| Xstrata plc has approved the development of the major, low-cost, long-life Las Bambas copper project in southern Peru's Apurimac Region. |
| Las Bambas will be a world-class copper mine with initial production of 400,000 tonnes per annum of copper in concentrate, including significant gold, silver and molybdenum by-products, and first quartile cash costs. |
| A substantial resource base contained within three open pit mines provides a mine life of at least 18 years with significant further brownfield potential in the highly prospective Las Bambas Mineral District. |
| The development of Las Bambas will generate an average of approximately 3,600 direct jobs during construction and 1,350 permanent jobs once in operation. |
| Xstrata will now formally exercise its option to transfer the Las Bambas mining titles from the Peruvian government agency Proinversión to Xstrata Copper. |
| Erika Manchego, a mining analyst with Scotiabank Peru, said the bank had been expecting Las Bambas to produce 150,000 tonnes of copper during its first year of production. |
