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Xanadu in Talks to Sell Mongolian Power-Coal Assets in 6 Months

By Michelle Yun - 2012-02-02T07:56:17Z

Xanadu Mines Ltd. (XAM), an Australian explorer operating in Mongolia, is in talks to sell its thermal coal assets in the nation in the next six months as part of a shift to focus on coking coal.

Discussions are being held at an informal stage and no bank has yet been hired for the sale, Xanadu Chairman Brian Thornton said today by phone from Sydney, without giving details.

Xanadu formed an alliance with commodity trader Noble Group Ltd. (NOBL) in February last year to develop coking coal, iron ore and ferro alloys opportunities in Mongolia. Xanadu has two wholly owned thermal coal projects in Mongolia, according to the company’s website.

“Our focus would be on coking coal assets with Noble, and our gold and copper assets,” Thornton said. “There’s nothing concrete on the table yet.”

To contact the reporter responsible for this story: Michelle Yun at Myun11@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at Rkeenan5@bloomberg.net