Completion of Sale of 20% Interest in Queensland Coal Businesses and 25% Interest in Queensland Coal Projects
Zug, Wednesday 19 November 2003
Following the settlement of all necessary conditions precedent and regulatory approvals, Xstrata plc confirms the successful closing of the transaction to sell, as a package, a 20% interest in the Newlands, Collinsville, Abbot Point (NCA) Joint Venture, a 20% interest in the Oaky Creek Coal (OCC) Joint Venture and a 25% interest in four Xstrata Coal Queensland projects in equal portions to current Joint Venture partners Itochu Corporation and Sumitomo Corporation, for AUD555 million (approximately US$394 million). As announced on 17 September 2003, payment of AUD49 million (approximately US$35 million) of this amount has been deferred pending a decision on the Rolleston Project.
A copy of the original news release can be found at www.xstrata.com.
ends
Xstrata contacts
Marc GonsalvesTelephone +44 20 7968 2812 Mobile +44 7775 662 348 Email mgonsalves@Xstrata.com
Justine Winn
Telephone +61 2 9253 6748
Mobile +61 416 196 403
Email jwinn@xstratacoal.com
Brigitte MattenbergerTelephone +41 41 726 6071 Mobile +41 793 811 823 Email bmattenberger@Xstrata.com
Michael Oke & Claire Bithell
Prospero Financial
Telephone +44 20 7898 9394/9387
Mobile +44 7778 469630/07796 278 294
Notes
Composition of Joint Ventures going forward:
OCC Joint Venture
- 55% interest Xstrata Coal (previously 75%) - 25% interest Sumitomo (previously 15%) - 20% interest Itochu (previously 10%)
Projects Joint Venture
- 75% interest Xstrata Coal (previously 100%) - 12.5% interest Itochu (previously 0%) - 12.5% interest Sumitomo (previously 0%)
NCA Joint Venture
- 55% interest Xstrata Coal (previously 75%) - 35% interest Itochu (previously 25%) - 10% interest Sumitomo (previously 0%)