They walked away from memory, maybe expecting to find another Oyu Tolgoi or Kharmagtai type deposit and expectations fell short on preliminary drilling expenditure. The price of Copper fell back during that time, Peru and Chile were only talking loosely about Nationalisation of resources. It could be any number of things, at the end of the day Xanadu got some free drilling done on a block they weren’t focussing on.
As you say it now looks like being a smaller more specialised mining operation if they can get to that stage or unless they find something more on there.
XAM Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
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