BNamericas reported that Switzerland based miner Xstrata has until October 1st 2009 to notify US based Minera Andes if it aims to exercise the back in clause of an option the latter has to earn 100% of the Los Azules copper project in Argentina's San Juan province.
Minera Andes said in a statement that Xstrata can take back 51% of the project if it notifies Minera Andes before the deadline.
Ms Emily Russell corporate communications manager of Xstrata Copper said that the company has not yet made a decision on whether to back in.
She said that "We continue to evaluate the option to back in to Los Azules as the project provides us with an opportunity to enhance our regional position in San Juan. We are making use of all the time available to ensure that our decision is best for the project's future development."
According to Minera Andes, Los Azules has 922 tonnes grading 0.55% copper in inferred resources.
(Sourced from Business News Americas)
