Offer Update

Antofagasta PLC
07 March 2006



                                ANTOFAGASTA PLC


Update regarding Antofagasta's announced cash takeover offer for Tethyan

London: 8 March 2006 - Antofagasta PLC ('Antofagasta') notes the announcement
issued by Tethyan Copper Company Limited ('Tethyan') today and confirms that it
expects the Bidder's Statement in respect of its announced cash takeover offer
for Tethyan to be dispatched to Tethyan shareholders shortly, following which
Antofagasta's offer will be open for acceptance.

Antofagasta also notes the announcement yesterday of Skafell's revised offer for
Tethyan and will be reviewing its terms closely.

Antofagasta is currently considering all of its options in respect of its A$1.20
per share cash offer for Tethyan.  Antofagasta has the full support of its
proposed joint venture partner, Barrick Gold, in relation to its takeover offer
for Tethyan.

Antofagasta confirms that it has accepted Tethyan's offer to subscribe for
4,166,666 shares at an issue price of A$1.20, which following allotment, will
increase Antofagasta's ownership interest in Tethyan's issued share capital to
14.85%.   Further, as previously announced, Antofagasta has entered into a
pre-bid acceptance agreement with Mincor Resources NL in respect of its option
holding, representing a further 7.7% of the fully diluted issued share capital
of Tethyan.

As previously announced, Antofagasta has also entered into an agreement with BHP
Billiton in respect of the claw-back right over certain Tethyan mineral
interests.  Under this agreement, Antofagasta may, at its option, purchase the
claw-back right at any time during the currency of its offer (following the
waiver of certain bid conditions within the control of Antofagasta).
Thereafter, Antofagasta will have the right to acquire 70% of Tethyan's economic
interest in the Western Porphyries.  The Western Porphyries currently hosts the
vast majority of the contained copper-gold resource at Reko Diq.

A further announcement will be made in due course.

Rothschild is advising Antofagasta in relation to this transaction.


About Antofagasta PLC

Antofagasta PLC is a Chilean-based mining group listed on the London Stock
Exchange and is a constituent of the FTSE-100 index.  Its principal mining
assets include the Los Pelambres, El Tesoro and Michilla mines and the Esperanza
copper project.  In addition to copper mining, Antofagasta's interests include
rail and road transport operations and water distribution.


About Barrick Gold Corporation

Barrick is the world's largest gold mining company based in Toronto, Canada,
with a portfolio of 26 operating mines and 8 development projects located in the
United States, Canada, Australia, Peru, Chile, Argentina, Tanzania and South
Africa.


Enquiries - London                             Enquiries - Santiago

Antofagasta PLC                                Antofagasta Minerals S.A.
Tel: [phone]                          Alejandro Rivera
www.antofagasta.co.uk                          Tel: [phone]
Desmond O'Conor                                Email: [e-mail]
Email: [e-mail]
                 
Bankside Consultants                           Enquiries - Australia
Tel: [phone]
Mob: [phone]                          N M Rothschild & Sons (Australia)
Keith Irons                                    Ltd (financial advisers)
Email: [e-mail]                      Tel: [phone] 
                                               Marshall Baillieu
                                               Chris Forman

                                               Jackson Wells Morris (public 
                                               relations advisers)
                                               Tel: [phone]
                                               Benjamin Haslem
                                               Jacob Webster







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