Joint Venture Agreement

Antofagasta PLC
14 July 2006


                                 Antofagasta plc

        Antofagasta to form new joint venture with AngloGold in Colombia

London, 14 July 2006

Antofagasta plc is pleased to announce that its subsidiary, Antofagasta Minerals
S.A. ('Antofagasta'), has signed a Head of Terms agreement with AngloGold
Ashanti Limited ('AngloGold'), one of the world's largest gold producers. This
agreement sets out the terms of a proposed joint venture, the Southern Colombia
Joint Venture ('the JV'), to explore, discover, and develop copper and gold
mining projects in an area of interest in southern Colombia extending
approximately 30,000 square kilometres.

Under the agreement, AngloGold will contribute its mineral interests in the area
covered by the JV and Antofagasta will commit to funding US$1.3 million in
exploration over a period of one year. Antofagasta may elect to fund an
additional US$6.7 million in exploration within four years (representing a total
contribution of US$8.0 million), in order to earn a 50% interest in the JV.

Marcelo Awad, CEO of Antofagasta, commented, 'This agreement further strengthens
Antofagasta's exploration activities in Latin America, its primary region of
focus, and represents a further step forward in our strategy of expanding
internationally.'


Enquiries - London                                           Enquiries -Santiago

Antofagasta plc                                        Antofagasta Minerals S.A.
Tel: [phone]                                          Tel [phone]
www.antofagasta.co.uk                                               
                                                                    Ricardo Muhr
Desmond O'Conor                                         Email:[e-mail]
Email: [e-mail]                                       

                                                                       Issued by
Hussein Barma                                               Bankside Consultants
Email: [e-mail]                            Tel: [phone]
                                                                     
                                                                     Keith Irons
                                                       Email: [e-mail]
                                                                  Oliver Winters
                                              Email: [e-mail]






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