Q1 2004 Production Report

Antofagasta PLC
29 April 2004

The following report has been released by Antofagasta plc and is distributed in
London by Bankside Consultants Ltd on behalf of the Company.  Contact:  Keith
Irons, 020 7444 4155.



29 April 2004

Antofagasta plc
Quarterly Production Report - Q1 2004



Highlights


•   Group copper production was 109,000 tonnes in Q1, 3% above 2003 Q1
    but 7% lower than the quarterly average for 2003.


•   Group production for the year is expected to reach 480,000 tonnes
    compared with 471,800 tonnes in 2003.


•   Aguas de Antofagasta starts water operations in Chile's Region II.


                                           Q1       Q2        Q3        Q4        Acc        Acc     Full Year
Group Total                              2004     2004      2004      2004       2004       2003          2003

Total copper production
('000 tonnes)                           109.0                                   109.0      105.8         471.8

Weighted average
cash costs (cents per pound)             41.9                                    41.9       39.8          36.4



Los Pelambres

Los Pelambres produced 72,400 tonnes of payable copper during Q1, 11% below the
quarterly average for 2003.  The reduction was mainly due to the harder quality
of ore processed under the current phase of the mine plan.  The ore had a higher
pyrite content, which reduces processing levels and recoveries. Production was
nevertheless marginally ahead of 2003 Q1.  Production for the year is expected
to be 338,000 tonnes, compared with 326,700 tonnes in 2003.

Cash costs in Q1 were 13% above the average for the previous year at 33.3 cents
per pound.  The increase was due to a combination of several factors: the
depreciation of the dollar, from an average of Ch$690 in 2003 to Ch$590 to US$1
in Q1 2004, increases in treatment and refining charges (TC/RCs) due to the
effect of the higher copper price on price participation, and the impact of
lower production levels on fixed costs.  These factors were partly offset by
better by-product credits due to higher molybdenum prices in the quarter.


El Tesoro

El Tesoro produced 24,000 tonnes in the quarter, 4% higher than the quarterly
average for 2003.  This was due to higher processing levels and improved
recoveries, which compensated for the lower ore grade.

Cash costs increased to 47.2 cents per pound, 11% above the average for the
previous year.  The increase was due to the depreciation of the US dollar, the
increase in the price of sulphuric acid and water, and higher mine and plant
costs due to the increase in processing levels to compensate for lower grades.


Michilla

Production in Q1 was 4% less than the quarterly average for 2003 at 12,600
tonnes, principally due to lower ore grades.

Cash costs increased from 69.8 cents per pound in 2003 to 81.2 cents in the
first quarter of 2004, but are expected to be brought down to an average of 75
cents for the year.  Again, the increase was due partly to the lower grade of
ore processed at the plant, together with the depreciation of the US dollar and
increased sulphuric acid prices.


Transport and Water

Mining related traffic increased as did shipments of zinc and lead concentrates
from Bolivia.

Antofagasta assumed management control of Aguas de Antofagasta on 29 December
2003 and operations have since proceeded according to plan.




                                         Q1        Q2           Q3        Q4        Acc        Acc     Full Year
Los Pelambres                          2004      2004         2004      2004       2004       2003          2003

Daily average ore treated
('000 tonnes)                         115.4                                       115.4      107.1         113.3

Average ore grade
(%)                                    0.84                                        0.84       0.88          0.91

Average recovery
(%)                                    87.4                                        87.4       90.1          89.9

Concentrate produced
('000 tonnes)                         186.9                                       186.9      172.7         826.5

Average concentrate grade
(%)                                    40.0                                        40.0       42.8          40.9

Fine copper in concentrate
('000 tonnes)                          74.8                                        74.8       73.9         337.8

Payable copper in concentrate
('000 tonnes)                          72.4                                        72.4       71.5         326.7

Payable moly in concentrate
('000 tonnes)                           1.8                                         1.8        1.8           8.7

Cash costs
(cents per pound)                      33.3                                        33.3       34.4          29.3





                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
El Tesoro                             2004      2004         2004      2004      2004      2003          2003

Daily average ore treated
('000 tonnes)                         24.2                                       24.2      22.7          22.1

Average ore grade
(%)                                   1.35                                       1.35      1.48          1.46

Average recovery
(%)                                   81.0                                       81.0      77.0          78.2

Copper cathodes
('000 tonnes)                         24.0                                       24.0      23.4          92.4

Cash costs
(cents per pound)                     47.2                                       47.2      40.6          42.4





                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Michilla                              2004      2004         2004      2004      2004      2003          2003

Daily average ore treated
('000 tonnes)                         16.8                                       16.8      12.4          15.6

Average ore grade
(%)                                   1.09                                       1.09      1.35          1.25

Average recovery
(%)                                   75.2                                       75.2      75.1          75.0

Copper cathodes
('000 tonnes)                         12.6                                       12.6      10.9          52.7

Cash costs
(cents per pound)                     81.2                                       81.2      73.1          69.8




                                         Q1        Q2           Q3        Q4        Acc       Acc     Full Year
Transport                              2004      2004         2004      2004       2004      2003          2003

Rail tonnage transported
('000 tons)                           1,056                                       1,056       946         4,388




For further enquiries:

Philip Adeane, Antofagasta plc
[e-mail]                           (44) 20 7808 0988

Hussein Barma, Antofagasta plc
[e-mail]                               (44) 20 7808 0988

Alejandro Rivera, Antofagasta Minerals
[e-mail]                                   (56-2) 377 5145


Issued by:

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




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