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MEI Online: People News: North America: August 23rd 2006


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:: Xstrata Announces New Senior Management Appointments and Assumes Full Management Control of Falconbridge

Xstrata has today assumed full management control of Falconbridge Limited, creating a new major mining group with top five industry positions in copper, thermal and coking coal, ferrochrome, zinc, nickel and vanadium, a smaller but profitable aluminium business, recycling facilities, additional exposures to gold, lead and silver and a suite of global technologies, many of which are industry leaders. The enlarged Xstrata’s operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, Jamaica, New Caledonia, Norway, Papua New Guinea, Peru, South Africa, Spain, Tanzania, the USA and the UK.

Ian Pearce, formerly Chief Operating Officer of Falconbridge Limited, has been appointed as Chief Executive Xstrata Nickel, based in Toronto, and is responsible for the Xstrata Group’s nickel operations and projects worldwide.

Bill Brooks, previously President, Aluminum at Falconbridge, has been appointed as Chief Executive Xstrata Aluminum, and is responsible for the aluminium operations of Noranda Aluminum, based in Franklin, Tennessee. Both Chief Executives will be invited to join Xstrata’s Executive Committee and will report directly to Mick Davis, Xstrata Chief Executive.

Falconbridge’s global copper and zinc operations and growth projects are being integrated into Xstrata Copper, led by Charlie Sartain, Chief Executive Xstrata Copper and Xstrata Zinc, led by Santiago Zaldumbide, Chief Executive Xstrata Zinc, respectively. Regional offices for Canadian copper and zinc operations will be established in Toronto.

Robert Sippel, formerly President, Zinc at Falconbridge, has been appointed as Chief Operating Officer, Xstrata Zinc Canada, reporting to Santiago Zaldumbide and is responsible for all Canadian zinc operations and projects.

Aaron Regent, former President of Falconbridge, will leave the company from today, and Joe Laezza, former President of Falconbridge’s nickel operations, is retiring.

Further senior management appointments are expected to be confirmed in the near future as the integration progresses.

Mick Davis, Xstrata Chief Executive, commented: "I am delighted that Ian, Bill and Bob have joined Xstrata in senior management positions. Each of these executives brings with them a wealth of experience and knowledge of the former Falconbridge operations and their respective markets and we look forward to the significant contribution each will make to the enlarged Xstrata Group. Ian takes on the important task of growing Xstrata’s nickel business from the solid base acquired from Falconbridge into a global leader in the nickel industry. A further, important early imperative for Ian and the new Xstrata Nickel management team he will appoint is the creation of a joint venture at Sudbury with the eventual owner of Inco to realise the operating synergies that have long existed in this important mining region."

"These appointments underline our intention to bring into the enlarged Xstrata the skills and experience of former Falconbridge personnel, for whom we have consistently stated our high regard. Our integration teams have made excellent progress towards completing the combination of the two businesses. We continue to work closely with our Falconbridge counterparts to effect a smooth transition, with the minimum possible disruption to operational performance and with the utmost respect and sensitivity towards any Falconbridge personnel who may be impacted by the changes we are implementing."

"Xstrata emerges from the acquisition of Falconbridge as a new global mining supermajor, the fifth largest diversified mining company in the world, with an outstanding portfolio of cash generative operations, promising growth projects and the financial flexibility to realise the Group’s potential to create further value for all stakeholders, both existing and new."




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