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Regulatory News

Half Yearly Report part 2 of 2

Tue, 7th Aug 2012 07:00

RNS Number : 4308J

Xstrata PLC

07 August 2012

Statement of directors' responsibilities

The directors confirm to the best of their knowledge:

a) the condensed set of consolidated financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting";

b) the half-yearly report includes a fair review of the information required by DTR 4.2.7 (being an indication of important events that have occurred during the first six months of the financial year, and their impact on the interim report and a description of the principal risks and uncertainties for the remaining six months of the financial year); and

c) the half-yearly report includes a fair review of the information required by DTR 4.2.8 (being disclosure of related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or the performance of the Group during the period and any changes in the related party transactions described in the last annual report that could have a material effect on the financial position or performance of the Group in the first six months of the financial year).

By order of the board

T L Reid

Director

Chief Financial Officer

7 August 2012

Independent Review Report to Xstrata plc

Introduction

We have been engaged by Xstrata plc (the company) to review the condensed set of consolidated financial statements in the half-yearly report for the six months ended 30 June 2012 which comprises the condensed interim consolidated income statement, condensed interim consolidated statement of comprehensive income, condensed interim consolidated statement of financial position, condensed interim consolidated cash flow statement, condensed interim consolidated statement of changes in equity and related notes 1 to 16. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of consolidated financial statements.

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union. The condensed set of consolidated financial statements included in this half-yearly report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the company a conclusion on the condensed set of consolidated financial statements in the half-yearly report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated financial statements in the half-yearly report for the six months ended 30 June 2012 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Ernst & Young LLP

London

7 August 2012

The maintenance and integrity of the Xstrata plc web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial information since it was initially presented on the web site. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Condensed Interim Consolidated Income Statement

For the six months ended 30 June 2012

US$m	Notes	(Unaudited) Before exceptional items	(Unaudited) Exceptional items^†	(Unaudited) 6 months 30.06.12	(Unaudited) Before exceptional items	(Unaudited) Exceptional items^†	(Unaudited) 6 months 30.06.11	(Audited) Before exceptional items	(Audited) Exceptional items^†	(Audited) 12 months 31.12.11
Revenue		15,550	-	15,550	16,777	-	16,777	33,877	-	33,877
Operating costs*		(11,543)	-	(11,543)	(10,957)	-	(10,957)	(22,229)	-	(22,229)
Other exceptional items*	6	-	(199)	(199)	-	57	57	-	16	16
Operating profit before interest, taxation, depreciation and amortisation		4,007	(199)	3,808	5,820	57	5,877	11,648	16	11,664
Depreciation and amortisation		(1,553)	-	(1,553)	(1,574)	-	(1,574)	(3,217)	-	(3,217)
Impairment of assets	6	-	(111)	(111)	-	-	-	-	(469)	(469)
Reversal of assets previously impaired	6	-	-	-	-	-	-	-	463	463
Operating profit		2,454	(310)	2,144	4,246	57	4,303	8,431	10	8,441
Share of results from associates	6	(15)	(516)	(531)	8	-	8	29	12	41
Profit before interest and taxation		2,439	(826)	1,613	4,254	57	4,311	8,460	22	8,482
Finance income	12	126	-	126	61	-	61	137	-	137
Finance costs	6,12	(199)	(6)	(205)	(273)	-	(273)	(452)	(19)	(471)
Profit before taxation		2,366	(832)	1,534	4,042	57	4,099	8,145	3	8,148
Income tax (charge)/credit	6,13	(98)	579	481	(1,044)	(6)	(1,050)	(2,140)	(75)	(2,215)
Profit/(loss) for the period		2,268	(253)	2,015	2,998	51	3,049	6,005	(72)	5,933

Attributable to:
Equity holders of the parent		2,194	(253)	1,941	2,865	51	2,916	5,785	(72)	5,713
Non-controlling interests		74	-	74	133	-	133	220	-	220
		2,268	(253)	2,015	2,998	51	3,049	6,005	(72)	5,933

Earnings per share (US$)
- basic	15	0.75	(0.09)	0.66	0.98	0.02	1.00	1.97	(0.02)	1.95
- diluted	15	0.74	(0.09)	0.65	0.96	0.02	0.98	1.95	(0.02)	1.93
^† Exceptional items are significant items of income and expense, presented separately due to their nature or the expected infrequency of the events giving rise to them. * Before depreciation, amortisation and impairment charges.

Condensed Interim Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2012

US$m	(Unaudited) 6 months 30.06.12	(Unaudited) 6 months 30.06.11	(Audited) 12 months 31.12.11
Profit for the period	2,015	3,049	5,933
Income and expenses recognised directly in equity:
Actuarial losses on defined benefit pension plans	(114)	(25)	(195)
Income tax credit	30	6	50
Losses on available-for-sale financial assets	(5)	(9)	(37)
Income tax credit/(expense)	1	(12)	(5)
Gains on cash flow hedges	91	26	29
Income tax expense	(18)	(7)	(9)
Foreign currency translation (losses)/gains	(116)	933	(1,309)
Income tax (expense)/credit	(1)	(18)	2
	(132)	894	(1,474)
Transfers to the income statement:
Gains on cash flow hedges	(34)	(74)	(59)
Income tax expense	7	25	28
Gains on available-for-sale financial assets	(5)	(29)	(8)
Income tax expense	1	-	6
Other comprehensive (loss)/income	(163)	816	(1,507)
Total comprehensive income for the period	1,852	3,865	4,426

Attributable to:
Equity holders of the parent	1,776	3,734	4,210
Non-controlling interests	76	131	216
	1,852	3,865	4,426

Condensed Interim Consolidated Statement of Financial Position

As at 30 June 2012

US$m	Notes	(Unaudited) 30.06.12	(Unaudited) 30.06.11	(Audited) 31.12.11
Assets
Non-current assets
Intangible assets	8	7,813	8,446	8,228
Property, plant and equipment	9	55,166	49,361	51,454
Biological assets		23	23	23
Inventories		4	4	7
Trade and other receivables		345	197	210
Investments in associates	6	1,192	1,926	1,769
Available-for-sale financial assets		246	311	258
Derivative financial assets		632	474	680
Other financial assets		754	625	743
Pension assets		-	2	-
Prepayments		37	14	41
Deferred tax assets		840	213	44
		67,052	61,596	63,457
Current assets
Inventories		5,664	5,562	5,242
Trade and other receivables		3,400	4,135	3,742
Derivative financial assets		92	168	96
Prepayments		247	231	347
Cash and cash equivalents	11	1,646	1,354	1,948
Assets classified as held for sale		33	285	-
		11,082	11,735	11,375
Total assets		78,134	73,331	74,832

Condensed Interim Consolidated Statement of Financial Position (continued)

As at 30 June 2012

US$m	Notes	(Unaudited) 30.06.12	(Unaudited) 30.06.11	(Audited) 31.12.11
Equity and liabilities
Capital and reserves - attributable to equity holders of Xstrata plc
Issued capital	10	1,501	1,482	1,482
Share premium		15,365	15,458	15,458
Own shares		(1,450)	(1,143)	(1,140)
Other reserves		6,862	8,876	6,681
Retained earnings		22,796	18,824	21,183
		45,074	43,497	43,664
Non-controlling interests		2,285	2,036	2,037
Total equity		47,359	45,533	45,701
Non-current liabilities
Trade and other payables		72	80	82
Interest-bearing loans and borrowings	11	10,744	7,515	8,804
Derivative financial liabilities		435	264	417
Other financial liabilities		739	689	708
Provisions		3,758	3,467	3,708
Pension deficit		761	626	692
Deferred tax liabilities		6,142	6,676	6,250
Other liabilities		9	9	8
		22,660	19,326	20,669
Current liabilities
Trade and other payables		4,490	4,536	5,102
Interest-bearing loans and borrowings	11	2,454	2,280	1,566
Derivative financial liabilities		16	25	65
Provisions		710	736	778
Income taxes payable		373	592	896
Other liabilities		53	40	55
Liabilities classified as held for sale		19	263	-
		8,115	8,472	8,462
Total liabilities		30,775	27,798	29,131
Total equity and liabilities		78,134	73,331	74,832

Condensed Interim Consolidated Cash Flow Statement

For the six months ended 30 June 2012

US$m	Notes	(Unaudited) 6 months 30.06.12	(Unaudited) 6 months 30.06.11	(Audited) 12 months 31.12.11
Profit before taxation		1,534	4,099	8,148
Adjustments for:
Finance income	12	(126)	(61)	(137)
Finance cost	12	205	273	471
Share of results from associates	6	531	(8)	(41)
Net loss/(profit) on disposal of property, plant and equipment		1	(25)	(54)
Profit on sale of operations	5	-	(58)	(56)
Available-for-sale financial assets write-down	6	16	-	43
Depreciation and amortisation		1,553	1,574	3,217
Impairment of assets	6	111	-	469
Loss on establishment of a joint venture	6	162	-	-
Reversal of previous asset impairments	6	-	-	(463)
Share-based compensation plans		81	40	(4)
Decrease in trade and other receivables		354	370	637
Increase in other assets		(113)	(241)	(487)
Increase in inventories		(428)	(699)	(604)
(Decrease)/increase in trade and other payables		(605)	(333)	450
Decrease in provisions		(66)	(34)	(274)
Other non-cash movements		(7)	(6)	20
Cash generated from operations		3,203	4,891	11,335
Income tax paid		(871)	(881)	(1,664)
Interest paid		(209)	(172)	(379)
Interest received		60	49	64
Dividends received		-	--	2
Net cash flow from operating activities		2,183	3,887	9,358
Purchase of property, plant and equipment		(4,570)	(3,385)	(8,108)
Proceeds from sale of property, plant and equipment		3	30	33
Purchase of intangible assets		(9)	(16)	(31)
Purchase of available-for-sale financial assets		-	(29)	(29)
Proceeds from the sale of available-for-sale financial assets		-	51	51
Acquisition of assets	9	(500)	(216)	(327)
Acquisition of subsidiaries, net of cash acquired		-	(69)	(209)
Proceeds from partial disposal	5	435	-	-
Net cash flow used in investing activities		(4,641)	(3,634)	(8,620)
Purchase of own shares		(22)	(18)	(18)
Disposal of own shares		82	14	15
Proceeds from interest-bearing loans and borrowings		3,843	1,688	6,929
Repayment of interest-bearing loans and borrowings		(931)	(1,564)	(6,194)
Payment of finance lease liabilities		(15)	(42)	(46)
Dividends paid to equity holders of the parent	16	(797)	(586)	(967)
Dividends paid to non-controlling interests		(1)	(122)	(209)
Net cash flow from/(used in) financing activities		2,159	(630)	(490)
Net increase/(decrease) in cash and cash equivalents		(299)	(377)	248
Net foreign exchange difference		(7)	13	(15)
Cash and cash equivalents at 1 January		1,943	1,710	1,710
Cash and cash equivalents at period end	11	1,637	1,346	1,943

Condensed Interim Consolidated Statement of Changes in Equity

For the six months ended 30 June 2012

	Attributable to equity holders of the parent							Non-controlling interests	Total equity
US$m	Issued capital	Share premium	Share premium distributable reserves	Own shares	Other reserves	Retained earnings	Total
At 1 January 2011	1,482	15,458	-	(1,181)	8,039	16,478	40,276	1,762	42,038
Comprehensive income	-	-	-	-	837	2,897	3,734	131	3,865
Own share purchases	-	-	-	(18)	-	-	(18)	-	(18)
Own share disposals	-	-	-	56	-	(42)	14	-	14
Cost of IFRS 2 equity settled share-based compensation plans	-	-	-	-	-	77	77	-	77
Acquisition of subsidiaries	-	-	-	-	-	-	-	265	265
Dividends paid (refer to note 16)	-	-	-	-	-	(586)	(586)	(122)	(708)
At 30 June 2011 (unaudited)	1,482	15,458	-	(1,143)	8,876	18,824	43,497	2,036	45,533
Comprehensive income	-	-	-	-	(2,195)	2,671	476	85	561
Own share disposals	-	-	-	3	-	(2)	1	-	1
Cost of IFRS 2 equity settled share-based compensation plans	-	-	-	-	-	71	71	-	71
Acquisition of subsidiaries	-	-	-	-	-	-	-	(7)	(7)
Capital contributions	-	-	-	-	-	-	-	10	10
Dividends paid (refer to note 16)	-	-	-	-	-	(381)	(381)	(87)	(468)
At 31 December 2011 (audited)	1,482	15,458	-	(1,140)	6,681	21,183	43,664	2,037	45,701
Comprehensive income	-	-	-	-	(81)	1,857	1,776	76	1,852
Issue of share capital (refer to note 10)	19	704	-	(723)	-	-	-	-	-
Share premium reduction (refer note 10)	-	(7,978)	7,978	-	-	-	-	-	-
Own share purchases	-	-	-	(22)	-	-	(22)	-	(22)
Own share disposals	-	-	-	435	-	(353)	82	-	82
Cost of IFRS 2 equity settled share-based compensation plans	-	-	-	-	-	109	109	-	109
Partial disposal (refer to note 5)	-	-	-	-	262	-	262	173	435
Dividends paid (refer to note 16)	-	-	(797)	-	-	-	(797)	(1)	(798)
At 30 June 2012 (unaudited)	1,501	8,184	7,181	(1,450)	6,862	22,796	45,074	2,285	47,359

Notes to the Condensed Interim Consolidated Financial Statements (unaudited)

1. Corporate information
The ultimate parent entity of the Group, Xstrata plc, is a publicly traded limited company incorporated in England and Wales and domiciled in Switzerland. Its ordinary shares are traded on the London and Swiss stock exchanges. The condensed interim consolidated financial statements do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The condensed interim consolidated financial statements of the Group for the six months ended 30 June 2012 were authorised for issue in accordance with a resolution of the directors on 7 August 2012. The financial information for the full preceding financial year is based on statutory accounts for the financial year ended 31 December 2011. These statutory accounts upon which the auditors issued an unqualified opinion, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006, have been delivered to the registrar.
2. Basis of preparation
The condensed interim consolidated financial statements of Xstrata plc and its subsidiaries (the Group) for the six months ended 30 June 2012 have been prepared in accordance with IAS 34 'Interim Financial Reporting'. Accordingly, the condensed interim consolidated financial statements do not include all of the information or disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2011. The condensed interim financial statements for the six months ended 30 June 2012 have been prepared on a going concern basis as the directors believe there are no material uncertainties that lead to significant doubt the entity can continue as a going concern in the foreseeable future. The impact of seasonality or cyclicality on operations is not regarded as significant to the condensed interim consolidated financial statements. The following exchange rates to the US dollar (US$) have been applied:
	As at 30 June 2012	Average 6 months to 30 June 2012	As at 30 June 2011	Average 6 months to 30 June 2011	As at 31 December 2011	Average 12 months to 31 December 2011
Argentine pesos (US$:ARS)	4.5270	4.3933	4.1085	4.0457	4.3063	4.1282
Australian dollars (AUD:US$)	1.0238	1.0328	1.0722	1.0346	1.0205	1.0331
Canadian dollars (US$:CAD)	1.0166	1.0058	0.9634	0.9766	1.0212	0.9892
Chilean pesos (US$:CLP)	500.75	492.69	469.00	475.49	519.50	483.83
Colombian pesos (US$:COP)	1,783	1,793	1,770	1,837	1,938	1,848
Euros (EUR:US$)	1.2666	1.2975	1.4501	1.4049	1.2960	1.3926
Great Britain pounds (GBP:US$)	1.5706	1.5773	1.6054	1.6173	1.5550	1.6041
Peruvian Nuevo sol (US$:PEN)	2.6655	2.6738	2.7480	2.7809	2.6904	2.7532
South African rand (US$:ZAR)	8.1678	7.9398	6.7627	6.8934	8.0796	7.2642
Swiss francs (US$:CHF)	0.9484	0.9289	0.8405	0.9049	0.9376	0.8866
3. Significant accounting policies
The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2011, except for the adoption of the following new amendment to existing standards as of 1 January 2012: · IFRS 7 Financial Instruments: Disclosures (Amendments) The adoption of this amendment has no impact on Group earnings or equity in the current or prior periods. The annual financial statements of the Group for the year ended 31 December 2011 were prepared in accordance with IFRSs as adopted by the European Union.
4. Acquisitions
Business combinations There were no business combinations during the six month period ended 30 June 2012. There were no fair value adjustments during the period to the identifiable assets and liabilities acquired through business combinations in 2011.
5. Disposals
2012 Western Canada Coalfields In March 2012, the Group entered into an agreement between Xstrata Coal and JX Nippon Oil & Energy Corporation Group (JX) comprising contiguous metallurgical coal assets in the Peace River Coalfields in Western Canada. As consideration, JX paid US$435 million in cash to acquire a 25% non-controlling interest in the Peace River Coalfields in Western Canada. The excess over the carrying value of the non-controlling interest of US$262 million has been recorded within Other reserves. Energía Austral Joint Venture In April 2012, the Group entered into a joint venture agreement with Origin Energy Limited (Origin) whereby Origin acquired a 51% interest in the Group's Energía Austral hydroelectric development in Chile. Under the terms of the agreement, Origin will invest US$75 million for the completion of a detailed project feasibility study and will invest an additional US$75 million if the project is deemed feasible. The Group is entitled to cash consideration payments from Origin once the project is operational and if certain performance threshold targets are met. No intangible asset is able to be recognised for the technical expertise and industry experience that Origin is contributing to the project. The retained 49% interest and the deferred cash consideration have been measured at their estimated fair value, consequently a non-cash loss of US$162 million has been recognised upon entering into the joint venture agreement (refer to note 6). 2011 Bakwena Ba Magopa Community Trust In February 2011, the Group finalised a black empowerment agreement in respect of the Rhovan vanadium operations (Rhovan) in South Africa. The Bakwena Ba Magopa Community Trust (Bakwena) acquired a 26% interest in the Rhovan business for US$56 million. The Group facilitated the transaction by providing vendor financing and the loan will be repayable from a portion of Bakwena's share of free cash flows. A profit of US$48 million was recognised on the finalisation of the transaction (refer to note 6) reflecting the change from control to joint control. Mpumalanga In December 2011, the Group received final government and regulatory approval for the sale of the Mpumalanga coal assets in South Africa. The total consideration was US$43 million, consisting of cash and the value attributed to a favourable off-take agreement. A gain on disposal of US$8 million was recognised in other revenue.

	6. Exceptional items and impairment of assets
	US$m						6 months 30.06.12		6 months 30.06.11		12 months 31.12.11
	Other exceptional items:
	Acquisition costs						(21)		(1)		(4)
	Available-for-sale financial assets write down						(16)		-		(43)
	Loss on establishment of a joint venture						(162)		-		-
	Profit on sale of operations						-		58		48
	Restructuring and closure costs						-		-		15
	Operating EBITDA exceptional items						(199)		57		16
	Impairment of assets						(111)		-		(469)
	Reversal of assets previously impaired						-		-		463
	Operating profit/(loss) on exceptional items						(310)		57		10
	Impairment of investment in associates						(514)		-		-
	Share of results from associates						(2)		-		12
	Exceptional items before interest and taxation						(826)		57		22
	Loan issue costs written-off on finance facilities						(6)		-		(19)
	Exceptional items before taxation						(832)		57		3
	Income tax credit/(charge)						579		(6)		(75)
	Exceptional items after taxation						(253)		51		(72)
	Acquisition costs During the first half of 2012 the Group incurred acquisition costs of US$21 million in relation to the recommended all-share merger of equals with Glencore International plc, as announced on 7 February 2012. During the first half of 2011 the Group incurred acquisition costs of US$1 million (31 December 2011 US$4 million) in relation to offers made to acquire companies. Available-for-sale financial assets write-down During the first half of 2012 the Group recorded US$16 million (31 December 2011 US$43 million) of unrealised losses associated with the decline in market value of listed investments. Loss on establishment of a joint venture During the first half of 2012, the Group recognised a US$162 million loss on the formation of a joint venture which resulted in the loss of control over a previously wholly owned hydroelectricity project in Chile (refer to note 5). Profit on sale of operations In 2011 the Group recognised a US$48 million profit on the disposal of an interest in its Rhovan vanadium operations upon the finalisation of a black empowerment agreement in South Africa (refer to note 5). Restructuring and closure costs During 2011, US$15 million of restructuring and closure costs provided for the Kidd metallurgical plants were reversed to the income statement upon the finalisation of the closure. Impairment of assets and reversal of assets previously impaired 2012 In March 2012, the Group announced that the Brunswick zinc mine is approaching the end of its mine life and will close by March 2013. During the first half of 2012, the Group recorded a US$111 million impairment of goodwill that was initially recognised from the Falconbridge Limited acquisition in 2006, as a result of the requirement to recognise a deferred tax liability on the fair value adjustments. 2011 As a consequence of ongoing optimisation across the business, the estimated recoverable amount of the Integrated Nickel Operations (INO) has increased, resulting in an impairment reversal of US$463 million (US$324 million after tax) in 2011. The Prospero nickel mine in Australia was permanently closed during 2011 resulting in an impairment of US$469 million (US$328 million after tax) in 2011 against the carrying value of its assets and surrounding prospective mines.
Impairment of investment in associates During the first half of 2012, an impairment charge of US$514 million was recorded in respect of the Group's investment in Lonmin following the release of their 2012 interim results and the challenging outlook for the industry, resulting in revisions to forecast capital expenditure, commodity prices, foreign exchange rates, operating costs and production. Share of results from associates During the first half of 2012, a charge of US$2 million (2011 US$12 million gain) was recognised in relation to the Group's share of exceptional items recognised by Lonmin. Loan issue costs written off on finance facilities During the first half of 2012, the Group incurred US$6 million in relation to unutilised financing facilities. In 2011 the Group refinanced its bank facilities and wrote off related issue costs of US$19 million. Income tax credit/(charge) During the first half of 2012, the Group recognised an exceptional tax credit of US$579 million resulting from the enactment of the minerals resources rent tax (MRRT) in Australia, effective from 1 July 2012. Deferred tax has been recognised on the difference between the tax effect of the upstream coal mining operations carrying values and their tax bases, to the extent it is expected to be utilised. During 2011, the Group recognised an exceptional tax charge of US$75 million, primarily as a result of the introduction of a number of new taxes levied on the mining industry in Peru, the impairment of assets, profit on sale of operations, refinancing and the reversal of restructuring and closure costs.
7. Segmental analysis
Operating segments Xstrata's business is organised into five global commodity businesses, each of which operates with a high degree of autonomy. In addition to the five global segments, the Xstrata Technology Services and the Xstrata Iron Ore businesses, which are not significant parts of the business, are also included below for disclosure purposes. Management monitors the operating results of each business as a standalone entity. Segment performance is evaluated based on a number of measures including return on capital employed and operating profit. Finance income and costs, and income tax, are managed on a Group basis. Transfer prices between business segments are set on an arm's-length basis in a manner similar to transactions with third parties. The following tables present revenue and profit information and certain asset information regarding the Group's operating segments. For the period ended
US$m		(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.12	(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.11	(Audited) Before exceptional items		(Audited) Exceptional items		(Audited) 12 months 31.12.11
Revenue
External parties:
Coal - Thermal		4,310	-	4,310	3,476	-	3,476	8,057		-		8,057
Coal - Coking		911	-	911	905	-	905	1,924		-		1,924
Coal		5,221	-	5,221	4,381	-	4,381	9,981		-		9,981
Alloys		753	-	753	992	-	992	1,689		-		1,689
Copper		6,255	-	6,255	7,705	-	7,705	15,037		-		15,037
Nickel		1,361	-	1,361	1,667	-	1,667	3,192		-		3,192
Zinc Lead		1,781	-	1,781	1,937	-	1,937	3,756		-		3,756
Technology		179	-	179	95	-	95	222		-		222
Revenue		15,550	-	15,550	16,777	-	16,777	33,877		-		33,877

7. Segmental analysis (continued)
US$m	(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.12	(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.11	(Audited) Before exceptional items	(Audited) Exceptional items	(Audited) 12 months 31.12.11
Operating profit before interest, taxation, depreciation and amortisation (EBITDA)
Coal - Thermal	1,360	-	1,360	1,144	-	1,144	2,834	-	2,834
Coal - Coking	287	-	287	440	-	440	1,019	(3)	1,016
Coal	1,647	-	1,647	1,584	-	1,584	3,853	(3)	3,850
Alloys	113	-	113	182	58	240	294	48	342
Copper	1,498	(178)	1,320	2,550	-	2,550	4,915	(28)	4,887
Nickel	358	-	358	743	-	743	1,234	-	1,234
Zinc Lead	465	-	465	750	-	750	1,223	-	1,223
Iron Ore	(8)	-	(8)	(4)	(1)	(5)	(11)	(1)	(12)
Technology	30	-	30	14	-	14	34	-	34
Segment EBITDA	4,103	(178)	3,925	5,819	57	5,876	11,542	16	11,558
Unallocated	(96)	(21)	(117)	1	-	1	106	-	106
Operating EBITDA	4,007	(199)	3,808	5,820	57	5,877	11,648	16	11,664
Share of results from associates (net of tax):
Coal	2	-	2	1	-	1	4	-	4
Alloys	(17)	(516)	(533)	7	-	7	25	12	37
Total	3,992	(715)	3,277	5,828	57	5,885	11,677	28	11,705

Depreciation and amortisation
Coal	(537)	-	(537)	(494)	-	(494)	(1,043)	-	(1,043)
Alloys	(61)	-	(61)	(67)	-	(67)	(141)	-	(141)
Copper	(432)	-	(432)	(485)	-	(485)	(991)	-	(991)
Nickel	(293)	-	(293)	(310)	-	(310)	(623)	-	(623)
Zinc Lead	(225)	-	(225)	(213)	-	(213)	(409)	-	(409)
Technology	(3)	-	(3)	(4)	-	(4)	(7)	-	(7)
Depreciation and amortisation	(1,551)	-	(1,551)	(1,573)	-	(1,573)	(3,214)	-	(3,214)
Unallocated	(2)	-	(2)	(1)	-	(1)	(3)	-	(3)
Total	(1,553)	-	(1,553)	(1,574)	-	(1,574)	(3,217)	-	(3,217)

Impairment of assets
Nickel	-	-	-	-	-	-	-	(469)	(469)
Zinc Lead	-	(111)	(111)	-	-	-	-	-	-
Reversal of assets previously impaired
Nickel	-	-	-	-	-	-	-	463	463
Total	-	(111)	(111)	-	-	-	-	(6)	(6)

7. Segmental analysis (continued)
US$m	(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.12	(Unaudited) Before exceptional items	(Unaudited) Exceptional items	(Unaudited) 6 months 30.06.11	(Audited) Before exceptional items	(Audited) Exceptional items	(Audited) 12 months 31.12.11
Profit before interest and taxation (EBIT)
Coal - Thermal	893	-	893	708	-	708	1,921	-	1,921
Coal - Coking	217	-	217	382	-	382	889	(3)	886
Coal	1,110	-	1,110	1,090	-	1,090	2,810	(3)	2,807
Alloys	52	-	52	115	58	173	153	48	201
Copper	1,066	(178)	888	2,065	-	2,065	3,924	(28)	3,896
Nickel	65	-	65	433	-	433	611	(6)	605
Zinc Lead	240	(111)	129	537	-	537	814	-	814
Iron Ore	(8)	-	(8)	(4)	(1)	(5)	(11)	(1)	(12)
Technology	27	-	27	10	-	10	27	-	27
Segment EBIT	2,552	(289)	2,263	4,246	57	4,303	8,328	10	8,338
Unallocated	(98)	(21)	(119)	-	-	-	103	-	103
Operating profit	2,454	(310)	2,144	4,246	57	4,303	8,431	10	8,441
Share of results from associates (net of tax):
Coal	2	-	2	1	-	1	4	-	4
Alloys	(17)	(516)	(533)	7	-	7	25	12	37
EBIT	2,439	(826)	1,613	4,254	57	4,311	8,460	22	8,482
Finance income	126	-	126	61	-	61	137	-	137
Finance expense	(199)	(6)	(205)	(273)	-	(273)	(452)	(19)	(471)
Profit before taxation	2,366	(832)	1,534	4,042	57	4,099	8,145	3	8,148
Income tax (charge)/credit	(98)	579	481	(1,044)	(6)	(1,050)	(2,140)	(75)	(2,215)
Profit/(loss) for the period	2,268	(253)	2,015	2,998	51	3,049	6,005	(72)	5,933

7. Segmental analysis (continued)
US$m	6 months 30.06.12	6 months 30.06.11	12 months 31.12.11
Capital expenditure
Sustaining:
Coal	481	320	801
Alloys	58	68	137
Copper	285	207	654
Iron Ore	-	-	1
Nickel	135	135	287
Zinc Lead	247	172	504
Technology	2	2	3
Total	1,208	904	2,387
Unallocated	9	1	5
Total sustaining	1,217	905	2,392
Expansionary:
Coal	921	517	1,193
Alloys	143	115	250
Copper	1,165	1,083	2,424
Iron Ore	89	78	171
Nickel	786	621	1,351
Zinc Lead	284	104	381
Technology	4	-	3
Total expansionary	3,392	2,518	5,773
Total capital expenditure:
Coal	1,402	837	1,994
Alloys	201	183	387
Copper	1,450	1,290	3,078
Iron Ore	89	78	172
Nickel	921	756	1,638
Zinc Lead	531	276	885
Technology	6	2	6
Total	4,600	3,422	8,160
Unallocated	9	1	5
Total capital expenditure	4,609	3,423	8,165

8. Goodwill
The value of goodwill at 30 June 2012 was US$6,339 million (30 June 2011 US$6,593 million, 31 December 2011 US$6,495 million). The decrease in the carrying value during the period ended 30 June 2012 was a result of derecognising goodwill on entering into a joint venture (refer to note 5 and 6), impairment (refer to note 6) and foreign currency translation adjustments. Refer to note 6 for impairment considerations at 30 June 2012.
9. Property, plant and equipment
During the period ended 30 June 2012, the Group acquired assets with a cost of US$4,599 million (30 June 2011 US$3,407 million, 31 December 2011 US$8,134 million), not including property, plant and equipment acquired through business combinations, asset additions and additions to deferred stripping costs. Capital expenditure (refer to note 7) comprises additions to intangible assets and property, plant and equipment excluding deferred stripping costs capitalised during the year. During the period ended 30 June 2012, the Group acquired the Sukunka hard coking coal deposit in British Columbia, Canada for US$500 million. This was treated as an asset purchase rather than a business combination as no associated activities or workforce were acquired. During the period ended 30 June 2011, the Group acquired copper tenements in Queensland, Australia for US$186 million and the remaining 25% interest in the Lady Loretta project in Queensland, Australia for US$30 million. This was treated as an asset purchase rather than a business combination as no associated activities or workforce were acquired. During the second half of 2011, the Group acquired the Hackett River and Wishbone zinc exploration properties, located in the Western Kitikmeot region of Nunavut, Canada, from Sabina Gold and Silver Corp for a cash consideration of US$48 million, the remaining 23.6% interest in the Pallas Green property in the Republic of Ireland from the current joint venture partner in the project, Minco plc for US$19 million and the Lossan metallurgical coal deposit from Cline Mining Corporation for US$44 million. The Group has made commitments to acquire property, plant and equipment totalling US$1,680 million at 30 June 2012 (30 June 2011 US$1,582 million, 31 December 2011 US$1,854 million). A portion of these commitments has been entered into with other venturers. Refer to note 6 for impairment considerations at 30 June 2012.
10. Capital and reserves
38,000,000 ordinary shares were issued on 5 March 2012 to the Employee Share Ownership Plan (ESOP). In May 2012, the US$7,978 million reduction of the share premium account was confirmed following the passing of a resolution at the Company's Annual General Meeting and finalisation of regulatory approvals. This reduction enabled the creation of a distributable share premium reserve.

11. Interest-bearing loans and borrowings
US$m	at 30.06.12	at 30.06.11	at 31.12.11
Current:
At amortised cost:
Bank overdrafts	9	8	5
Bank loans - other unsecured	139	20	139
Capital market notes	2,276	2,133	1,382
Non controlling interests loan	-	81	-
Other loans	1	-	2
Obligations under finance leases and hire purchase contracts	29	38	38
	2,454	2,280	1,566
Non-current:
At amortised cost:
Syndicated bank loans - unsecured	2,000	1,300	-
Bank loans - other unsecured	34	172	34
Capital market notes	8,320	5,654	8,394
Non-controlling interests loans	224	192	204
Obligations under finance leases and hire purchase contracts	160	182	166
Other loans	6	15	6
	10,744	7,515	8,804
Total	13,198	9,795	10,370
Less cash and cash equivalents	(1,646)	(1,354)	(1,948)
Net debt excluding hedges*	11,552	8,441	8,422
Hedges**	(191)	(310)	(273)
Net debt including hedges*	11,361	8,131	8,149

For the purpose of the Condensed Consolidated Cash Flow Statement, cash and cash equivalents comprise the following:
Cash and cash equivalents	1,646	1,354	1,948
Bank overdrafts	(9)	(8)	(5)
	1,637	1,346	1,943
* Net debt is defined as loans and borrowings net of cash and cash equivalents. ** Derivative financial instruments that have been used to provide an economic hedge of capital market notes have been included above to reflect a more accurate net debt position of the Group at period end. Cash and cash equivalents During the 6 months ended 30 June 2012, the Group entered into new finance leases and hire purchase contracts to purchase various items of plant and equipment for US$1 million (six months ended 30 June 2011 US$2 million, year ended 31 December 2011 US$5 million) which did not require the use of cash and cash equivalents. As such, these items are not included in the net cash flow used in investing and financing activities in the Condensed Consolidated Cash Flow Statement.

12. Finance Income and Costs
US$m	6 months 30.06.12	6 months 30.06.11	12 months 31.12.11
Finance income:
Bank and interest received from third parties	84	61	121
Dividends	-	-	2
Foreign currency gains on other loans*	39	-	14
Hedge ineffectiveness	3	-	-
Total finance income	126	61	137

Finance costs:
Amortisation of loan issue costs	10	4	9
Discount unwinding	66	65	145
Finance charges payable under finance leases and hire purchase contracts	10	7	18
Foreign currency losses on other loans*	-	53	-
Interest on bank loans and overdrafts	10	15	23
Interest on capital market notes	85	86	173
Interest on non-controlling interests loans	1	3	5
Interest on other financial liabilities	11	12	20
Hedge ineffectiveness	-	21	31
Other	6	7	28
Finance cost before exceptional items	199	273	452
Loan issue costs written off on financing facilities (refer to note 6)	6	-	19
Total finance cost	205	273	471
* These amounts mainly relate to foreign currency gains and losses on US and Canadian dollar inter-company loans in Australian entities.

13. Income taxes
Significant components of income tax expense for the periods ended:
US$m	6 months 30.06.12			6 months 30.06.11			12 months 31.12.11
Consolidated income statement
Current tax:
Based on taxable income for the current period	637			869			2,023
Prior year adjustment	(423)			(20)			7
Total current taxation charge	214			849			2,030
Deferred taxation:
Origination and reversal of temporary differences	(699)			249			160
Change in tax rates	(3)			(8)			70
Deferred tax (credit)/charge arising from write-down, or reversal of previous write-down, of a deferred tax asset	-			(43)			(86)
Prior year adjustment	7			3			41
Total deferred taxation (credit)/charge	(695)			201			185
Total taxation (credit)/charge	(481)			1,050			2,215
Prior year adjustments include true up balancing following lodgement of income tax returns, receipt of income tax assessments and revisions to tax payable estimates. The deferred tax amounts above include the tax charge attributable to exceptional items (refer to note 6).
14. Related parties
The list of principal subsidiaries, joint ventures and associates as at 30 June 2012 is consistent with those disclosed in the Group's annual financial statements for the year ended 31 December 2011 as outlined on pages 172 to 174. The Group entered into the following transactions, in the ordinary course of business, with Glencore International plc (Glencore):
US$m		6 months 30.06.12	6 months 30.06.11			12 months 31.12.11
Glencore*:
Sales**		3,773	4,614			9,475
Purchases		590	613			1,098
Treatment and refining charges		39	108			241
Treatment and refining revenue		14	-			17
Agency and other charges		41	45			83
Interest and other revenue		-	-			1
Amounts payable		94	149			134
Amounts receivable		421	613			560
* Includes share of joint ventures ** No provision for doubtful debts has been raised in respect of transactions with Glencore
Included in the transactions with Glencore are US$680 million (30 June 2011 US$146 million, 31 December 2011 US$1,227 million) of back to back sales whereby the title to the goods has passed to Glencore but the goods are then on-sold to customers at the same sales price that the Group received.
There were no significant changes in the terms of the long-term contracts with Glencore as outlined on pages 175 to 177 of the Group's annual financial statements for the year ended 31 December 2011.
15. Earnings per share
US$m		6 months 30.06.12			6 months 30.06.11			12 months 31.12.11
Continuing operations:
Profit before exceptional items attributable to ordinary equity holders of the parent		2,194			2,865			5,785
Exceptional items		(253)			51			(72)
Profit attributable to ordinary equity holders of the parent		1,941			2,916			5,713
Profit attributable to ordinary equity holders of the parent for diluted earnings per share		1,941			2,916			5,713

Weighted average number of shares (000s) excluding own shares:
For basic earnings per share		2,944,445			2,930,862			2,931,448
Effect of dilution:
- Share based payments		20,387			39,790			37,315
For diluted earnings per share		2,964,832			2,970,652			2,968,763

16. Dividends per share
US$m		6 months 30.06.12			6 months 30.06.11			12 months 31.12.11
Declared and paid*		797			586			967
Proposed		414			381			792
		1,211			967			1,759
his only includes amounts paid to the parent equity holders and not non-controlling interest holders. The Group has proposed an interim 2012 dividend of 14.0 cents per ordinary share (2011: 13.0 cents per ordinary share) to be paid on 13 September 2012. The 2011 final dividend of 27.0 cents per ordinary share was paid on 23 May 2012.

Further information

Defined terms used in this announcement, unless defined herein, have the same meanings as in the circular in relation to the recommended all-share merger of equals between Xstrata and Glencore International plc (the "Merger"), sent to shareholders on 31 May 2012 (the "Scheme Circular").

This announcement is for information purposes only. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Merger or otherwise nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The Merger is being made solely by means of the Scheme Circular, which, together with the Forms of Proxy (and any supplementary Scheme Circular and any additional form of proxy), contains the full terms and conditions of the Merger including details of how to vote in respect of the Merger. Xstrata urges Xstrata Shareholders to read the Scheme Circular and any supplementary Scheme Circular in full because they contain/will contain important information in relation to the Merger. Any vote in respect of the Scheme or other response in relation to the Merger should be made only on the basis on the information contained in the Scheme Circular and any supplementary Scheme Circular.

This announcement does not constitute a prospectus or prospectus equivalent document.

Notice to US holders of Xstrata Shares

The Merger involves an exchange of the securities of a UK company for the securities of a Jersey company and is subject to Jersey and UK disclosure requirements, which are different from those of the United States. The financial information included in this announcement has been prepared in accordance with International Financial Reporting Standards and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.

The Merger is proposed to be made by means of a scheme of arrangement under the Companies Act and otherwise in accordance with the requirements of the Code. The scheme of arrangement will relate to the shares of a UK company that is a 'foreign private issuer' as defined under Rule 3b-4 under the US Exchange Act.

Accordingly, the proposed combination is subject to disclosure and other procedural requirements applicable in the UK to schemes of arrangement, which differ from the disclosure requirements of the US proxy and tender offer rules under the US Exchange Act.

Any securities to be issued under the Merger have not been and will not be registered under the US Securities Act, or under the securities laws of any state, district or of any other jurisdiction of the United States, or of any jurisdiction other than the United Kingdom. Accordingly, the New Glencore Shares may not be offered, sold, reoffered, resold, pledged, delivered or otherwise transferred, in or into any jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction. It is expected that the New Glencore Shares will be issued in reliance upon the exemption from such registration provided by Section 3(a)(10) of the US Securities Act. Under applicable US securities laws, persons (whether or not US persons) who are or will be "affiliates" (within the meaning of the US Securities Act) of Xstrata or Glencore prior to, or of Glencore after, the Effective Date will be subject to certain transfer restrictions relating to the Glencore Shares received in connection with the Scheme. It may be difficult for US holders of Xstrata Shares to enforce their rights and any claim arising out of the US federal securities laws, since each of Glencore and Xstrata are located in a non-US jurisdiction, and some or all of their officers and directors may be residents of a non-US jurisdiction. US holders of Xstrata Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgment.

If Glencore exercises its right, subject to the consent of the Panel (where necessary) and with Xstrata's prior written consent, to implement the Merger by way of a Merger Offer, the Merger will be made in compliance with applicable US laws and regulations, including applicable provisions of the tender offer rules under the US Exchange Act, to the extent applicable.

Overseas jurisdictions

The ability of Xstrata Shareholders who are not resident in the United Kingdom to participate in the Scheme may be affected by the laws of the relevant jurisdictions in which they are located. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.

New Glencore Shares have neither been marketed to, nor are available for purchase or exchange, in whole or in part, by, the public in the United Kingdom or elsewhere in connection with the Merger. This announcement is not a prospectus and does not constitute an invitation or offer to sell or the solicitation of an invitation or offer to buy any security. None of the securities referred to in this announcement shall be sold, issued, subscribed for, purchased, exchanged or transferred in any jurisdiction in contravention of applicable law.

The release, publication or distribution of this announcement in or into jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the UK should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Merger disclaim any responsibility or liability for the violation of such restrictions by any person. This announcement has been prepared for the purposes of complying with English law, the Listing Rules, the rules of the London Stock Exchange and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England.

Forward-looking statements

This announcement contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature. All statements other than statements of historical fact are forward-looking statements. They are based on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects", "is expected", "is subject to", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "targets", "aims", "projects" or words or terms of similar substance or the negative thereof, are forward-looking statements, as well as variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Glencore's or Xstrata's operations and potential synergies resulting from the Merger; and (iii) the effects of global economic conditions on Glencore's or Xstrata's business.

Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors may cause the actual results, performance or achievements of Glencore or Xstrata to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of Glencore or Xstrata to differ materially from the expectations of Glencore or Xstrata, as applicable, include, among other things, general business and economic conditions globally, commodity price volatility, industry trends, competition, changes in government and other regulation, including in relation to the environment, health and safety and taxation, labour relations and work stoppages, changes in political and economic stability, disruptions in business operations due to reorganisation activities (whether or not Glencore combines with Xstrata), interest rate and currency fluctuations, the failure to satisfy any conditions for the Merger on a timely basis or at all, the failure to satisfy the conditions of the Merger when implemented (including approvals or clearances from regulatory and other agencies and bodies) on a timely basis or at all, the failure of Glencore to combine with Xstrata on a timely basis or at all, the inability of the Combined Group to realise successfully any anticipated synergy benefits when the Merger is implemented, the inability of the Combined Group to integrate successfully Glencore's and Xstrata's operations and programmes when the Merger is implemented, the Combined Group incurring and/or experiencing unanticipated costs and/or delays or difficulties relating to the Merger when the Merger is implemented. Such forward-looking statements should therefore be construed in light of such factors.

Neither Xstrata nor Glencore, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Other than in accordance with its legal or regulatory obligations (including under the Listing Rules and the Disclosure and Transparency Rules of the FSA), neither Xstrata nor Glencore is under any obligation and Xstrata and Glencore each expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No profit forecasts

No statement in this announcement is intended as a profit forecast and no statement in this announcement should be interpreted to mean that earnings per Glencore or Xstrata ordinary share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore or Xstrata ordinary share.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR UNSURUAAWRUR

Related Shares: Xstrata (XTA).

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