Offer Update

RNS Number:1635Y
FCX International PLC
4 July 2002


XCF INVESTMENTS LIMITED ("XCF INVESTMENTS") LEVEL OF ACCEPTANCES OF THE
MANDATORY OFFER ("MANDATORY OFFER") FOR FCX INTERNATIONAL PLC ("FCX")

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN

By 3.00 p.m. London time on 3 July 2002, XCF Investments had received valid
acceptances of the Mandatory Offer from the holders of 1,167,635 FCX Shares
(representing approximately 6.44 per cent. of the existing issued share capital
of FCX). XCF Investments has also acquired or contracted to acquire 7,231,432
FCX Shares (representing approximately 39.84 per cent. of the existing issued
share capital of FCX) since the offer document was posted on 29 May 2002.  In
addition XCF Investments has contracted to acquire 94,330 FCX Shares outside the
terms of the Mandatory Offer from Management and Management Associates (as each
such term is defined in the offer document dated 25 June 2002) representing
0.52% of the existing issued share capital of FCX.  The next closing date for
the Mandatory Offer will be 3.00pm on 9 July 2002.

In aggregate therefore, XCF Investments has received valid acceptances or has
acquired or contracted to acquire a total of 8,493,397 FCX Shares (representing
approximately 46.85 per cent. of the existing issued share capital of FCX.

The total number of acceptances received includes acceptances in respect of
197,315 FCX Shares (representing approximately 1.09 per cent. of the existing
issued share capital of FCX) which were the subject of irrevocable undertakings
to accept the Mandatory Offer.

Prior to the commencement of the Offer Period on 29 January 2002, save as
disclosed in the offer document dated 29 May 2002, neither XCF Investments nor
any person acting or deemed to be acting in concert with it owned any FCX Shares
(or rights over such shares) nor since that date (other than as disclosed above)
has XCF Investments or any person acting in concert with it acquired or agreed
to acquire any FCX Shares (or rights over such shares).

This announcement, which is the sole responsibility of XCF Investments, has been
approved by Altium Capital Limited solely for the purpose of Section 21 of the
Financial Services and Markets Act 2000.

Altium Capital Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for XCF Investments and XCF
(Holdings) Limited as financial adviser (within the meaning of the Rules of the
Financial Services Authority) and no-one else in connection with the Offer and
is not advising any other person or treating any other person as its client in
relation thereto and will not be responsible to anyone other than XCF
Investments and XCF (Holdings) Limited for providing the protections afforded to
clients of Altium Capital or for providing advice in relation to the Offer, the
contents of this announcement or any other matters referred to herein.


Enquiries:


XCF Investments Limited
Paul Bridges                                     020 7240 9596

Altium Capital Limited
Richard Hughes                                   0161 831 9133





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