This month, as President Ollanta Humala struggled to calm conflicts over the Newmont and Xstrata projects, IRL said it had signed a 30-year agreement with residents of Ollachea - one that basically gives their community association a 5 percent stake in the mine and entitles each member to receive cash, gold or sell their shares. The form of payment will likely be decided collectively.
"It gives them the right to 5 percent of the project or its value," he said. "This is the first time a company in Peru has done this and as far as I know this is the first time anybody has negotiated a community accord that lasts 30 years."
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