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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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23.5¢ |
Change
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Mkt cap ! $119.2M |
Open | High | Low | Value | Volume |
24.0¢ | 24.0¢ | 23.5¢ | $9.249K | 38.53K |
Buyers (Bids)
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1 | 7000 | 23.0¢ |
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Price($) | Vol. | No. |
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26.0¢ | 15463 | 3 |
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No. | Vol. | Price($) |
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1 | 7000 | 0.230 |
1 | 10179 | 0.220 |
3 | 59619 | 0.210 |
7 | 91783 | 0.200 |
1 | 20000 | 0.195 |
Price($) | Vol. | No. |
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0.260 | 15463 | 3 |
0.265 | 400 | 1 |
0.270 | 15902 | 3 |
0.275 | 4000 | 1 |
0.280 | 59857 | 2 |
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