Investment Deal Signed with Zijin; Pathway to Kharmagtai Production
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Wednesday, December 21, 2022
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Ltd. (Khuiten), which holds a 76.5% effective interest in the Kharmagtai copper-gold project (Kharmagtai).
Key Points:
- Ltd. (Khuiten), which holds a 76.5% effective interest in the Kharmagtai copper-gold project (Kharmagtai).
- The significant cash investment by Zijin provides funding for the Pre-Feasibility Study for Kharmagtai (Kharmagtai PFS) which will commence in early 2023 and take the project to a potential Final Investment Decision (FID) as early as 2024.
- The US$35 million will be used to complete the Kharmagtai PFS, continue exploration and support associated expenditure on the project’s development.
- Upon delivery of the Kharmagtai PFS, Xanadu will have certain rights to partially or fully selldown its project interest in Kharmagtai to Zijin.