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XNA had previously announced on 26 November 2007 that it intended to declare its takeover offer for Jubilee free of all conditions if it received acceptances so that it has an interest in more than 50% (in aggregate by number) of Jubilee shares by 5:00pm (Sydney time) on 6 December 2007.

As at the time of this announcement, XNA had received acceptances (including instructions held under the Institutional Acceptance Facility) so that it has an interest in 36.12% of total issued shares.

The offer represents an excellent opportunity for Jubilee shareholders:

A 35% premium to the closing Jubilee share price of $17.10 on 26 October 2007, the last trading day prior to the announcement of the offer and a 25% premium to the all-time pre- offer high Jubilee share price of $18.44 achieved on 5 June 2007 Prior to XNA announcing its offer, Jubilee conducted a competitive sale process to obtain the best offer for Jubilee shareholders. Since the announcement of the takeover on 29 October 2007, there have been no indications that another bid may emerge. In addition, the share price has been trading at or close to the offer price since the announcement. On 6 December 2007 the closing price of Jubilee shares was $22.95 compared to the offer price of $23.00 per share The Directors of Jubilee unanimously recommend acceptance of the offer. Kerry Harmanis and senior management have agreed to sell all their Jubilee shares to XNA and to no other party. Kerry Harmanis, Executive Chairman of Jubilee said: “We continue to support the Xstrata Nickel offer and recommend shareholders accept.”

To accept the offer, Jubilee shareholders should follow the instructions on the Acceptance Form which was enclosed with the Bidder’s Statement. If a new Acceptance Form is required or Jubilee shareholders have any questions, please call the Offer information line on 1800 635 306 (toll free for callers within Australia) or +61 2 8004 4312 (callers outside Australia).

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 additional exposures to platinum group metals, gold, cobalt, lead and silver, recycling facilities and a suite of global technology products, 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, the Philippines, South Africa, Spain, Tanzania, the USA and the UK. Xstrata employs approximately 56,000 people, including contractors.

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