4th Quarter Production Report

Antofagasta PLC
30 January 2002

30 January 2002



Quarterly Production Report - 4th Quarter 2001

 
Highlights



  • Group's 2001 copper production increased 26% to 445,000 tonnes compared
    with 351,100 tonnes in 2000.
  • Group's average cash costs for the year down to 38.6 cents per pound from
    39.2 cents in 2000.
  • Banking completion achieved at El Tesoro two months ahead of schedule.
  • Michilla's cash costs in Q4 at 58.8 cents, down 10 cents from beginning of
    year.




                                      Q1        Q2        Q3        Q4       Full Year        Full Year
Group Total                          2001      2001      2001      2001          2001          2000

Total copper production              92.0      101.9     129.5     121.6        445.0          351.1

('000 tonnes)
Weighted average                     43.2      39.0      36.0      37.5         38.6           39.2
cash costs (cents per pound)



Note - El Tesoro remained under development in Q2, and produced 9,000 tonnes of
cathodes during this commissioning period.  This tonnage has not been included
in the group figures for Q2.





Los Pelambres

Both mine ore production and copper output in Q4 decreased compared to the
previous quarter, due to several factors, including lower ore grades and
temporary production problems at the No.4 Ball Mill.  The lower production level
was the main reason for the increase in cash costs during this period.



Annual production of 361,500 tonnes of payable copper met the 2001 production
target and exceeded the previous year's figure by 20%.  Cash costs at 35.3 cents
per pound for the year were marginally lower than 2000 and confirm Los
Pelambres' position in the lowest cost quartile of world copper producers.





El Tesoro

Production started at El Tesoro in Q2 and banking completion tests were
satisfactorily completed ahead of initial expectations.  All requisite
certification was delivered to the Trustee on 13 December and formal project
completion was confirmed on 27 January 2002.



Production in Q4 was 19,300 tonnes which was 30% higher than Q3, and was
consistent with the levels expected during the ramp-up period.  El Tesoro has
now reached its design capacity.  The increased production in Q4 lowered cash
costs to 34.1 cents per pound compared to 39.4 cents for the previous quarter.





Michilla

Michilla implemented a cost reduction programme during Q4 in response to low
copper prices.  The plan included re-negotiating contracts with suppliers,
essential cost cutting and reducing personnel by 110 employees in November.  As
a result, cash costs were again reduced during this quarter.  Production at
Michilla was maintained at 12,900 tonnes, slightly higher than the previous
quarter and annual production reached design capacity levels of 50,000 tonnes.





Rail and Road Transport

Rail tonnages from both networks increased by 5% during the last quarter due to
shipments of zinc concentrates from Bolivia and increased shipments from local
mining operations, including initial production from El Tesoro.




                                      Q1        Q2        Q3        Q4       Full Year     Full Year
 Los Pelambres                        2001      2001      2001      2001       2001          2000

Daily average ore treated            98.5      102.5     112.6     105.2       104.7         93.1
('000 tonnes)

Average ore grade                    1.04      1.10      1.07      0.99        1.05          0.98
(%)

Average recovery                     91.6      91.3      92.0      94.9        92.4          92.4
(%)

Concentrate produced                 194.6     209.1     236.3     216.8       856.9         714.5
('000 tonnes)

Average concentrate grade            42.8      44.3      44.6      42.6        43.6          43.3
(%)

Fine copper in concentrate           83.2      92.6      105.4     92.4        373.8         309.5
('000 tonnes)

Payable copper in concentrate        80.5      89.6      101.9     89.4        361.5         298.9
('000 tonnes)

Cash costs                           39.2      35.1      32.4      35.1        35.3          35.6
(cents per pound)




                                      Q1        Q2        Q3        Q4       Full Year     Full Year
El Tesoro                            2001      2001      2001      2001        2001          2000

Daily average ore treated              -         -       15.1      20.2        17.7            -
('000 tonnes)

Average ore grade                      -         -       1.43      1.44        1.44            -
(%)

Average recovery                       -         -       77.8      74.8        76.1            -
(%)

Copper cathodes                        -         -       14.7      19.3        34.0            -
('000 tonnes)

Cash costs                             -         -       39.4      34.1        36.4            -
(cents per pound)



Note - El Tesoro remained under development in Q2, and produced 9,000 tonnes of
cathodes during this commissioning period.  This tonnage has not been included
in the table above for Q2.





                                      Q1        Q2        Q3        Q4       Full Year     Full Year
Michilla                             2001      2001      2001      2001        2001          2000
Daily average ore treated            11.6      12.2      12.5      12.6        12.2          11.8
('000 tonnes)

Average ore grade                    1.53      1.48      1.51      1.46        1.49          1.67
(%)

Average recovery                     72.4      74.4      75.3      76.9        74.8          72.6
(%)

Copper cathodes                      11.5      12.3      12.8      12.9        49.6          51.1
('000 tonnes)

Copper in concentrate                  -         -         -         -           -            1.1
('000 tonnes)

Cash costs                           71.6      67.4      60.9      58.8        64.5          59.8
(cents per pound)






                                      Q1        Q2        Q3         Q4       Full Year     Full Year
Transport                            2001      2001      2001       2001        2001          2000

Rail tonnage transported              905       949       996      1,048        3,899         3,856







For further enquiries:



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



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



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



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







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