Quarterly Production Report

Antofagasta PLC
31 July 2000


ANTOFAGASTA PLC QUARTERLY PRODUCTION REPORT

Highlights
* Los Pelambres achieved Completion on 10 July with Antofagasta released from
all financial guarantees.
* El Tesoro construction nearly 40% complete and start up expected in May
2001.
* New mining plan for Michilla extends mine life to 2007.
* Railway tonnage up 7% in first six months.


Group Total                  Q1-2000   Q2-2000   Total-2000  Full Year-1999

Total copper production 
('000 tonnes)                 82.3     85.4         167.7        60.5

Weighted average
cash costs                     38.7    39.6         39.2         55.4


Los Pelambres
Los Pelambres satisfied all its obligations for Completion on 10 July and the
banks released Antofagasta from its guarantees, including the release of the
US$133 million escrow account and the charge over its 33.6% interest in
Quinenco.
Ore processing levels reached an average of 90,000tpd during the second
quarter.  Current processing levels are now approximately 12% above planned
capacity. During the first two quarters, 141,200 tonnes of copper in
concentrates was produced and sold, while shipments in the same period
totalled 128,200 tonnes. Cash costs for the first six months averaged 35.4
cents per pound of copper, placing Los Pelambres in the lowest cost quartile
worldwide.

El Tesoro
Construction of the El Tesoro project is 39.1% complete, remains on schedule
and within budget. First production is expected in May 2001. Processing tests
at the pilot plant indicate that recoveries of copper may be higher than
expected from earlier tests. 

Michilla
Michilla adopted its new mining plan which will extend the life of the
50,000tpa SX-EW copper cathode operation to at least 2007.
Second quarter production of 12,800 tonnes was marginally above expectations. 
As expected cash costs per pound of copper are approximately 60 cents compared
with 55 cents in 1999. This is mainly due to a higher waste to ore ratio
related to the Phase 6 expansion of the open pit. 

Exploration
The Phase 2 drilling programme began in May at the Magistral prospect in Peru
and has provided further evidence of copper-molybdenum mineralisation.
Antofagasta is financing the 6,000 metre diamond drilling operation under the
terms of its option to acquire a 51% interest in the project. 

Transport
Total freight carried by the railway increased by 7% during the first 6 months
compared to the same period in 1999.  Furthermore ton-kilometres carried rose
by approximately 11%.

Investments
In May, Antofagasta received a dividend of approximately US$31 million in from
its 33.6% interest in Quinenco S.A., compared with US$5.3 million 1999.


Los Pelambres      Q1-2000        Q2-2000       Total-2000      Full Year-1999

Daily average       84.7           90.0          87.4            -
ore treated 
 ('000 tonnes)

Average ore grade   1.04           1.01          1.02            -
(%)

Average recovery    91.4           93.0          92.2            -
(%)

Concentrates 
produced
('000 tonnes)       158.5          171.6         330.1           -


Average concentrate 44.8           43.8          44.3            -
grade
(%)
 
Copper in 
concentrates        68.6           72.6          141.2           -
('000 tonnes)


Cash costs
(cents per pound)   34.9           35.9           35.4           -



Michilla           Q1-2000         Q2-2000       Total-2000   Full Year-1999

Daily average ore  
treated 
('000 tonnes)      12.1           11.7           11.9          12.1

Average ore grade
(%)                1.72           1.70           1.71          1.77

Average recovery
(%)                74.5           71.6           73.1          77.3

Copper cathodes
('000 tonnes)      12.6           12.8           25.4          50.9

Copper in 
concentrates     
('000 tonnes)      1.1            -              1.1            9.2

Cash costs
(cents per pound) 58.8           60.2           59.4           55.4


Transport        Q1-2000         Q2-2000       Total-2000    Full Year-1999

Rail tonnage 
transported
('000 tons)      767             838           1,605          3,118


Enquiries:
London
Philip Adeane, Managing Director        Email: [e-mail]
Hussein Barma, Chief Financial Officer         [e-mail]
Antofagasta plc                         Tel:   [phone]
Park House, 16 Finsbury Circus, 
London EC2M 7AH                         Fax:   [phone]

Santiago
Alejandro Rivera, Chief Financial Officer      Email: [e-mail]
Antofagasta Minerals S.A.                      Tel:   [phone]

Issued By:
Keith Irons / Sarah Campbell                   Email: [e-mail]
Bankside Consultants Ltd                       Tel:   [phone]