| | Published : April 11th, 2007 | announces disposal of aluminium assets for US$1.15 billion |
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NEWS
RELEASE
XSTRATA ANNOUNCES DISPOSAL OF ALUMINIUM ASSETS FOR
US$1.15 BILLION
Mick Davis, Xstrata
Chief Executive, commented: “The
sale of Xstrata’s aluminium assets represents the successful conclusion
of the in-depth review of the business we commenced shortly after Xstrata took
control of Falconbridge in August 2006.
“Noranda
Aluminum is a highly cash generative and robust business with an excellent
suite of assets. However, our review concluded that these assets do not provide
Xstrata with the necessary scale or upstream exposure to represent a suitable
entry point from which to build a world-class aluminium business. As a result,
these assets fit more naturally with alternative owners who are incentivised to
optimize the business as a standalone unit, than as part of Xstrata’s
portfolio.�
�
“Bill Brooks and
his team are to be commended for their efforts in building a business which
attracted strong interest from potential buyers and for their co-operation in
helping to realise this successful outcome to our strategic
review process.”
Rick Press, partner of
Apollo Management, said "Noranda Aluminum represents an outstanding
collection of assets, with excellent growth potential.� We look forward to
working with Noranda's top quality management team and employees to serve the
Company's existing and future customers."� Josh Harris, founding partner
of Apollo and head of its industrials practice, added "We are pleased to
be acquiring these assets from Xstrata, a world-class company that Apollo has
long admired.� Noranda Aluminum will be an excellent addition to Apollo's
portfolio of basic materials and value-added processing businesses."�
ends
Notes
to editors
Apollo
Management LP
Apollo is a leading private equity and capital markets investor
with more than 16 years of experience investing across the capital structure of
leveraged companies. The firm employs more than 80 professionals and has
offices in New York, Los
Angeles, London, Singapore and Paris. Since its inception, Apollo has
managed more than $33 billion of capital across a wide variety of industries
both domestically and internationally.� The firm’s most recent private
equity fund and its co-investment affiliate has capital commitments of $11.6
billion.� Companies owned or controlled by Apollo Management include, among
others, Affinion Group, Inc., AMC Entertainment, Inc., Berry Plastics
Corporation, Goodman Global Holdings, Inc., Hexion Specialty Chemicals, Inc..,
Hughes Communications, Inc., Metals USA Holdings Corp., Momentive Performance
Materials, Inc., Rexnord Corporation and Verso Paper Company.
Xstrata
plc
Xstrata is a global
diversified mining group, listed on the London and
Z�rich 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 technologies,
many of which are industry leaders. Xstrata’s operations and projects
span 18 countries and employ approximately 43,000 people, including contractors.
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Molopo Energy Limited
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PRODUCER |
CODE : XTA.L |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Xstrata is a zinc and lead producing company based in Switzerland. Xstrata produces zinc, lead, bauxite, coal, cobalt, copper, gold, molybdenum, nickel and silver in Argentina, in Australia, in Botswana, in Canada, in Chile, in Colombia, in Jamaica and in Peru, develops cobalt, copper, copper , gold, lead, molybdenum, nickel, palladium, platinum, silver, uranium and zinc in Argentina, in Australia, in Canada, in Chile, in Dominican Republic, in New Caledonia and in Philippines, and holds various exploration projects in Argentina, in Australia, in Botswana, in Brazil, in Canada, in Chile, in Greenland, in Ireland, in Mexico, in Norway, in Panama, in Papua New Guinea, in Peru, in South Africa, in Turkey and in Yemen. Its main assets in production are ALUMBRERA in Argentina, KIDD CREEK MINE (MINE D), CRAIG - ONAPING (SUDBURY) MINE, PELLETIER LAKE (STADACONA MINE), LINDSLEY MINE, NORALEX (WEST ANSIL, HORNE, ETC), STRATHCONA, KIDD CREEK DIVISION, BUCKO LAKE, FALCONBRIDGE MINE, RAGLAN, SUDBURY, BRUNSWICK MINE and KIDD in Canada, HYC MCARTHUR RIVER, MOUNT ISA LEAD ZINC SILVER, ERNEST HENRY, BOUNTY MINE, COSMOS MINE, THUNDERBOX, EMILY ANN (LAKE JOHNSTON), MT MCCLURE, MT ISA, SILVER SWAN, MT ISA BLACK STAR, MT ISA ENTERPRISE and EMILY ANN in Australia, LOMAS BAYAS and COLLAHUASI MINE in Chile, TINTAYA, ANTAMINA, ANTAMINA and ANTAMINA ZINC ORE in Peru, PHOENIX MINE (TATI NICKEL) in Botswana, PRODECO in Colombia and ST ANN BAUXITE in Jamaica, its main assets in development are LENNARD SHELF, MAGGIE HAYS, CLONCURRY COPPER and LENNARD SHELF in Australia, CERRO DE MAIMON and FALCONDO MINE in Dominican Republic, AGUA RICA and EL PACHON in Argentina, HACKETT RIVER, PREMIERE RIDGE, ONAPING DEPTH, FRASER MORGAN, NICKEL RIM SOUTH, ONAPING DEPTH, PERSEVERANCE and PD1 in Canada, LOMAS BAYAS II in Chile, KONIAMBO in New Caledonia and TAMPAKAN in Philippines and its main exploration properties are HORNE SMELTER, ISLAND COPPER, KONRAD, MARY MARCH, MEGATEM, ROBB LAKE, AKWESKWA, MUSK, CEZINC, DONKIN, TROILUS / TORTIGNY, TORTIGNY, SABIN, CHANCE, TULKS NORTH, CATFACE, GREAT BURNT LAKE, WEST ANSIL, TULK SOUTH - DOMINO, TULK EAST B ZONE, TULK SOUTH BOOMERANG, TULK EAST A ZONE, TULK LONG LAKE MAIN ZONE, SKIDDER, MATAGAMI, HEATH STEELE MINES, GASPE MINE and MONTCALM TWP PROP in Canada, BLACK ROCK, TOBY CREEK, MUSGRAVE, MOUNT PEAKE and SINCLAIR in Australia, ELMALAAN in Turkey, MANGABAL in Brazil, KABANGA in Tanzania, FRIEDA - NENA DEPOSIT in Papua New Guinea, PALLAS GREEN in Ireland and DIKOLOTI in Botswana. |
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