B'laan tribe is forced out of their ancestral domain
The proposed Tampakan project
is a copper and gold mine in the south east of the southern Island of Mindanao, Philippines.
Glencore (previously Glencore Xstrata) was the main company behind the project, until its exit in August 2015. Its local subsidiary
Sagittarius Mining International (SMI) has ploughed $350 million into the $5.9
billion Tampakan project, which it describes as one of the world's largest
undeveloped copper-gold deposits. The Tampakan project area contains 15 million
tons of copper and nearly 18 million ounces of gold according to SMI/Glencore Xstrata.
From the mining site in
Tampakan, SMI planned to build a 100 km underground pipeline to ferry the minerals
towards Maasim for loading to the ships. Alongside the pipeline, will be the
transmission lines to a dedicated 500MW power plant.
The third element of the master
plan is a coal mine, not managed by SMI, near famous tourist destination Lake
Sebu, that might be connected to the power plant by a 50km conveyor belt.
The company claims the copper
and gold mine project will generate $7.2
billion in tax and royalty revenue for the government over its 20-year mining
life. The company aims at beginning operations on the Tampakan project by 2016,
but the province, bishops and the environment watchdog are opposed to the
project, as it will have an impact for many years on the people living downhill and
downstream from the site.
In 1990 Western Mining
Corporation (WMC), an Australian company, signed an Option Agreement for the
mine lease. In July 1994, WMC and their local partner entered into a consent
agreement which allowed WMC to apply for a Financial and Technical Assistance
Agreement (FTAA) with the Philippine Government. This is a type of mining
license which allows for 100% foreign ownership. In 2001 FTAA No. 002-95-XI was transferred to
Sagittarius Mines Inc (SMI), managed by Xstrata Copper, an Australian-based
subsidiary of the Anglo-Swiss Xstrata company which owns 62.5% of Tampakan
At this time, other shareholders of the project were the Australian Indophil (34.23%) and Philippine Alsons, Inc. (3.27%). In
2006 Xstrata Copper exercised its option to acquire 62.5% of the controlling
equity interest (40%) in the Project. In March 2007 Xstrata assumed management
of the Project and commenced an Extended Pre-Feasibility Study that was
completed in December 2008. In 2015 Glencore sold its stake in the project to an affiliate of Indophil Resources, which is controlled by the Alcantara Group.
The main result of the company
activities is militarisation of the project area, a lush valley and the last
remaining coherent tropical highland forest area on the island of Mindanao, which
is also home of the B'laan tribe. The B'laan, that lived there as farmers and
hunters have been forced out of the area after refusing to sign up to a
The Tampakan project is a test
case for the mining policies and legislation in the Philippines.
what must happen
Mining in the mountains above
Tampakan is not an option as there is a big risk that waste water and waste
material (tailings) will destroy villages and agriculture in valleys and
plains. The project should therefore be stopped.
The project will destroy the way of life of the B'laan
tribe, an indigenous people that once lived on large parts of Mindanao but only
managed to survive as a community up in the Tampakan mountains. The project
also causes conflict in villages surrounding the hills where local farmers fear
pollution while others hope for jobs in the mine. The associated port, coal
mine and coal fired plant, planned to provide the mine with cheap energy, will
cause additional impacts. Xstrata stated
the following on social risks: "Although Sagittarius is undertaking an
extensive and focussed program of community and social initiatives (including
health and educational improvements), there is a significant anti-mining lobby
present in the Philippines which is agitating for the cessation of Sagittarius'
activity at the Tampakan Project. There is also, however, strong support for
the Tampakan Project in particular sections of the community." (see p26
"Xstrata offer for Indophil")
Habitat SMI/Xstrata plans to clear 3,935 hectares of forest including protected old
growth Rainforest for its gigantic open pit (800 meters-deep, covering 500
hectares), for waste rock storage (2.6 billion tons of toxic waste rock in a
dump 300 meters high covering 500 hectares). The whole Mount Matutum range is a
vital water catchment for three provinces
Water and food The mine produces overburden and
tailings with a high arsenic content and potential for acid drainage on
a tributary of Mal River, the region's biggest river system. The mine could
also pollute 5 other rivers: the Altayan, Dalal, Manit, Manteo and Taplan.
These rivers irrigate the rice fields of Mindanao, the rice belt of the
Philipines. The report Mining or Food:
http://www.piplinks.org/miningorfood provides more detail on the impact this mine and other mines could have on
Port and additional power plant Sagittarius Mines, Inc. is now considering Maasim town in Sarangani as a
potential site for its coal-fired power plant and port facilities in support of
its Tampakan copper-gold project. CONAL Holdings Corp. plans to build a
$450-million 200MW Coal-Fired Power Plant (CFPP) in Maasim, Sarangani
province. CHC, a 60-40 joint venture between the Alcantara Group of Companies
and Thailand's EGCO International, will be specially designing the power plant's
boilers to burn the type of coal from Sultan Energy's mines. The CFPP
is now gearing for the construction phase. Sagittarius Mines had disclosed that
it needs some 500 MW to support its Tampakan copper-gold project.
The CFPP will be built in Sitio
Tampuan, in Barangay Kamanga, Maasim, home to about 400 hundred families who
might be displaced upon the operation of the project. They are mostly small
fisher folk who depends on the bounties of the sea. The community is a mixture
of Settlers, Moro and Indigenous Peoples of the B'laan and T'boli origin. Aside
from dislocation, residents also fear environmental destruction posed by the
wastes to be generated by the plant especially to the Sarangani Protected
Seascape. The coastal areas of Maasim is part of the said seascape aside from
its own Kamanga Marine Protected Area, established in 2006 under Municipal
Ordinance No. 06-020,
Additional coal mine Mining company San Miguel started a coal mining project In Barangay Ned, Lake
Sebu, South Cotabato, home of the Tboli tribe in the mountain range on the
South West coast of Minadano. In this region the government entered into a
contract with three coal mining companies covering seven thousand hectares. The
area was earlier reported to have the potential of being the country's largest
open pit coal mine with estimated coal deposits of more than 200
Plans exist to transport coal using a 50 km conveyor belt to transport the coal down to
the Power plant and harbour.
Plans for other coal mines
exist on Mindanao and other Philippine islands
Climate risk Intense rainfall due to tropical storms that previously did not touch Mindanao
but now, probably as a result of the changing climate, take a more southern
route, might lead to breaking of water and tailings dams. This would lead to
flooding of the valley in the direction of Davao del Sur.
Geological risk The Philippines are a geologically active region. Earthquakes are common and
the Tampakan mine project will result in a deep hole in the earth, together with
a tailings lake, at about ten kilometres from a young volcano, mount Matutum.
Earthquakes could lead to breaking of tailings dams or damage to infrastructure
crucial for preventing water pollution.
The mining sector in the
Philippines has a long history of human rights issues, especially related to
indigenous peoples living on (proposed) mine sites. In 2012 at least 24
indigenous persons were killed by the army. At the Tampakan SMI site a pregnant
mother and her two boys were killed by a military unit looking for her husband,
a B'laan leader that declared war to the SMI, on October 17th 2012.
The B'laan refuse to leave their territory and were not allowed to take part in
a free prior and informed consent process about the planned mine.
Already on March 9th 2009 Eliezer "Boy" Billanes, an anti-mining activist was shot on the market of
Koronadal City. His family and other activists link that killing to his
activities against the Tampakan-Copper-Gold-Project. His murderers were never
The B'laan living in the mine
area are no longer allowed to enter their fields situated in the valley where
the core elements of the mine are planned. Where they were successful farmers
in the past, families now depend on bags of rice provided by the Catholic
Church. Women are forced to try to work on low quality lands near the mountain
village where they were forced to fled.
Climate change intensifies
risks. It is predicted that Central Mindanao will have 20% less water in 20 years.
Farmers will become more dependent on water from an irrigation system that is fed
by water originating from the mountain range where the proposed mine site
is situated. Quality and quantity of water available for irrigation is under
The chances are that the 2.1 Km
long and 280 meters high tailings dam and the 0.8 Km long and the 150 meters
high fresh water dam will be breached by severe weather and wreak havoc
downstream. The earthquake fault lines where the waste dump and dams will be
sited increases the risk of induced seismicity.
Business World (Manila) reports: "ANGLO-SWISS miner Glencore plc has completed its exit from the long-delayed Tampakan gold-copper project in Mindanao in a $290-million deal that also covered two other mining assets abroad, it announced on Friday.
"Glencore "has completed the sale of the Tampakan copper project," it said in a statement dated Aug. 14 and posted on its Website. The buyer was an affiliate of Indophil Resources NL, a miner previously listed in Australia until its takeover this year by the Philippines' Alsons Group."
Apr 29, 2014, Bishops seek stop to Tampakan mining in southern Philippines
Catholic Church officials in the southern Philippine island of
Mindanao have reiterated their plea to the government to stop the mining
of gold and copper in South Cotabato. Bishops, led by new Cardinal and
Cotabato Archbishop Orlando Quevedo, wrote a letter to President Benigno
Aquino III two weeks ago asking for a "God-enlightened decision" on
the matter, and their letter appears on the website of the Catholic
Bishops’ Conference of the Philippines. “The cost, Mr President, will
far outweigh the benefits to government and the Filipino people,” said
the letter signed by 20 other Catholic bishops and archbishops.
The bishops pointed out that the $5.9 billion Tampakan mining project
by global miner Xstrata Plc’s Philippines unit is likely to harm the
local community and environment. It added the government issued an
environmental compliance certificate to Sagittarius, a unit of Xstrata,
in February 2013, despite appeals by various sectors to halt the
project. Marbel Bishop Dinualdo Gutierrez commented that President
Aquino ignored the petition of more than 100,000 people to scrap the mining project.
The church leaders stressed their opposition against the project is
based on “moral grounds,” as well as noting that the destruction of
almost 4,000 hectares of forested and agricultural land and biodiversity
is, in their view, against the integrity of God’s creation. They added
that the project will dislocate almost 6,000 people, mostly B’laan
tribal people, from their ancestral land.
bishops have long supported a campaign calling on the Philippine
government to rescind the Mining Act of 1995 as it claimed the law
brings more disasters than benefits, permitting foreign companies to own
Philippine minerals. They want more emphasis placed on protecting the
environment and the local communities over the desire of large-scale
mining companies to rake in profits.
Jan 26, 2014, Blaan leaders say no to Tampakan Mining - FPIC-process not possible now
Blaan leaders to NCIP: "No to Tampakan Mining - We want non-FPIC coverage!"
SAC Marbel press release - 23 January 2014
Quezon City-Leaders of the Blaan tribe of Bong Mal, Bong Banwe',
lobbied the National Commission on Indigenous Peoples (NCIP) for a
resolution on non-FPIC (Free, Prior and Informed Consent) coverage on
the Tampakan mining project on Thursday, January 23, 2014.
Fulong Eking Freay, Erita Capion Galang and Sheryl Masday, with the
Social Action Center of the Diocese of Marbel (SAC Marbel), were
welcomed during the NCIP en banc meeting where they submitted a petition
signed by community members.
Their petition, originally written in Bisaya, opposes the operations
of Sagittarius Mines Inc, Xstrata-Glencore and Indophil's Tampakan
Copper-Gold Project in South Cotabato, Mindanao. It calls on the NCIP to
issue a resolution identifying their land, under the Certificate of
Ancestral Domain Title (CADT 102), to be excluded from the Free, Prior
and Informed Consent, as they have decided to not allow mining in their
territory and Ancestral Domain.
Fulong Eking Freay, son of Bong Fulong Anteng Freay and brother of
Victor who was killed by military personnel in August 2013, said: "Ayaw
ng komunidad na mag-conduct pa ng FPIC ang NCIP para sa minahan dahil
magiging sanhi pa ito ng mga susunod pang kaguluhan." (Our community
does not want the NCIP to conduct FPIC for mining in our land because
this will only cause more problems and troubles.) Eking added, "Marami
ng ng nasawi at paglabag at laban sa amin, ano pa kaya kung papayagan
naming silang pumasok sa aming lugar." (There are a lot of casualties
and violations done against our people. How much more if we allow them
to enter our territory?)
Bong Mal Bong Banwe' is only one of the three other ancestral
territories that will be affected by the Tampakan mining project that
straddles in the provinces of South Cotabato, Saranggani, Sultan
Kudarat, and Davao del Sur. In order to proceed, the company would have
to get the consent of IP groups in CADTs 108 and 72, and Certificate of
Ancestral Domain Claim 72. Said project will dislocate an estimated
The petition reiterates that rights of IPs have been abused and
violates since the entry of mining in their area. Disrespect of their
elders, as well as their culture and their sacred grounds, along with
the killing of anti-mining leaders, are only some of the negative
effects that mining has brought them.
The request for Non-FPIC coverage aims to automatically exclude the
Blaans from being consulted by the mining company as they are clear in
their position to say no to mining in their ancestral domain-the roots
of their culture.
"The people have expressed their stand; the government must adhere.
That is their home. This should be the legacy if the PNoy government to
the Blaan people," SAC Marbel director Fr Joy Peliño added.
In their two-day visit, the IP leaders and their support groups will
also meet with the Mines and Geosciences Bureau (MGB) director Leo
Jasareno; House Committee on National Cultural Communities Chairwoman,
Nancy Catamco; and the Commission on Human Rights, to voice out their
opposition to the mining project. This meeting will also act as a follow
up on their call for investigation and pertinent action on the reported
cases of mining-related human rights violations in their areas.
In order to proceed to the operation stage, the Tampakan
project-holders needs to overturn the South Cotabato Environment Code
provision banning open-pit mining as well as get the consent of the IP
communities that will need to be resettled.
The Tampakan Forum is a technical working group on the Tampakan
mining issue convened by the Philippine Misereor Partnership Inc (PMPI)
in collaboration with the Social Action Center of the Diocese of Marbel,
Alyansa Tigil Mina, Philippine Association for Intercultural
Development (PAFID), Legal Rights and Natural Resources Center-Friends
of the Earth Philippines (LRC-KSK/FOEI), Philippine Indigenous Peoples
Links (PIPLINKS), Purple Action for Indigenous Women's Rights (LILAK),
Philippine Alliance of Human Rights Advocates (PAHRA), Philippine Human
Rights Information Center (PhilRights), Task Force Detainees of the
Philippines (TFDP), and the London Working Group on Mining in the
Jul 01, 2013, German and Swiss NGOs slam Glencore Xstrata over Tampakan project
Swiss and German non-governmental organisations have criticised
Swiss-based mining giant Glencore Xstrata over a huge planned mining
project in the Philippines. The NGOs said that the
company, based in Zug, was showing "insufficient respect for the rights
of the affected population" in its plans for the copper and gold
open-pit mine, and called on the Swiss government to take action.
The report, Human Rights Impact Assessment of the Tampakan
Copper-Gold Project, was commissioned by three Swiss and German
non-governmental organisations - MISEREOR, the Swiss Catholic Lenten
Fund and Bread for All - and carried out by the Institute for
Development and Peace (INEF), based at Duisburg-Essen University in
According to the INEF study, the "human rights to self-determination
of indigenous peoples, to food, water, health, life and physical
integrity are at stake". The project would require the destruction of
large pristine forests, pose a serious risk to the local water supply,
and require the resettlement of approximately 5,000 indigenous people,
it said. In addition, military and paramilitary groups are being sent to
protect foreign investment in the region, which is known for having a
history of conflict. Tensions are rising in the region, the NGOs said.
Lack of balance
Glencore Xstrata owns, through its Australian Xstrata subsidiary,
XstrataCopper, 62.5 per cent of the Philippine Sagittarius Mines Inc.
(SMI), which is the Philippine government contractor for the Tampakan
SMI said in a statement released on Wednesday that it is "deeply
concerned by the lack of balance and objectivity of the HRIA [Human
Rights Impact Assessment]. SMI's perspective is typically not presented
in detail, nor sought in response to some of the numerous claims made
against the company...."
According to SMI, the sources interviewed for the report are
one-sided, statements from interviews are not clearly attributed, and
the project is being unfairly blamed for violence in the region, which
has a "long and complex history of conflict... associated with
traditional customs, clan rivalries, religious and political
insurgencies and internationally recognised terrorist groups...."
SMI said it had participated in the interview process and had
provided INEF with information in good faith. The company urged INEF to
revise its report to address the issues it had raised.
For their part, the three aid organisations said in a statement that
they were calling on the SMI and the Philippines government to "enter
into an honest dialogue with the people concerned - that could even lead
to dropping the project". They said that the Swiss government should
also take action and introduce binding standards for Swiss companies
over human rights.
Tightening transparency rules
The criticisms come at a time of scrutiny over transparency issues.
Following on the heels of a government inquiry and white paper in March,
the Swiss House of Representatives agreed on Tuesday to ask the Swiss
Cabinet to examine a draft law proposing legally binding transparency
measures for the commodities sector.
"The cabinet accepts the proposal, as it is formulated, and will now
consider transparency rules for the whole sector, meaning for listed and
non-listed commodity companies as well as for commodity trading and
extractive activities," announced Justice Minister Simonetta Sommaruga.
And on Wednesday the European Parliament overwhelmingly passed
legislation which would require European oil, gas and mining companies
to report payments of more than €100,000 (CHF123,000) made to
governments in the countries in which they operate. This would include
reporting of taxes levied on their income, production or profits,
royalties, and licence fees.
The legislation would not apply to Switzerland, which is not a member of the European Union.
Disclosure rules were also adopted in the United States in 2012 with
the passage of the Dodd-Frank Act. And tax, trade and transparency will
be the focus of the G8 summit to be chaired by British Prime Minister
David Cameron in Ireland next week.
13 June 2013
Apr 29, 2013, challenges to the Philippine Mining Act
Local community representatives, supported by
NGOs and left-wing political parties, are challenging the
constitutionality of the 1995 Mining Act, with particular reference to
its failure at sharing any benefits from mining.
Mar 19, 2013, SMI-Xstrata Mining Company funds paramilitary groups
Kiblawan Mayor Marivic
Diamante and military officers confirmed that Sagittarius Mines, Inc. (SMI) is
providing funds for Civilian Armed Forces Geographical Unit or CAFGUs
and military operations in the areas of its operations.
While this has always been the suspicion, given the scary and deadly
enthusiasm of the military in eliminating opposition against SMI, the
brazen admission of Mayor Diamante of the regular funds the local
government has been receiving for Task Force Kitaco and the CAFGUs seems
so callous of the plight of the B'laans under the hands of the
military. Task Force Kitaco (Kiblawan, Tampakan, Columbio), according to
the military, was created to provide peace and order in these areas.
The disclosure was made in the Congressional hearing of the National
Cultural Communities Committee chaired by Cong. Teddy Baguilat, Jr. held
in Koronadal City.
The funds, which are supposed to be used for the implementation of
SMI's community-based peace and security plan, are given to the local
government units. How much exactly is being received by the LGU from
SMI, this was not disclosed by Mayor Diamante. But from the testimony of
the military, it was revealed that there is a monthly allocation of
P9,000 for operations, P11,000 for gasoline, and P5,000 allowance for
each CAFGU. There are currently 60 CAFGUs deployed in the municipalities
of Kiblawan, Tampakan and Columbio. Imagine how much is being given to
the LGU monthly. And we need not imagine how rabidly Mayor Diamante and
the military defend SMI, even in the face of the clear involvement of
the military in the B'laan killings - Juvy Capion and her two sons; and
lately, Kitari, the brother of Daguil Capion. Daguil Capion is one of
the B'laan leaders who have been defending their ancestral domains, and
fighting the SMI. Daguil is the husband of Juvy and the father of the
Jordan and John. Mayor Diamante also admitted that she had to put up a
bounty of P300,000.00 on the head of Daguil as incentive for the B'laans
to turn over Daguil.
So it is SMI's hand which feeds the military and paramilitary
operations in the B'laan territories. And it is SMI's hand which breeds
But it is the Office of the President, through Exec. Secretary
Paquito Ochoa, Jr. which hurried the DENR to issue the environmental
compliance certificate (ECC) to SMI. And it is the DENR, through
Secretary Ramon Paje, who finally issued the ECC. This, despite the
recent killings of B'laans in SMI's mining areas, the volatility of the
peace and order situation in these areas.
by judy a. pasimio, LILAK (Purple Action for Indigenous Women's Rights)
24 February 2013
(Author attended the Congressional Hearing of the National Cultural
Communities Committee chaired by Cong. Teddy Baguilat in Koronadal, Feb.
Feb 19, 2013, SMI Xstrata granted environmental permit
MANILA – Global miner Xstrata Plc’s $5.9
billion Tampakan mine in the Philippines has been granted an
environmental compliance certificate by the government, the company said
on Tuesday, removing one of the hurdles delaying work on Southeast
Asia’s biggest copper-gold prospect.
The Tampakan project, the Philippines’ single largest foreign direct
investment, has been held up by a 2010 ban on open-pit mining imposed
by the provincial government of South Cotabato.
That ban is still in place, but the central government’s grant of the environmental compliance certificate, or ECC,
puts Xstrata a step closer to actual construction of the mine. The
company, however, still needs at least three more local permits before
work can begin.
“We received an official notification that the Department of Environment and Natural Resources has signed the ECC for our Tampakan mine project,” Sagittarius Mines Inc (SMI), the local unit of Xstrata, said in a statement.
Environment and Natural Resources Secretary Ramon Paje said the government had included certain conditions in the ECC “in order to protect and mitigate possible adverse impacts of the
project on the community health, welfare and the environment.”
Sagittarius said it was reviewing the conditions.
Sagittarius had filed for an ECC in 2010,
shortly before the local council of South Cotabato banned open pit
mining — the extraction method the company plans to use.
Paje had previously said an ECC for the
project cannot be issued while the ban was in place. But a mining
council, overseen by President Benigno Aquino’s office, ordered the
environment department to grant Sagittarius the ECC if it had complied with all requirements.
Sagittarius has pushed back the target date to start production at
the Tampakan mine in South Cotabato by three years to 2019 as it
struggles to win regulatory approvals.
Feb 06, 2013, Massacre kin killed in Tampakan mine site
Massacre kin killed in Tampakan mine site
“The military did not even care to give immediate medical attention to
the victim when he was hit and was unable to fight back anymore,” said
Ryan Lariba, spokesperson for Bagong Alyansang Makabayan
DAVAO CITY, Philippines – More than three months after elements of the
Army’s 27th Infantry Battalion figured in the massacre of pregnant Blaan
Juvy Capion and her two children in Tampakan town, South Cotabato, the
military is now again accused of killing another civilian-relative of
the Capions in a strafing incident January 29.
Kitari Capion, a young tribal leader, suffered three gunshot wounds when
some 15 members of Task Force (TF) Kitacom (Kiblawan, Tampakan,
Columbio, Malungon), composed of Cafgus and the 39th Infantry Battalion,
opened fired at his house around 7AM, said Pastor Sadrach Sabella,
secretary general of rights group Karapatan-Soccsksagends, in a phone
Capion, he added, was brought to the Allah Valley Medical Specialist
Center in Koronadal City but later died due to hemorrhage. He arrived at
the hospital at around 11 AM, four hours after the incident.
“The military did not even care to give immediate medical attention to
the victim when he was hit and was unable to fight back anymore,” said
Ryan Lariba, spokesperson for Bagong Alyansang Makabayan
Kitari was declared dead at about 2 PM, the military’s 1002nd Infantry
Brigade reportedly said.
Lariba emphasized that while Kitari was a known leader of a group of
lumads waging tribal war against Xstrata- Sagittarius Mines Incorporated
(SMI) and its military protectors, “witnesses said that he was unarmed
during the incident and in fact was not able to fire back.”
Nov 01, 2012, Re: Phillipine's government decision on project
The Philippine government has
refused to issue an environmental permit and postponed the decision. A decision
by the government is not expected before the 2013 local elections.
Investigations on the role of the military and the company in the October 2012
killings are ongoing.
shares issue: 8.98 million euros (Dec. 2011) source: Profundo
Xstrata financing (historic - see Glencore profile for current financing).
2004, Xstrata entered into a US$ 1.4 billion (EUR 1.1 billion) committed syndicated loan comprising a five-year term of US$ 1.0 billion and a
one-year term of US$ 400
million. Among the mandated arrangers of this deal were Deutsche Bank and Dresdner Bank Luxembourg S.A. - an affiliated company of
Commerzbank. WestLB was one of the lenders. This facility was refinanced during 2006.
In August 2005, Xstrata obtained a one-year fully drawn loan facility
in the amount of US$ 600 million (EUR 491 million). Lead arranger and one of the two
lenders was Deutsche Bank.
In May 2008, Xstrata issued three bonds raising proceeds of US$ 3.1
billion (EUR 2.0 billion). Dresdner Kleinwort Wasserstein - an affiliated company of
Commerzbank was one of the co-managers in this bond issue.
In October 2008, Xstrata entered into a US$ 5.5 billion (EUR 4.3
billion) revolving syndicated loan facility maturing in October 2011. Commerzbank, its
subsidiary Dresdner Bank and Deutsche Bank were bookrunners for this deal, together
with six other banks. Deutsche Bank was also one of the two global coordinators.
In March 2009, Xstrata issued additional ordinary shares raising
proceeds in the amount of US$ 5.8 billion (EUR 4.3 billion). The joint bookrunners
Deutsche Bank and JP Morgan Cazenove underwrote the issue, with no other banks in the
Through several investment funds
managed by Deutsche Asset Management - a fully owned subsidiary of Deutsche Bank - this bank has been a shareholder
since the fourth
quarter of 2005. Currently, Deutsche Bank owns nearly 11.5 million shares, which represents a stake of 0.40%.
BHF Trust Management and Frankfurt Trust Investment - subsidiaries of
BHF Bank have been shareholders of Xstrata since the fourth quarter of 2005.
Currently BHF Bank owns 3.1 million shares, representing a stake of 0.11%.
Deka Investment - a subsidiary of DekaBank - has been a shareholder
since before 2005. Currently, Deka Investment owns 2.7 million shares, a stake of
Commerzbank International (Luxembourg) - a subsidiary of Commerzbank -
has been a shareholder since the second quarter of 2008. Currently,
Commerzbank owns 2.1 million shares, which represents a stake of 0.07%.
Fund manager Metzler Investment GmbH - a fully owned subsidiary of
Bankhaus Metzler - has been a shareholder since the fourth quarter of 2006.
Currently, Metzler owns 0.9 million shares, representing a stake of 0.03%.
Baden-Württemberg - directly and indirectly - owns 0.7 million shares representing a stake of 0.02%. LBBW has been a shareholder since before
Baader Bank acts as the lead broker for Xstrata's shares listed on the
Frankfurt Stock Exchange.