Offer Update

Antofagasta PLC
16 August 2006


                                   Antofagasta PLC

              Update: Takeover offer for Equatorial Mining Limited


London, 16 August 2006


Antofagasta PLC ('Antofagasta') announces today that it has received approval
from Australia's Foreign Investment Review Board in relation to its takeover
offer for Equatorial Mining Limited ('Equatorial').


As a result, Antofagasta's acquisition of a 19.99 per cent. shareholding in
Equatorial announced yesterday is expected to complete next week.


Antofagasta's takeover offer for Equatorial is now conditional only on acquiring
at least 75 per cent of the number of outstanding ordinary shares in Equatorial.



                                      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]                 Enquiries - Australia
-----------------------               -----------------------

Mob: [phone]                 Rothschild Australia (financial adviser)
-----------------------               ------------------------------------------

Keith Irons                           Tel: [phone]
-------------                         ----------------------

Email: [e-mail]             Marshall Baillieu
---------------------------           -------------------

Oliver Winters                        Chris Forman
----------------                      --------------

Email: [e-mail]
------------------------------------                                        


                      This information is provided by RNS
            The company news service from the London Stock Exchange