The announcement this morning with Jade Gas signing of a non-binding MOU with Xanadu for gas offtake from its TTCBM Project. Xanadu, who’s largest shareholder is the Chinese mining giant Zijin Mining, one of the world’s largest mining groups.
Zijin’s website states that it ranks No.1 among global gold companies, No.7 among metal miners. Xanadu has just secured funding from Zijin to take its Kharmagtai Project through its Pre-Feasibility stage, and once in production the mine will require up to 120MW of energy per annum to power it.
Importantly the MOU provides validation that demand for gas is right on the doorstep of Jade’s cornerstone TTCBM project (with the Xandau operation approximately 80km away) and there is a strong desire these days for producing mines, and those in development, to reduce scope 1 emissions (direct greenhouse gas emissions from sources that are controlled by an organisation) through the use of natural gas.
Well done Jade! Onwards and Upwards !!!
JGH Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
