Billiton Plc, Noranda Inc., Teck Corporation and Mitsubishi Corporation - Antamina Achieves Mechanical Completion.

Business Editors

LONDON, TORONTO, VANCOUVER, British Columbia and TOKYO--(BUSINESS WIRE)--May 31, 2001--Billiton Plc, Noranda Inc., Teck Corporation and Mitsubishi Corporation  announced today the Antamina copper-zinc project in Peru has achieved a major milestone with the mechanical completion of the project facilities, more than two months ahead of the original schedule.

All processing and non-processing facilities including the crushers, grinding mills and tailings facilities have undergone pre-operational checks and commissioning activities. The primary crushers are currently processing ore and the concentrator and associated infrastructure have been tested with rock feed. The 300-kilometre concentrate pipeline to the port has been water-tested and the port facilities have completed pre-operational checks in preparation of receipt of concentrate slurry.

The project has commenced a ramp-up period and is expected to reach its full commercial production process rate of 70,000 tonnes of ore per day by December 2001. The project is also tracking slightly under its original budget of US$2.3 billion.

Antamina will be among the largest and lowest cost copper-zinc producers in the world with average annual production at 675 million pounds of copper and 625 million pounds of zinc in the first ten years.

Antamina is located in northern Peru approximately 270 kilometres north of Lima. The project has been developed and will be operated by Compania Minera Antamina which is owned 33.75% by Billiton Plc, 33.75% by Noranda Inc., 22.5% by Teck Corporation and 10% by Mitsubishi Corporation.

This news release contains forward looking information (as defined in the United States Private Securities Litigation Reform Act of 1995) that involves a degree of risk and uncertainty affecting the businesses of Billiton, Noranda and Teck and in particular participation by them in the development of the Antamina project including, but not limited to, base metal price volatility, concentrate transport costs and the continued availability of financing. For a more detailed discussion of certain of these risks and other factors, refer to the companies' Annual Information Forms (see Financial Instruments in Billiton's Annual Report, "Risks and Uncertainties" and "Forward Looking Statements" for Noranda and "Risks and Uncertainties" for Teck) which are filed with Canadian Securities Regulatory Authorities and with the United States Securities and Exchange Commission under Form 40-F.