Xanadu Mines Progresses with Kharmagtai Project Update
Overview of Kharmagtai Project Status
Xanadu Mines Ltd (ASX: XAM, TSX: XAM) is excited to report significant advancements in its flagship Kharmagtai copper-gold project in Mongolia's South Gobi region. The company is finalizing a Pre-Feasibility Study (PFS), while transitioning project operations to Zijin Mining Group Co. Funding discussions are actively taking place for the upcoming development phases.
Current Project Highlights
Key developments include:
- The PFS is undergoing a thorough technical review and evaluation phase.
- Xanadu is committed to high-quality mine design and independent evaluations, with public results expected soon.
- The transition to Zijin Mining as the operator has commenced, marking a new chapter for the project.
- Planning is underway for a comprehensive Bankable Feasibility Study.
Technical Review Status
The PFS at Kharmagtai has moved into the final stages of its technical review. Xanadu has taken the necessary additional time to ensure that the final mine design meets the highest standards, fulfilling both Australian and Canadian requirements. The company anticipates announcing the outcomes of this study shortly, promising that the project meets the stringent demands expected by stakeholders.
Operator Transition Details
The transition of operatorship from Xanadu to Zijin began recently, aligning with the Joint Venture (JV) Shareholders Agreement. Under this new arrangement, the leadership of Khuiten Metals JV Board is now composed of Zijin nominees, ensuring a strategic alignment with Zijin's operational capabilities.
Funding and Future Plans
Xanadu is diligently exploring funding avenues, working with financial advisors Bacchus Capital and Jefferies to secure necessary resources. With a solid foundation established through Zijin's initial investment of US$35 million, the company remains optimistic about progressing toward the next development stages of Kharmagtai.
Looking Ahead
Mr. Colin Moorhead, Xanadu’s Executive Chairman and Managing Director, recently shared insights on the project's promising outlook. He emphasized the potential of Kharmagtai as a large-scale copper-gold mining operation. The significant work being carried out aims to assure stakeholders of the project's viability and prospects. A critical target will be achieving all necessary pre-construction approvals and permits leading into 2025, setting the stage for development to commence.
About Xanadu Mines
Xanadu Mines is listed on both the ASX and TSX, focusing on exploration and operational development in Mongolia. The company provides investors with exposure to significant copper-gold discoveries and robust inventory growth prospects. Xanadu holds a strategic position as one of the few junior explorers in the sector with a significant deposit at the Kharmagtai project.
Frequently Asked Questions
What stage is the Kharmagtai project currently in?
The Kharmagtai project is in the final stages of its Pre-Feasibility Study, with a pending public announcement of results.
Who is taking over the operations of the Kharmagtai project?
Zijin Mining Group Co is transitioning to take over the operational management of the Kharmagtai project.
What are the future funding plans for the project?
Xanadu Mines is exploring various funding options with the help of its advisors and is currently in discussions with potential investors.
What is the expected timeline for further studies?
The company is planning to start a Bankable Feasibility Study following the PFS's completion and results announcement.
How can interested parties get in touch with Xanadu Mines?
For more information, interested parties can contact Xanadu via their official communication channels or visit their website.
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