Quarterly Production Report

Antofagasta PLC
31 October 2002


31 October 2002

Antofagasta plc
Quarterly Production Report - Q3 2002


Highlights

•    Increased production from Los Pelambres boosted Group copper output by
     10% from 102,000 tonnes to 112,000 tonnes.

•    Group cash costs were 6% lower at 36.9 cents per pound, the best level
     achieved since all three mines became fully operational.



                                          Q1       Q2        Q3        Q4       Acc       Acc     Full Year
Group Total                             2002     2002      2002      2002      2002      2001          2001
Total copper production
('000 tonnes)                          108.9    102.0     112.6               323.5     323.4         445.0

Weighted average
Cash costs (cents per pound)            39.2     39.3      36.9                38.4      39.0          38.8


Los Pelambres

Ore processing levels increased considerably from 100,600 tonnes per day (tpd)
to 116,600 (tpd) in Q3 and recovered to planned levels following interruptions
in Q2 caused by unfavourable weather conditions during the winter months in
Chile.  Consequently, copper production increased in the same degree from 67,600
tonnes to 78,700 tonnes.  Los Pelambres cash costs at 31.5 cents per pound were
10% lower due to increased copper production and better by-product credits from
sales of molybdenum concentrates.  Molybdenum prices which spiked in May,
weakened progressively during the third quarter but still averaged US$4.70 cents
per pound, well above the average for the past decade.  The company has
increased its molybdenum production to take advantage of the improved market
conditions.


El Tesoro

Processing levels increased by 6% from 19,700 tonnes to 21,000 tonnes per day,
but were offset by lower recoveries.  This resulted in marginally lower cathode
production compared to the previous quarter and consequently cash costs
increased from 39.7 cents per pound to 41.9 cents per pound.


Michilla

Increased processing levels and higher recoveries compensated for lower grades
resulting in cathode production of 13,100 tonnes for the quarter being virtually
the same as the previous quarter.  Cash costs at Michilla which were maintained
at 61 cents per pound are expected to be held at the same levels until the year
end.


Rail and Road Transport

Tonnage transported was slightly below Q2 levels due to reduced shipments of
sulphuric acid to some mines in the region.  Total tonnage for the year to date,
however, has increased by 9% compared to the same period in 2001.



                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Los Pelambres                         2002      2002         2002      2002      2002      2001          2001
Daily average ore treated
('000 tonnes)                        113.6     100.6        116.6               110.3     104.6         104.7

Average ore grade
(%)                                   0.89      0.83         0.85                0.85      1.07          1.05

Average recovery
(%)                                   91.2      90.8         89.8                90.6      91.7          92.4

Concentrate produced
('000 tonnes)                        189.7     168.1        206.0               563.7     640.1         856.9

Average concentrate grade
(%)                                   42.1      41.6         39.5                41.0      44.0          43.6

Fine copper in concentrate
('000 tonnes)                         79.8      69.9         81.3               231.0     281.3         373.8

Payable copper in concentrate
('000 tonnes)                         77.2      67.6         78.7               223.4     272.0         361.5

Payable moly in concentrate
('000 tonnes)                          2.4       2.1          2.1                 6.6       4.8           6.9

Cash costs
(cents per pound)                     35.9      34.8         31.5                34.0      35.3          35.3



                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
El Tesoro                             2002      2002         2002      2002      2002      2001          2001
Daily average ore treated
('000 tonnes)                         20.6      19.7         21.0                20.4      15.1          17.7

Average ore grade
(%)                                   1.34      1.51         1.55                1.47      1.43          1.44

Average recovery
(%)                                   76.5      74.8         73.1                74.7      77.8          76.1

Copper cathodes
('000 tonnes)                         19.3      21.2         20.9                61.5      14.7          34.0

Cash costs
(cents per pound)                     39.6      39.7         41.9                40.4      39.4          39.6


                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Michilla                              2002      2002         2002      2002      2002      2001          2001
Daily average ore treated
('000 tonnes)                         11.8      13.1         13.4                12.8      12.1          12.2

Average ore grade
(%)                                   1.48      1.43         1.38                1.43      1.50          1.49

Average recovery
(%)                                   77.4      74.8         76.2                76.1      74.1          74.8

Copper cathodes
('000 tonnes)                         12.5      13.1         13.1                38.6      36.7          49.6

Cash costs
(cents per pound)                     59.0      61.5         61.3                60.6      66.4          64.5



                                        Q1        Q2           Q3        Q4       Acc       Acc     Full Year
Transport                             2002      2002         2002      2002      2002      2001          2001
Rail tonnage transported
('000 tons)                          1,037     1,064        1,006               3,107     2,850         3,899


For further information:

Alejandro Rivera, Antofagasta Minerals
[e-mail]                                   [phone]

Philip Adeane, Antofagasta Plc
[e-mail]                           (44) 20 7382 7862

Hussein Barma, Antofagasta Plc
[e-mail]                               (44) 20 7382 7862


Issued by:

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



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