Offer Update

Antofagasta PLC
15 August 2006


                                 Antofagasta PLC

      AMP announce intention to accept Antofagasta's offer for Equatorial


London, 15 August 2006


Antofagasta PLC ('Antofagasta') announced earlier today that it had entered into
an agreement to acquire a 19.99% shareholding in Equatorial Mining Limited
('Equatorial') and had made a cash takeover offer of A$11.20 per share for all
of the issued shares of Equatorial ('the Offer').


Antofagasta is pleased to note today's announcement in Sydney by AMP Capital
Investors Limited, as Investment Manager for, and on behalf of, AMP Life Limited
('AMP'), the majority shareholder of Equatorial, of its intention to accept
Antofagasta's Offer for shares representing approximately 57% of Equatorial's
outstanding issued shares (in the absence of a higher offer). AMP has announced
they intend to accept the Offer for these shares within 5 business days of
Antofagasta receiving approval from Australia's Foreign Investment Review Board.


Further, AMP has also announced today that, if it is entitled to do so, AMP
intends to terminate the option deed entered into with Quadra Mining Ltd on 20
July 2006 at the earliest opportunity and within 5 business days thereafter,
accept Antofagasta's Offer (in the absence of a higher offer at that time) in
respect of those shares, representing a further 19.99% of Equatorial's issued
shares.



                                    Enquiries - Chile / North America

Enquiries - UK                      Antofagasta Minerals S.A.
Antofagasta PLC                     Alejandro Rivera
Tel: [phone]               Tel: [phone]
www.antofagasta.co.uk               Email: [e-mail]


Hussein Barma                       Rothschild Inc. (financial adviser)
Email: [e-mail]     Tel: [phone]

Bankside Consultants                Hugo Dryland
Tel: [phone]               
Mob: [phone]               Enquiries - Australia

                                    Rothschild Australia (financial adviser)
Keith Irons                         Tel: [phone]
Email: [e-mail]           
                                    Marshall Baillieu
                                    Chris Forman
                     





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