0.3wt.% rare-earth elements were added into Cu–12wt.% Ag and some compound particles were observed in the eutectic colonies. The chemical composition and crystal structure of the compound were determined. The compound containing rare-earth elements can be represented as (Cu, Ag) 6 (Ce, La) and has a similar crystal structure to Cu 6 Ce of orthorhombic system. The (Cu, Ag) 6 (Ce, La) particles are hardly deformed during cold drawing. There is an incoherent interface between the compound and Ag-rich phase. Higher strain concentration and dislocation density are presented in the local region of Ag filaments close to the particles in the alloy of heavy drawing.