Xstrata, a Swiss-based diversified mining group, has made Eland Platinum Holdings Ltd., an all-cash $1 billion offer. The offer values Eland at an 18% premium above its closing share price as on April 11, 2007, the last trading day before Eland issued a cautionary announcement; and a premium of 14% over Eland’s weighted average share price during the last 30 days of trading on the Johannesburg Stock Exchange.

Altogether 51% of Eland’s shareholders have approved the offer including its directors and management. Eland owns 64.99% interest in the Elandsfontein Platinum Project, having estimated reserves of 22.7 million ounces of platinum, palladium, rhodium and gold. First production of platinum group metals concentrate is due in October 2007.