- Erdene Resource Development Corporation (ERD) has initiated a review of its Khuvyn Khar Molybdenum-Copper Project
- The company owns a 100-per-cent stake in the project in southwest Mongolia
- The Khuvyn Khar license hosts the Zuun Mod Molybdenum-Copper deposit, one of the largest undeveloped molybdenum-copper resources in Asia
- The strategic review will consider multiple avenues to optimize and unlock the project’s value
- Erdene Resource Development Corporation is unchanged, trading at $0.37 at 1:31 pm ET
Erdene Resource Development Corporation (ERD) has initiated a review of its Khuvyn Khar Molybdenum-Copper Project.
The company owns a 100-per-cent stake in the project in southwest Mongolia.
The Khuvyn Khar license hosts the Zuun Mod Molybdenum-Copper deposit, one of the largest undeveloped molybdenum-copper resources in Asia, as well as multiple copper and molybdenum prospects.
The 6,041-hectare Khuvyn Khar mining license has a remaining term of up to 60 years.
The license contains a large-scale porphyry system, hosting Zuun Mod, one of Asia’s largest undeveloped molybdenum-copper projects, as well as multiple copper prospects.
“With the recent increase in demand for copper and molybdenum, and the positive longer term outlook for these commodities, Erdene has initiated a strategic review of its Khuvyn Khar Project. As one of the largest undeveloped molybdenum-copper projects in Asia, with significant potential to expand resources, the company sees several paths to unlock the value of the project for our shareholders. This strategic review will consider multiple avenues to optimize the project’s value, including a sale, joint venture partnership, or spinout,” said Erdene President and CEO Peter Akerley.
Exploration work on the property began in 2002, with a joint venture between WMC Resource Project and Gallant Minerals Mongolia Ltd. The work identified a large porphyry complex with significant copper-molybdenum-rhenium mineralization intersected in limited drilling in the southeast and northern portions of the complex.
After acquiring the rights to the project in 2005, Erdene undertook a multi-year exploration program outlining the Zuun Mod molybdenum-copper deposit and multiple copper and molybdenum prospects, within the outer rim of the 16-kilometre circumference porphyry complex.
Erdene Resource Development Corporation is unchanged, trading at $0.37 at 1:31 pm ET.
