Financing for El Tesoro Project Closed

Antofagasta Hldgs PLC
19 November 1999



                    ANTOFAGASTA  HOLDINGS P.L.C.
              Antofagasta closes financing arrangements
                        for El Tesoro Project


For IMMEDIATE release - 19 November 1999

LONDON: 19 November 1999 - Antofagasta Holdings P.L.C. announces that
on  18  November  1999, CCM El Tesoro completed the  project  finance
arrangements  with  a number of lending institutions  raising  US$205
million  of  limited recourse project debt for the El  Tesoro  mining
project.

Following the closing of the US$296 million project financing  on  18
November,   it  is  expected  that  mine  construction   will   begin
immediately. Full environmental approvals for the project  have  been
granted  by the relevant Chilean Government authorities.  The project
will  develop  an exotic copper oxide deposit yielding a  maximum  of
75,000  tonnes  per  year  of LME Grade A  copper  cathodes  over  an
expected  mine life of 18 years, with cash operating costs  averaging
approximately US45c/lb in the first 10 years.

The  acquisition  of  a controlling interest in CCM  El  Tesoro  from
Lanzville   Investment  Establishment  was  approved  by  independent
shareholders at an Extraordinary General Meeting on 9 February  1998.
In  consideration for the interests acquired, the Company  has  today
issued   7,000,000  new  ordinary  shares  to  Lanzville,  which   is
controlled  by  Mr. A A Luksic.  As a result, Mr Luksic's  beneficial
interest in the ordinary shares has increased to 64.3%. This includes
the  interests of Lanzville whose holdings increased to 13%.  The new
shares were today admitted to listing on the London Stock Exchange.

                              

Enquiries:

Philip Adeane, Managing Director    Email: [e-mail]
Neil Herbert, Financial Controller        [e-mail]
Antofagasta Holdings                           Tel: [phone]

Issued By:

Keith Irons                                Email: [e-mail]
Bankside Consultants Ltd                       Tel: [phone]