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Xanadu Mines shuffles board to focus on Australian retail market

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Xanadu Mines shuffles board to focus on Australian retail market

Copper and gold explorer Xanadu Mines Ltd. reported March 26 that a board shuffle, effective from the end of April, will reflect a renewed focus on the Australian retail market.

The ASX- and Toronto-listed company said London-based directors Kevin Tomlinson and Marcus Englebrecht will step down from the board as it shifts its gaze toward the southern hemisphere.

Mongolia-based Managing Director and CEO Andrew Stewart will relocate to Australia. He has held both positions since 2016 after joining Xanadu as chief geologist.

Melbourne, Australia-based Darryl Clark will assume the position of executive chairman.

All board changes will take effect at the end of the company's annual general meeting April 30.

The board will also include Ganbayar Lkagvasuren as executive director and Michele Muscillo as an independent nonexecutive director. Hannah Badenach will remain as a nonexecutive director and nominee of Noble Resources International Pte. Ltd.

Clark said the company is aiming to connect with the Australian market as it continues to focus on its Stockwork Hill copper-gold project in Mongolia and on soliciting interest from industry players.

Xanadu has an indirect 76.5% interest in the Kharmagtai property, which includes Stockwork Hill, through an 85% interest in Mongol Metals LLC, a joint venture company formed in 2014 to acquire the property.