These are the Panel's Reasons for consenting to an application by MP Global to vary the undertaking given to the Anaconda 08 Panel that MP Global would conduct its Rights Offer as far as practicable in accordance with the conditions of the original ASIC Relief granted to MP Global. The Panel consented to MP Global varying the undertaking to allow it to extend its Rights Offer until 2.00 p.m. Sydney time, the following day, Friday 14 February 2003.

These are the Panel's reasons for declining the application by MP Global for a review of the decision by the Anaconda 16 - 17 Panel to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda following the acquisition of 41.5% of the New Shares in Anaconda by MP Global in circumstances where it was only entitled to acquire 35% of the New Shares. The Panel made orders requiring the Excess Shares to be sold by a stockbroker nominated by ASIC.

These are the Panel's reasons for its decision as a Review Panel following MP Global's application for review of the Anaconda 15 decision.

These are the Panel's Reasons for declining the application by Glencore for a review of the decision by the Anaconda 08 Panel to decline to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda.

These are the Panel's Reasons for declining an application by Anaconda for an interim order bringing forward the time at which MP Global had to declare its offer to be unconditional, or to have failed, from 8.00 p.m. on Thursday 13 February, Sydney time, by two hours, to 6.00 p.m. on that day (all times are Sydney time).