02:54 AM EST, 02/24/2023 (MT Newswires) -- Xanadu Mines (ASX:XAM) said the final key regulatory approval required to advance the second and third phases of the Kharmagtai copper-gold project in Mongolia has been secured.
The deal received the go-ahead from China, which is the final hurdle for the execution of a partnership and 50/50 joint venture between the company and Zijin Mining Group (HKG:2899, SHA:601899) for Kharmagtai.
The strategic partnership will fully fund the Kharmagtai through the next phase of project evaluation and exploration, leading to a formal decision to mine, according to a Friday news release.
Xanadu Mines shares closed 10% higher Friday.
Price (HKD): $0.03, Change: $0.00, Percent Change: +10.00%
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