Ann: Becoming a substantial holder , page-11

Looks like SPH will slip from Xstrata's grasp if it doesn't come back with a much bigger bid after 19 October. See....

http://www.mining-journal.com/finance/xstrata-extends-closing-date-for-us$383m-sphere-offer

Xstrata plc has extended its offer for ASX-listed, Sphere Minerals Ltd by two weeks to October 19, having received only a small amount of acceptances from shareholders so far.

The company has kept the value of the cash offer at the same A$2.50/share announced on August 24, valuing Sphere at A$428 million (US$383 million). At the time the offer represented a 61% premium to the previous day?s closing price.

According to Monday?s extension announcement, Xstrata has received total acceptances representing 6.95% of the shares in issue, compared with the 5.46% directors had already agreed to tender when the offer document was submitted.

The offer is dependent on acceptances of 90% or more of Sphere?s shares.

Sphere has three iron-ore assets in Mauritania, namely the Guelb el Aouj joint venture with Mauritania?s state-owned producer, and the Askaf and Lebtheinia projects.

Another Mauratanian mining acquisition closed recently, after Kinross Gold Corp completed the US$7.1 billion acquisition of Red Back Mining Inc.