Xanadu Mines Ltd is an Australian exploration company, formerly listed on the Australian Securities Exchange (ASX: XAM) and the Toronto Stock Exchange (TSX: XAM), primarily focused on copper and gold projects in Mongolia. [1] The company is headquartered in Sydney, Australia, and maintains a significant presence in Mongolia, where it explores and develops large-scale mineral deposits. [2] Xanadu was considered one of the more advanced ASX-listed copper-gold explorers operating in Central Asia. [3] In 2025 it was acquired by Bastion Mining, being removed from the ASX on the 6th August 2025. [4]
Xanadu Mines was founded in the early 2000s and initially pursued coal and gold exploration in Mongolia. It shifted focus to large-scale copper-gold exploration in the mid-2010s, culminating in the acquisition and development of its flagship project, Kharmagtai. [5]
Xanadu's flagship asset is the Kharmagtai Copper-Gold Project, located in the South Gobi region of Mongolia, approximately 420 km southeast of Ulaanbaatar. [6] The project is situated within the South Gobi porphyry copper province, which also hosts major deposits such as Oyu Tolgoi and Tsagaan Suvarga. [7]
In April 2022, Xanadu entered into a strategic partnership with China's Zijin Mining Group. Under the terms of a three-phase agreement, Zijin acquired a 45.7% interest in the Kharmagtai project and became Xanadu's largest shareholder. [8] [2] The companies established a 50:50 joint venture, Khuiten Metals, which holds a 76.5% effective interest in Kharmagtai. [9]
A Pre-Feasibility Study (PFS) for Kharmagtai was completed in late 2024. The study outlined a 29-year mine life with projected average annual production of 60,000 to 80,000 tonnes of copper and 165,000 to 170,000 ounces of gold. [10] [11]
The Kharmagtai project is regarded as a significant emerging source of copper and gold critical to the energy transition. [12] Analysts have highlighted its proximity to infrastructure and favourable geology as key advantages over regional peers. [3]
Xanadu Mines is led by an Australian-based management team with substantial experience in Mongolian resource development. As of 2025, the company’s CEO is Dr. Andrew Stewart, a geologist with more than 20 years’ industry experience. [15]
The company maintains compliance with both Australian and Canadian corporate governance standards, reflecting its dual listing on the ASX and TSX. [16]
Xanadu Mines' activities have attracted significant attention in the Australian financial and mining media:
Additionally, the company's market movements have been periodically covered by The Sydney Morning Herald and The Australian, particularly following its major partnership announcements. [17]