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Xanadu makes electric connection in Mongolia www.thewest.com.au
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. It also satisfies the needs of the current prefeasibility Study (PFS), exploration activities and current constructions, which include a modern 30-person accommodation block for an expanded workforce, a high-tech core shed, a drinking water filtration system and a greenhouse run by locals.
The company is demonstrating its commitment to being a leader in environmental, social and governance (ESG) objectives by converting from diesel-generated power, reducing plastic waste with an in-house filtration system and growing greenhouse-generated produce.
These upgrades clearly demonstrate Kharmagtai moving from an exploration project into the near-term construction stage. By connecting to the grid mine …(it) will enable us to meet electricity requirements for construction as well as the current studies stage … and deliver a modern, contemporary, low-impact and long-life copper-gold into the Mongolian economy.
Xanadu Mines executive chairman and managing director Colin Moorhead
The company is on track to produce a PFS resource update for its 50 per cent-owned and operated Kharmagtai project by year’s end after completing two phases of infill drilling. It shares the project with its joint venture partner, Chinese copper giant Zijin Mining Group.
Kharmagtai already hosts an impressive mineral resource estimate of 1.1 billion tonnes for 3 million tonnes of contained copper and 8 million ounces for 3.3 million ounces of contained gold, while remaining open along strike and at depth. A scoping study revealed a potential US$630 million (AU$975.2 million) net present value for a 30-year mine producing 50,000 tonnes of copper and 110,000 ounces of gold annually.
Exploration drilling is also continuing at Kharmagtai with two diamond rigs. The company expects to provide additional shallow results from the work, in addition to its maiden deep-drilling assays, as soon as next month.
Earlier this year, Xanadu completed its strategic partnership with Zijin, giving it access to funding for its current round of exploration and the PFS. The PFS will include an upgraded mineral resource and maiden ore reserve, incorporate metallurgy-processing-mining technology studies, mine design and engineering.
It will lead to a final investment decision by end of next year, with a view to first production at the end of 2027.
With all motors whirring upon Xanadu’s key electrical connection to the Mongolian grid, an expanding portfolio of construction activities and a pending mineral resource estimate update expected early next quarter, the company is rightfully commanding sedulous shareholders’ attention.
Published Date:2023-08-24
