core sector communique

Xstrata plc to appoint new Chairman

Zug, 7 March 2011

Xstrata plc announces that Willy Strothotte, Chairman, Xstrata plc (“Xstrata”), will retire from the Board as Chairman and non-executive director at the conclusion of the Annual General Meeting (“AGM”) on 4 May 2011. 

Sir John Bond will join Xstrata’s Board as a consultant with immediate effect and will be appointed Chairman from the conclusion of the AGM, subject to shareholder election.  Sir John is currently Chairman of Vodafone Group Plc (“Vodafone”) and will step down from the Vodafone Board on 26 July 2011.

Willy Strothotte said:”It has been a privilege to serve as Chairman of Xstrata plc since its inception in 2002 through such an important period of growth and value creation for the Group and its shareholders.  I am pleased to hand over the Chairman’s role to such a highly capable and well-respected successor in Sir John Bond and I wish him and Xstrata every success in the future.” 

Mick Davis, CEO, Xstrata plc, commented: “Willy Strothotte has overseen an extraordinary transformation of Xstrata into one of the world’s premier mining and metals companies in less than ten years.  On behalf of Xstrata’s Board, management and employees, I thank him for his support, expertise and guidance.”

David Rough, Deputy Chairman and Senior Independent Non Executive Director of Xstrata said “Sir John Bond has an exceptional record of shareholder value creation in his distinguished career, during which he has successfully chaired two major international companies, HSBC and Vodafone, and gained unrivalled experience in the world’s emerging Asian economies.  I have every confidence that Sir John will make a significant contribution to the Xstrata Board and the ongoing success of the Group.”

Sir John Bond said: “I am delighted to join the Board of Xstrata.  Xstrata has developed and maintained a unique, value-focussed and entrepreneurial culture with a strong record of social and environmental performance during its evolution into a world-class mining group.  I look forward to taking up my position at Xstrata at an exciting time for the Company and its shareholders as it delivers substantial growth and efficiency improvements ."

Notes

Mr Strothotte has served as Chairman of the Xstrata plc Board since the company’s IPO in 2002 and was Chairman of Xstrata AG from 1994 to 2002.  He is Chairman of Glencore International AG and is currently a director of Century Aluminium Corporation, Minara Resources Limited and KKR Financial Holdings LLC.

Sir John Bond became Chairman of Vodafone plc in 2006 following his appointment as a non-executive director in 2005.  He is a non-executive director of AP Moller-Maersk, the international shipping and investment company, and Shui On Land Ltd., a Hong Kong  quoted property development company specialising in China.  He is a member of various bodies in China:  China Development Forum; China Banking Regulatory Commission International Advisory Board, and Tsinghua School of Economics and Management at Tsinghua University .