Xanadu Mines in solid ASX debut
Mongolia-focused coal, copper and gold explorer Xanadu Mines Ltd has made a positive debut on the Australian Securities Exchange.
Shares in Xanadu were up 2.5 cents, or 4.17 per cent, at 62.5 cents at 1453 AEDT after reaching a high of 72 cents in earlier trade.
Its initial public offer (IPO) was significantly oversubscribed and raised $24 million through the issue of 40 million shares at 60 cents a share.
The company's share register includes Queensland-based resources investment firm Talbot Group Holdings and Straits Asia Resources, a Singapore-listed coal miner.
Xanadu has been operating in Mongolia for six years and has established a 327 million tonne (Mt) resource at its Khar Tavarga project and a 175 Mt-225Mt exploration target at its Galshar coal project.
Xanadu's IPO follows the recent stellar performances of other Australian-based, Mongolia-focused explorers Aspire Mining Ltd and Hunnu Coal Ltd.
Xanadu chairman Brian Thornton said in the company's prospectus that 2010 had been a watershed year for Mongolia with the signing of a 30-year investment agreement between Rio Tinto Ltd, Canada's Ivanhoe Mines Ltd and the Mongolian government to develop the massive Oyu Tolgoi copper-gold project.
Shares in Xanadu were up 2.5 cents, or 4.17 per cent, at 62.5 cents at 1453 AEDT after reaching a high of 72 cents in earlier trade.
Its initial public offer (IPO) was significantly oversubscribed and raised $24 million through the issue of 40 million shares at 60 cents a share.
The company's share register includes Queensland-based resources investment firm Talbot Group Holdings and Straits Asia Resources, a Singapore-listed coal miner.
Xanadu has been operating in Mongolia for six years and has established a 327 million tonne (Mt) resource at its Khar Tavarga project and a 175 Mt-225Mt exploration target at its Galshar coal project.
Xanadu's IPO follows the recent stellar performances of other Australian-based, Mongolia-focused explorers Aspire Mining Ltd and Hunnu Coal Ltd.
Xanadu chairman Brian Thornton said in the company's prospectus that 2010 had been a watershed year for Mongolia with the signing of a 30-year investment agreement between Rio Tinto Ltd, Canada's Ivanhoe Mines Ltd and the Mongolian government to develop the massive Oyu Tolgoi copper-gold project.
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