Long Term Incentive Plan Awards

For immediate release

Cleveland House Telephone: + 44 20 7808 0988

33 King Street Fax + 44 20 7930 7578

London SW1Y 6RJ [email protected]

United Kingdom

Long Term Incentive Plan awards and One Off Award to Persons Discharging Managerial Responsibility

Disclosures notified in accordance with DTR 3.1.2R

London, 23 November 2012

Antofagasta plc (the "Company") announces that it received notification that, on 22 November 2012, awards calculated by reference to the value of ordinary shares in the Company ("Shares") were granted under the Antofagasta Long Term Incentive Plan (the "LTIP") to a Person Discharging Managerial Responsibility ("PDMR") of the Company. On the same date, awards calculated by reference to the value of Shares were granted to the PDMR listed below as an exceptional, long-term award (the "One Off Award"). Details of the awards under the LTIP and the One Off Award are set out below.

The performance awards and restricted awards are granted under the LTIP which the Antofagasta group (the "Group") has established to reward senior executives in a way that aligns the interests of LTIP participants with the interests of shareholders and with the Group's long-term strategic plan. The One Off Award has been granted to Mr Hernández for the same purpose, but by reference to metrics which are specific to his role as Chief Executive Officer of Antofagasta Minerals S.A. Directors of the Company are not eligible to participate in the LTIP or the One Off Award.

Awards granted under the LTIP and the One Off Award are conditional rights to receive a cash payment by reference to the number of Shares relating to the relevant award which vest. The cash payment is determined by reference to the market value of the Shares at vesting. No Shares are issued to participants in the LTIP or the One Off Award. No consideration was paid for the grant of any awards.

Vesting of LTIP Awards

Performance awards are subject both to certain performance conditions which are measured over a three year period (2012-2014) and to continued employment. Performance awards will normally vest only after the end of the three year performance period and only to the extent that those performance conditions are met.

Restricted awards are subject to continued employment and will normally vest as to one third in January 2013, as to a further third in January 2014 and as to the final third in January 2015.

As the PDMR listed above was only appointed to his current role part way through the year, the payments that he will receive under the performance awards and the payment that he will receive under the first tranche of restricted awards will be pro-rated accordingly.

Vesting of One Off Award

Half of the One Off Award is subject both to certain performance conditions which are measured over a three year period (ending on 1 August 2015, the three-year anniversary of the effective date of Mr Hernández's appointment) and to continued employment. That half of the award will normally vest only after the end of the three year performance period and only to the extent that those performance conditions are met.

The other half of the One Off Award is subject to continued employment and will normally vest on 1 August 2015.