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Shares in Xanadu Mines Ltd (ASX:XAM) surged 38 per cent yesterday, after the recently listed company reported coal discoveries in northern Mongolia.
The explorer described the drilling results as very encouraging, revealing a wide intersection of coal 70 metres deep.
Xanadu Mines and Hong Kong-based Noble Group have formed a 50:50 joint venture to target coking coal and iron ore opportunities.
Shares in fellow Mongolian coal miner’s also rose yesterday, Hunnu Coal Ltd (ASX:HUN) adding 3.2 per cent and Aspire Mining Ltd (ASX:AKM) gaining 3.88 per cent.
In the six months to the 31 December 2010, Xanadu Mines reported a net loss of $1.4 million.
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Last
23.0¢ |
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Mkt cap ! $116.7M | |||
| Open | High | Low | Value | Volume |
| 23.0¢ | 23.0¢ | 23.0¢ | $7.922K | 34.44K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 43453 | 21.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 23.0¢ | 10150 | 2 |
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