wmr - green light xstrata
TREASURER Peter Costello said today the Australian government has no objection to Xstrata plc's bid to acquire WMC Resources.
Mr Costello said that approval was based on a number of conditions which included Xstrata abiding by all Australian laws and regulations relating the mining and export of uranium. The conditions require Xstrata to retain its headquarters of Xstrata Coal, Xstrata Copper and the planned new business group Xstrata Nickel in Australia while the majority of the assets of the respective businesses are located in Australia.
Xstrata would also be required to continue with the exploration program currently undertaken by WMC in its nickel and at its Olympic Dam copper/uranium operations.
This is on top of Xstrata's existing green and brownfields exploration activities valued at $31 million a year over the next three years.
