Result of EGM

Antofagasta PLC
01 October 2003



                                Antofagasta plc
                    Strong shareholder support for demerger


Antofagasta plc ('Antofagasta') announces that a shareholder resolution to
approve the demerger of its 33.6% interest in Quinenco S.A. ('Quinenco') was
passed at an Extraordinary General Meeting held earlier today.

As a result of the demerger, ordinary shareholders in Antofagasta will receive a
special dividend of shares in Andsberg Limited ('Andsberg').  Andsberg is an
unlisted Jersey-registered company which has as its principal asset the
investment in Quinenco.  Antofagasta announced the proposal to demerge its
interest in Quinenco on 2 September 2003.

Proxy forms for 207.5 million votes were received in advance of the meeting,
representing 87.5% of the total available votes (including both ordinary and
preference shares).  Of the proxy votes lodged, 99.85% voted in favour of the
resolution (including 0.01% at the discretion of the Chairman of the meeting),
0.11% abstained and 0.03% voted against the resolution.

The proxy forms lodged included 165.9 million votes for shares beneficially
owned by the Chairman, Mr. A A Luksic, and his family. Excluding these, the
proxy forms lodged represented 58.44% of the available remaining votes.  Of
these other proxy forms, 99.29% voted in favour of the resolution (including
0.07% at the discretion of the Chairman of the meeting), 0.54% abstained and
0.17% voted against the resolution.

Following today's resolution, ordinary shareholders in Antofagasta will receive
one share in Andsberg ('Andsberg Shares') for every ordinary share they hold in
Antofagasta.  Certificates of entitlement in respect of Andsberg Shares will be
posted by 3 October 2003.  The Andsberg Shares may be redeemed until 3.00 p.m.
on 30 October 2003 at a fixed price of US$1.11 per share.  Share certificates
and/or redemption cheques will be posted by 6 November 2003. CREST accounts will
be credited on the same date.

Antofagasta is a UK-listed group with operations in Chile, including the Los
Pelambres, El Tesoro and Michilla copper mines, together with a mining rail
network in Northern Chile.



Enquiries -

Antofagasta plc
Tel: [phone]

Philip Adeane
Email: [e-mail]

Hussein Barma
Email: [e-mail]

Cazenove & Co. Ltd
Tel:[phone]

Nick Wiles/Nick Tulloch



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