Result of Tender Offer

RNS Number:3565Y
J O Hambro Capital Management Ld
9 July 2002

For immediate release



Not for release, publication or distribution in whole or in part, in or into the
                   United States, Canada, Australia or Japan



                                                                    9 July, 2002



                J O Hambro Capital Management Limited ("JOHCM")


                       RESULT OF TENDER OFFER FOR SHARES
                 IN FCX INTERNATIONAL PLC ("FCX INTERNATIONAL")

                                      and

RESPONSE TO ANNOUNCEMENT DATED 3 JULY 2002 BY THE INDEPENDENT DIRECTORS OF 
FCX INTERNATIONAL ("XCF ANNOUNCEMENT")




a.       Result of Tender Offer



On 28 June 2002, Strand Partners Limited ("Strand Partners") announced a tender
offer on behalf of J O Hambro Capital Management Limited ("JOHCM") to purchase
(by way of tender) up to 2,500,000 ordinary shares of 50 pence each in FCX
International ("FCX Ordinary Shares"), representing 13.79 per cent. of the
issued ordinary share capital of FCX International (the "Tender Offer").



Following the closure of the Tender Offer at 3.00 p.m. yesterday, tenders had
been received for a total of 820,478 FCX Ordinary Shares representing 4.53 per
cent. of the issued ordinary share capital of FCX International.



Prior to the announcement of the Tender Offer, funds managed by JOHCM on a
discretionary basis held in aggregate 1,984,921 FCX Ordinary Shares representing
approximately 10.95 per cent. of FCX International's issued share capital.



Accordingly, the total number of FCX Ordinary Shares now held by funds managed
by JOHCM, including shares tendered, is therefore 2,805,399 FCX Ordinary Shares,
representing approximately 15.48 per cent. of FCX International's entire issued
share capital.





JOHCM considers that the response to the increased Tender Offer further
illustrates the reluctance of Shareholders to sacrifice potential future uplift
in the value of FCX International.







b.          Extraordinary General Meeting



JOHCM will consult with major independent Shareholders before requisitioning an
extraordinary general meeting within the next seven days at which it will seek
the removal of John Perkins, Stuart Stradling and Kenneth Williams as directors
of FCX International.







c.          Response to the circular issued by the independent directors of
            FCX International



A circular from the independent directors of FCX International in response to
the Tender Offer was sent to Shareholders on 3 July 2002 unanimously
recommending acceptance of the mandatory cash offer announced by XCF Investments
Limited on 20 June 2002.



The circular states that the initial approach by JOHCM and others to acquire FCX
International was at an indicative price of 225p per FCX Ordinary Share.
Shareholders should be aware that it was only with the full agreement of John
Perkins that this price was contemplated, and that JOHCM and its advisers had in
fact previously calculated returns on the basis of an offer to acquire FCX
International being made at considerably higher values.



In answer to the question raised in the circular as to the length of time it
will take to extract further value for the benefit of Shareholders, JOHCM fully
intends to maximise returns for Shareholders within the shortest practicable
timeframe.  Following consultation with other Shareholders an announcement will
be made in this regard.





JOHCM believes that value should be maximised for Shareholders as a whole,
rather than reserving any future uplift for the sole benefit of management and
its financial backers.



Enquiries:

J O Hambro Capital Management Limited
Tel: [phone]
Christopher Mills, Chief Investment Officer



Strand Partners Limited
Tel: [phone]
(Financial Adviser to JOHCM)
Simon Raggett, Director



Strand Partners, which is authorised in the United Kingdom by The Financial
Services Authority, is acting for JOHCM and no one else in connection with the
Tender Offer and will not be responsible to anyone other than JOHCM for
providing the protections afforded to customers of Strand Partners, nor for
giving advice in relation to the Tender Offer.



Strand Partners has approved the contents of this announcement solely for the
purpose of section 21 of the Financial Services and Markets Act 2000.  The
principal place of business of Strand Partners is 110 Park Street, London, W1K
6NX.



The JOHCM Directors accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the JOHCM Directors
(who have taken all reasonable care to ensure that such is the case), such
information is in accordance with the facts and does not omit anything likely to
affect the import of such information.



This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities.



END



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