Output from the highest uranium-producing nations rose steadily for a decade, peaking at 63,207 metric tons (MT) in 2016. Nevertheless, international uranium manufacturing has noticeably declined within the years since then.
Decreased numbers the world over are associated to the persistently low spot costs the uranium market has skilled within the wake of the Fukushima catastrophe; COVID-19 and Russia’s struggle in opposition to Ukraine have additionally had an influence on output.
Now uranium costs have begun to rebound considerably, buoyed by more and more optimistic sentiment in regards to the function of nuclear energy within the power transition, and funding demand through new uranium-based funds.
At present 10 p.c of the world’s electrical energy is generated by nuclear power, and that quantity is predicted to develop. Trying ahead, analysts are calling for a sustained bull market in uranium. In early 2024, costs surged to a 17 yr excessive of greater than US$100 per pound, and though they’ve slipped barely since then, trade insiders stay optimistic.
As a consequence of its significance in nuclear gas manufacturing and power era, it’s necessary to know the place uranium is mined and which nations are the biggest uranium-producing nations. Kazakhstan is the chief by a protracted shot, and has been since 2009. In 2022 — the final yr for which knowledge is out there — it was adopted by Canada and Namibia in second and third place, respectively.
For traders fascinated with following the uranium house, having familiarity with uranium manufacturing by nation is important. Learn on to get a more in-depth take a look at the biggest uranium-producing nations. Information and mine data on the highest 10 uranium producing nations are from the World Nuclear Affiliation’s most up-to-date report on uranium mine manufacturing, and mining database MDO.
1. Kazakhstan
Mine manufacturing: 21,227 metric tons
Kazakhstan is the biggest uranium producing nation on the planet, and its whole output of 21,227 metric tons in 2022 accounted for a powerful 43 p.c of world uranium provide.
When final recorded in 2021, Kazakhstan had 815,200 MT of identified recoverable uranium assets, second solely to Australia. A lot of the uranium within the nation is mined through an in-situ leaching course of.
Kazataprom (LSE:KAP,OTC Pink:NATKY), the nation’s nationwide uranium miner, is the world’s largest producer, with tasks and partnerships in varied jurisdictions. Information that the highest uranium producer could miss its manufacturing targets for 2024 and 2025 was a big contributor to uranium costs breaking by way of the US$100 degree this yr.
One of many firm’s most vital uranium operations is the Inkai in-situ restoration (ISR) mine, a three way partnership with Cameco( TSX:CCO,NYSE:CCJ) who holds a 40 p.c curiosity. In line with the mining database MDO, Inkai produced 8.3 million kilos of U3O8 in 2023.
2. Canada
Mine manufacturing: 7,351 metric tons
Canada’s uranium output in 2022 was 7,351 metric tons. The nation’s manufacturing fell dramatically since hitting a peak of 14,039 MT in 2016 because the nation’s mines closed attributable to low uranium costs within the late 2010s. Nevertheless, uranium manufacturing within the nation started to rebound in 2022.
Saskatchewan’s Cigar Lake and McArthur River are thought-about the world’s two high uranium mines. Each properties are operated by sector main Cameco. MDO highlights Cigar Lake and McArthur River as having uranium grades which might be 100 occasions the world common. The corporate made the choice to shutter operations on the McArthur River mine in 2018, however returned to regular operations in November 2022.
In 2023, Cameco produced 17.6 million kilos of uranium — equal to 7,983 metric tons — which was nonetheless beneath its initially deliberate manufacturing of 20.3 million kilos for the yr. The corporate has set its steerage at 22.4 million kilos for 2024.
Uranium exploration can be prevalent in Canada, with the bulk occurring within the uranium-rich Athabasca Basin. That space of Saskatchewan is world famend for its high-quality uranium deposits and pleasant mining angle. The province’s lengthy historical past with the uranium trade has helped to claim it as a global chief within the sector.
3. Namibia
Mine manufacturing: 5,613 metric tons
Namibia’s uranium manufacturing has been steadily growing after falling to 2,993 MT in 2015.
In truth, the African nation overtook longtime frontrunner Canada to turn into the third largest uranium-producing nation in 2020, and went on to surpass Australia for the second high spot in 2021. Though Namibia slipped again beneath Canada in 2022, its output for the yr was solely down by 140 MT from 2021.
The nation is residence to a few key uranium mines: Langer Heinrich, Rossing and Husab. Paladin Power (ASX:PDN,OTCQX:PALAF) owns the Langer Heinrich mine. In 2017, Paladin took Langer Heinrich offline attributable to weak uranium costs; nevertheless, improved uranium costs over the previous few years prompted the uranium miner to ramp up restart efforts. On the shut of 2024’s first quarter, Langer Heinrich achieved business manufacturing as soon as once more.
Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) bought its majority share of the Rossing mine to China Nationwide Uranium in 2019. Rossing is the world’s longest-running open-pit uranium mine, and up to date enlargement efforts have prolonged its mine life to 2036, in keeping with MDO.
The Husab mine, majority owned by China Normal Nuclear, is without doubt one of the world’s largest uranium mines by output. As a part of its effort to extend output, MDO studies {that a} pilot heap leach mission is underway to evaluate the financial feasibility of processing lower-grade ore. The outcomes of the pilot mission are anticipated by 2025.
4. Australia
Mine manufacturing: 4,087 metric tons
Australia’s uranium manufacturing totaled 4,087 metric tons in 2022, down considerably from the 6,203 MT produced two years prior. The island nation holds 28 p.c of the world’s identified recoverable uranium assets.
Uranium mining is a contentious and sometimes political difficulty in Australia. Whereas the nation permits some uranium-mining exercise, it’s against utilizing nuclear power — at the very least for now. “Australia makes use of no nuclear energy, however with excessive reliance on coal any doubtless carbon constraints on electrical energy era will make it a powerful chance,” in keeping with the World Nuclear Affiliation. “Australia has a major infrastructure to help any future nuclear energy program.”
Australia is residence to a few working uranium mines, together with the largest-known deposit of uranium on the planet, BHP’s (NYSE:BHP,ASX:BHP,LSE:BHP) Olympic Dam. Though uranium is simply produced as a by-product at Olympic Dam, its excessive output of the steel makes it the fourth largest uranium-producing mine on the planet. The mining database MDO studies that In BHP’s 2024 fiscal yr, uranium output from the Olympic Dam operation totaled 3,603 metric tons of uranium oxide focus.
5. Uzbekistan
Mine manufacturing: 3,300 metric tons
In 2022, Uzbekistan was the fifth largest uranium producing nation, with output of three,300 metric tons. It entered the highest 5 in 2020, with an estimated 3,500 MT of output. Home uranium manufacturing had been steadily growing within the Central Asian nation since 2016 through Japanese and Chinese language joint ventures.
Navoi Mining & Metallurgy Combinat is a part of state holding firm Kyzylkumredmetzoloto, and handles all of the mining and processing of home uranium provide. The nation’s uranium largess continues to draw international funding; strategic partnerships with French uranium miner Orano and state-run China Nuclear Uranium have been introduced in November 2023 and March 2024, respectively.
6. Russia
Mine manufacturing: 2,508 metric tons
Russia was in sixth place by way of uranium manufacturing in 2022 with manufacturing of two,508 metric tons. Output has been comparatively regular within the nation since 2011, often coming in across the 2,800 to three,000 MT vary.
Consultants had been anticipating the nation to improve its manufacturing within the coming years to fulfill its power wants, in addition to rising uranium demand around the globe. However in 2021, uranium manufacturing within the nation dropped by 211 MT year-over-year to 2,635 MT; it fell by one other 127 MT in 2022.
By way of home manufacturing, Rosatom, a subsidiary of ARMZ Uranium Holding, owns the nation’s Priargunsky mine and is engaged on growing the Vershinnoye deposit in Southern Siberia by way of a subsidiary.
In 2023, Russia surpassed its uranium manufacturing goal, producing 90 MT greater than anticipated. Rosatom is growing new mines, together with Mine No. 6, which is slated to start uranium manufacturing in 2028.
Russian uranium has been an space of controversy in recent times, with the US initiating a Part 232 investigation across the safety of uranium imports from the nation in 2018. Extra lately, Russia’s ongoing struggle in Ukraine has prompted nations around the globe to look extra carefully at their nuclear provide chains.
7. Niger
Mine manufacturing: 2,020 metric tons
Niger’s uranium manufacturing has declined year-on-year over the previous decade, with output totaling 2,020 metric tons in 2022. The African nation is residence to the manufacturing SOMAIR uranium mine and the previous producing COMINAK mine, which account for five p.c of the world’s uranium manufacturing. Each are run by subsidiaries of Orano, a non-public uranium miner, by way of majority owned joint ventures.
World Atomic (TSX:GLO,OTCQX:GLATF) is growing its Dasa mission within the nation, and expects to fee its processing plant by early 2026. Niger can be residence to the Madaouela uranium asset, which was the flagship mission of explorer GoviEx Uranium (TSXV:GXU,OTCQB:GVXXF).
A latest navy coup within the African nation has sparked uranium provide issues, as Niger accounts for 15 p.c of France’s uranium wants and one-fifth of EU imports. In January 2024, the federal government of Niger, now below a navy junta, introduced it intends to overhaul the nation’s mining trade. It has briefly halted the granting of recent mining licenses and is working to make adjustments to present mining licenses with a purpose to improve state earnings.
This previous summer time, Niger’s authorities revoked GoviEx Uranium’s Madaouela mining license together with Orano’s working allow for its Imouraren uranium mission.
8. China
Mine manufacturing: 1,700 metric tons
China’s uranium manufacturing grew to hit 1,700 metric tons in 2022, up by 100 MT over 2021. The nation’s uranium manufacturing climbed through the 2010s from 885 MT in 2011 to 1,885 MT in 2018, and held regular at that degree till falling to 1,600 MT in 2021.
China Normal Nuclear Energy, the nation’s sole home uranium provider, is trying to develop nuclear gas provide offers with Kazakhstan, Uzbekistan and extra international uranium corporations.
China’s aim is to provide one-third of its nuclear gas cycle with uranium from home producers, receive one-third by way of international fairness in mines and joint ventures abroad and buy one-third on the open uranium market. China can be a chief in nuclear power; Mainland China has 56 nuclear reactors with 31 in development.
9. India
Mine manufacturing: 600 metric tons
India produced 600 metric tons of uranium in 2022, on par with output in 2021.
India at present has 23 working nuclear reactors with one other seven below development. “The Indian authorities is dedicated to rising its nuclear energy capability as a part of its huge infrastructure improvement programme,” as per the World Nuclear Affiliation. “The federal government has set formidable targets to develop nuclear capability.”
10. South Africa
Mine manufacturing: 200 metric tons
South Africa produced 200 metric tons of uranium in 2022. It’s one other uranium-producing nation that has seen its output decline over the previous decade — the nation’s uranium output peaked at 573 MT in 2014. Nonetheless, South Africa surpassed Ukraine’s manufacturing (curbed by Russia’s invasion) in 2022 to turn into the tenth high uranium producer globally.
South Africa holds 5 p.c of the world’s identified uranium assets, taking the sixth spot on that record.
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Securities Disclosure: I, Melissa Pistilli, maintain no direct funding curiosity in any firm talked about on this article.
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