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]
History
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]
Projects
Kharmagtai Copper-Gold Project
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]
Corporate affairs
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]
Recognition and coverage
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]
- The Australian Financial Review described Xanadu as a key junior player in the Mongolian copper sector.[2]
- MiningNews.net reported independently on the company’s pre-feasibility outcomes and joint venture structure.[11]
- The West Australian highlighted the company's role in supplying critical minerals needed for the global energy transition.[12]
- Stockhead Australia identified Xanadu as a notable copper exploration stock among ASX small caps.
External links
References
- Xanadu Mines Ltd Company Profile - ASX^
- Copper explorer Xanadu turns to Zijin - Australian Financial Review^
- Stockhead Australia, "These small-cap copper explorers are making big moves", August 2023^