Document:

Toromocho Addendum dated November 12, 2003

 TRA.0154-04/O 
  
 REPUBLICA DEL PERU (THE REPUBLIC OF PERU) 
 RAFAEL TOLEDO SEGURA

 ATTORNEY AT LAW AND NOTARY PUBLIC IN AND FOR LIMA 
 AV. JAVIER PRADO ESTE 1840, PISO 2, SAN BORJA, LIMA 41 
 TELEPHONES: 475-7030, 476-4281, 476-2589 
 FAX: 476-1235 
 E-mail: notaria@toledo.com.pe 
  
 THIRD CERTIFIED COPY OF 
 THE NOTARIALLY RECORDED INSTRUMENT EVIDENCING 
 AN ADDENDUM TO 
 THE TRANSFER OPTION AGREEMENT 
 OF MINING CONCESSIONS 
 ENTERED INTO BY AND BETWEEN 
 EMPRESA MINERA DEL CENTRO DEL PERU S.A. (CENTROMIN) 
 AND 
 MINERA PERU COPPER
SYNDICATE S.A. 
 WITH THE PARTICIPATION OF 
 AGENCIA DE PROMOCIÓN DE LA INVERSIÓN – 
 PROINVERSION PERU COPPER
SYNDICATE LTD. 
  
 Lima, November 12, 2003 
  

															
	 Kardex
	  	:	  	3779	  	 	  	 	  	Preliminary Agreement	  	:	  	596
	 Page
	  	:	  	5476	  	 	  	 	  	Notarially Recorded Instrument	  	:	  	706

  
  

 In the City of Lima, on November 12, 2003, the following persons appeared before me, Rafael TOLEDO SEGURA, Attorney at
Law and Notary Public in and for Lima: 
  
 Juana Rosa DEL CASTILLO
VALDIVIA, a Peruvian citizen, married, an engineer, identified by National Identity Card (DNI) 10551338, with evidence of having voted in the last election, with usual residence at Av. Javier Prado 2175, San Borja, acting on behalf, in the
name and in stead of EMPRESA MINERA DEL CENTRO DEL PERU S.A., identified by Tax ID Number (RUC) 20100176531, authorized as per the resolutions adopted in the Meeting of the Board of Directors 29-2003 on November 7, 2003 
  
 J. David LOWELL, an American citizen, married, an engineer, identified by
passport 152864350, duly authorized to sign agreements, issued by the Immigration and Naturalization Service of the Ministry of Internal Affairs, with usual residence at Av. Beatriz 789, Rio Rico, AZ 85648, USA. in transit through Lima, acting
on behalf, in the name and in stead of MINERA PERU COPPER SYNDICATE S.A., identified by Tax ID Number (RUC) 20506675457, and on behalf, in the name and in stead of PERU COPPER SYNDICATE LTD., authorized by power of attorney registered on Card
11532703, of the Registry of Companies in and for Lima; and 
  
 Luis GUIULFO
ZENDER, a Peruvian citizen, married, an engineer, identified by National Identity Card (DNI) 08804174, with evidence of having voted in the last elections, with usual residence at Paseo De La Republica 3361, Edificio PetroPeru, Piso 9, San
Isidro, acting on behalf, in the name and in stead of LA AGENCIA DE PROMOCIÓN DE LA INVERSIÓN – PROINVERSION, identified by Tax ID Number (RUC) 20380799643, authorized by Ministerial Resolution 407-2002-EF/10, inserted hereinbelow
and which forms an integral part of this instrument. 
  
 Pursuant to the
provisions of Article 55 of the Notaries Law, I attest having identified the parties before me, and I hereby state that they are individuals who are able to exercise their rights and to enter into any type of agreement or contract, and that they act
on their own free will and deed, fully knowledgeable of the legal act in which they participate. 
  
 They presented a preliminary agreement, authorized by an attorney at law, destined to become a notarially recorded instrument, which reads as follows: 
  
 PRELIMINARY AGREEMENT 
  
 You are hereby requested Mr. TOLEDO acting as Notary Public in and for Lima to enter in your Registry of Deeds, one evidencing an Addendum to the Transfer Option
Agreement of Mining Concession (hereinafter called the “Addendum to the Transfer Option Agreement”) for the transfer of Mining Concessions that constitute the TOROMOCHO Mining Project, entered into by and between EMPRESA MINERA DEL
CENTRO DEL PERU S.A., hereinafter CENTROMIN, [*] of the Registry of 

  

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 Companies of the Public Records Office in and for Lima and El Callao, with principal place of business at Av. Javier
Prado 2175, San Borja, Lima 41 Peru, acting by and through its General Manager, Juana Rosa DEL CASTILLO VALDIVIA, identified by National Identity Card (DNI) 10551338 as per Resolution 59-2003 adopted by the Board of Directors of CENTROMIN PERU S.A.
in Meeting 29-2003 dated November 7, 2003; and MINERA PERU COPPER SYNDICATE S.A., hereinafter THE TRANSFEREE, identified by Tax ID Number (RUC) 20506675457, registered as Entry 00001 on Electronic Card 11532703, of the Registry of Companies
of the Public Records Office in and for Lima, with principal place of business at Alverez Calderon 795, Departmento 701, San Isidro, acting by and through J. David LOWELL, identified by Passport 152864350, as per power of attorney registered as
Entry 00001 on Electronic Card 11532703 of the Registry of Companies of the Public Records Office in and for Lima. 
  
 The following institution participates in the ADDENDUM TO THE TRANSFER OPTION AGREEMENT: 
  

	 	•	LA AGENCIA DE PROMOCIÓN DE LA INVERSIÓN – PROINVERSIÓN, identified by Tax ID Number 20380799643 and with principal place of business at Paseo de la
Republica 3361, Edificio Petro-Perú, Piso 9, San Isidro, acting by and through its Executive Director, Luis GUIULFO ZENDER, identified by National Identity Card (DNI) 08804174, appointed by Ministerial Resolution 407-2002-EF/10, who
participates by virtue of the provisions set forth in Point 9) of Article 3 of Supreme Decree 028-2002-PCM, in accordance with Paragraph f), Article 8 of Supreme Decree 060-97-PCM, hereinafter PROINVERSION. 

  
 CENTROMIN and the TRANSFEREE shall jointly be referred to as THE PARTIES.

  
 THE PARTIES enter into AN ADDENDUM TO THE OPTION AGREEMENT under the following
terms and conditions: 
  
 ARTICLE ONE: RECITALS 
  

	1.1	On June 11, 2003, the TRANSFEREE and CENTROMIN signed a Transfer Option Agreement of Mining Concessions, forming part of the TOROMOCHO Project, as a result of the execution of an
International Bidding promoting private investment in the said project (hereinafter called OPTION AGREEMENT) 

  

	1.2	On September 17, 2003, the TRANSFEREE requested authorization from CENTROMIN to sign an option assignment agreement whereby, it would grant SOCIEDAD MINERA CORONA S.A. the right to
exercise the option to sign an assignment agreement on determined concessions within the scope of the OPTION AGREEMENT signed with CENTROMIN. 

  

	1.3	Pursuant to the provisions of Points 14.1 and 14.3 of Article Fourteen of the Option Agreement, the TRANSFEREE may only transfer its rights or obligations 

 
  
  

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in this Agreement, in whole or in part, with the prior written consent of CENTROMIN. 

  

	1.4	By resolution adopted by the Board of Directors of PROINVERSIÓN in its meeting dated October 15, 2003, it was resolved that CENTROMIN authorizes the TRANSFEREE to sign an
Option Assignment Agreement with SOCIEDAD MINERA CORONA S.A. with respect to an area of 36.1509 ha. In addition, the amendments corresponding to the OPTION AGREEMENT were approved. 

  

	1.5	By virtue of this Addendum, the authorization mentioned in the preceding point, as well as the amendments to the OPTION AGREEMENT and its Exhibit, are carried out in the Transfer
Agreement. 

  
 ARTICLE TWO: AUTHORIZATION FOR THE ASSIGNMENT

  
 Through this Addendum, pursuant to the provisions set forth in Points
14.1 and 14.3 of Article Fourteen of the Option Agreement, CENTROMIN expressly authorizes the TRANSFEREE to sign an option assignment agreement with SOCIEDAD MINERA CORONA S.A., concerning an area of 36.1509 ha. (“area subject matter to
assignment”) which are not considered necessary in order to carry out the TOROMOCHO Project. 
  
 The TRANSFEREE undertakes to clearly set forth in the Option Assignment Agreement, entered into by and between the TRANSFEREE and SOCIEDAD MINERA CORONA S.A., that this company shall assume all obligations established
in the OPTION AGREEMENT and, if applicable, in the TRANSFER AGREEMENT, also considering the specifications subject matter of this Addendum, which makes reference to the area subject mater of the Option Assignment Agreement. Nonetheless, the
TRANSFEREE shall be considered directly responsible by CENTROMIN in the compliance of said contractual obligations. In this regard, any failure on behalf of SOCIEDAD MINERA CORONA S.A. to comply with its obligations does not exclude the TRANSFEREE
from complying with its obligations before CENTROMIN. 
  
 ARTICLE THREE:
SPECIFICATIONS TO THE OPTION AGREEMENT 
  
 The PARTIES agree to include the
following specifications to the Transfer Agreement, which is incorporated as an Exhibit and forms part of the Option Agreement: 
  

	a.	Include a third paragraph in Point 4.1, which shall henceforth read as follows: 

  
 “For the purpose of paying royalties, as set forth in this Article, the date in which the ore is extracted from the
areas assigned to SOCIEDAD MINERA CORONA S.A. shall not be understood as the startup date for commercial operations 
  

	b.	Include Point 4.8 in Article Four of the Agreement, which shall henceforth read as follows: 

  
 4.8. For extraction of ores in areas assigned to SOCIEDAD MINERA CORONA S.A., the payment corresponding to Minimum Royalty
Offered, as indicated in Points 4.3 and 4.5 of this Article, shall not apply. 
  

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 To that effect, depending on the sales carried out by SOCIEDAD MINERA CORONA S.A., the TRANSFEREE shall
pay a semi-annual compensation equivalent to the greatest value resulting from: 
  
 Applying the procedure established in Article Four of the Transfer Assignment Agreement, forming part of TOROMOCHO Project, for the sale of ores from the “concessions assigned”; or, 
  

	 	•	Multiplying the amount equivalent to two (2) quarterly payments referred to in Point 3.2 of the Stock Purchase Agreement of EMPRESA MINERA NATIVIDAD S.A., by the relation between
the area of the “concessions assigned” and the total area of the Concessions of EMPRESA MINERA NATIVIDAD S.A., referred to in Exhibit 2 of this Agreement. 

  
 The compensation shall be paid within fifteen (15) days following the date in the which the respective semester expires.

  
 ARTICLE FOUR: PARTICIPATION OF PERU COPPER SYNDICATE 
  
 PERU COPPER SYNDICATE LTD., participates in this Addendum, which, pursuant to the provisions
of Article Twenty of the OPTION AGREEMENT, binds itself to jointly guarantee the fulfillment of each and every one of the contractual and legal obligations assumed by THE TRANSFEREE as a result of the OPTION AGREEMENT and this Addendum.
Consequently, PERU COPPER SYNDICATE LTD., a company duly organized and existing pursuant to the laws of the Cayman Islands, hereby enters this Agreement, acting by and through J. David LOWELL, identified by Passport 152864350, as per power of
attorney registered as Entry 000001 on Electronic Card 11532465 of the Registry of Companies in and for Lima. 
  
 ARTICLE FIVE: OTHER PROVISIONS OF THE AGREEMENT 
  
 The parties hereto declare that the other Articles within the OPTION AGREEMENT, dated June 11, 2003, remain unchanged, to the extent they are not contrary to the provisions set forth in the Addendum hereunder. 
  
 IN WITNESS WHEREOF, this Addendum is issued in the City of Lima, Peru, on November 12, 2003,
in four (4) counterparts, all of the same value, which are signed by the parties hereto. 
  
 (Three illegible signatures) 
  
 This Preliminary
Agreement is authorized by Magaly BARDALES ROJAS, registered with the Lima Bar Association (CAL) under number 177788. 
  
 INSERT 
  
 MINISTERIAL RESOLUTION 407-2002-EF/10 PUBLISHED IN THE OFFICIAL GAZETTE “EL PERUANO” ON OCTOBER 7, 2002 APPOINTING THE EXECUTIVE DIRECTOR FOR PROINVERSIÓN. 
  

 Page 5 

 Lima, October 4, 2002 
  
 WHEREAS: 
  
 By Ministerial Resolution 304-2002-EF/10 dated July 18, 2002, the resignation of Ricardo VEGA LLONA, as Executive Director for AGENCIA DE PROMOCIÓN DE INVERSIÓN – PROINVERSIÓN, was accepted.

  
 By Ministerial Resolution 305-2002-EF/10, Alberto PASCO FONT QUEVEDO, the
Chairman for the Special Committee Promoting Private Investment in Projects and Public Services, was assigned Executive Director to the agency in question. 
  
 In this regard, it is necessary to render such an assignment null and void and thus appoint an official who will occupy the position as Executive Director of the AGENCIA
DE PROMOCIÓN DE INVERSIÓN – PROINVERSIÓN. 
  
 THEREFORE: 
  
 In accordance with the provisions set forth in
Article 3 of Supreme Decree 028-2002-PCM. 
  
 IT IS HEREBY RESOLVED:

  
 Article One: To render null and void the assignment of Alberto
PASCO FONT QUEVEDO, as Executive Director of the AGENCIA DE PROMOCIÓN DE LA INVERSIÓN PRIVATE – PROINVERSIÓN, thankful for services rendered. 
  
 Article Two: To appoint Luis GUIULFO ZENDER as Executive Director of the AGENCIA DE PROMOCIÓN DE LA INVERSIÓN –
PROINVERSIÓN. 
  
 Let it be recorded, notified and published. 

 
 Javier Silva Ruete 
 Minister of Economy and Finance – 17863 
  
 CONCLUSION: In accordance with the provisions set forth in Article 59 of the Notaries Law, the Grantors read this instrument and ratified its contents before me. I, the Notary Public, hereby certify that this Notarially
Recorded Instrument begins on page Serial Number 4199976 and ends on page Serial Number 4199983. 
  
 Signed before me on November 12, 2003, I attest. 
  

	 	•	(signed) Juana Rosa Del Castillo Valdivia 

  

	 	•	(signed) Luis Guiulfo Zender 

  

	 	•	(signed) Rafael TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima 

  

 Page 6 

 I, Rafael TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima, pursuant to the provisions of Article 83 of
the Notaries Law, DO HEREBY ISSUE a Third Certified Copy of this Notarially Recorded Instrument issued on November 12, 2003, on Pages 5476 et seq, of my Registry of Deeds for the period 2003 – 2004, signed by the parties and authorized by me. I
certify that this document is a true copy of its original; therefore, I sign and seal it, in the City of Lima, on March 17, 2004. 
  
 (signed) Rafael Toledo Segura 
     Attorney at Law and Notary Public in and for Lima / Seal 
  
 _________________ 
  
 This Page belongs to the
Certified Copy of the Notarially Recorded Instrument evidencing an Addendum to the Option Agreement executed by EMPRESA MINERA DEL CENTRO DEL PERÚ S.A., dated November 12, 2003. 
  
 _________________ 
  
 RAFAEL TOLEDO SEGURA 
 ATTORNEY AT LAW AND NOTARY PUBLIC IN AND FOR
LIMA 
  
 FILING 
  
 Addendum to the Transfer Option Agreement registered on Cards 02015938 – 02015943 –
02015891 and others of the Real Estate Registry in and for Lima. 
  
 Lima, March
17, 2004 
  
 (signed) Rafael Toledo Segura 
     Attorney at Law and Notary Public in and for Lima 
  
 _________________ 
  
 SUPERINTENDENCIA NACIONAL DE LOS REGISTROS PUBLICOS—SUNARP 
 (NATIONAL SUPERINTENDENCY OF THE PUBLIC RECORDS OFFICE- SUNARP) 
 ZONA REGISTRAL IX (NINTH REGISTRATION ZONE) 
 LIMA BRANCH 
  
 FILING ENTRY 
  

			
	TITLE 00001222	  	Date: January 5, 2004

  
 The Addendum to the Transfer Option
Agreement dated June 6, 2003, entered into by and between EMPRESA MINERA DEL CENTRO DEL PERÚ S.A. and MINERA PERÚ COPPER SYNDICATE S.A, with the participation of PERÚ COPPER SYNDICATE LTD. is hereby registered. Notarially
Recorded Instrument dated November 12, 2003. Rafael TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima. 
  

 Page 7 

 The following mining rights are in the filing entry: 
  

							
	 MINING RIGHT

	 	 PROVINCE

	  	ENTRY

	  	CARD

	 Vecina
	 	Yauli	  	08	  	02015938
	 Vecina 2da.
	 	Yauli	  	08	  	02015943
	 Alianza
	 	Yauli	  	08	  	02015891
	 Chispa
	 	Yauli	  	08	  	02015977
	 El Azul del Danubio
	 	Yauli	  	08	  	02003570
	 La Defensa
	 	Yauli	  	08	  	02015937
	 El Martillo
	 	Yauli	  	08	  	02015985
	 Fortaleza
	 	Yauli	  	08	  	02015978
	 Independencia
	 	Yauli	  	08	  	02015934
	 La Comisión
	 	Yauli	  	08	  	02015942
	 La Perlita
	 	Yauli	  	08	  	02015939
	 Madam Grimaneza
	 	Yauli	  	10	  	02005853
	 San Roman
	 	Yauli	  	08	  	02005983
	 Suerte
	 	Yauli	  	08	  	02015947
	 Yankee
	 	Yauli	  	07	  	02007512

  
 Fees: S/.1,696 Receipt: 00000039 and
00000522 
  
 Lima, February 24, 2004 
  
 (signed) Lucía H. Sánchez mieses 
     Registrar / Seal 
  
 _________________ 
  
 JUNTA DE DECANOS DE LOS COLEGIOS DE NOTARIOS DEL PERÚ 
  
 Pursuant to the provisions of the Bylaws, Article 11, of the Board of Deans of the Peruvian Association of Notaries, in accord with Supreme Decree 023-2002-JUS, Article 2, Francisco VILLAVICENCIO CÁRDENAS, acts
herein in the name, in lieu and in stead of the Chairman of the Board of Directors of the said entity to certify that the signatures and seals affixed to the foregoing document are the true, proper and respective handwriting and seals of Rafael
TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima, currently in office. 
  
 Receipt: 18190 
  
 Lima, March 18, 2004 
  
 (signed) Francisco Villavicencio Cárdenas 
 Seal / Raised seal 
  
 _________________ 
  

 Page 8 

 REPÚBLICA DEL PERÚ (THE REPUBLIC OF PERU) 
 MINISTERIO DE RELACIONES EXTERIORES 
 (MINISTRY OF FOREIGN AFFAIRS)

 DIRECCIÓN GENERAL DE ASUNTOS CONSULARES 
 (CONSULAR AFFAIRS BUREAU) 
 LEGALIZACIONES (AUTHENTICATION
OFFICE)                                       
          # 241854 
  
 The
foregoing signature of Francisco VILLAVICENCIO C. IS HEREBY AUTHENTICATED. 
  
 For
the contents of the attached document, this Bureau assumes no responsibility. 
  
 Lima, March 19, 2004 
  

			
		
	 (signed)
	 	 Benjamín Víctor Vial Carhuavilca

	 	 	 Consular Proceedings Department

	 	 	 Authentication Office / Seal / Raised Seal

  
 _______________ 
  
 CE/VB/MCP 
 270154K4 
  

 Page 9Second Add. to Transfer Option Agrmt. and Transfer of  Mining Concessions Agrmt.

  
 Exhibit 10.3

  
 TRA. 2979-04/N 
  
 REPUBLICA DEL PERU (THE REPUBLIC OF PERU) 
 RAFAEL TOLEDO SEGURA 
 ATTORNEY AT LAW AND NOTARY PUBLIC IN AND FOR
LIMA 
 AV. JAVIER PRADO ESTE 1838, PISO 2, SAN BORJA, LIMA 41 
 TELEPHONES: 475-7030, 476-4281, 476-2589 
 FAX: 476-1235 
 E-mail: notaria@toledo.com.pe 
  
 FIRST CERTIFIED COPY OF 
 THE NOTARIALLY RECORDED INSTRUMENT EVIDENCING 
 THE SECOND ADDENDUM TO 
 THE
TRANSFER OPTION AGREEMENT 
 AND TO THE TRANSFER OF MINING CONCESSIONS AGREEMENT 
 THAT MAKE UP THE TOROMOCHO MINING PROJECT 
 ENTERED INTO BY AND BETWEEN 
 EMPRESA MINERA DEL CENTRO DEL PERU S.A. (CENTROMIN) 
 AND 
 MINERA PERU COPPER
SYNDICATE S.A. 
 WITH THE PARTICIPATION OF 
 AGENCIA DE PROMOCIÓN DE LA INVERSIÓN – 
 PROINVERSION PERU COPPER
SYNDICATE LTD. 
  
 Lima, August 26, 2004

  

											
	 Kardex
	  	:	  	4637	  	Preliminary Agreement	  	:	  	1240
	 Page
	  	:	  	11130	  	Notarially Recorded Instrument	  	:	  	1426

  
  
  
  
  
  
  

 In the City of Lima, on August 26, 2004, the following persons appeared before me, Rafael TOLEDO SEGURA, Attorney at Law
and Notary Public in and for Lima: 
  
 Juana Rosa DEL CASTILLO
VALDIVIA, a Peruvian citizen, married, an engineer, identified by National Identity Card, (DNI) 10551338, with evidence of having voted in the last election, with usual residence at Av. Javier Prado 2175, San Borja, acting on behalf, in
the name and in stead of EMPRESA MINERA DEL CENTRO DEL PERU S.A., identified by Tax ID Number (RUC) 20100176531 authorized as per power of attorney registered on Card 11009323, of the Registry of Companies in and for Lima. 
  
 Charles Graham PREBLE BROUILLETTE, an American citizen, married, an engineer,
identified by Alien Card (CE) 000084967, with a respective certification thereof, with usual residence at Av. San Borja Norte 1302, San Borja. 
  
 Thomas J. FINDLEY, an American citizen, married, a businessman identified by Alian Card (CE) N114608, with a respective certification thereof, both of them acting
on behalf in the name and in stead of MINERA PERU COPPER SYNDICATE S.A., identified by Tax ID Number (RUC) 2050667547 authorized as per powers of attorney registered on Card 11532703 of the Registry of Companies in and for Lima. 

 
 René HELBERT CORNEJO DÍAZ, a Peruvian citizen, married, an
engineer, identified by National Identity Card, (DNI) 07189444, with evidence of having voted in the last election, with usual residence at Av. Paseo La República 3361, Piso 9, San Isidro, acting on behalf, in the name and in stead of
AGENCIA DE PROMOCIÒN DE LA INVERSIÒN PRIVADA – PROINVERSlÒN, identified by Tax ID Number (RUC) 20380799643 authorized as per Ministerial Resolution 180-2004-EF/10, dated March 22, 2004, inserted herein below and
which forms an integral part of this instrument. 
  
 J. David
LOWELL, an American citizen, married, an engineer, identified by Passport 152864350, duly authorized to sign agreements, issued by the Immigration and Naturalization Service of the Ministry of Internal Affairs, with usual residence at
Av. Beatriz 789, Rio Rico, Arizona 85648, United States of America, in transit in Lima, acting on behalf, in the name and in stead of PERU COPPER SYNDICATE S.A., authorized as per power of attorney registered on Card 11532465, of the
Registry of Companies in and for Lima; and 
  
 Pursuant to the provisions of
Article 55 of the Notaries Law, I attest having identified the parties before me, and I hereby state that they are individuals who are able to exercise their rights and to enter into any type of agreements or contracts, and that they act on their
own free will and deed, fully knowledgeable of the legal act in which they participate. 
  
  
  

 They presented a preliminary agreement, authorized by an attorney at law, to be converted into a notarially recorded
instrument, which reads as follows: 
  
 PRELIMINARY AGREEMENT 

 
 You are hereby requested Mr. TOLEDO, in your capacity as Notary Public in and for Lima,
to enter in your Registry of Deeds, one evidencing the Second Addendum to the Transfer Option Agreement and to the Transfer of Mining Concessions Agreement that make up the Toromocho Mining Project, dated June 11, 2003 (hereinafter the Addendum)
entered into by and between EMPRESA MINERA DEL CENTRO DEL PERU S.A., hereinafter CENTROMIN, identified by Tax ID Number (RUC) 20100176531 registered on Electronic Card 11009323 of the Registry of Companies of the Public Records Office,
with principal place of business at Av. Javier Prado 2175, San Borja, Lima 41, Peru, acting by and through Juana Rosa DEL CASTILLO, identified by National Identity Card (DNI) 10551338, as per resolution 8-D-2004 adopted by the Board of Directors of
CENTROMIN PERU S.A. in Meeting 19-2004 dated August 25, 2004; and MINERA PERU COPPER SYNDICATE S.A., hereinafter THE TRANSFEREE, identified by Tax ID Number (RUC) 20506675457 registered with Entry 00001 on Electronic Card 11532703, of the
Registry of Companies of the Public Records Office in and for Lima, with principal place of business at Avenida San Borja Norte 1302, San Borja, acting by and through Charles Graham PREBLE, identified by Alien Card 000084967 and Thomas J. FINDLEY,
identified by Alien Card N114608, as per powers of attorney registered with Entry 00004 on Electronic Card 11532703 of the Registry of Companies of the Public Records Office in and for Lima. 
  
 The following institution participates in this ADDENDUM: LA AGENCIA DE PROMOCIÓN DE
LA INVERSIÓN – PROINVERSIÓN, identified by Tax ID Number 20380799643 and with principal place of business at Paseo de la Republica 3361, Edificio Petro-Peru, Piso 9, San Isidro, acting by and through its Executive Director,
René CORNEJO DÍAZ, identified by National Identity Card (DNI) 0718944, appointed by Ministerial Resolution 180-2004-EF/10, dated March 22, 2004, hereinafter PROINVERSIÓN. 
  
 The Parties enter into an Addendum under the following terms and conditions: 
  

	ARTICLE ONE:	RECITALS 

  

	1.1	On June 11, 2003, CENTROMIN and the TRANSFEREE signed a Transfer Option Agreement of the Toromocho Project (hereinafter the Option Agreement) with the participation of
PROINVERSIÓN. By this document, the TRANSFEREE undertook to enter into a transfer agreement regarding the ownership of the mining concessions that make up the Toromocho Mining Project (hereinafter, the Transfer Agreement) within the term
indicated therein. 

  

	1.2	On November 12, 2003, the first Addendum to the Option Agreement was signed whereby, (i) CENTROMIN expressly authorized THE TRANSFEREE to sign an Option Assignment Agreement with
SOCIEDAD MINERA CORONA S.A, with respect to an area of 36.1509 ha, not considered necessary for the development of the Toromocho Project and (ii) THE TRANSFEREE undertook to expressly 

  
  

	 	 
establish in the agreement signed with SOCIEDAD MINERA CORONA S.A., that this company shall assume all the obligations stipulated in the Option Agreement and
if applicable, in the Transfer Agreement, without prejudice to THE TRANSFEREE remaining as the direct responsible before CENTROMIN for the compliance with said contractual obligations. 

  

	1.3	On May 25, 2004, THE TRANSFEREE informed CENTROMIN of its decision to extend the option term for one year, having complied for such purpose with granting the respective guarantees.
Furthermore, it submitted a communication proposing certain amendments, ratifications or precisions to the Option Agreement and to the Transfer Agreement. 

  

	1.4	By resolution adopted by the Board of Directors of PROINVERSIÓN in its meeting dated July 1, 2004, it was resolved to approve the amendments requested by THE TRANSFEREE.

  

	ARTICLE TWO: 	AMENDMENTS TO THE OPTION AGREEMENT 

  
 By this Addendum, CENTROMIN and THE TRANSFEREE agree to extend the term of the Option Agreement for one year and to amend some terms of the Option Agreement, as detailed
hereinbelow: 
  

	2.1	Amend Exhibit OT2 – Content of the Feasibility Study, as follows: 

  
 “The content of the Feasibility Study referred to in Article Nine of the OPTION AGREEMENT is the following: 
  

	a)	Introduction 

  

	b)	Executive Summary 

  

	c)	Mining and Surface Properties 

  

	d)	Geological Resources 

  

	e)	Mining 

  

	f)	Metallurgy 

  

	g)	Auxiliary and Processing Facilities 

  

	h)	Tailings disposal 

  

	i)	Energy 

  

	j)	Environmental Assessment 

  

	k)	Technical Comments 

  

	l)	Capital Costs 

  

	m)	Operating Costs 

  

	n)	Execution Plan 

  

	o)	Marketing 

  

	p)	Financial Evaluation 

  

	q)	Minimum investment amount necessary for the economical development of the mining concessions exploitation”. 

  

	2.2	Amend Point 7.3 of Article Seven, as follows: 

  
 “7.3 In order to accredit the amount invested each year in which the option is in force, THE TRANSFEREE shall submit on a 6-month basis an affidavit signed by a firm
of I internationally renowned independent auditors, designated by CENTROMIN from at least three (3) firms proposed by THE TRANSFEREE, of the list of auditing companies furnished by CENTROMIN. 
  
 The proposal made by THE TRANSFEREE shall be submitted to CENTROMIN within sixty (60) days
prior to the expiry of the 6-month term that will be audited. Otherwise, CENTROMIN will appoint the auditors firm without taking into account the proposals submitted by THE TRANSFEREE. 
  
 The 6-month terms shall be calculated as from June 11, 2004. 
  
 The affidavit shall be submitted to CENTROMIN within a term of sixty (60) days after the end of each 6-month period. 
  
 The professional fees of the auditors shall be borne by CENTROMIN.” 
  

	2.3	Amend Points 7.6 and 7.7 of Article Seven, as follows: 

  
 “7.6 In order to guarantee the compliance of the Agreement and the payment of the penalty indicated in Point 7.5, THE TRANSFEREE shall deliver CENTROMIN, at the time
of execution hereof, a performance bond issued by a bank in favor of CENTROMIN, in the amount of US$1,000,000 (One Million US Dollars). 
  
 The above-mentioned amount may be reduced by up to US$500,000 (Five Hundred Thousand US Dollars) provided that THE TRANSFEREE previously submits an assessment report
issued by an internationally renowned company, specialized in environmental issues, stating that the costs of the environmental remedies shall not exceed said amount. 
  
 The aforementioned performance bond shall be issued by any of the local banks indicated in Exhibit E of the Bidding Conditions, shall have
full force and effect for a term of not less than fourteen (14) months counted as from the execution of this document and shall be joint and several, irrevocable and unconditional, without benefit of excussio and of automatic execution; or
alternatively, a letter of credit as a “stand by letter of credit”, issued by any of the foreign banks indicated in Exhibit F of the Bidding Conditions and which must be notified and ratified by any of the local banks duly authorized to
issue bank letters of guarantee, with such characteristics. 
  

 This performance bond shall be executed in the event of noncompliance by THE TRANSFEREE of any obligations hereunder or
of the payment of the penalty indicated in Point 7.5.” 
  
 “Any
extension of the option term, shall entail the increase by THE TRANSFEREE of the amount of the performance bond submitted on the date of execution of this agreement or the amount corresponding to the performance bond of the previous year, as
applicable, by an amount equivalent to the increase of the respective investment undertaking, pursuant to the provisions of Point 7.2, being the new performance bond in full force for fourteen (14) months. 
  
 The amounts by which the performance bonds are increased on account of each extension of the
term, may be reduced by the amount invested the previous year, once same is made available and according to the respective audited report; taking into account that the amount of the performance bond in no case may be less than US$500,000 (Five
Hundred Thousand US Dollars). 
  
 The refusal to deliver the extended performance
bond implies a tacit waiving of the right to extend the option term and allows CENTROMIN to execute the performance bond previously delivered in the event that THE TRANSFEREE should fail to pay the corresponding penalty.” 
  

	ARTICLE THREE: 	ADDITIONAL ARTICLE TO THE OPTION AGREEMENT 

  
 The first Additional Article to be incorporated is the following: 
  
 “THE TRANSFEREE shall pay in advance the amounts referred to in Point 5.1 and Item a. of Point 5.2 of the Transfer Agreement, which conditions, payment dates and
amounts, including legal taxes, are stipulated hereinbelow: 
  

	a.	US$1,000,000 (One Million US Dollars) on September 15, 2004, assigned to the Social Trust Fund referred to in Article Five of the Transfer Agreement, which purpose shall be to carry
out works in order to improve the economic and social environment conditions of the areas affected by the Toromocho Project according to the instructions given by CENTROMIN. 

  

	b.	US$1,000,000 (One Million US Dollars) on September 15, 2005, assigned to the Environmental Sanitation Fund of CENTROMIN referred to in Article Five of the Transfer Agreement as an
advance payment of the ROYALTIES referred to in Clause Four thereof, according to the instructions given by CENTROMIN. 

  
 In the event that THE TRANSFEREE should fail to exercise that option and should therefore, not sign the respective Transfer Agreement, CENTROMIN shall not be bound to
reimburse the amounts paid.” 
  

  
 ARTICLE FOUR: AMENDMENTS TO THE TRANSFER
AGREEMENT 
  
 By this Addendum, CENTROMIN and THE TRANSFEREE
agree to amend the Transfer Agreement that forms part of the Option Agreement as Exhibit OT3, as detailed hereinbelow: 
  
 4.1 Amend Point 4.5 of Article Four of the Transfer Agreement as follows: 
  
 “4.5 For the purposes hereof, the commercial operations shall begin when the first transfer of minerals extracted from the CONCESSIONS is carried for valuable
consideration. 
  
 In the event that the commercialization of minerals
extracted is carried out before the end of the fifth year, the royalty percentage shall apply over 100% (one hundred percent) of the amounts of the net sales of minerals. 
  
 If, at the beginning of the sixth year counted as from the execution of this Agreement, THE PURCHASER has not begun the commercialization as
set forth in Point 4.1, THE PURCHASER shall pay CENTROMIN the ROYALTIES agreed upon in Point 4.3 as from the following semester. 
  
 The payment of royalties shall not be less than that corresponding to the 70% of the production program of the Toromocho deposits, according to the Feasibility Study. To
that effect, the said exploitation program shall be deemed to begin at the latest, at the beginning of the sixth year counted as from the execution of this Agreement, regardless of whether the actual start up is at a later date.” 
  
 4.2 Amend Points 5.1 and 5.2 of the Transfer Agreement as follows: 
  
 “5.1 On September 15, 2005 (sic), THE PURCHASER has paid the amount of US$1,000,000 (One
Thousand US Dollars) assigned to the Environmental Sanitation Fund of CENTROMIN. This amount shall be paid against the ROYALTIES referred to in Article Four of said Agreement.” 
  
 For the payment of said amount, the 50% of the amount corresponding to the aforementioned ROYALTIES (or the final balance) shall be
deducted, not being subject to the payment of interests. 
  
 “5.2 Investment
in social works shall be made and the following shall be taken into account to this effect: 
  

	a.	On September 15, 2004, THE PURCHASER has paid the amount of US$1,000,000 (One Million US Dollars) assigned to the Social Trust Fund, which purpose shall be to carry out works in
order to improve the economic and social environment conditions of the areas affected by the Toromocho Project. 

  

	b.	As from the start up of the commercial operations, THE PURCHASER shall pay, on a sixth-month basis, the amount of US$100,000 (One Hundred Thousand US Dollars) in the same occasions
indicated in Point 4.1 of the Trust referred to in the preceding item. Such payments shall also be assigned to the above-mentioned investments. 

  

4.3 Point 5.3 of Article Five of the Transfer Agreement shall be rendered null and void. 
  
 4.4 Amend Point 6.5 of Article Six of the Transfer Agreement, as follows: 
  
 “6.5 In order to guarantee the fulfillment of the investment commitment and of the payment of the penalty indicated in Point 6.4, THE
PURCHASER shall deliver CENTROMIN, upon execution of this agreement, a joint and several, irrevocable and unconditional performance bond without benefit of excussio and of automatic execution, in the amount of US$30,000,000 (Thirty Million US
Dollars) which shall be in full force and effect for a year as from the execution hereof and renewable up to the total fulfillment of the investment commitment, issued by any of the local banks indicated in Exhibit E of the Bidding Conditions, or
alternatively a letter of credit as a “stand by letter of credit” issued by any of the foreign banks indicated in Exhibit F of the Bidding Conditions, which must be notified and ratified by any of the local banks duly authorized to issue
bank letters of guarantee, with such characteristics. 
  
 The amount of the
performance bond may be reduced proportionally according to the execution of the investments. 
  
 This performance bond shall be executed in the event that THE PURCHASER should fail to comply with the obligations of the Agreement or with the payment of the penalty stipulated in Point 6.4” 
  
 ARTICLE FIVE: TERM OF THE PROVISIONS OF THE AGREEMENTS 
  
 The provisions contained in the Option Agreement and in the Transfer Agreement that are not
amended as a result of this Addendum, shall remain in full force and effect. PERU COPPER SYNDICATE LTD. participates in this Addendum, and pursuant to the provisions of Article Twenty of the Option Agreement, undertakes to jointly and severally
guarantee the fulfillment of each and every contractual and legal obligation assumed by THE TRANSFEREE as a result of the Option Agreement and of this Addendum. Consequently, PERU COPPER SYNDICATE LTD., a company organized and existing according to
the laws of the Cayman Islands, hereby enters into this Agreement, acting by and through Luis J. David LOWELL, identified by Passport 152864350, as per power of attorney registered on Entry 00001 of Electronic Card 11532465 of the Registry of
Companies of the Public Records Office in and for Lima. 
  
  

 IN WITNESS WHEREOF, this Addendum is issued in the City of Lima, Peru, on August 26, 2004, in three (3) counterparts of
identical value, signed by the parties hereto. 
  
 (Five illegible signatures)

  
 This Preliminary Agreement is authorized by Susana GUTIÉRREZ PRADEL,
registered with the Lima Bar Association (CAL) under number 22534 
  
 INSERT

  
 MINISTERIAL RESOLUTION 180-2004-EF/10 APPOINTING THE EXECUTIVE
DIRECTOR FOR PROINVERSIÓN. 
  
 MINISTERIAL RESOLUTION
180-2004-EF/10 
  
 Lima, March 22, 2004 
  
 WHEREAS: 
  
 By Ministerial Resolution 407-2002-EF/10 dated October 4, 2002, Luis GUIULFO ZENDER was assigned to the office of Executive Director of the
AGENCIA DE PROMOCIÓN DE LA INVERSIÓN PRIVADA– PROINVERSIÓN. 
  
 The above-mentioned officer has resigned to the position he was holding. 
  
 In this regard, it is necessary to accept the resignation and to appoint the official who will occupy the office of Executive Director of the AGENCIA DE PROMOCIÓN DE LA INVERSIÓN PRIVADA – PROINVERSIÓN. 

 
 THEREFORE: 
  
 In accordance with the provisions set forth in Article 3 of Supreme Decree 028-2002-PCM, amended by Supreme Decree 095-2003-EF. 

 
 IT IS HEREBY RESOLVED: 
  
 Article One: To accept the resignation submitted by Luis GUIULFO ZENDER, as Executive
Director of the AGENCIA DE PROMOCIÓN DE LA INVERSIÓN PRIVATE – PROINVERSIÓN, thanking him for the services rendered. 
  
 Article Two: To appoint René Helbert CORNEJO DÍAZ as Executive Director of the AGENCIA DE PROMOCIÓN DE LA INVERSIÓN –
PROINVERSIÓN. 
  
 Let it be recorded, notified and published. 

 
  
  
  

 Pedro Pablo Kuczynski G. 
 Minister of Economy and Finance 
  
 CONCLUSION: In
accordance with the provisions set forth in Article 59 of the Notaries Law, the Grantors read this instrument and ratified its contents before me. In my capacity as Notary Public, I hereby do certify that this Notarially Recorded Instrument begins
on page Serial Number 4853630 and ends on page Serial Number 4853641. 
  
 The
signing process was concluded before me on September 1, 2004, 1 attest. 
  
 -(signed) Juana Rosa Del Castillo Valdivia 
  
 -(signed) Charles Graham
Preble Brouillette 
  
 -(signed) Thomas J. Findley 
  
 -(signed) René Cornejo Díaz 
  
 -(signed) J. David Lowell 
  
 -(signed) Rafael Toledo Segura, Attorney at Law and Notary Public in and for Lima 
  
 I, Rafael TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima, pursuant to the
provisions of Article 83 of the Notaries Law, DO HEREBY ISSUE a First Certified Copy of this Notarially Recorded Instrument executed on August 26, 2004, filed on Pages 11,130 et seq, of my Registry of Deeds for the period 2003 – 2004, signed by
the parties and authorized by me. I certify that this document is a true copy of its original; therefore, I set my hands and seal, in the City of Lima, on September 14, 2004. 
  
 (signed) Rafael Toledo Segura 
      Attorney at Law and Notary Public in and for Lima / Seal 

  
 JUNTA DE DECANOS DE LOS COLEGIOS DE NOTARIOS DEL PERÚ 
  
 Pursuant to the provisions of the Bylaws, Article 11, of the Board of Deans of the Peruvian Association of Notaries, in accord with Supreme Decree 023-2002-JUS, Article
2, Francisco VILLAVICENCIO CÁRDENAS, acts herein in the name, in lieu and in stead of the Chairman of the Board of Directors of the said entity to certify that the signatures and seals affixed to the foregoing document are the true, proper
and respective handwriting and seals of Rafael TOLEDO SEGURA, Attorney at Law and Notary Public in and for Lima, currently in office. 
  

 Receipt: 19607 
  
 Lima, September 16, 2004 
  
 (signed) Francisco Villavicencio Cárdenas 
  
 Seal / Raised seal 

			
	REPÚBLICA DEL PERÚ (THE REPUBLIC OF PERU)	  	 
	MINISTERIO DE RELACIONES EXTERIORES	  	 
	(MINISTRY OF FOREIGN AFFAIRS)	  	 
	DIRECCIÓN GENERAL DE ASUNTOS CONSULARES	  	 
	(CONSULAR AFFAIRS BUREAU)	  	 
	LEGALIZACIONES (AUTHENTICATION OFFICE)	  	# 0342531

  
 The foregoing signature of Francisco
VILLAVICENCIO C. IS HEREBY AUTHENTICATED. 
  
 For the contents of the attached
document, this Bureau assumes no responsibility. 
  
 Lima, September 17, 2004

  

			
	 (signed)
	  	Benjamin Victor Vial Carhuavilca
	 	  	Consular Proceedings Department
	 	  	Authentication Office / Seal / Raised Seal

 CE/AM 
 272979K4.20

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