“I would like to thank our shareholders – and especially those who have remained on the register since the company's IPO in November 2004 – for their support and confidence in the company and in the long-term value of our Newpac mine," he said.

 

“I would also like to thank our employees for their support. Newpac is well positioned to take advantage of the booming market for coal, and I have great confidence in its potential."

 

On Tuesday morning acceptances of Xstrata's $A3.20 per share cash offer were at 57.17%. Xstrata passed the halfway mark at about midday Monday.

 

Jury said he will cease to be managing director of Resource Pacific whilst board members Carol Holley, David Hughes and Geoffrey Rose have indicated their intention to resign. Stephen Matthews also ceases to be company secretary.

 

At Xstrata’s request, A Clark has been appointed an independent director while P Freyberg, E Melamed, M Buffier, A Mason and S Kobayashi have been appointed as directors. A Durban will be appointed as company secretary.