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Xstrata Coal Buy Majority Stake in Austral Coal

Oct 31 2007

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Xstrata Coal Pty Limited (“Xstrata Coal”) today announces the successful acquisition of a majority shareholding of 85.85% in Austral Coal Limited (“Austral”), via its subsidiary Helios Australia Pty Ltd (“Helios”), following Centennial Coal Company Limited’s (“Centennial Coal”) acceptance of its cash offer of A$1.83 per share, valuing Austral at approximately A$557M on a fully diluted basis (US$510M).

This acceptance means that Xstrata Coal’s bid condition of a minimum 80% acceptance has now been met and Xstrata Coal now assumes management control of Austral’s Tahmoor underground mine.

Xstrata Coal’s offer is now unconditional and remains open for acceptances by other shareholders until 20 November.

Austral’s Tahmoor mine is an underground longwall hard coking coal operation in the southern coalfields of NSW, producing approximately 2.3Mt (ROM) in the last financial year. Tahmoor exports via Port Kembla, near Wollongong.

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