Antofagasta plc Announce Their Interim Results for the Six Months Ended 30 June 2000.

Business Editors

LONDON--(BUSINESS WIRE)--Sept. 5, 2000

-- Group profit before tax of US$100.0 million (1999 - US$18.2 million).

-- Earnings per share of 36.4 cents (1999 - 8.0 cents).

-- Group copper production of 167,700 tonnes including 141,200 from Los
Pelambres (1999 half year - 30,500 tonnes).

-- Los Pelambres completion tests achieved so releasing the Group from
completion guarantees and also releasing the US$133 million escrow account.

-- El Tesoro project 40 per cent completed by June remaining on budget with
first production scheduled for May 2001.

-- Record railway results continue with volumes up 7 per cent to 1.6 million
tons.

-- Dividend income of US$31.3 million received from Quinenco S.A. in May (1999
half year - US$5.5 million).

-- Interim dividend increased 44 per cent to 3.25 pence per share (1999 interim
dividend 2.25 pence per share).

The successful commissioning of the Los Pelambres mine combined with improved copper prices enabled the Group to increase profit before tax by 449 per cent to US$100.0 million and earnings per share by 355 per cent to 36.4 cents. Group copper production was 167,700 tonnes (1999 half-year - 30,500 tonnes) including 141,200 tonnes from Los Pelambres and average cash costs down 30 per cent to 39.2 cents per pound. The El Tesoro project is on schedule with first production of cathodes expected in May 2001. The Group also benefited from a strong performance from its transport division and a higher dividend from its 33.6 per cent investment in Quinenco S.A.

Jean-Paul Luksic, CEO of the mining division commented, "The successful development of Los Pelambres has been a great achievement for Antofagasta, and the strength of that project is clearly demonstrated in these results. We are now evaluating the expansion potential for Los Pelambres and taken together with the El Tesoro project now under construction, we consider the Group has excellent opportunities for further growth in low cost copper mining."

Antofagasta is a UK-listed mining group based in Chile. In addition to copper mining, its interests include rail and road transport operations and a 33.6 per cent interest in Quinenco S.A. (NYSE: LQ).