noble group

Is this what their intentions are for TTY??

SHARES in Xanadu Mines rose after it said Hong Kong-based commodities trading house Noble Group would take a stake in the junior explorer under a strategic alliance in Mongolia.
Xanadu shares were up seven cents, or 11.29 per cent, at 69 cents.

The alliance will involve the companies focusing on coking coal, iron ore and ferro alloys opportunities in Mongolia.

It will also involve a placement on March 23 of up to 10.42 million Xanadu shares, at 70 cents each, to take Noble's interest in the explorer to 9.9 per cent.

Funds from the placement would be used exclusively for exploration and development activities in Mongolia, Xanadu said in a statement today.

"The alliance, while focusing on coking coal, iron ore and ferro alloys, will also allow Xanadu to continue to advance an existing Galshar and Khar Tarvanga thermal coal projects and its copper gold assets in the south east Gobi," Xanadu chairman Brian Thornton said.

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However, any existing assets held by Xanadu do not form part of the strategic alliance, the Sydney-based company says.

Subject to the execution of formal agreements, the companies will take part in the strategic alliance through joint venture companies, with each party holding 50 per cent in the joint ventures, Xanadu said.

"The initial focus of the joint ventures will be the pursuit of a number of identified opportunities," Xanadu said.

Mr Thornton said the alliance was an endorsement of the untapped potential that existed for energy and minerals in markets neighbouring Mongolia, particularly China.