Xstrata plc (LSE: XTA)(ZSE: XTA) ("Xstrata") has received advice from Australia's Federal Treasurer that there are no objections to Xstrata's proposed acquisition of Jubilee Mines NL ("Jubilee") in terms of Australia's foreign investment policy. Xstrata's offer for Jubilee is now free to proceed with no further regulatory approvals required.
Xstrata announced its all-cash offer to acquire all of the issued and outstanding shares of Jubilee by way of a recommended take-over bid on 29 October 2007. Xstrata expects to dispatch its Bidder's Statement to all Jubilee shareholders next week.
About Xstrata Nickel
Xstrata Nickel, headquartered in Toronto, Canada, is one of Xstrata Group's global commodity businesses, comprising five mines and processing facilities in Ontario and Quebec, Canada; a ferronickel mine and processing facility in Bonao, Dominican Republic; and a refinery in Kristiansand, Norway. Xstrata Nickel has a significant portfolio of growth projects, including Koniambo in New Caledonia, Nickel Rim South in Canada, Kabanga in Tanzania and Araguaia in Brazil. Xstrata Nickel is the world's fourth largest nickel producer, with annual managed production of more than 110,000 tonnes of refined nickel.
About Xstrata plc
Xstrata is a major global diversified mining group, listed on the London and Swiss stock exchanges. Headquartered in Zug, Switzerland, Xstrata maintains a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc. The company also has recycling facilities, additional exposures to gold, lead, silver and cobalt and a suite of global technologies, many of which are industry leaders. The Group's operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, New Caledonia, Norway, Papua New Guinea, Peru, Philippines, South Africa, Spain, Tanzania, the USA and the UK.
Xstrata is a major, long-term investor in Australia and currently employs over 11,000 Australians at its coal, copper and zinc operations in New South Wales, Queensland, the Northern Territory and Western Australia. Since 2002 Xstrata has invested over A$10.4 billion (US$7.3 billion) in Australia.
Further information on Xstrata and Jubilee will be provided to Jubilee shareholders in the Bidder's Statement and Target's Statement that will be distributed to shareholders within one month.
Legal Notice
This announcement is for informational purposes only and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
Contacts: Xstrata Claire Divver +44 20 7968 2871 or Cell: +44 7785 964340 Email: cdivver@xstrata.com Xstrata Nickel Peter Fuchs (416) 775-1523 or Cell: (416) 305 9273 Email: pfuchs@xstratanickel.ca Website: www.xstrata.com John Connelly & Partners Gabrielle Notley +61 2 9232 1033 Email: gmn@cp.com.au