The Kharmagtai advanced exploration project spans a world-class, undeveloped copper-gold deposit along a porphyry copper belt in Mongolia’s South Gobi Province. The mine has large and thick orebodies, with the main orebody remaining open along strike and at depth, giving it significant potential to add more reserves.
The project initiated pre-feasibility studies in early 2023, aiming to deliver a mining and processing plan within 18 months, along with a JORC or NI 43-101 compliant reserve report. The final investment decision will be made in 2024. The project plans to combine open-pit and underground mining, along with flotation processing.
In 2022, Zijin Mining acquired approximately a 45.7% interest in the mine through a three-phased agreement. The final transaction was completed in March 2023, making Zijin Mining the largest shareholder of the mine. Following the delivery of the pre-feasibility study (PFS) or 18 months after completion of the transaction, whichever occurs earlier, Zijin Mining will take the lead in project development and operation.
