Offer Update

Antofagasta PLC
24 August 2006

                                ANTOFAGASTA PLC


For immediate release


             Antofagasta has 97% interest in Equatorial Mining and
                        takeover offer now unconditional


LONDON: 24 August 2006 - Antofagasta PLC is pleased to announce that its wholly
owned subsidiary, Sierra Gorda Copper Pty Limited ('Antofagasta') now has a 97%
interest in Equatorial Mining Limited ('Equatorial').  This follows completion
of its acquisition of a 19.99% interest in Equatorial from AMP Life and
acceptances received under Antofagasta's takeover offer.


The last remaining condition of Antofagasta's offer has now been satisfied and
accordingly, the takeover offer is unconditional.


Antofagasta also notes Quadra Mining's announcement yesterday confirming that it
will not be increasing its offer for Equatorial.


Antofagasta encourages all remaining Equatorial shareholders to accept its offer
as soon as possible.  Antofagasta's offer is scheduled to close at 7pm Sydney
time on 16 September 2006.


Antofagasta intends to compulsorily acquire any remaining Equatorial shares in
accordance with Australian takeover regulations in due course.


                                                       
Enquiries - UK                                         Enquiries - Chile / North America

                                                       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]
                                                       Hugo Dryland

Bankside Consultants

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

Keith Irons                                            Tel: [phone]

Email: [e-mail]                              Marshall Baillieu

                                                       Chris Forman


                      This information is provided by RNS
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