Pre-Feasibility Study – Kharmagtai Copper-Gold Project
TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu, XAM or the Company) is pleased to provide the Pre-Feasibility Study (PFS) for its flagship Kharmagtai Copper-Gold Project (Kharmagtai or the Project), located in an established mining jurisdiction in the South Gobi region of Mongolia.
This Study confirms the potential of Kharmagtai as a globally significant, long life, low cost, low risk future copper-gold mine. It is based on conventional open pit mining and sulphide flotation, with low environmental, social and governance (ESG) risk, and supported by nearby rail, road and power links providing the potential for rapid development. Kharmagtai is well positioned to help fill the looming copper global supply gap driven by growing demand for an increasingly electrified economy.
Highlights
Presented in 100% Terms (Xanadu holds 50% control and 38.25% economic share)
Confirms Kharmagtai as a potential world class, low cost, long life mine. Estimated Results:
21% IRR (range 14-25%, and 31% at spot commodity prices)
US$930 million NPV @ 8% (range US$ 450-1,220 million, and US$1,880 million at spot commodity prices)
4-year payback (range 4-5 years, and 3 years at spot commodity prices)
29-year mine life
Projected production ranges from 60-80ktpa copper and 165-170kozpa gold production across the first and second stages of expansion.
First quartile all-in sustaining (C1) costs of US$0.70/lb Cu for first eight years, net of by-product credits
Conventional, low technical complexity open pit and process plant with low 0.6:1 strip ratio for first eight years
Located in sparsely populated, flat terrain, with nearby established rail, power and water links
Bankable Feasibility Study expected to commence in Q1 CY2025 and complete in Q2 of CY2026
Robust study outcomes, led by high quality advisory team
Xanadu’s Executive Chairman and Managing Director, Mr Colin Moorhead, said “This Pre-Feasibility Study is the result of 18 months of hard work led by Spencer Cole, working closely with our JV partners at Zijin Mining Group Co Ltd. This confirms to an international PFS standard that Kharmagtai as a world class copper asset, located in a region of the South Gobi which hosts several significant deposits, including those at Rio Tinto’s Oyu Tolgoi mine. The future development of Kharmagtai into a long life, low cost, mine will provide significant value to our shareholders and multi-generation employment and economic opportunity for our stakeholders in Mongolia. It remains true today that as the global economy decarbonises, the supply of copper cannot meet forecast demand. Development of large scale porphyry copper deposits is becoming more urgent, and with a competitive time to production and relatively low ESG risk, Kharmagtai is well positioned to move forward quickly. We are excited to demonstrate such a strong Project at Kharmagtai and to move forward with its final pre-construction stage of development.”
Pre-Feasibility Study
The Pre-Feasibility Study is attached to this Announcement.
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