Until the end of the 20th century, Procurement was a necessary but seldom celebrated component of organizations. It was a necessary supporter of organizations and little value was endorsed to its processes or its strategic role. The scenario faced by companies in the early decades of the 21st century illustrates an extensive upturn on that role, which today absorbs pivotal functions to modern corporations, such as the supervision of stretched lists of contractors merged into one complex supply chain and the administration of internal and external interfaces. While an increasing number of studies perceive the closing gap between Procurement and its strategic role, some point out to the lack of capabilities and proficiency development in the area. The Procurement literature holds a high interest regarding managerial support over subjects related to the ways Procurement can play a more pivotal and less reactive role. However, an inquiry for studies dedicated to the understanding of Procurement key capabilities – specific sets of policies, processes, systems, tools, knowledge and resources whose worth is apparent for the corporation – provides a rather small literature. The goal of this dissertation is to present a framework that explores which are Procurement s corecapabilities and how they can support the correct management of the many interfaces relevant to the area. Its main contribution is the construction of a model covering the key capabilities for the Procurement role and its application arrangement, allowing a systemic analysis of Procurement departments in different organizations. The main inquiry in this study is: What are the key capabilities for the adequate operation of the Procurement function? The answer is presented alongside with a case study shaped to diagnose a multinational mining company. The initial point for this research is the broad visualization of the varied interfaces that dwell within the Procurement routine and the understanding of its core processes. With that in mind, the model is designed after an assessment of the main Supply Chain Management literature, with a leading focus on Procurement. After resolving the main inquiry, this dissertation is concluded with the application of the designed model, detecting the existence of the capabilities at different levels of practice. Finally, this study sustains that companies should balance internal-focused and external-focused capabilities, which are often developed independently.