Magistral Project

Antofagasta PLC
12 April 2002



          Antofagasta takes steps to value its 51% stake in Magistral

LONDON: 12 April 2002:  Antofagasta plc announces that Anaconda Peru, its wholly
owned subsidiary, has elected not to exercise its right to increase its interest
in the Magistral Project from 51% to 65% by completing a bankable feasibility
study.

Antofagasta made its decision after considering its other mining opportunities
in Chile and elsewhere, which it decided had higher priority for exploration and
development.  As a consequence Inca Pacific Resources Inc will remain as a 49%
investor in Magistral.

Anaconda Peru intends to obtain an independent valuation for its 51% interest in
Magistral, which is considered an excellent project suitable for development as
a medium size open pit copper molybdenum mine.

                                      Ends


For further enquiries:

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

Ricardo Muhr, Antofagasta Minerals S.A., Chile  (56-2) 377 5070
[e-mail]


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

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