Xanadu Mines Looks to Offload Mongolian Coal
Xanadu Mines, a junior exploration company is looking for buyers for its Mongolian thermal coal projects. The vast mineral wealth and the proximity to China make Mongolia the next boom country for the global mining community.
The company is in informal discussions to make the sale within the year as per Brian Thornton, the Chairman of Xanadu Mines. They had not yet hired a bank for the sale but expected it to go through in another six months.
Last February the company had gone into an alliance with the Noble Group to develop coking coal, iron ore and ferro alloys in Mongolia. In order to focus on this alliance with the commodities trader Xanadu Mines has decided to sell its wholly owned thermal coal projects in Mongolia.
The cash from the deals would be a game changer for Xanadu’s exploration said Mr. Thornton. He added that it would give them more flexibility and firepower to drill the bigger opportunities. He said there was scope to uncover monster deposits in Mongolia. He called it the resource-rich frontier of the world.
He added that Xanadu Mines would continue drilling its promising Sharchuluut copper-gold-molybdenum project in northern Mongolia in March or April. Along with that they will be pushing the coking-coal joint venture. The shares of the company were 0.5 cents at 34.5 cents on Thursday.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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