Serdar Karliev


Managing Director Corporate Finance
Uranium Industry

Experienced finance professional with a demonstrated history of working in investment banking for petroleum, mining and energy industries. Responsible for Corporate Finance in Uranium Industry

Session 3: Mineral Resources development and FDI opportunities in Armenia, Kazakhstan, Kyrgyzstan, Mongolia and Uzbekistan
27 November 2023 / 12:00 - 13:30 | Auditorium

Uranium Mining in Mongolia

Uranium Industry has been advancing their uranium mining activities in Mongolia since 2012 and is now focused on launching production at their flagship deposit, Hairhan, by 2026. Recently the project has been significantly de-risked, highlighted by over 40,000 meters of drilling conducted on the deposit in 2022-2023 which will culminate in an updated international standard JORC report in December 2023. The mining plan and feasibility study on the deposit is aimed at reaching 1000 tonnes U production per year starting in 2029. With a similar geology to leading Kazakh deposits, Hairhan is expected to be a very competitive deposit in terms of size, OPEX and CAPEX. The project benefits from its close cooperation with Kazatomprom and its subsidiaries that are the world leaders in ISR uranium mining. Furthermore, the project’s team consists of previous mine directors and executives at Kazatomprom that have experience in bringing online similar deposits.

The project is expected to commence capital expenses on infrastructure in 2023 and is seeking both equity and credit investors into the project to finance CAPEX. With Mongolia expected to be a near term uranium producer, Uranium Industry a.s. is an excellent position to take advantage of the forming bull market in uranium.