Antofagasta Achieves Record Level Of Production

ANTOFAGASTA, CHILE - Antofagasta Minerals CEO Diego Hernandez said, I am pleased to report that even in this period of depressed prices we have been able to deliver a strong set of results and a final dividend of 86.1 cents per share, which represents a significant return of capital to shareholders.

For a second year running we achieved a record level of copper production of 721,200 tones, 1.6% more than in 2012 with all of our operations exceeding their production targets for the year our Los Pelambres mine, located in the Coquimbo region, remained the largest contributor to our total copper production, at 56%, and the lowest cost operation contributing 67% to EBITDA.

There is no doubt that this has been a challenging year with weaker commodity prices and higher costs, particularly energy. Net earnings have been further impacted by the withholding tax on the higher dividend pay- out. These factors have resulted in a decline in net earnings of 36.4% to $659.6 million. In this environment we are focused on resetting our cost base and optimizing our operating assets, while continuing to invest in the future.

Looking ahead, we expect the operating environment in 2014 to be a similar to 2013 and we enter the year in a strong position. The changes we have put in place will continue to result in improved operational efficiency, our development projects are on time and on budget, and we are focused on profitability and productivity across the Group.