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Xstrata said in a statement it recognizes the potential of Los Azules but the terms of the option buy-in agreement weren't attractive.
Xstrata had until an Oct. 1 deadline to exercise the option after Minera gave notice to Xstrata at the beginning of June of its intention to exercise its 100% earn-in option.
Xstrata would have had to assume operational control of the project if it had exercised its option.
The Los Azules copper project, discovered four years ago in western Argentina, has an inferred resource of 5.1 million metric tons of copper at a grading of 0.55%, according to Minera's Web site.
-By Matthew Walls, Dow Jones Newswires; +44 (0)20 7842 9412; matthew.walls@dowjones.com
(END) Dow Jones Newswires
10-02-09 0720ET
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