Two West Australian junior miners have made their Australian Securities Exchange debut today, with mixed results.
Mongolia-focused coal, copper and gold explorer Xanadu Mines made a positive debut, with shares up 2.5 cents, or 4.17 per cent, to 62.5 cents after reaching a high of 72 cents in earlier trade.
Radar Iron had a more subdued first day of trading, closing at 20c, the price shares fetched during its initial public offering.
Its initial public offer (IPO) was significantly oversubscribed and raised $24 million through the issue of 40 million shares at 60 cents a share.
Xanadu has been operating in Mongolia for six years and has established a 327 million tonne (Mt)resource at its Khar Tavarga project and a 175 Mt-225Mt exploration target at its Galshar coal project.
Radar's IPO feteched a healthy $6.8 million, well over the $6 million initially aimed for.
The company's key investments are in iron ore prospects in the Yilgarn region of WA.
The IPOs follows the recent stellar performances of other Australian-based, Mongolia-focused explorers Aspire Mining Ltd and Hunnu Coal Ltd.