The Kharmagtai advanced exploration project is situated in a porphyry copper belt in Mongolia’s Omnogovi Province, approximately 170 kilometers from Rio Tinto’s Oyu Tolgoi copper-gold project.

Zijin Mining is advancing the project’s feasibility studies.

In March 2023, Zijin Mining and Xanadu Mines signed Phase 2 and Phase 3 investment agreements for the acquisition of the Kharmagtai copper-gold project in Mongolia. On June 13, 2025, Zijin Mining sold its shares in Xanadu Mines and currently holds an indirect 38.25% interest in the Kharmagtai project. Since September 2024, Zijin Mining has been the operator of the Kharmagtai project.