1

Delivering Organic GrowthIan Pearce – Chief Executive

Noumea, April 6, 2011

22

Disclaimer:

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33

Agenda

Introduction

Market Update

Delivering Organic Growth:

Koniambo Update

Conclusion

44Introduction

55Source: Brook Hunt

Integrated nickel business with a portfolio of diverse assets and projects

2010 Top 5 Refined Nickel Producers

0 100 200 300

MMC Norilsk

Jinchuan

Vale

BHP Billiton

Xstrata (kt)

Introduction

Araguaia30-35ktpa Ni (FeNi)

66

Sustainability continuesto be a key strategic focus

Introduction

§ Relentless focus on ‘Zero Harm’– Two years no lost time injuries at Sinclair– Four million hours (4.5 years) at Kabanga– Two million hours (234 days) at Falcondo– Identification of five key safety priorities per site

integrated into continuous improvement process

§ Corporate Social Involvement– Focused on long-term investments and

partnerships with third-party organisations that generate mutual benefits

§ Multi-Faceted Approach to Environmental Performance– Targeted capital investment to enhance

compliance and deliver efficiency and cost savings

– LEED certification at Nickel Rim South– Active participation in development of policy and

regulations

Industry Awards

§ Raglan received two regional industry awards for lowest accident frequencies and best improvement

§ Sudbury Operations received a regional award for attaining the lowest total medical aid frequency for mines and smelter

Xstrata Nickel safety statistics

0

2

4

6

8

10

12

14

16

2007 2008 2009 2010

Pe

r M

illio

n H

ou

rs W

ork

ed

Total Recordable Injury Frequency Rate

Lost-Time Injury Frequency Rate

77

Successfully transformed throughout 2010

Introduction

§ Optimisation of Integrated Nickel Operations (INO)– Successful delivery of Nickel Rim South and

Fraser mine in Sudbury (significant by-product credits)

– Continued cost focus at Raglan– Sinclair as a swing producer– Utilisation of internal feeds to optimize

downstream facilities– Record mine production from INO; record

output from smelter (74ktpa Ni) and refinery (92ktpa Ni)

§ C1 dramatically reduced from $5.63/lb in 2008 to $2.16/lb in 2010, ahead of expectations, and down 43% from 2009− Firmly placed in bottom of second quartile

§ Strong track record of real cost savings ($208M over 2007-2010)

-5.00

15.00

0% 25% 50% 75% 100%

C1

Cas

h Cos

ts

Nickel Production

2008

2010

25% 50% 75% 100%

Xstrata Nickel Transformation

Source: Xstrata Nickel cost position; Brook Hunt – Wood Mackenzie (Q3 Nickel Cost Curve)

88

0.00

1.00

2.00

3.00

4.00

5.00

6.00

0

50

100

150

200

2008 2009 2010 2013 2016

FeNi productionINO productionC1 cash cost

Robust business to delivervalue and growth in the future

0

kt mined nickel

$/lb C1 cash cost

§ Doubling of nickel production while maintaining 2nd quartile cost position

• INO mined production to increase +30%

§ Significant FeNi Production• Falcondo: low capital restart

option at 50% capacity with a sustainable cost structure

• Koniambo: first ore to furnace in mid-2012 with low-cost capacity

• Koniambo limonite optionality

§ Significant expansion still remains

• Raglan at 40ktpa Ni; New mine in Sudbury (N-71, Big Smoke); Kabanga full production; Koniambo expansion; Araguaia

Introduction

99Market Update

1010

Stainless Steel Production Growth

Market Update

Growth in stainless steel is forecast to be strong, underpinned by an expansion of Asian melting capacity, primarily in China…

…with Koniambo’stidewater location in New Caledonia, the facility is favourably placed to deliver ferronickel to these markets.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Chin

a's S

hare

of t

otal

Kt

Asia Global Ex-Asia China %

Source: CRU Group

1111

Stainless Steel Product Mix

Market Update

Nickel consumption in stainless steel is heavily influenced by product ratios of austenitic (nickel containing) and ferritic(nickel free) stainless steels…

…300 series (nickel containing) stainless steel production is anticipated to continue expanding, supported by rising consumer and industrial demand, particularly in Asia.

Source: CRU Group

0%10%20%30%40%50%60%70%80%90%

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Aust

eniti

c Rat

io

Kt S

tain

less

Ste

el

200s 300s 400s Austenitic Ratio

1212Source: CRU Group

Nickel Consumption in Stainless Steel

Market Update

Primary nickel usage in stainless steel is expected to correspondingly rise…

…recycling of stainless steel remains an important source of nickel units for stainless mills…

…with stainless scrap representing a raw material of choice for most facilities (nickel, chrome and iron in identical spec to final product).

0%

10%

20%

30%

40%

50%

0

200

400

600

800

1,000

1,200

1,400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Scra

p Ra

tio

Kt N

ickel

Asian Ni in SS Ni in SS Scrap Ratio

1313

Primary Nickel Supply to Stainless Steel

Market Update

After scrap , producers of austenitic stainless steels prefer ferronickel as a primary nickel source…

…with the contained iron representing an advantage over alternate forms of nickel.

0%

10%

20%

30%

40%

50%

60%

0

200

400

600

800

1,000

1,200

1,400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Shar

e of

Tot

al D

eman

d

Kt N

ickel

Asian Ni in SS Ni in SS Ni in FeNi FeNi Share

Source: CRU Group

1414

China and Nickel from Nickel Pig Iron (NPI)

Market Update

Nickel pig iron has evolved into a permanent and important feature of the Chinese steel industry…

…however its ability to maintain historical growth rates is not without risk.

0%

10%

20%

30%

40%

50%

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Shar

e of

Chi

nese

Req

uire

men

t

Ktpa

Ni

Ni in SS Ni in NPI Ni in NPI Share

Source: CRU Group

1515Delivering Organic Growth

1616

A competitive growth pipeline with low resource/technical risk…

In Execution Status Infrastructure Resources Quality

Name PlateCapacity

StartDate Low Processing Risk

Koniambo 72% complete Greenfield Highest grade laterite 60ktpa 2012 Proven pyromet

smelting

Falcondo - 50% 85% complete Brownfield Significant resource 14ktpa 2011 Proven pyromet

smeltingNear-term Approvals Status Infrastructure Resources

QualityName Plate

CapacityStartDate Low Processing Risk

Kabanga Feasibility Greenfield High grade sulphide 40-45ktpa 2014 Conventional flotation

Fraser Morgan Feasibility Brownfield Poly-metallic sulphide 6ktpa 2012 Conventional flotation

Falcondo – 100% Feasibility Brownfield Significant resource 28ktpa 2016 Proven pyromet

smelting* Production at 100% for Koniambo, 50% for Kabanga

0

25

50

75

100

125

150

175

2010 2011 2012 2013 2014 2015 2016

Min

ed N

icke

l (kt

)

Existing OperationsProjects in ExecutionProjects Near-term Approval

§ World-class project pipeline with on-going optimisation to reduce capital and risk

§ Focused on Koniambo delivery

§ Planning Kabanga execution in phased approach

§ Falcondo optionality proved significant as markets improved

Production Growth Pipeline

Delivering Organic Growth

1717

…and significant future potential

§ Onaping Depth: 15Mt @ 2.7% Ni, 1.3% Cu

§ Araguaia: +120Mt @ 1.3% Ni

§ Falcondo Heap Leach: 10Mt @ 1.2% Ni

§ Koniambo Phase II: significant resource with brownfield infrastructure in place

Feasibility and Scoping Status Infrastructure Resources

QualityName Plate

CapacityStartDate Low Processing Risk

Onaping Depth Scoping Brownfield High grade sulphide 10-20ktpa TBD Conventional flotation

Araguaia Scoping Greenfield Significant resource 30-35ktpa TBD Proven pyromet

smeltingFalcondo Heap Leach Concept Brownfield Significant

resource 5ktpa TBD Leaching technology

Koniambo Phase II Concept Brownfield Highest grade laterite 60ktpa TBD

Proven pyrometsmelting; or

Hydromet technology

Potential Production Growth Pipeline

0

50

100

150

200

250

300

350

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Min

ed N

icke

l (kt

)

Projects Feasibility and ScopingProjects Near-term ApprovalProjects in ExecutionExisting Operations

Delivering Organic Growth

1818

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2007 2010

Ni C

onta

ined

(M

t)M

easu

re +

Ind

icat

ed

AustraliaGreenfieldNew CaledoniaDominican RepublicCanada

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2007 2010

Ni C

onta

ined

(M

t)Res

erve

s

Mined outReserves

Supported by a strong resource base for the future

§ Continual extension of existing mines and growth of project resources– ~90% increased in measured and

indicated resources to a total nickel contained resource of 5.4Mt in 2010 (>8Mt Ni including Inferred)

§ Focused and disciplined exploration – low risk increase of reserve base (sulphide focus)– Delineation of known discoveries– Extension drilling of brownfield sites– Exploration commitment towards highly

prospective property for future resource expansions

Note: *Equity contained Nickel in reserves and resources

Xstrata Nickel resource growth

Xstrata Nickel reserve base

~90%

increase

~35%

increase

Delivering Organic Growth

1919Delivering Organic GrowthKoniambo Update

2020

Koniambo LocationUniquely short distance from mined to finished product; well positioned for Asian markets

Koniambo Update

2121

Industry-Leading Grade and Scale

Source – Brook Hunt and Xstrata

With inferred resources,

~400Mt of ore, containing 7.6Mt of Ni

Measured and indicated nickel laterite resources

Koniambo Update

2222

Project Scope

§ Earthworks – 8,500,000 m3

§ Pyramids of Giza – 2,500,000 m3

§ Concrete – 80,000 m3

§ Average capacity of standard Ready Mix cement truck: 10 m3

§ Steel – 53,000 tonnes (incl. modules)§ 7,000 tonnes of steel in the Eiffel

Tower§ Mechanical - >1,500 major pieces

of equipment§ Electrical cables – 1,500 kms

§ Sydney to Adelaide

Koniambo Update

2323

Koniambo – A Cornerstone Asset§ Foundation for Xstrata Nickel’s growth

– Robust business case– High grade ore body with 50+ yrs mine life– 60ktpa nickel with an expected first quartile cost position– On track for 2012 delivery of first ore to furnace; full production by 2014– Significant limonite brownfield growth option

§ Project well positioned to deliver– Currently 72% complete

– Significant progress to date resulting in project de-risking– All off-island work complete– 80% of freight tonnes received on site

– Sound cost and risk management systems– Good state of readiness with performance and productivity management

system in place– Continued excellent environmental performance and community

engagement Koniambo Update

2424

Vavouto PortDredging , ocean outfall and wharf completed in 2010 without environmental incident

Koniambo Update

2525

Worker CampCamp capacity currently 4,900, ahead of requirements and ready for peak construction activity

Koniambo Update

2626

Module ConstructionMetallurgical plant modules completed in China to take advantage of best value country approach

Koniambo Update

2727

Module ShipmentModules shipped between August and December 2010 by specialised vessels on 17-day journey

Koniambo Update

2828

Module Discharge and TransportationThree to five hour journey on multi-wheeled platforms operated by remote control to met plant site

Koniambo Update

2929

Module StackingStacking system mitigated risk of high winds; jacking of module to third level took 10 – 12 hours

Koniambo Update

3030

Koniambo Development

Koniambo Update

Feasibility and approval

Design, specification, fabrication and delivery of large

equipment, met and power plant, and

conveyor

Labour-intensive project construction

3131

Mass EarthworksRe-vegetation in progress; sediment control structures effective through cyclonic season

Koniambo Update

3232

Mass EarthworksMass earthworks are 77% complete; primarily contracted to local enterprises

Koniambo Update

3333

Met Plant AssemblyFull height of metallurgical plant is 110 meters, the tallest structure in New Caledonia; 23% complete

Koniambo Update

3434

Power Plant Construction2 X 135MW coal-fired boilers and 2 X 40MW diesel-fired turbines; 17% complete

Koniambo Update

3535

Met Plant and Power PlantAdvantage of compact footprint realized in low working capital

Koniambo Update

3636

Overland Conveyor Assembly11-km conveyor from the massif to the plant; elevated construction minimizes environmental impact

Koniambo Update

3737

Koniambo: Indicative Product Characteristics

Element Nominal %

Nickel 35

Iron 63

Cobalt 0.9

Copper 0.03

Chromium 0.1

Manganese 0.04

Arsenic <0.001

Zinc 0.002

Carbon 0.15

Sulphur 0.05

Silicon 0.3

Phosphorous 0.02

Koniambo Update

§ Producing a high-grade, high nickel content product with low impurities§ Composition:

3838

Conclusion

Conclusion

§ Strong stainless growth will continue to drive global nickel demand, specifically for ferronickel– Provides a favourable market outlook for future ferronickel production

from Koniambo

§ Xstrata Nickel successfully transformed into a robust business– Improved cost position to 2nd quartile– Project execution excellence with Nickel Rim South completed on time and

budget

§ Xstrata Nickel will deliver significant, tier 1 production growth– Attractive growth pipeline

§ Koniambo on track to process first ore in 2012– Will deliver an attractive, competitive product with an emphasis on

reliability of supply and service– Significant limonite brownfield growth option

3939

Questions?

4040Appendix

4141

Nickel Rim South demonstratingworld-class execution and commissioning

§ Nickel Rim South project execution– Excellent project definition and planning– 5 year, $800M project being completed on

time and budget– Excellent cost performance in a difficult

market– Excellence in HSEC and Sustainable

Development

§ Nickel Rim South - tier one asset– Steady state operations Q2 2010– Name plate capacity Q4 2010, 6 months

ahead of schedule– Production 10% ahead of target (+1.2kt in

2010)– Full year of name plate capacity in 2011– Negative cash cost producer

Production: 18kt Ni, 30kt Cu, 200koz PGMCash costs: <$0/lb (negative cash costs)Reserves: 14.0Mt @ 1.4% Ni, 2.6% CuResources: 15.8Mt @ 1.5% Ni, 2.7% CuMine life: 15+ years

Nickel Rim South

Appendix

4242

Falcondo – using inherent optionality to restart with minimal capital outlay

§ Restarted at 50% production capacity –March 2011– Modest capital outlay - $10M– Restructure energy cost base via a 3-year

electricity contract with AES Dominicana– Sustaining capital optimised (<$10M/year)

§ Focused on labour mobilisation to deliver quick ramp-up

§ Transformation into a sustainable low-cost operation at 100% production– Pursuing alternatives for competitive, long-term

electricity contract– Conversion of process plant to LNG– Improved mining and ore preparation process– Loma Miranda development to extend mine life

and increase head grade

§ Project Details:– 85% ownership– Reserves: 79Mt @ 1.3% Ni– Low resource risk– Production capacity: 28ktpa Ni– Mine life >20 yrs with growth

potential

Appendix

4343

Kabanga – the next great sulphide camp

§ Largest undeveloped Ni sulphide resource (58MT @ 2.6% Ni for 1.5Mt of contained Ni)– 40-45ktpa Ni steady state production high

quality concentrate (>18% Ni grade)– 2nd quartile LOM C1 cash cost– 2011 focus on negotiation/finalisation of MDA

and delivery of SEIA

Field of Top 10 Nickel Producers

0.00

1.00

2.00

3.00

4.00

5.00

6.00

100,000 1,000,000 10,000,000 100,000,000 1,000,000,000 10,000,000,000

Resource/Reserve Tonnage (log scale)

% N

icke

l

Deposit - Non-producerDeposit - Producer

Kabanga

Eagle

Nicobi

Sudbury Camp

Norilsk

Global Sulphide Deposits (>0.5% Ni)

§ Phase I: Self-sufficient, entry-level project– Initial capital of ca $330M (100% basis)– Deferral of mine development capital– Selective mining at 600ktpa ore -> 10ktpa Ni

with 3rd quartile cash cost position

§ Phase II: Expansion– Capital ca $470M (100% basis)– 2,200ktpa ore -> 40-45ktpa Ni (100% basis)

with 2nd quartile cash cost position

Kabanga

Appendix

4444

Sudbury offers brownfield potentialand new exploration life

§ Nickel Rim South optimization potential– Resources +15% since execution and additional

potential remains

§ Fraser Morgan (Feasibility)– Resource: 8.6Mt @ 1.9% Ni, 0.6% Cu– Smaller scale approach, 6ktpa Ni for 10 years– Utilizing spare capacity at Fraser mine complex

and Strathcona mill

§ Onaping Depth (Scoping)– Additional production growth potential (10-

20ktpa)

§ Significant potential continues with two advanced exploration projects– N-71 (10km N of Nickel Rim South)

– High grade sulphide mineralization with excellent Cu-PGE potential

– 2010 intersection: eg. 24.6m @ 2.49% Ni eq

– Big Smoke (35km S.W. of Strathcona mill)– Shallow, ramp accessible mineralization– 2010 intersection: eg. 12.7m @ 3.26% Ni

Appendix

4545

Raglan – delivering valuethrough exploration

§ Kikialik – on budget and schedule to deliver production in Q4 2011

§ Focused exploration on extending life of operating mines and expanding resources of next two mines

§ High grade exploration success providing future optionality towards 40ktpa Ni– Dilution of fixed costs and sustaining capex

70 kilometres

- Operating Mine

- Mine Under Construction/Project

Project Operation Support/Extension:maximise asset NPV and capital deferral

e.g. Mine 2: 55m @ 4.7% Ni

Mine 2-3Katinniq

Qakimajurq

Donaldson

Cross Lake

Kikialik

’Next-in-Line’ Project Exploration:resource potential optionality

e.g. Qakimajurq: 220Kt @ 5% Ni

Appendix

4646

XNA – exploring for high grade while optimizing disseminated ore potential

§ High grade ore from Prospero has been key to doubling of nickel production at Cosmos

§ Cosmos realizing value from disseminated mineralization with low-cost mill optimization– AM5 disseminated project in execution– Odysseus - potentially largest discovery in site

history– Recent high grade intersections at AM6

§ Sinclair at full production in 2011– Swing producer leveraging off Cosmos

§ Exploration continues to be focused on Prospero/Cosmos area– Delineation of Odysseus and AM6 to inferred

resources– Working on land access agreements to drill

prospective Lake Miranda area– Large under-explored property position

ODYSSEUS(eg. 63m @ 2.3%Ni)

AM6(eg. 29m @ 2.4%Ni;incl. 8m @ 4.4%Ni)

Appendix