On December 31, 2007, the financing agreements concerning the Koniambo project, a metallurgical plant in the Northern Province of New Caledonia to be constructed by Koniambo Nickel SAS ("KNS"), a company controlled at 51% by Société Minière du Sud Pacifique ("SMSP") and 49% by Xstrata Nickel France SAS ("Xstrata"), were signed in Paris.

1. The finance plan had already provided for, on November 30, 2007, the refinancing of a bridge facility through a share capital increase of KNS for an amount of 342,000,000 USD subscribed and paid-in by SMSP for an amount of USD 183,600,000 and Xstrata for an amount of USD 176,400,000.

2. The financing agreements dated December 31, 2007 also include:

	On the one hand, a set of agreements related to a "Loi Girardin" operation prepared with the collaboration of Société Générale and aiming at allowing the project to benefit from financing through an expected tax savings of a maximum amount currently estimated at USD 223,000,000;

	On the other hand, a senior debt facility to KNS by the Xstrata group for an amount of 655,700,000 USD;

	Finally, a junior debt facility to KNS by the Xstrata group and SMSP for an amount of 3,535,000,000 USD entirely underwritten by the Xstrata group and to which the SMSP group has the option of participating up to 51%.

The SMSP group was assisted by Gide Loyrette Nouel (Frédéric Wapler, Richard Beauvais, Jean-Guillaume d'Hérouville and Sandra Tripathi).