Statement re Andsberg

Antofagasta PLC
04 November 2003

                                Antofagasta plc


               Demerger of Andsberg Limited - Redemption Payment



London, 4 November: Following the demerger of Andsberg Limited ('Andsberg'),
Antofagasta plc ('Antofagasta') announces that valid Redemption Forms have been
received in respect of 58,691,813 Andsberg shares.



The exchange rate has been set at a rate of US$1.6969 to £1 for those
shareholders who have requested that their redemption proceeds are paid to them
in sterling.  The redemption payment of US$1.11 therefore equates to 65.4134
pence per Andsberg share.



Definitive Andsberg share certificates or cheques in respect of redemptions of
Andsberg shares will be posted to shareholders by 6 November 2003.  CREST
accounts will be credited on 6 November 2003.



Antofagasta announced its intention to demerge its investment in Quinenco S.A.
via a special dividend of shares in Andsberg.  The demerger was approved by
shareholders at an Extraordinary General Meeting of Antofagasta on 1 October
2003 and Shareholders subsequently had the right to redeem their shares in
Andsberg at a fixed price of US$1.11 per Andsberg share.





Enquiries:

Philip Adeane/Hussein Barma   020 7808 0988
Antofagasta plc






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