Xanadu eyes near-term production

XANADU Mines sees its Khamagtai project in Mongolia as one of the premier open pit copper opportunities in the world.
Xanadu eyes near-term production Xanadu eyes near-term production Xanadu eyes near-term production Xanadu eyes near-term production Xanadu eyes near-term production

Drilling at Kharmagtai

Kristie Batten in Beaver Creek, Colorado

The company recently launched a preliminary economic assessment at Kharmagtai as it aims to continue to grow the resource.

Speaking at the Precious Metals Summit in Colorado, Xanadu managing director Dr Andrew Stewart said the world was lacking quality open pit opportunities.

"We see a real supply crunch coming - the pipeline is quite scarce," he said.

Kharmagtai already has a resource of 203 million tonnes at 0.34% copper and 0.33 grams per tonne gold, and an updated resource is due within weeks.

Xanadu, MNN's Explorer of the Year, is also aiming to announce a maiden resource for its fourth porphyry discovery at Kharmagtai, Zaraa.

It's early days at Zaraa, though Xanadu has hit over 900m of continuous copper mineralisation.

"Certainly with five drill holes it's looking like a significant discovery," Stewart said.

Stewart said Mongolia, home to the massive Oyu Tolgoi copper-gold mine, was the place to be.

 "This part of the world is opening up - it's the fourth most-endowed copper province," he said.

"I reckon that will become third or second.

"It really is God's gift to explorers."

Xanadu shares last traded at A12.5c, valuing the company at $81 million.