Xstrata Nickel

Xstrata Nickel

February 01, 2007 02:33 ET

Xstrata Nickel and CAW Local 598 Reach Tentative Collective Agreement

SUDBURY, ONTARIO --(CCNMatthews - Feb. 1, 2007) - Xstrata Nickel announced today that the company's Sudbury operation has reached a tentative agreement for a new Collective Agreement with CAW-Local 598, which represents Xstrata Nickel's Sudbury production and maintenance employees. The prior agreement expired on January 31, 2007.

The union's bargaining team has unanimously recommended acceptance of the new agreement. Details of the agreement will be presented to union members and will be followed by ratification voting.

"We are very pleased to have successfully reached this tentative agreement without work disruption," said Mike Romaniuk, Xstrata Nickel Vice-President of Sudbury Operations. "Through the hard work of both bargaining teams, as well as the constructive assistance of the government-appointed mediator, we have achieved a tentative collective agreement that is fair and competitive for both the company and for union members."

Background

Xstrata Plc is a major global diversified mining group, listed on the London and Swiss stock exchanges. Headquartered in Zug, Switzerland, Xstrata maintains a meaningful position in seven major international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with a smaller but profitable aluminium business, recycling facilities, additional exposures to gold, lead and silver and a suite of global technologies, many of which are industry leaders. The Group's operations and projects span 18 countries: Argentina, Australia, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, Jamaica, New Caledonia, Norway, Papua New Guinea, Peru, South Africa, Spain, Tanzania, the USA and the UK.

Xstrata Nickel, headquartered in Toronto, Canada, is one of the one of the group's global commodity businesses, comprising five mines and processing facilities in Ontario and Quebec, Canada; a ferronickel mine and processing facility in Bonao, Dominican Republic; and a refinery in Nikkelverk, Norway. Xstrata Nickel has a significant portfolio of growth projects, including Nickel Rim South in Canada, Kabanga in Tanzania, and Koniambo in New Caledonia.

Xstrata Nickel is the world's fourth largest nickel producer, with annual managed production of more than 110,000 tonnes of refined nickel.

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