ANTOFAGASTA PLC (ANFGF $21.62, RATING LOWERED TO UNDERWEIGHT FROM OVERWEIGHT, Price Target Lowered to $16/share from $24/US ADS share) INVESTMENT RATING LOWERED DUE TO LOWER COPPER AND MOLY PRICE ESTIMATES, SHUTDOWN OF ANTUCOYA PROJECT AND REMOVAL OF NOKOMIS PROJECT FROM OUR MODELS 1/4/2013

ANTOFAGASTA PLC (ANFGF $21.62, RATING LOWERED TO
UNDERWEIGHT FROM OVERWEIGHT, Price Target Lowered to $16/share
from $24/US ADS share) INVESTMENT RATING LOWERED DUE TO LOWER
COPPER AND MOLY PRICE ESTIMATES, SHUTDOWN OF ANTUCOYA
PROJECT AND REMOVAL OF NOKOMIS PROJECT FROM OUR MODELS 1/4/2013