NEWS RELEASE
XSTRATA
RECEIVES APPROVAL OF SOUTH AFRICAN COMPETITION TRIBUNAL FOR LIONORE OFFER
Toronto and Zug, 7 June 2007
Xstrata plc (LSE:XTA.L) (ZSE:XTA.S) ("Xstrata")
announces that it has received
approval from the South African Competition Tribunal for Xstrata's proposed
acquisition of LionOre Mining International Ltd. (TSX: LIM) (LSE: LOR) (BSE:
LIONORE) ("LionOre"). No further regulatory approvals are
required for Xstrata's
offer (the "Offer") for all of the issued and outstanding LionOre
shares.
Xstrata's Offer will
remain open for acceptance until midnight (Vancouver time) on 15 June 2007. All of
the terms and conditions of Xstrata's Offer described
in its offer and offering circular dated 5 April 2007, as varied,
amended and supplemented by Xstrata's notice of variation dated 15 May 2007,
Xstrata's notice of extension dated 28 May 2007 and Xstrata's notice of
extension dated 5 June 2007, remain unchanged.
LionOre
shareholders with questions or requests for copies of documents relating to
Xstrata's Offer should contact Kingsdale Shareholder Services Inc. at
1-866-879-7650. Banks and brokers should call at +1-416-867-2272.
ends
Xstrata contacts |
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Ian Hamilton |
|
Claire Divver |
Telephone |
+ 1 416 982 7161 |
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Telephone |
+44 20 7968 2871 |
Mobile |
+ 1 416 902 0986 |
|
Mobile |
+44 7785 964 340 |
Email |
ihamilton@Xstratanickel.ca |
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Email |
cdivver@Xstrata.com |
About Xstrata
Xstrata is a global
diversified mining group, listed on the London
and Swiss Stock Exchanges, with its headquarters in Zug, Switzerland.
Xstrata’s businesses maintain a meaningful position in seven major
international commodity markets: copper, coking coal, thermal coal,
ferrochrome, nickel, vanadium and zinc, with recycling facilities, additional
exposures to gold, cobalt, lead and silver and a suite of global technology
products, many of which are industry leaders. Xstrata 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, the Philippines,
South Africa, Spain, Tanzania,
the USA and the UK.
Xstrata employs approximately 43,000 people, including contractors.
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 Nickel
Rim South in Canada, Kabanga
in Tanzania, and Koniambo in
New Caledonia.
Xstrata Nickel is the world’s fourth largest nickel producer, with annual
managed production of more than 110,000 tonnes of refined nickel.
Legal Notice
The Offer
is being made by Xstrata Canada Acquisition Corp. (the “Offeror”),
a wholly-owned indirect subsidiary of Xstrata.
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 Offer (as the same may be varied or extended in accordance with
applicable law) is being made exclusively by means of, and subject to the terms
and conditions set out in, the offer and offering circular dated 5 April 2007,
as varied, amended and supplemented by the notice of variation dated 15 May
2007, the notice of extension dated 28 May 2007 and the notice of extension
dated 5 June 2007, each delivered to LionOre and filed with Canadian provincial
securities regulators and mailed to LionOre shareholders by Xstrata and the
Offeror. LionOre shareholders should read these materials carefully because
they contain important information, including the terms and conditions of the
Offer.
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.
No
statement in this announcement is intended as a profit forecast and no
statement in this announcement should be interpreted to mean that earnings per
Xstrata ordinary share for the current or future financial years would necessarily
match or exceed the historical published earnings per Xstrata ordinary share.
Forward-Looking Statements
This
announcement contains statements which are, or may be deemed to be,
"forward looking statements" which are prospective in nature.
Forward-looking statements are not based on historical facts, but rather on
current expectations and projections about future events, and are therefore
subject to risks and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the forward-looking
statements. Often, but not always, forward-looking statements can be
identified by the use of forward-looking words such as "plans",
"expects" or "does not expect", "is expected",
"is subject to", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be
taken, occur or be achieved. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations.
Such
forward looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Xstrata to be materially different from any future results, performance or
achievements expressed or implied by the forward looking statements. Important
factors that could cause actual results, performance or achievements of Xstrata
to differ materially from the expectations of Xstrata include, among other
things, general business and economic conditions globally, commodity price
volatility, industry trends, competition, changes in government and other regulation,
including in relation to the environment, health and safety and taxation, labor
relations and work stoppages, changes in political and economic stability, the
failure to meet certain conditions of the Offer, the inability to successfully
integrate LionOre's operations and programs with those of Xstrata, incurring
and/or experiencing unanticipated costs and/or delays or difficulties relating
to integration of LionOre, disruptions in business operations due to
reorganization activities and interest rate and currency fluctuations. Such
forward-looking statements should therefore be construed in light of such
factors.
Neither
Xstrata nor the Offeror, nor any of their associates or respective directors,
officers or advisers, provides any representation, assurance or guarantee that
the occurrence of the events expressed or implied in any forward-looking
statements in this announcement will actually occur. You
are cautioned not to place undue reliance on these forward-looking statements.
Other than
in accordance with its legal or regulatory obligations (including under the UK
Listing Rules and the Disclosure and Transparency Rules of the Financial
Services Authority), Xstrata is not under any obligation and Xstrata expressly
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.