioning period until 1 July 2001 and therefore
no comparatives are shown for the six months to June 2001.



                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

Michilla                              2002      2002         2002      2002      2002      2001          2001

Daily average ore treated             11.8      13.1                             12.5      11.9          12.2
('000 tonnes)

Average ore grade                     1.48      1.43                             1.45      1.50          1.49
(%)

Average recovery                      77.4      74.8                             76.1      73.4          74.8
(%)

Copper cathodes                       12.5      13.1                             25.5      23.8          49.6
('000 tonnes)

Cash costs                            59.0      61.5                             60.3      69.4          64.5
(cents per pound)




                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year

Transport                             2002      2002         2002      2002      2002      2001          2001

Rail tonnage transported             1,037     1,064                            2,101     1,854         3,899
('000 tons)


For further enquiries:

Philip Adeane, Antofagasta plc               (44) 20 7382 7862
[e-mail]

Hussein Barma, Antofagasta plc               (44) 20 7382 7862
[e-mail]

Alejandro Rivera, Antofagasta Minerals       (56-2) 377 5145
[e-mail]


Issued by:

Keith Irons, Bankside Consultants            (44) 20 7444 4155
[e-mail]




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