UrAsia operates in Kazakhstan, the third largest producer of uranium in the world. According to the company, Kazakhstan hosts 18% of the world’s recoverable uranium – second only to Australia at 28%.
The company has only one operating mine at present, the 70%-owned Akdala mine. The company plans to increase annual production at the mine to 2.6 million pounds this year at an operating cost of $7.49 per pound using in-situ leaching. The mine has a life of 17 years.
In addition, UrAsia plans to commence development of its 70%-owned South Inkai project as well as the 30%-owned Kharassan project this year with initial production starting in 2007.
The South Inkai project will have an estimated annual production of 5.3 million pounds U3O8 with a potential expansion to 10.4 million pounds for seven years. UrAsia estimates the cash cost at $8.49 per pound.
The Kharassan project has a mine life of 17 years with an estimated production of 5.2 million pounds U3O8 – with an expansion potential of 7.8 million pounds. The company estimates the cash cost of Kharassan to be $8.70 per pound.
UrAsia also has seven exploration licenses in the country where it hopes to begin drilling later this year. Shirvington told Resource Investor that the company could eventually expand to Uzbekistan or even north to Mongolia as well.
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