ASIA
“ We like Mongolia because it is a very underexplored exploration location , even though it has been shown to host some of the biggest copper deposits in the world ”
ANDREW STEWART MD & CEO copper deposits in the world ,” adds Stewart .
He points for evidence to Rio Tinto ’ s massive Oyu Tolgoi project , only 100 kilometres from Xanadu ’ s flagship Kharmagtai project in the south of the country . With the cost of bringing it into production estimated at close to $ 10 billion , the Oyu Tolgoi mining project represents the largest financial undertaking in Mongolia ’ s history .
Discovered in the early 2000s , the mine ’ s copper production is projected to come in at 450,000 tonnes per annum for the next 50 years .
Stewart ’ s commitment to Mongolia is only matched by his excitement .
“ Mongolia is God ’ s gift to explorers ! A junior company like Xanadu can explore relatively cheaply ,” he says .
There are comparable reserves in the world , but most of these are located in remote jungle ,
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