Disposal

Antofagasta PLC
10 February 2004



Disposal of 51% interest in Magistral Project



London, Tuesday 10th February 2004



Antofagasta plc (ANTO.L) - the UK listed mining group with operations in Chile -
announces that its wholly owned subsidiary Anaconda Peru has signed an agreement
to sell its 51% interest in the Magistral mining project in Peru to Inca Pacific
S.A. for US$2.1 million in cash. The transaction is expected to close before the
end of February 2004.



Enquiries -



Antofagasta plc                             Antofagasta Minerals (Chile)
Tel: [phone]                       Tel: [phone]


Philip Adeane                               Ricardo Muhr
Email: [e-mail]         Email: [e-mail]




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