News Articles for Xanadu Mines

MAC Copper's shareholders have greenlit a $1.6 billion takeover deal as cross-border copper M&A heats up.

Singapore mining entity Bastion Mining has declared victory in its battle for control of ASX-listed Xanadu Mines, announcing its off-market takeover bid is now unconditional after Bastion secured a 55.65 per cent stake in the Mongolian-focused copper and gold explorer. Bastion quickly accumulated the required 50.1 per cent of shares necessary for a successful takeover, after offering 8c per Xanadu share.

The takeover battle for ASX and Toronto-listed Xanadu Mines has intensified after Chinese giant Zijin Mining, a 15.7 per cent shareholder and JV partner in the company's Mongolian Kharmagtai copper and gold project, accepted Bastion Mining's 8c-a-share offer. Zijin's backing has boosted Bastion's stake in Xanadu to 29.67 per cent, combining its existing 12.5 per cent holding with recent acceptances and puts it in a strong position to take control.

Xanadu Mines' share price soared more than 50 per cent today after the company received an 8 cents per share takeover offer from unlisted Bastion Mining, valuing the Mongolian-focused copper-gold developer at $160 million. The offer follows hot on the heels of an expired exclusivity period earlier this month over a control transaction the company was negotiating with joint venture partner and major shareholder Zijin Mining.

In a major shift for Mongolia's Kharmagtai copper-gold project, Xanadu Mines has let its exclusivity deal with mining giant and JV partner Zijin lapse after failing to reach a control deal. Despite a promising proposal in April, Zijin could not commit within the tight timeframe. Xanadu will now pursue shareholder approval to trigger its 25% put option and reopen the door to other suitors, while continuing discussions with Zijin.

In a dramatic plot twist, Xanadu Mines has indefinitely postponed a shareholder meeting to approve a 25 per cent sell-down of its massive 4.7- million-tonne copper and 11-million-gold-ounce Kharmagtai project in Mongolia to Zijin Mining. The company says the delay will allow both parties to discuss a range of potential corporate outcomes. The big question is: What's brewing behind the scenes?

Xanadu Mines has handed over the reins of its flagship Kharmagtai copper-gold project in Mongolia, following the successful transition of operatorship to its joint venture partner, Chinese mining giant Zijin Mining. Zijin will now progress the world-class Kharmagtai project towards final development, following a promising prefeasibility study delivered by Xanadu late last year.

Xanadu Mines has unearthed four new copper targets from geological mapping, rock-chips and geophysics fieldwork at its Sant Tolgoi copper project in Western Mongolia with assays of up to 2.1 per cent copper. The new key drill targets stretch across a four kilometre east-west shear on a western extension of the controlling Khangai Fault system with all tests pointing to mineralised intrusions.

Xanadu Mines has unveiled a prefeasibility study of biblical proportions at its Kharmagtai copper-gold project in Mongolia's South Gobi Desert, including a pre-tax US$1.4 billion NPV, an IRR of 31 per cent at spot commodity prices and a mine life of nearly three decades. The study confirms the project's potential as a globally-significant, low-cost, long-life mining operation.

Xanadu Mines has confirmed it is in the final stages of completing a prefeasibility study on its Kharmagtai copper-gold project that sits in Mongolia's South Gobi region. The company recently handpassed operational duties for the massive project to joint venture partner and Chinese behemoth, Zijin Mining, and says it has taken additional time to finalise the mine design to ensure a higher standard.

Metallurgical testwork at Xanadu Mines' Kharmagtai copper-gold project in Mongolia has highlighted impressive recovery levels of 80 per cent from sulphide feed and a high-grade concentrate with low impurities. The potentially-saleable concentrate shows grades of up to 25 per cent copper and 25 grams per tonne gold from the porphyry deposits at the company's South Gobi site in the landlocked East Asian country.

Xanadu Mines has launched into maiden field programs at its Sant Tolgoi copper-nickel project in northern Mongolia. The company says detailed mapping and sampling programs are well underway at the site, with early indications of multiple shallow copper-nickel sulphide targets. Management believes it has multiple copper-nickel targets at Sant Tolgoi, with the potential for new district-scale copper discovery.

Xanadu Mines has revealed a significant increase in the mineral resource estimate for its flagship Kharmagtai copper-gold project in Mongolia, reporting a 463,000-tonne increase in contained copper and a 746,000-ounce rise in contained gold. The boost has been driven by both the results of new drilling at the White Hill deposit and a refined pit design generated as part of the company's current prefeasibility studies.

Xanadu Mines has identified key follow-up targets at its Red Mountain project in Mongolia after returning positive copper and gold results from near-surface in a discovery drill campaign across four prospects. The company recorded epithermal gold extensions in shallow mineralisation at its promising Target 33 prospect, with assay highlights showing a 41m hit grading 1.07 grams per tonne gold from 34m.

Xanadu Mines managing director Colin Moorhead has joined the growing chorus of industry experts predicting a commodity “supercycle”, with the spot price for copper rising almost 15 per cent in the past year. Moorhead told the “On the Couch” podcast series aimed at giving insights into the investing world, that while some commodities come and go, copper is here to stay.

Xanadu Mines continues to deliver positive metallurgical testwork for its Kharmagtai copper-gold project in Mongolia, with its latest figures showing recoveries of up to 94 per cent copper and 92 per cent gold. Management says tests using the “Eriez HydroFloat” system showed the company could recover valuable minerals within the 150-to-200 micron range that conventional flotation methods are unable to achieve.

Xanadu Mines has kicked off a hydrological drill program at its Kharmagtai copper-gold project in Mongolia as it prepares to deliver its upcoming preliminary feasibility study into the operation. Management says data from the program will be compiled into a hydrology database for use in site water balance for the final Kharmagtai PFS design, which is assessing ultimate growth of up to 40 million tonnes per annum processing throughput at the operation.

Xanadu Mines has kicked off a 5000m diamond drill campaign at its Red Mountain project in Mongolia with a focus on the discovery of shallow high-grade gold, porphyry copper-gold and copper sulphide lodes. The operation's Target 33 prospect has been highlighted as a priority after previous drilling returned impressive results with a 40m section grading 1.06 grams per tonne gold from 26m including a 10m section at 3.7g/t from 50m.

Xanadu Mines says oxide leach testwork on ore from its Kharmagtai copper-gold project in Mongolia has highlighted the potential to conduct commercialised processing and generate significant early cash. The company says leaching tests on the shallower oxidised portion of the project's mineral resource delivered positive metallurgical extraction results of up to 93 per cent copper and 46 per cent gold.

Xanadu Mines says it has recorded early metallurgical recoveries of up to 98 per cent copper and 95 per cent gold from rougher flotation testwork on ore from its Kharmagtai project in Mongolia. Management says the results are in line with or better than previous scoping study assumptions and show a potential value uplift in final prefeasibility study (PFS) recoveries.

Xanadu Mines boss Colin Moorhead says funding security from the company's union with Chinese giant Zijin Mining fosters a strong investment case for production at its Kharmagtai copper-gold project in Mongolia. Just last month, the company tabled a staggering resource estimate upgrade for Kharmagtai, jumping to 1.3 billion tonnes with 3.4 million tonnes of contained copper and 8.5 million gold ounces.

Xanadu Mines has hit paydirt with results from its most recent drilling at the Kharmagtai project in Mongolia it shares with China's Zijin Mining Group. The company says it has expanded the new, higher-grade copper-gold mineralised zone at its White Hill deposit and doubled the mineral resource grade at its Golden Eagle prospect – and now believes it may be onto a significant copper-gold system.

Xanadu Mines has entered into a binding term sheet to earn up to 80 per cent of the Sant Tolgoi project in Mongolia which hosts multiple shallow copper-nickel targets over several kilometres of strike. The deal adds to the company's already significant presence in Mongolia which is home to its flagship Kharmagtai copper-gold project and its highly prospective Red Mountain operation.

Xanadu Mines has tabled a staggering resource estimate upgrade for its Kharmagtai copper-gold project in Mongolia, jumping to 1.3 billion tonnes with 3.4 million tonnes of contained copper and 8.5 million gold ounces. The updated estimate represents a 12 per cent increase in tonnes, a 15 per cent surge in contained copper and a 9 per cent jump in contained gold.

After completing a massive infill and extension campaign at its Kharmagtai copper-gold project in Mongolia, Xanadu Mines has shifted its focus to new discoveries outside the site's current mineral resource. The company is now operating three diamond drill rigs at Kharmagtai, with four deep holes planned to target mineralisation below its biggest deposit identified to date at White Hill.

Xanadu Mines has uncovered a new gold zone below its Golden Eagle deposit at the company's Kharmagtai copper-gold project in Mongolia with a follow-up drill campaign already underway to test the area. Promisingly, a diamond drill hole at the deposit returned results with a significantly higher grade than what was used to define the mineral resource at the operation in 2021.

Xanadu Mines has wrapped up a massive 48,000m infill drilling campaign at its Kharmagtai copper-gold project in Mongolia and has unveiled some impressive early results from the company's White Hill prospect. The program is aiming to provide an updated mineral resource before year's end as Xanadu continues exploration with four diamond rigs investigating shallow targets and one drill rig targeting deep mineralisation.

Xanadu Mines has revealed its massive Mongolian copper-gold Kharmagtai deposit is now connected to the local electric grid, paving the way for current and future construction and exploration activities. The company says its vital 35,000-volt connection to the Mongolian Southern Electricity Distribution Network is expandable and will accommodate Kharmagtai moving closer towards operational mine status.

Xanadu Mines is on track to produce a prefeasibility study resource update for its Kharmagtai copper-gold project in Mongolia before the end of the year after completing phase-one infill drilling at the site. Management says the infill program has defined and expanded the volume of higher-grade mineralisation within its Stockwork pit, indicating both grade uplift and resource expansion potential.

Xanadu Mines is pushing to enhance the current resource at its Kharmagtai project in Mongolia after a new zone of high-grade copper-gold emerged from infill drilling at the company's White Hill deposit. Management has four diamond drill rigs focused on infill drilling at the operation, with 27,000m of a planned 30,000m campaign completed at its Stockwork Hill and White Hill deposits.

Shallow exploration drilling at Xanadu Mines' Kharmagtai copper-gold project in Mongolia has uncovered the potential for new discoveries outside its existing mineral resource area. Management says its new work has validated its belief that Kharmagtai hosts undiscovered porphyry deposits as the company progresses its prefeasibility study and updates its resource, with a view towards production.

Xanadu Mines expects to deliver an updated JORC resource for its Kharmagtai copper-gold project in Mongolia before the end of the year, following the discovery of new high-grade zones during infill drilling. The company has completed about half of its massive 30,000m diamond drill campaign as it targets resource extensions at its Stockwork Hill and White Hill deposits.

Xanadu Mines has begun an aggressive 18,000m discovery exploration drilling campaign at its Kharmagtai copper-gold project in Mongolia, with results set to be incorporated into an ongoing prefeasibility study. The program includes two additional diamond drill rigs, with one set to cover 8000m of deep exploration targeting high-grade and large-scale mineralisation at depth. A further 6000m is planned, depending on results.

Xanadu Mines has begun a massive 30,000m, four-rig infill diamond drill campaign at its Kharmagtai copper-gold project in Mongolia, with results set to support the company's upcoming prefeasibility study. The aim of the exploration program is to update the current open-pit mineral resource areas to an indicated category and deliver a maiden ore reserve estimate for the operation.

Xanadu Mines has wrapped up the next two phases of its strategic partnership with Chinese copper goliath Zijin Mining, giving it access to funding for the exploration and evaluation of its Kharmagtai copper-gold project all the way up to a decision to mine. The deal will see US$35 million invested directly into the project and a 50-50 joint venture created between the parties.

A phase two and three investment agreement between Xanadu Mines and Zijin Mining Group for Xanadu's Mongolian copper-gold projects has been given the go ahead after the deal received final approval from China. The partnership will fully fund the ASX-listed Xanadu's flagship Kharmagtai copper-gold project through the next phase of evaluation and exploration as it builds towards a decision to mine.

Billionaire geologist Robert Friedland's Oyu Tolgoi copper-gold discovery in Mongolia is of biblical proportions and just 120kms to its north west, ASX-listed Xanadu Mines is onto a copper-gold discovery that has already ticked over a billion-tonne resource and counting. Xanadu's Kharmagtai deposit is now taunting the market with its potential in a region that is capable of brewing ridiculous sized mineral deposits like Oyu Tolgoi.

Xanadu Mines has signed a non-binding gas offtake memorandum of understanding with Jade Gas Holdings for commercial gas sales to power the copper explorer's Kharmagtai project in Mongolia. The deal is designed to secure a reliable, low cost and cleaner energy source for Xanadu's Kharmagtai copper-gold project using gas from Jade's TTCBM project only 80km away.

Xanadu Mines is one step closer to finalising its phase two and three investment agreement for its Mongolian projects with Zijin Mining Group after the formal documentation for the deal was executed. Once approvals have been met, Xanadu will use Zijin's investment to continue exploration of its prospective Red Mountain project in addition to making a final investment decision on taking its Kharmagtai project to the construction phase.

Assay results from trenching at Xanadu Mines' Red Mountain prospect in Mongolia have highlighted a broad zone of shallow gold mineralisation that the company argues has potential for extension at depth. Xanadu says the latest assays combined with historical trenching results define a 350m by 80m zone of highly anomalous gold at its Target 33 prospect, including a higher-grade core greater than 1 gram per tonne gold.