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Xanadu Mines moves to expand copper resources as global supply shortfall threatens

Managing director of Xanadu Mines Ltd (ASX:XAM) Dr Andrew Stewart speaks to Proactive Investors about the company’s flagship Kharmagtai copper and gold project in Mongolia, as results from the first hole of an aggressive new drilling program reinforce the potential for a significant expansion of the JORC resource.

Xanadu is looking for a resource upgrade before the end of 2018, to be followed immediately by scoping and feasibility studies. The Zaraa discovery comes at a time that global consumers are searching for projects to fulfil future demand for copper, which is set to increase with the proliferation of electric vehicles.

“What really excites us and what drives our strategy is the fact that there has been very little exploration over the last decade. When you look globally you can count the amount of discoveries in this space on one hand... I think the real excitement and what we need to be looking for in the industry is where those new discoveries are going to come from to replace the existing projects,” says Stewart.

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