Offer Update

RNS Number:0986Z
FCX International PLC
25 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 24 July 2002, XCF Investments had received valid acceptances of the
Mandatory Offer from the holders of 7,247,997 FCX Shares (representing approximately 39.98 per cent.
of the existing issued share capital of FCX). XCF Investments has also acquired or contracted to
acquire 10,103,865 FCX Shares through market purchases (representing approximately 55.74 per cent. of
the existing issued share capital of FCX) since the offer document was posted on 29 May 2002.  In
addition, XCF Investments acquired 94,330 FCX Shares on 16 July 2002 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.



In aggregate, therefore, XCF Investments has received valid acceptances or has acquired or contracted
to acquire a total of 17,446,192 FCX Shares (representing approximately 96.24 per cent. of the
existing issued share capital of FCX). The Mandatory Offer will remain open for acceptance until
further notice.



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.

IT IS THE INTENTION OF XCF INVESTMENTS TO APPLY FOR CANCELLATION, RESPECTIVELY, OF THE TRADING IN FCX
SHARES ON THE LONDON STOCK EXCHANGE'S MARKETS FOR LISTED SECURITIES AND THE LISTING OF FCX SHARES ON
THE OFFICIAL LIST OF THE UNITED KINGDOM LISTING AUTHORITY.  THE NOTICE PERIOD OF 20 BUSINESS DAYS
REFERRED TO IN THE OFFER DOCUMENT DATED 29 MAY 2002 RELATING TO SUCH CANCELLATION COMMENCED ON 10 JULY
2002, BEING THE DATE ON WHICH THE MANDATORY OFFER WAS DECLARED UNCONDITIONAL IN ALL RESPECTS, AND IT
IS ANTICIPATED THAT SUCH CANCELLATION WILL OCCUR ON 7 AUGUST 2002.


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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