In this article, we will take a look at the 12 Largest Uranium Producing Countries in the World. You can also check out 10 Countries with Most Nuclear Weapons in the World for our discussion on the global defense industry.
The Rising Uranium Market: A Powerhouse for Nuclear Energy and Global Growth
Uranium is a naturally occurring radioactive element found in the earth’s crust that is necessary for the creation of nuclear energy. Due to its high radioactivity and long half-life, uranium is not only used as a fuel in nuclear reactors but is also an essential component in the manufacture of nuclear bombs and warheads. The global uranium market was valued at $2,736.31 million in 2022 and it is projected to reach an impressive valuation of $3,398.52 million by the year 2028. The uranium market is forecast to grow at a compound annual growth rate of 3.68% during the forecast period of 2023 to 2028, according to a report on 360 Market Updates. This market is expected to expand given the rise in demand for the heavy metal. Moreover, the demand for uranium in nuclear reactors is forecast to increase at a rate of 28% by the year 2030, with the main reason for the increased demand being the government’s aims to achieve net-zero targets globally. With an expected increase of 14% in nuclear capacity by 2030 and an expected increase of 76% by the year 2040, the demand for uranium is going to show an upward trajectory in the coming years.
As evident, increased demand leads to a surge in prices. Uranium prices grew by 50% across the globe in 2023. Some of the factors, other than the increase in demand that contributed to the price increase, were supply chain disruptions, long-term contracting, and the boost in producer activity by traditional and ancillary players. What started off at $50 in the beginning of 2023, gradually increased to $60 in September, and then just a few weeks after September, uranium prices jumped to the $70s. To meet the rising demand, and to capitalize on the growing prices, companies are also increasing their production for uranium. Global uranium production is expected to grow by 11.7% to more than 60.3 kilotons (kt) in 2024, according to a report by Mining.com. Some of the companies leading uranium production are Cameco Corporation (NYSE:CCJ) and BHP Group Limited (NYSE:BHP).
Cameco Corporation (NYSE:CCJ)
Cameco Corporation (NYSE:CCJ) is a Canadian mining company that accounts for almost 17% of the global production. The company had the second-highest production of uranium in 2022, amounting to 5,675 tons. One of Cameco Corporation’s operating areas is the McArthur River Uranium Mine, which boasts the world’s largest high-grade uranium deposit with proven reserves of 265.5 million pounds as of 2023.
During the financial year 2023, Cameco Corporation (NYSE:CCJ) reported revenue of $2,588 million, showing a growth rate of almost 39% from the prior year when the revenue stood at $1,868 million. The company’s gross profit, however, had an increase of more than 100% as it grew from $233 million in 2022 to $562 million in 2023.
BHP Group Limited (NYSE:BHP)
BHP Group Limited (NYSE:BHP) is a prominent Australian multinational mining and metals public company with corporate headquarters located in Melbourne, Australia. As one of the biggest uranium-producing companies in the world, BHP Group Limited (NYSE:BHP) accounted for 6% of the global uranium supply. As of 2022, the company produced 2,813 tons of uranium.
The company reported a revenue of $53.82 billion for financial year 2023 . This was a decrease of $11.3 billion compared to the previous year due to lower prices across iron ore, metallurgical coal, and copper. BHP Group Limited (NYSE:BHP), however, was successful in taking home an underlying profit of $6.6 billion, for the 6 months ending 31 December 2023.
An aerial shot of the uranium mines, demonstrating the company’s vast mineral resources.
Methodology
For the purpose of this ranking, we referred to the data provided by the World Nuclear Association on World Uranium Mining Production. Based on the latest values for each country for the year 2022, we arranged the data in ascending order and the top 12 countries with the highest uranium production were picked.
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Also see: 10 Most Advanced Countries in Nuclear Fusion and 18 Countries That Produce the Most Nuclear Energy.
12. USA
Production from mines in 2022: 75 metric tons
USA produced around 75 metric tons of Uranium in 2022 which is a leap from the 8 metric tons produced in 2021. Today, uranium mining in the USA is conducted by a handful of companies at a modest scale. Numerous companies are actively exploring, often revisiting areas previously mined between the 1950s and 1980s. According to WNN, Energy Fuels has initiated production at three of its licensed and developed uranium mines in Arizona and Utah, driven by robust market demand. The company anticipates commencing production at two more mines in Colorado and Wyoming within the coming year.
11. Ukraine
Production from mines in 2022: 100 metric tons
In January 2022, Ukraine’s energy minister announced plans for the country to achieve uranium self-sufficiency by 2027. Historically, Ukraine produced approximately 800 tons of uranium annually, fulfilling about 30% of its domestic demand. According to Mining Technology, Ukraine ranked as the world’s eleventh-largest uranium producer in 2022, experiencing a 50.26% decline in output compared to 2021. Over the five years leading up to 2021, uranium production in Ukraine declined at a compound annual growth rate (CAGR) of 10.43% but is projected to increase at a CAGR of 34% from 2022 to 2026.
10. South Africa
Production from mines in 2022: 200 metric tons
South Africa has experienced a decline in uranium production over the past decade. It achieved a peak output of 573 metric tons in 2014. Despite this decrease, the country managed to surpass Ukraine’s production, which was impacted by Russia’s invasion, to become the world’s 10th largest uranium producer in 2022. Additionally, as reported by Visual Capitalist, South Africa is home to 5 percent of the world’s known uranium resources.
9. India
Production from mines in 2022: 600 metric tons
India’s uranium production in 2022 was 600 metric tons, matching its output from the previous year. The country operates 23 nuclear reactors and is constructing seven additional ones, according to Orfonline. The World Nuclear Association notes that the Indian government is committed to enhancing its nuclear power capacity as a key component of its extensive infrastructure development program, with ambitious goals set for expanding nuclear capacity.
8. China
Production from mines in 2022: 1,700 metric tons
China’s uranium production increased from 885 metric tons in 2011 to 1,885 metric tons in 2018, maintaining this level until it dropped to 1,600 metric tons in 2021. In 2022, output rose by 100 metric tons, reaching 1,700 metric tons, according to the World Nuclear Association. China General Nuclear Power, the nation’s sole domestic uranium supplier, aims to expand nuclear fuel supply agreements with Kazakhstan, Uzbekistan, and other international uranium companies. China’s strategy is to source one-third of its nuclear fuel domestically, secure another third through foreign equity in mines and joint ventures, and purchase the remaining third on the open market. The World Nuclear Association said that China is a leading country in nuclear energy, with 55 reactors in operation and 27 more under construction.
7. Niger
Production from mines in 2022: 2,020 metric tons
Niger’s uranium production has been decreasing annually over the past decade, with the total output reaching 2,020 metric tons in 2022. The country operates two uranium mines, SOMAIR and COMINAK, which together contribute 5 percent of the world’s uranium production, as reported by Orano Group. These projects are managed by subsidiaries of Orano, a private uranium mining company. A recent military coup in Niger has raised concerns about uranium supply, given that the country provides 15 percent of France’s uranium and one-fifth of the EU’s imports. In January 2024, Bloomberg reported that the new military junta announced plans to revamp the nation’s mining industry. This includes a temporary halt on issuing new mining licenses and potential reforms to existing licenses to increase state revenue.
6. Russia
Production from mines in 2022: 2,508 metric tons
In 2022, Russia ranked sixth in global uranium production. The country’s output has remained fairly consistent since 2011, typically ranging between 2,800 and 3,000 metric tons. Mining Technology stated in 2023, Russia exceeded its production target by 90 metric tons. Rosatom, the state atomic energy corporation, is working on developing new mines, including Mine No. 6, which is expected to start production in 2028. Experts anticipated an increase in Russia’s uranium production to meet both domestic energy needs and the rising global demand for uranium. However, production declined by 211 metric tons in 2021, dropping to 2,635 metric tons, and fell further by another 127 metric tons in 2022, reaching 2,508 metric tons.
5. Uzbekistan
Production from mines in 2022: 3,300 metric tons
In 2020, Uzbekistan became one of the top five uranium-producing countries, with an estimated output of 3,500 metric tons. Since 2016, the Central Asian nation has seen a steady increase in its uranium production. Formerly ranked seventh in global uranium output, Uzbekistan is boosting production through joint ventures with Japanese and Chinese partners. However, in 2022, the country’s uranium production decreased by 200 metric tons, totaling 3,300 metric tons. Despite this dip, Uzbekistan continues to attract foreign investment in its uranium sector. According to Eurasianet, in November 2023, it announced a strategic partnership with French uranium miner Orano, followed by another with the state-run China Nuclear Uranium in March 2024.
4. Australia
Production from mines in 2022: 4,553 metric tons
Australia’s uranium production saw a notable decline in 2021, dropping to 4,192 metric tons from 6,203 metric tons in 2020. Holding 28 percent of the world’s known recoverable uranium resources, Australia does not utilize nuclear power. However, the World Nuclear Association suggests that with the country’s heavy reliance on coal, future carbon constraints on electricity generation could make nuclear power a strong possibility. Australia has the infrastructure to support a potential nuclear power program. The country has three active uranium mines, including BHP’s Olympic Dam, which contains the largest known uranium deposit in the world. Although uranium is produced only as a by-product at Olympic Dam, its substantial output makes it the fourth largest uranium-producing mine globally, as it holds more than 2 million of uranium oxide.
3. Namibia
Production from mines in 2022: 5,613 metric tons
Namibia’s uranium production has been steadily increasing since it dropped to 2,993 metric tons in 2015. The African nation surpassed longtime leader Canada to become the third-largest uranium producer in 2020, and further climbed to the second spot in 2021, overtaking Australia. Namibia hosts two uranium mines, capable of supplying 10% of the world’s uranium output.
2. Canada
Production from mines in 2022: 7,351 metric tons
Canada’s uranium production saw a sharp decline after peaking at 14,039 metric tons in 2016. Following the production of 6,938 metric tons of yellowcake in 2019, Canadian output fell to 3,885 metric tons in 2020 due to operational shutdowns caused by the COVID-19 pandemic. However, uranium production in the country began to recover in 2022. As stated by Investment News Network, Saskatchewan’s Cigar Lake and McArthur River are renowned as the world’s top two uranium mines, both operated by major player Cameco. In 2023, Cameco produced 17.6 million pounds of uranium, falling short of its initial target of 20.3 million pounds for the year. The company has set a production guidance of 22.4 million pounds for 2024.
1. Kazakhstan
Production from mines in 2022: 21,227 metric tons
In 2022, Kazakhstan emerged as the world’s top uranium producer. Its total output of 21,227 metric tons represented a significant 43 percent of the global uranium supply, according to the World Nuclear Association. Kazatomprom, the nation’s state-owned uranium mining company, holds the title of the world’s largest producer, with operations and partnerships spanning multiple regions. Concerns arose when news surfaced that Kazakhstan might not meet its production targets for 2024 and 2025, contributing significantly to uranium prices surpassing the $100 mark.
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