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Xstrata plc (LSE: XTA), (TSX: FAL) is an international mining company, listed on both the London Stock Exchange and the SWX Swiss Exchange. Its headquarters are in Zug in Switzerland and it is a member of the FTSE 100 Index. Xstrata Copper is currently the world's fourth largest producer of copper.[1] Its largest shareholder, with a shareholding of around 40%, is Glencore.
[edit] HistoryThe Company was founded in 1926 in Switzerland as Südelektra, an infrastructure and electricity projects concern operating in Latin America.[2] In the 1990's it diversified into mining and disposed of its non-core businesses.[2] It was first listed on the London Stock Exchange in 2002 at which time it acquired Glencore's coal assets in Australia and South Africa.[2] In 2003, it doubled in size with the A$2.9 billion takeover of Australian copper, zinc and coal miner MIM Holdings.[3] But it failed in a 2005 bid for another Australian miner, WMC Resources, which was captured by BHP Billiton, the world's biggest mining company.[4] In August 2005, Xstrata purchased a 19.9% stake in Falconbridge Limited, a diversified Canadian mining company producing copper, nickel, aluminum and zinc. Following a contested take-over battle with Inco Limited, Xstrata successfully acquired the remaining 80.1% of Falconbridge in August 2006.[5] In 2006, The Northern Territory and Australian Governments approved the expansion of the McArthur River zinc mine, near the popular fishing destination of Borrooloola. The expansion involves diversion of the river to a new 5.5km channel, to allow construction of a massive open-cut pit in the existing river.[6] On behalf of the Traditional Owners of the region - the Yanyuwa, Mara, Garrawa and Gurdanji peoples - the Northern Land Council launched a legal challenge to the Northern Territory Government’s decision to approve the mining of and diversion of the McArthur River. On 1 May 2007, The Northern Territory Supreme Court ruled in favour of the Northern Land Council to stop the expansion. On 3 May 2007, the Northern Territory government rushed through retrospective legislation to overrule the court decision and allow the open-cut mine to proceed.[7] [edit] OperationsSince the turn of the millennium it has developed from a small player into one of the world's largest diversified mining groups with the help of a series of large acquisitions. It has major operations/projects in eighteen countries (Australia, Argentina, Brazil, Canada, Chile, Colombia, the Dominican Republic, Germany, Jamaica, New Caledonia, Norway, Papua New Guinea, Peru, South Africa, Spain, Tanzania, the United States and the United Kingdom) and it is a major producer of copper, coking coal, thermal coal, nickel, ferrochrome, vanadium and zinc. It has smaller scale involvement in aluminum, gold, lead and silver. [edit] Mangoola (Anvil Hill) Coal Mine ControversyIn 2007 Xstrata Coal, based in Sydney, bought Anvil Hill Coal Mine from Centennial Coal Company.[8] Since the purchase of the Anvil Hill Coal Mine Xstrata Coal, an Australia-based subsidiary of Xstrata PLC, has come under media scrutiny numerous times in regards to the companies management of the pre-mining stage of the mining project, most notably scrutinised has been the community relations approach of Xstrata Coal towards the local community, with allegations of misleading actions on behalf of the company being cited in the local and regional media, and other regional and local communication channels. Including the setting up of a local action group in opposition to the mine named WAG (Wybong Action Group) [edit] Relationship with GlencoreXstrata is also noted for its association with the commodity trader Glencore, whom media reports accuse of having entered into illegal deals with rogue states.[9] Glencore is reported to serve as a marketing partner for Xstrata.[10][11] As of 2006, Glencore leaders Willy Strothotte and Ivan Glasenberg are on the board of Xstrata, which Strothotte chairs.[12] According to The Sunday Times, Glencore controls 40% of Xstrata stock and has appointed the Xstrata CEO, Mick Davis.[10][13] [edit] Senior management
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Categories: Companies listed on the London Stock Exchange | Companies listed on the Toronto Stock Exchange | Companies established in 1926 | Companies of Switzerland | Mining companies of the United Kingdom | Copper mining companies | Nickel mining companies | Coal companies of the United Kingdom | Coal companies of Australia | Zinc mining companies | |||||||||||||||||||||||||||||||||||||||||||
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