Market update: Alumbrera Presentation and Group Hedging Position

Zug, Friday 21 November 2003

Xstrata is hosting an analyst briefing on its American copper business in London this afternoon. The full presentation is available on the Xstrata website (http://www.xstrata.com).

At the briefing Mr Charlie Sartain, Chief Executive Xstrata Copper Americas, confirmed that the Group has recently hedged some 11% of its attributable 2004 copper production at a copper price of 91.0USc/lb. A further 18% of attributable Group production for next year has been covered with downside protection at 87.0USc/lb and full upside participation to 97.3USc/lb. As previously disclosed, Xstrata has hedges in place in respect of its gold production, with some 52% of the Group's 2004 attributable gold production covered at US$374/oz. A further 8% of 2004 attributable gold production is covered with downside protection at US$349/oz and full upside participation to US$408/oz. The Group has also hedged some 12% of its 2004 zinc metal production at US$922/tonne.

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