In August 2004, following a competitive bidding process, Xstrata Copper was granted a term of up to six years to complete exploration and feasibility work at the Las Bambas copper project in Southern Peru, in the provinces of Cotabambas and Grau.
Xstrata is committed to developing and executing all stages of the Las Bambas Mining Project in a manner that contributes significantly to sustainable development for communities at Las Bambas and for other parties in Peru. To assist in meeting this objective, Xstrata has established an Independent Advisory Group (IAG), comprised of members with experience in community, social, environmental, ethical and economic issues encountered by companies working in developing countries, and who provide unbiased external advice and recommendations to Xstrata. The group includes members who have specific experience in Peru and members with international experience and perspectives. The IAG is completely independent from Xstrata’s management structure.
The founding agreement for the IAG was signed by the IAG members and Xstrata in December 2005.