专访Xanadu Mines (ASX：XAM) Colin Moorhead：哈马戈泰项目加速推进融资与落地路径

( 图片来源：《澳华财经在线》) 

专访Xanadu Mines (ASX:XAM) Colin Moorhead：哈马戈泰项目加速推进融资与落地路径 

█ 文｜ACB News《澳华财经在线》 Cathy

（访谈原文请点击视频播放器观看）

【背景.导读】

2025财年即将走过，新的财年即将来临。

回首过去一年资本及大宗商品市场，黄金无疑是表现不俗的贵金属之一。

ASX澳交所上市矿业公司众多，其中不乏铜、金矿勘企业。然而当中拥有规模性资源量、且可以令全球矿业巨头对其资产感兴趣的公司，则凤毛麟角极为稀少。

本文访谈的公司——Xanadu Mines (ASX:XAM)，则是其中一家。

2021年4月20日，全球金铜矿勘探开发巨头之一 的中国紫金矿业（沪市：601899）与澳交所上市公司Xanadu Mines Ltd(ASX :XAM , 仙乐都矿业 )签署了股权认购协议，公司分阶段投资入股并成为Xanadu 矿业上市公司主要股东之一（最新持股19.9%），同时和Xanadu 公司搭建JV合资平台Khuiten Metals Pte.Ltd.（“辉腾金属”），联合推进和开发蒙古哈马戈泰铜金矿项目（Kharmagtai）。

被紫金矿业“法眼相中”的Xanadu Mines Ltd(ASX :XAM , 仙乐都矿业)，是怎样一家公司？

2024年10月中旬， Xanadu Mines Ltd (ASX: XAM, TSX: XAM) 位于蒙古国的Kharmagtai铜金矿项目预可研（PFS）及项目初始资源量更新报告出炉。 通过采用PFS中的边际开采品位，Kharmagtai矿产资源量得到显著提升。铜含量增加至470万吨，黄金含量从930万盎司增至1100万盎司。详见《470万吨铜1100万盎司黄金 Xanadu Mines Ltd (ASX: XAM）项目预可研报告闪亮出炉》。

值得一提的是，哈马戈泰项目与力拓旗下的全球第4大铜金矿奥尤陶勒盖（Oyu Tolgoi）项目，均位于蒙古国南戈壁省斑岩铜矿带上，奥尤陶勒盖（Oyu Tolgoi）项目位于哈马戈泰（Kharmagtai）铜金矿项目以南120公里处，距离中国边界不足100公里。

如此铜、金资源量和独特的项目位置优势，在ASX澳交所上市的初级勘探类公司中堪称凤毛麟角，再次印证行业巨头紫金矿业独到的眼光。 

紫金矿业方面早前也曾公开表示，蒙古哈马戈泰铜金矿项目资源量大，投资总额不高，有较大的开发潜力和前景，紫金矿业在低品位资源开发利用方面具有的成功实践经验和领先的技术优势，将有助于该项目的开发。详见《市值不足4000万公司Xanadu曝光旗下铜金矿项目经济性评估报告 累计净现金流推算超过30亿美元 》

值得一提的是，哈马戈泰项目与力拓旗下的全球第4大铜金矿奥尤陶勒盖（Oyu Tolgoi）项目，均位于蒙古国南戈壁省斑岩铜矿带上，奥尤陶勒盖（Oyu Tolgoi）项目位于哈马戈泰（Kharmagtai）铜金矿项目以南120公里处，距离中国边界不足100公里。

随着旗下Kharmagtai铜金项目预可行性（PFS）报告的发布以及紫金矿业最新接手该项目运营权，澳交所上市矿业公司Xanadu Mines Ltd（ASX：XAM），迎来从勘探向矿山建设开采转型的重要时间窗口期

4月上旬，ACB News特邀Xanadu董事局执行主席兼董事总经理 Colin Moorhead 接受专访，围绕项目融资路径、与紫金合作安排、非核心资产处置可能性以及基础设施准备进度，进行了深入对话。

澳洲矿业老兵Colin Moorhead  图片来源：《澳华财经在线》）

Colin Moorhead 是澳洲冶金矿业协会（AusIMM）特许专家及前任主席，拥有逾30年国际矿业项目开发、融资、运营和并购经验，曾主导多项跨国资源资产交易。他指出，2025年或将成为Kharmagtai项目的“关键推进年”。

以下为基于4月上旬当时的访谈对话编发的稿件，访谈原文请点击视频观看。希望读者朋友从本期访谈对话中，对该公司项目进展以及新年中可能对公司基本面带来重大影响的事件及对应的时间节点有所了解。

（备注：本月初也即本专访之后，Xanadu又最新公告发布了Kharmagtai项目的相关最新进展，有兴趣的朋友可以进一步查看公告原文以获取最新进展。）

ACB News《澳华财经在线》专访：Xanadu Mines 董事局执行主席 Colin Moorhead

● 采访时间：2025年4月上旬

● 主持人：Hannah（ACB News）

● 受访嘉宾：Colin Moorhead，Xanadu Mines（ASX: XAM）董事局执行主席兼董事总经理

问题 1：关于最新认沽期权延期与紫金矿业的独家协定

ACB News《澳华财经在线》：Xanadu Mines recently released its 2024 Annual Report, and we've also seen a market update regarding the previously granted 25% put option, which has now been extended until further notice. With the recent announcement of Exclusivity Arrangement with Zijin, can you outline what style of transactions you are assessing, including likelihood for go ahead?

Xanadu Mines最近发布了2024财年报告，我们也看到最新发布的市场报告，关于此前与紫金矿业达成合资企业中的25%认沽期权，现已延期至另行通知。Xanadu也宣布与紫金达成独家协定，您能否概述目前正在评估的各类交易方案，以及这些方案推进的可能性？

Colin Moorhead：Sure. After eighteen months of Xanadu operatorship we completed our PFS last year. That triggered two occurrences:

First, Zijin took over as operator of the Joint Venture;

Second, it started a six-month put option period, where Xanadu had the option to sell either all or half of its interests in Kharmagtai to Zijin.

That option was due to expire on April 14th, and we scheduled an EGM for April 11th for shareholders to vote on it.

In parallel, we’ve been in discussions with Zijin about a range of funding or transaction structures — from change of control to project financing.

To allow time to complete those discussions, Zijin agreed to extend the option and we agreed to enter into exclusivity with them.

We’re actively engaging with Zijin now, and I expect an outcome soon.

好的。Xanadu团队运营该项目18个月后，于去年完成了预可行性研究（PFS），这触发了两个事项：

一是紫金矿业成为合资项目的新运营方；

二是启动了为期六个月的认沽期权，Xanadu可选择将其在Kharmagtai项目中一半或全部权益出售给紫金。

该认沽期权原定于4月14日到期，为此我们安排于4月11日召开特别股东大会进行表决。

与此同时，我们一直在与紫金探讨包括控股权转移、项目融资等在内的多种交易结构。

为了给这些谈判留出时间，紫金同意延长期限，我们也与其签署了独家协定。

我们目前正积极沟通，相信很快会有结果。

问题 2：和紫金的独家协议期间，如何出现第三方更优方案怎么处理？

ACB News《澳华财经在线》： Does this arrangement still allow for alternative, superior options with a third party to deliver maximum value for shareholders?

独家洽谈期内，Xanadu是否仍能考虑第三方提出的更优方案，以实现股东价值最大化？

Colin Moorhead：Sure, whilst we’re in exclusivity we will only be talking to Zijin, but if a superior market offer comes in, we have a fiduciary duty to consider and take it seriously. 

Exclusivity doesn’t prohibit a better offer — just limits current conversations to Zijin.

当然。在独家期内，我们只与紫金进行谈判。

但若市场出现更优交易方案，我们有受托责任必须予以评估，并给予高度重视。

独家协定并不禁止其他机构提出更优报价，只是当前沟通对象仅限于紫金。

问题 3：为何选择与紫金独家谈判？其他选项有何利弊？

ACB News《澳华财经在线》：What progress was made on alternatives, their pros and cons? And why did you decide to go exclusive?

其他备选方案取得了哪些进展？它们分别有哪些利弊？最终为何决定与紫金矿业进行独家洽谈？

Colin Moorhead：One option was to sell our entire 50% in Kharmagtai to Zijin for US$50M — that’s below our current market cap, so not ideal.

Selling 25% (half of our interest) for US$25M and being loan-carried through to production was seen as the “least worst” way forward — it preserves equity and avoids shareholder dilution, though it delays cash flow.

Alternatively, we could raise financing to retain 50%, but that’s tough. We’ve engaged Bacchus Capital in London to explore that route.

In absence of a superior offer, the 25% sale + carry model is preferable.

We also remain open to corporate-level transactions with Zijin or third parties.

我们曾考虑将50%项目权益以5000万美元出售给紫金，但这一报价低于公司市值，因此不具吸引力。

另一选项是将25%权益（即我们现有一半权益的一半）以2500万美元出售，并由紫金贷款推进至投产——独立专家认为这是“相对最优”的推进方式，可避免股东进一步稀释，但现金流延后到账。

第三种是我们自己融资以保留50%权益，但融资难度较大。我们已委托伦敦的Bacchus Capital评估该路径。

在无更优方案前，认沽25%并以贷款推进项目开发的结构是最合适的。

此外，我们也保留与紫金或第三方在公司层面进行交易的可能性。

问题 4：紫金矿业在项目中的潜在定位和战略意图

ACB News《澳华财经在线》： What do you think Zijin ideally wants to see happen at the jointly controlled project?

您认为在理想状态下，紫金矿业希望看到这个共同控制的项目中朝着怎样的方向发展？

Colin Moorhead：Zijin has grown impressively — producing 1.1M tonnes of copper in 2024, targeting 1.4M; gold output is 2.4Moz, aiming for 3Moz.

They’re highly capable at developing low-grade, open-pit mines — like those in Inner Mongolia, Tibet and Serbia. 

Kharmagtai is exactly their style of project. I think they’d ideally want majority control, though they’re also comfortable with JV for now.

紫金矿业增长非常强劲，2024年铜产量超110万吨，目标提升至140万吨；黄金产量达240万盎司，目标为300万盎司。

他们在内蒙古、西藏、塞尔维亚等地积累了低品位露天矿项目开发运营经验。

Kharmagtai正是这类项目，因此我认为他们理想状态是实现控股。但他们对当前合资模式也满意。

问题 5：若发生公司层面并购，非核心资产会否被剥离？

ACB News《澳华财经在线》： If a corporate takeover happens, what are the drivers and likelihood for a potential spin-out of non-core assets?

如果发生公司层面并购，非核心资产的剥离可能性有多大？背后的驱动因素有哪些？

Colin Moorhead：If it’s a full takeover, Red Mountain and Sant Tolgoi would go with Kharmagtai. If the acquirer isn’t interested in them, or if future payments are involved, then a spin-out might occur to manage those assets and receive contingent payments.

So it depends largely on deal structure.

如果是整家公司被收购，Red Mountain和Sant Tolgoi等非核心项目也会随之打包。

若收购方对此不感兴趣，或交易结构包含未来条件付款，则可能考虑剥离这些资产，另设实体推进并接收对价。

是否剥离主要取决于交易结构。

问题 6：Kharmagtai项目可研推进情况、水电与投资协议关键环节

ACB News《澳华财经在线》： How’s the budget planning going for the Kharmagtai Feasibility Study? 

Kharmagtai 可行性研究的预算规划进展如何？

Colin Moorhead：PFS is done. It outlines a 30-year open-pit mine with a standard concentrator, producing gold-rich copper concentrate.

Before final investment decision (FID), we must:

Complete a bankable feasibility study (BFS)

Secure water and power

Sign an investment agreement with the Mongolian Government

South Gobi has water, mostly groundwater. We’ve mapped supply for Stage 1 (~400L/sec) and a roadmap for Stage 2.

Power is being extended from Inner Mongolia. The government plans new energy projects and a pipeline from the north to unlock mining potential.

预可行性研究（PFS）已完成，项目为30年期露天矿，配套标准选矿厂，产出高品位、含金铜精矿。

最终投资决策前须完成：一份可用于融资的可行性研究（BFS）；项目水源与电力保障；与蒙古国政府签署投资协议。

南戈壁有丰富地下水资源，我们已规划好第一阶段水源（每秒400升），第二阶段也有清晰路线图。

来自内蒙古的电力正铺设中，政府还计划在南戈壁开发电厂和可再生能源，同时推动“北水南调”输水工程，将大幅释放采矿潜力。

ACB News《澳华财经在线》： Thank you for your time today.

感谢您今天的分享！

Colin Moorhead：Thank you, Hannah. 

 谢谢你，Hannah。

Webjet Group（ASX: WJL）上周放量大涨引发ASX问询  公司确认有身份未披露买家出现 

█ 文｜ACB News《澳华财经在线》 澳村牛哥

2025年5月8日（上周四），澳大利亚旅游科技集团 Webjet Group Limited（ASX: WJL）股价在大幅放量中上涨16.8%，引发澳大利亚证券交易所（ASX）对其股价异动发出正式问询。

公司于次日（5月9日）早盘发布公告予以回应，称已知悉有一名身份暂未披露的买方计划以每股0.80澳元的价格，收购最多5%的公司股份，激发市场广泛关注。

 “身份不明”买家出现

Webjet在上周五开市前公告中透露，该潜在买方计划在不包括现有持仓的基础上，购入最多相当于5%股本的股份，约合1960万股。

该买方目前所持股份尚未达到ASX规定的重大股东披露门槛（5%），但表示将视市场情况考虑进一步增持。

5月9日上周五开盘后，Webjet Group股价全天震荡走高，成交量持续放大。截至当日收盘，股价报0.895澳元，涨幅达11.88%。

当日成交量高达1600万股，较过去四周日均成交量246.8万股扩大超过六倍，显示市场交投热度显著提升。

机构投资者密集调整持仓，私募巨头KKR浮出水面

本年以来，Webjet Group重大股东持股变动频繁。仅4月以来，Webjet Group公司发布的涉及5%以上股东持股变动公告多达十余项。

2025年4月8日，私募股权巨头KKR旗下的Comet Asia Holdings II Pte. Ltd披露，通过多个关联实体合计持有Webjet Group 1983万股普通股，占总股本5.05%。

与此同时，其他主要机构投资者也同步调整持仓。First Sentier将其持股比例由8.47%提升至10.46%；Perpetual Limited也公告将其持股比例从5.05%增至6.32%。详见 Webjet Group（ASX: WJL）2025年4月以来重大股东持股变动表：

备 注：Comet Asia Holdings II Pte. Ltd 和 Superannuation and Investments HoldCo Pty Ltd 被视为KKR旗下关联实体，可能代表同一实际持股主体。

Webjet Group本年3月发布“未来五年战略规划”

Webjet Group（ASX: WJL）自2024年9月自Webjet Limited分拆并独立上市以来，股价一度在2025年4月初触及0.46澳元低点，此后股价震荡回升，上周五收盘价0.895澳元。

基本面方面，Webjet Group于2025年3月发布了未来五年增长战略，确立了到2030财年将公司总交易额（TTV）翻倍至32亿澳元的目标。该战略覆盖旗下Webjet OTA、Airport Rentals、Motorhome Republic及Trip Ninja等品牌，并计划推出多项创新产品与服务，包括定制商务出行方案、增强型酒店与套餐产品、以及全新会员忠诚度计划等。

Webjet Group（ASX: WJL）首席执行官兼董事总经理Katrina Barry 图片： 《澳华财经在线》

在2025年3月举办的ASX中小型企业大会（ASX SMIDcaps Conference）上，Webjet Group（ASX: WJL）首席执行官兼董事总经理Katrina Barry表示，Webjet拥有强大品牌影响力、清晰的企业愿景与稳健的资产负债表，公司管理层已为迈入全新增长阶段做好准备，致力于为全球客户提供行业领先的卓越旅行体验。 

在上周连续两个交易日放量上涨后，市场对Webjet Group的关注度进一步升温。与此同时，公司公告中提及的身份未披露买方，或将在未来的股东持股变动记录中逐步浮出水面。

【异动股】Pancontinental Energy(ASX:PCL)油气区块潜力引发业界强烈兴趣 股价连日飙升 

油气勘探公司Pancontinental Energy NL (ASX股票代码:PCL)股价过去一周连续攀升，上周五进一步飙涨30.00%。

PCL由5月2日盘中低点0.08澳元连日飙升，在上周五触及0.13澳元高点，单周涨幅超60%，且成交量多日盘踞高位。

PCL旗舰资产纳米比亚PEL 87油气区块处于勘探阶段，近期由BP/ENI合资运营的PEL 85区块Capricornus-1X井获得重大油气发现，PEL 87的勘探潜力进一步凸显。

PCL执行董事Vesna Petrovic表示，PEL 87区块Saturn综合体提供的挣股权（farmin）机会已引发包括业内超级巨头在内的强烈兴趣。

澳华财经在线数据库显示，PCL已发行股本81.4亿股，市值1.06亿澳元。截止一季度末，公司账面现金结余310万澳元。

（图片来源：PCL公告）

（图片来源：PCL公告）

ASX Inquired as Webjet Group (ASX: WJL) Price Surged with Significant Volume, Mysterious Buyer Emerged 

Webjet Group Limited (ASX: WJL) experienced a dramatic surge in its stock price and trading volume on May 8, 2025, which prompted the Australian Securities Exchange (ASX) to issue a formal inquiry. 

In response to the inquiry, Webjet confirmed on May 9, 2025, that it was aware of an undisclosed buyer interested in acquiring up to 5% of the company at a fixed price of AU$0.80 per share.

█ ｜By ACB News / David 

May 12, 2025 (Monday) – Shares of Australian travel technology company Webjet Group Limited (ASX: WJL) surged by 16.8% with significant increase in its trading volumes last Thursday (8 May), prompting a price query from the Australian Securities Exchange (ASX).

The company responded to the ASX query in an announcement released early the next morning — last Friday (9 May) — revealing that an undisclosed buyer had expressed interest in acquiring up to 5% of the company’s shares at A$0.80 per share, triggering significant market attention.

Mysterious Buyer Emerges

In a pre-market announcement on Friday, Webjet disclosed that it had become aware after the market closed of an undisclosed buyer aiming to acquire up to 5.0% of WJL shares (excluding existing holdings), equivalent to approximately 19.6 million shares, at a fixed cash price of $0.80 per share. The buyer also retained the option to increase the offer size at their discretion and is understood to already hold an undisclosed interest of less than 5%.

Following the announcement, Webjet Group’s share price rose steadily throughout the trading day on Friday (9 May), with the stock closed at A$0.895, up 11.88%, trading volume reached 16 million shares — more than six times the four-week average daily volume of 2.47 million — signaling a sharp increase in market interest and activity.

Institutional Reshuffling: KKR Disclosed 5% Stake

In recent months, Webjet has seen multiple changes in substantial shareholder positions. Since April 2025, the company has lodged over a dozen filings related to changes in substantial holdings.

On April 8, global private equity giant KKR, via affiliate Comet Asia Holdings II Pte. Ltd, disclosed a combined holding of approximately 19.83 million shares, equivalent to a 5.05% stake across multiple related entities.

Other institutional investors also moved to restructure their holdings. First Sentier Investors increased its stake from 8.47% to 10.46%, while Perpetual Limited lifted its interest from 5.05% to 6.32%.

Summary of Webjet Group (ASX: WJL) Major Shareholder Movements Since April 2025

Note: Comet Asia Holdings II Pte. Ltd and Superannuation and Investments HoldCo Pty Ltd are considered affiliated entities under KKR, potentially representing the same beneficial owner.

Five-Year Strategic Plan Reframes Business Outlook

Webjet Group was demerged from Webjet Limited and began trading as a standalone entity in September 2024. After touching a low of A$0.46 in early April 2025, its share price has since rebounded, closing at A$0.895 last Friday (9 May).

From a fundamental perspective, Webjet unveiled its five-year strategic roadmap in March 2025, aiming to double its Total Transaction Value (TTV) to A$3.2 billion by FY2030. The plan spans brands such as Webjet OTA, Airport Rentals, Motorhome Republic, and Trip Ninja, and includes the launch of new products and services — such as customized business travel packages, enhanced hotel and bundled offerings, and a new customer loyalty program.

At the ASX SMIDcaps Conference held in March 2025, CEO and Managing Director Katrina Barry emphasized Webjet’s strong brand equity, clear corporate vision, and solid balance sheet, noting that the leadership team is fully prepared to enter the next growth phase and deliver exceptional travel experiences for a global clientele.

Following two consecutive days of elevated trading, Webjet Group has garnered heightened investor attention. The identity of the undisclosed buyer mentioned in the company’s statement may become clearer as further substantial shareholder filings emerge.

Strategic Roadmap and Business Momentum

Webjet Group was demerged from Webjet Limited and listed as a standalone entity in September 2024. After reaching a low of A$0.46 in early April 2025, the stock has nearly doubled, closing at A$0.895 last Friday.

In March 2025, Webjet unveiled a five-year strategic roadmap targeting a doubling of its Total Transaction Value (TTV) to A$3.2 billion by FY2030. The plan encompasses the expansion of existing platforms such as Webjet OTA, Airport Rentals, Motorhome Republic, and Trip Ninja, and includes new offerings such as business travel solutions, bundled hotel packages, and a customer loyalty program.

ACB News image:   Ms Katrina Barry ， Managing  Director  of Webjet Group Limited (ASX: WJL)  At the ASX SMIDcaps Conference held in March 2025 

At the ASX SMIDcaps Conference in March, CEO and Managing Director Katrina Barry highlighted the company’s robust balance sheet, brand strength, and clear strategic direction, emphasizing Webjet’s readiness to scale and deliver superior travel experiences globally.

With investor interest heightened following two days of elevated trading, the identity of the mystery buyer might soon come to light, pending further substantial shareholder disclosures.

Disclaimer

The information provided on this website is for general informational purposes only and does not constitute financial or investment advice. While every effort is made to ensure accuracy, we do not guarantee the completeness, reliability, or timeliness of any content. Investment involves risk. Always seek independent, professional advice before making any financial decisions.

免责声明：市场有风险投资需谨慎！本网所发所有文章，包括本网原创、编译及转发的第三方稿件及评论，均不构成任何投资建议，交易操作或投资决定请询问专业人士。

(郑重声明：ACB News《澳华财经在线》对标注为原创的文章保留全部著作权限。澳大利亚境内任何媒体、企业网站或App的任何形式转载前，必须获得本网授权或经相关安排，转载事宜请邮件联系本网。未经本网授权或书面同意的转载——无论直接转载或通过第三方转载，均视为侵权！侵权必究！)

更多资讯

1 Webjet Group（ASX: WJL）上周放量大涨引发ASX问询 公司确认有身份未披露买家出现

2 紫金矿业上月参股的Strickland Metals（ASX: STK）最新确认塞尔维亚Rogozna 项目钻探开局强劲

3 澳大利亚国家证券交易所母公司NSX Limited（ASX：NSX）成功完成130万澳元增发募资

4 【异动股】Canyon Resources(ASX:CAY)股价飙升Minim Martap铝土矿项目预计二季度完成最终投资决议

5 国民银行预测澳储行将降息50个基点 最终利率目标为2.60%

6 医疗器械公司ImpediMed（ASX: IPD）Q3财季营收与ARR创新高 股价回探低位后放量反弹