Xanadu signs up for South Gobi project
PERTH (miningweekly.com) – ASX-listed Xanadu Mines has signed a $14-million deal with Turquoise Hill Resources to acquire the Kharmagtai porphyry copper/gold project, in the South Gobi region of Mongolia.
Under the terms of the agreement, Xanadu subsidiary Mongol Metals would acquire a 90% interest in Turquoise Hill subsidiary Oyut Ulaan, which holds the Kharmagtai copper/gold project.
Mongol Metals would pay an initial $4-million, with a deferred consideration of $100-million to be paid over 18 months.
“Kharmagtai is one of the most advanced, undeveloped copper projects in Mongolia and places Xanadu and Mongol Metals at the forefront of unlocking Mongolia’s copper potential,” said Xanadu MD George Lloyd.
“The transaction also demonstrates the strength and value of our strategic partnerships with Ganbayar Lkhagvasuren and the Noble Group, following the challenging business conditions of the last 18 months.”
Lkhagvasuren, who is an executive director and joint venture partner of Xanadu’s, has agreed to subscribe for $4-million in equity in Mongol Metals to fund the initial acquisition consideration.
Xanadu and the Noble Group have also entered into financing agreements for a further $4-million to fund the acquisition and exploration of the Kharmagtai project.
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