In this article, we explore the top 15 countries with the largest uranium reserves in the world in 2024. If you want to skip our detailed analysis, you can go to 5 Countries with the Largest Uranium Reserves in the World in 2024.
Uranium is often thought to be rare due to its crucial role in nuclear energy and associated costs and risks. However, uranium is abundant, more than gold and silver, and similar to tin in the Earth’s crust. During the Cold War, the USSR mined over 377,000 tonnes of uranium for various uses, including nuclear reactors and naval fuel.
Uranium production surged from the 1960s to the 1980s, driven by the demand for nuclear reactors, leading to the construction of the first generation of nuclear plants. Currently, about 436 nuclear reactors are operational worldwide. The war in Ukraine has brought renewed attention to uranium due to its use in nuclear weapons. Ukraine, which relied on Russia for uranium for its 15 nuclear reactors, quickly secured a deal with Canada in response to the crisis.
Besides its defense applications, uranium is vital for electricity generation due to its low carbon footprint. Uranium production saw a steady increase over ten years, reaching a peak of 63,207 metric tons in 2016. However, global production has declined since then. This decline is linked to persistently low spot prices following the Fukushima disaster, as well as impacts from COVID-19 and Russia’s war against Ukraine.
Recently, uranium prices have started to recover, driven by positive views on nuclear power’s role in the energy transition and increased investment in uranium funds. Advances in extraction technology, such as in situ recovery mining, have made uranium mining more efficient and affordable. Additionally, supportive government policies and international agreements are strengthening the market by maintaining steady demand and encouraging investment in uranium projects.
Currently, nuclear energy generates 10% of the world’s electricity, a figure expected to rise as more countries turn to nuclear energy to cut carbon emissions and ensure reliable power. Analysts predict a prolonged bull market for uranium, with early 2024 prices hitting a 16-year high of over $100 per pound. Though prices have slightly decreased the industry remains optimistic.
Praetorian Capital believes nuclear power will eventually be accepted as a reliable power generation compromise. They anticipate a significant rise in uranium prices due to a production deficit and increasing demand. To capitalize on this, Praetorian Capital has invested in the Sprott Physical Uranium Trust Fund (OTC:SRUUF), which is buying uranium to reduce available stockpiles and drive up prices. The fund predicts that utilities will soon need to replenish their inventories, further boosting uranium prices. Additionally, they expect it will take several years for new uranium supply to meet the growing demand, contributing to the anticipated price increase.
China recently announced the development of their new high-temperature gas-cooled pebble bed reactor, a cutting-edge nuclear reactor technology. According to the American businessman and CEO of the Climate Corporation, David Friedberg, comparing electricity production between the US and China, the US currently generates 1 terawatt of electricity, whereas China produces about 3 terawatts, with 2 to 3% of that from nuclear power. By 2050, the US aims to add another terawatt to its electricity production. In contrast, China plans to increase its electricity production to 8.7 terawatts by 2050, with 80% coming from renewables and about 18% from nuclear power by 2060.
China is expanding its nuclear capabilities, constructing 26 nuclear reactors, and planning to build around 300 reactors with a total capacity of 500 gigawatts. David Friedberg mentioned in a recently published podcast that the cost of electricity in China is between $0.07 and $0.09 per kilowatt-hour, compared to $0.17 to $0.25 per kilowatt-hour in the US. China’s expansion into renewables and nuclear power is projected to lower its electricity costs to below $0.06 per kilowatt-hour. The International Energy Agency estimates that nuclear power costs $65 per megawatt-hour in China, compared to $105 in the US and $140 in the EU.
Aristotle Capital Management mentioned Cameco Corporation (NYSE:CCJ) in its Q2 2024 hedge fund investor letter. Cameco Corporation (NYSE:CCJ) is one of the world’s largest publicly traded uranium producers. Based in Canada, the company is involved in the mining, refining, and production of uranium for nuclear power plants.
“Cameco Corporation (NYSE:CCJ), one of the world’s largest publicly traded uranium producers, was the top contributor during the period. Support from governments and policymakers for nuclear energy has continued to increase in 2024 as countries realize it can play a crucial role in both promoting energy security and lowering dependence on fossil fuels to meet environmental goals. With higher demand for uranium across the world, Cameco’s production was up more than 25% year-over-year, and its long-term supply contracts have increased (annual commitments now standing at 28 million pounds per year through 2028). We view these fundamental improvements as further proof Cameco is making progress on our catalyst of increasing its uranium volume sold at higher prices, all while lowering production costs through scale and its access to some of the highest-grade ore on the planet. In addition, we believe the company’s continued integration of Westinghouse Electric Company’s market-leading downstream capabilities will allow it to offer a highly competitive nuclear fuel solution. In our opinion, this puts Cameco on track to enjoy higher levels of FREE cash flow and the ability to de-risk its balance sheet as it meets global energy needs.”
Meanwhile, Greenwood Investors highlights Nexgen Energy Ltd. (NYSE:NXE)’s potential in its Q2 2024 investor letter. NexGen Energy Ltd. (NYSE:NXE) is a Canadian uranium exploration and development company. Greenwood Investors said that Nexgen Energy Ltd. (NYSE:NXE) is gaining momentum after a long preparation period, leading up to a pivotal year in 2024. Nexgen Energy Ltd. (NYSE:NXE)’s Arrow deposit could transform uranium mining, similar to Saudi Arabia’s impact on oil, due to its strong economics. With uranium prices now over $100 per pound, Arrow’s full operation could generate over $1.6 billion in free cash flow, while Nexgen Energy Ltd. (NYSE:NXE)’s current fully diluted market cap is $4.6 billion.
Nexgen Energy Ltd. (NYSE:NXE)’s Co-founder and CEO Leigh Curyer emphasizes a strategic approach that prioritizes people first, process optimization second, and the project itself last. For Greenwood Investors, this methodical strategy has set up Nexgen Energy Ltd. (NYSE:NXE) for significant success. Although a takeover offer is expected once the Canadian government fully approves Nexgen Energy Ltd. (NYSE:NXE)’s uranium mine, Greenwood Investors prefers to stay invested for the long term rather than taking advantage of a quick acquisition.
A close-up of a uranium mining site, the hardworking miners working underground to extract uranium resources.
Our Methodology
To determine the top 15 countries with the largest uranium reserves in the world in 2024, we began by collecting data from reputable sources, such as the World Nuclear Association and the Investing News Network, which provided up-to-date and comprehensive information on global uranium reserves. We then cross-referenced this data to ensure accuracy and reliability, comparing figures from multiple sources. After verifying the data, we ranked the countries based on their total uranium reserves, measured in metric tons (MT). Only those countries with significant uranium reserves were included in the final list, ensuring that the major contributors to the global uranium market were represented accurately. This approach allowed us to provide a precise and reliable ranking of the top 15 countries with the largest uranium reserves in the world in 2024.
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15 Countries with the Largest Uranium Reserves in the World in 2024
15. Ukraine
Total Uranium Reserves: 20,000 MT
Ukraine, with an estimated 20,000 metric tons of uranium reserves, ranks 15th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. Despite ongoing geopolitical tensions and a historical dependence on Russia for uranium to fuel its 15 nuclear reactors, Ukraine has made significant changes in boosting its own uranium production.
Traditionally, nuclear power has provided over 55% of Ukraine’s electricity. In response to the crisis, Ukraine has transitioned from relying on Russian nuclear fuel to securing American supplies. In September 2023, Westinghouse Electric began delivering fuel to the Rivne nuclear power plant. Additionally, Ukraine has formed a key partnership with Canada’s Cameco Corporation (NYSE:CCJ) to process and enrich its uranium, further diversifying its energy sources and reducing its dependence on external suppliers. This makes Ukraine one of the top 15 countries with the largest uranium reserves in the world in 2024.
14. Mongolia
Total Uranium Reserves: 57,000 MT
Mongolia, with its large uranium reserves of 57,000 metric tons, makes it one of the top 15 countries with the largest uranium reserves in the world in 2024. The country has recently struck a $1.7 billion deal with the French state-owned company Orano to develop the Zuuvch-Ovoo mine, Mongolia’s first uranium project. This mine is expected to produce about 2,750 tons of uranium each year, which would account for 4% of global uranium production and make it one of the most significant undeveloped deposits in the world.
Although Mongolia faces challenges, such as its reliance on China and Russia and environmental concerns, its vast uranium reserves present a valuable opportunity. The Zuuvch-Ovoo mine uses in situ recovery, a process that reduces environmental impact and allows for efficient resource extraction.
Furthermore, new uranium deposits discovered in the Dornogovi province have enhanced Mongolia’s market position. According to the World Nuclear Association and the International Atomic Energy Agency (IAEA), Mongolia’s significant reserves and recent advancements are set to make it a more influential player in the uranium supply chain as it also grabbed a spot in the top 15 countries with the largest uranium reserves in the world in 2024.
13. India
Total Uranium Reserves: 70,000 MT
India, with its significant uranium reserves of 70,000 metric tons, ranks 13th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. The Indian government has launched several new mining projects to boost production. These include expanding the Tummalapalle mine in Andhra Pradesh and developing new sites in Meghalaya and Arunachal Pradesh. These efforts aim to increase the country’s uranium production and lessen the need for imports.
Recently, a uranium mine in southern India has uncovered a potential reserve of 49,000 tonnes of ore, with estimates suggesting it could contain up to three times that amount, potentially making it the world’s largest uranium deposit. This discovery is pivotal for India, which plans to expand its nuclear power capacity from just under 5 gigawatts to 20 gigawatts by 2020 and 63 gigawatts by 2050.
Additionally, as one of the top 15 countries with the largest uranium reserves in the world in 2024, India is investing in advanced extraction technologies to improve efficiency. Recent discoveries of new uranium deposits in these areas are expected to strengthen India’s position in the global market even further.
12. United States
Total Uranium Reserves: 114,900 MT
The United States, with an estimated 114,900 metric tons of uranium reserves, ranks 12th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. Last year, the U.S. government launched a strategic initiative to increase domestic uranium production, driven by concerns about national security and a desire to reduce dependence on foreign sources. Uranium prices have recently surged to over $80 per pound in the country, the highest in over 15 years, reflecting a significant increase in demand driven by the global shift towards nuclear energy and efforts to reduce carbon emissions.
The Department of Energy (DOE) is leading efforts to revitalize the industry by creating a strategic uranium reserve and supporting new mining projects. Furthermore, key companies like Energy Fuels Inc. (NYSE:UUUU) and Ur-Energy Inc. (NYSE:URG) are advancing their exploration and production activities, reflecting strong confidence in the long-term potential of U.S. uranium resources.
Energy Fuels Inc. (NYSE:UUUU), a leading U.S. uranium producer, has seized this opportunity by opening three new mines in Arizona and Utah. Energy Fuels Inc. (NYSE:UUUU) boasts substantial reserves, with 1.6 million pounds of uranium in Arizona and an additional 4.3 million pounds in Utah, positioning it as a major contributor to the U.S. uranium supply. Looking ahead, Energy Fuels Inc. (NYSE:UUUU) plans to further expand its operations, aiming to increase its annual production to over two million pounds by 2025.
Energy Fuels Inc. (NYSE:UUUU) is also preparing to start production at new mines in Colorado and Utah and exploring additional projects in New Mexico, Wyoming, and Utah, potentially boosting production to five million pounds per year if market conditions remain favorable. This optimistic outlook is further supported by the Biden administration’s $1.2 billion aid package to extend the life of nuclear power plants and the global trend of moving away from Russian uranium due to the conflict in Ukraine. These factors make the USA one of the top 15 countries with the largest uranium reserves in the world in 2024 and are creating a favorable environment for U.S. uranium producers, making the industry a promising area for investment.
11. Jordan
Total Uranium Reserves: 140,000 MT
Jordan’s substantial uranium reserves, estimated at 140,000 metric tons, makes it one of the top 15 countries with the largest uranium reserves in the world in 2024. This large reserve positions Jordan as a major player with considerable resources, which could boost its role in the energy sector.
The Jordanian Uranium Mining Company has started pilot operations, producing yellowcake from uranium ore, and plans to significantly scale up production. Although the country lacks commercial nuclear plants, it is moving forward with nuclear projects, including research reactors and potential power plants.
As one of the top 15 countries with the largest uranium reserves in the world in 2024, the Jordanian government has been actively developing these resources, collaborating with international partners like Russia’s state nuclear corporation, Rosatom. In 2023, Jordan’s Uranium Mining Company, a subsidiary of the state-owned Jordan Energy Resources Inc. (JERICO), reported successful results from pilot-scale operations, which demonstrated the feasibility of large-scale production.
10. Brazil
Total Uranium Reserves: 276,100 MT
Brazil, with its uranium reserves of 276,100 metric tons, ranks 10th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. The Brazilian government is moving forward with major projects to boost production. This includes expanding the Caetité uranium mine in Bahia and developing the Itataia project in Ceará.
These efforts are designed to increase uranium output to satisfy both domestic and international demand. Brazil is also investing in modern extraction technologies to improve mining efficiency and sustainability. These initiatives and the country’s vast reserves are expected to strengthen Brazil’s position in the global uranium market.
9. South Africa
Total Uranium Reserves: 280,000 MT’
South Africa, with a uranium reserve of 280,000 metric tons ranks 9th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. The country has launched significant projects, such as expanding the Langer Heinrich uranium mine and exploring new areas in the Kalahari Basin.
South Africa’s Tumas uranium project, managed by Australia’s Deep Yellow Limited, is poised to make a significant impact in the global uranium market. The project boasts a substantial reserve of 88.4 million tonnes of ore and has the potential for even larger reserves. Set to become one of the world’s largest uranium mining operations, Tumas is planned to operate for 22.5 years, with possibilities for extension beyond 30 years.
The project, which requires an initial investment of $372 million, will employ conventional open-pit mining and advanced processing methods to ensure efficiency and environmental safety. Supporting infrastructure includes a new access road, a 20MW solar farm, and a dedicated power line and freshwater pipeline. Production is expected to ramp up by late 2025, following a final investment decision in mid-2024, supporting the country’s position as one of the top 15 countries with the largest uranium reserves in the world in 2024.
8. China
Total Uranium Reserves: 300,000 MT
Ranking 8th in our list of the top 15 countries with the largest uranium reserves in the world in 2024 is China, with uranium reserves of 300,000 metric tons. To secure its supply, China has ramped up investments and formed key partnerships, especially in Kazakhstan. Chinese companies have entered joint ventures and worked closely with local partners to ensure a steady uranium flow. This strategy helps China secure crucial resources and strengthen its control over global uranium supply chains.
Over the past decade, China has added a third of its total confirmed uranium reserves, reflecting an increase in efficiency and capability. China’s advancements come at a crucial time when global demand for uranium is surging due to the shift towards green energy and carbon neutrality. By capitalizing on its extensive reserves and fostering international collaborations, China is poised to enhance its influence in the global uranium market and support its growing nuclear energy goals.
7. Niger
Total Uranium Reserves: 311,110 MT
Niger, with its significant uranium reserves of 311,110 metric tons, landed on the 7th spot in our list of the top 15 countries with the largest uranium reserves in the world in 2024. As the world’s 7th largest uranium producer, Niger’s extensive reserves give it a strong advantage. In 2024, the country made notable investments in expanding its uranium mining infrastructure, including major upgrades to the Arlit and Akouta mines. The Cominak and Somaïr mines, managed by the French company Orano, have been crucial for Niger’s uranium production.
In 2023, Orano announced plans to expand these operations and invest in new projects, indicating strong confidence in Niger’s uranium potential. Meanwhile, Niger’s government is actively seeking additional investments to boost production and take advantage of the increasing global demand for uranium. These developments highlight Niger’s growing role and opportunities in the uranium industry. Niger’s stable political environment and advances in mining technology further boost its appeal as one of the top 15 countries with the largest uranium reserves in the world in 2024.
6. Uzbekistan
Total Uranium Reserves: 385,000 MT
Ranking 6th in our list of the top 15 countries with the largest uranium reserves in the world in 2024 is Uzbekistan, with its uranium reserves of 385,000 metric tons. As the world’s 6th largest holder of uranium reserves, the country has attracted significant foreign investment to boost its uranium production, with key projects including the expansion of the existing Navoi Mining & Metallurgy Combinat’s (NMMC) uranium operations and the development of new mines at Zafarabad and Uchkuduk. These projects are expected to greatly increase Uzbekistan’s uranium reserves.
Uzbekistan is rapidly advancing its uranium production capabilities through strategic partnerships and ambitious goals. The state-owned Navoiuran, which became an independent entity from the Navoi Mining and Metallurgical Plant in 2022, is negotiating with China Nuclear Uranium to develop significant uranium deposits in the Navoi region. This collaboration supports President Shavkat Mirziyoyev’s aim to boost uranium production from about 3,500 tons in 2021 to 7,100 tons by 2030. The country’s uranium expansion is also backed by international partnerships, such as the one with France’s Orano, which plans to invest up to $500 million in exploration and joint mining ventures.
5. Namibia
Total Uranium Reserves: 425,500 MT
Namibia, with its uranium reserves of 425,500 metric tons, ranks 4th in our list of the top 15 countries with the largest uranium reserves in the world in 2024. Significant foreign investments have been attracted to expand existing mines and explore new deposits in the country. Notably, the expansion of the Husab and Rössing mines, two of the largest uranium mines in the world, is expected to greatly increase Namibia’s uranium production to meet the growing global demand for nuclear energy.
In May this year, Hertz Energy submitted applications for exclusive prospecting licenses (EPLs) to explore new uranium claims in Namibia. These claims, particularly in the Erongo region, show promising radiometric anomalies, indicating significant uranium deposits, further cementing Namibia’s position in the top 15 countries with the largest uranium reserves in the world in 2024
4. Russia
Total Uranium Reserves: 485,000 MT
Russia ranks 4th in our list of the top 15 countries with the largest uranium reserves in the world in 2024, with its uranium reserves of 485,000 metric tons. Russia, which holds around 8% of the world’s uranium reserves, is well-positioned to enhance its role in the global uranium market. Managed primarily by Rosatom, a subsidiary of ARMZ Uranium Holding, Russia’s uranium production includes the Priargunsky mine and the developing Vershinnoye deposit in Southern Siberia.
Nuclear energy, making up 19% of Russia’s energy mix, is crucial for the country, which operates 37 reactors and has more units under construction. The Russian government aims to increase uranium production to support rising energy needs. Despite geopolitical issues, European countries like France continue to import Russian uranium, demonstrating ongoing international dependence.
Other key projects contributing to this success include the development of Mine No. 6 at the Priargunskoye Industrial Mining and Chemical Union, which is expected to be a major uranium source for the next 40-50 years. Additionally, Rosatom’s subsidiary, JSC Khiagda, is expanding in-situ leach (ISL) operations in Buryatia, and JSC Dalur is advancing the Khokhlovskoye field in the Kurgan region.
3. Canada
Total Uranium Reserves: 620,000 MT
Ranking 3rd in our list of the top 15 countries with the largest uranium reserves in the world in 2024 is Canada, with its uranium reserves, totaling 620,000 metric tons. The Cigar Lake mine in Canada, operated by Cameco Corporation (NYSE:CCJ), is one of the world’s largest and highest-grade uranium mines.
Canada, while no longer the top uranium producer since being overtaken by Kazakhstan in 2009, remains a critical force in the global uranium market thanks to its rich reserves and high-quality deposits. The country has around 694,000 tonnes of known uranium resources, mainly from the McArthur River and Cigar Lake mines in northern Saskatchewan, which are some of the largest and richest deposits worldwide.
Canada’s extensive mining history and current government support, including the 2022 Critical Minerals Strategy and a 30% exploration tax credit, position it well to meet future global demand and retain its place in the top 15 countries with the largest uranium reserves in the world in 2024. Recent updates, such as the renewal of Cameco Corporation (NYSE:CCJ)’s production license and increased processing capacity, further strengthen Canada’s role. In 2023, production at Cigar Lake exceeded expectations, contributing significantly to Canada’s uranium output. Additionally, the McArthur River mine, another major asset in Cameco Corporation (NYSE:CCJ)’s portfolio, has resumed operations after a period of care and maintenance, further enhancing the country’s uranium production capacity.
2. Kazakhstan
Total Uranium Reserves: 736,000 MT
Kazakhstan, with its significant uranium reserves of 736,000 metric tons, ranks 2nd in our list of the top 15 countries with the largest uranium reserves in the world in 2024. Kazakhstan is establishing itself as a leading player in the global uranium market, thanks to its extensive reserves and strategic advantages. As the largest producer of uranium, Kazakhstan supplied 43% of the world’s uranium in 2022 and holds two-thirds of the world’s in-situ leaching (ISL)-suitable reserves. This extraction method enables the country to produce uranium at lower costs, giving its national company, Kazatomprom, a significant edge and influence in global markets. Kazakhstan has leveraged these cost advantages to modernize its industry and expand production dramatically, growing from 796 metric tons in 1997 to a projected 31,000 metric tons by 2025.
A key development in their expansion is C29 Metals’ acquisition of the Ulytau uranium project, aimed at boosting production to meet the rising global demand for nuclear energy. The Ulytau project, located centrally in Kazakhstan, marks a substantial increase in the country’s uranium mining capabilities. This project is expected to enhance production capacity and strengthen Kazakhstan’s position as one of the top 15 countries with the largest uranium reserves in the world in 2024.
1. Australia
Total Uranium Reserves: 1,862,000 MT
Topping our list of the top 15 countries with the largest uranium reserves in the world in 2024 is Australia, with its vast uranium reserves of 1,862,000 metric tons. Australia holds the largest uranium reserves in the world, accounting for about one-third of global resources, and also the fourth-largest uranium producer, positioned behind Kazakhstan, Canada, and Namibia in global production rankings.
Australia is set to play a crucial role in the global uranium market due to its extensive mineral resources and history of uranium mining. As the fourth-largest producer of uranium worldwide, Australia accounted for 27.7% of global uranium resources in 2021. Production is expected to rise, reaching 5.1 kt by 2024, largely due to the reopening of the Honeymoon uranium mine, which will add around 1.1% to global supply.
Several new projects, such as Nolans, Bigrlyi, and Westmoreland, are also slated to start in the coming years, further increasing Australia’s output. While there is debate about the feasibility of developing domestic nuclear power, Australia’s stable political climate and strong commitment to resource development enhance its position as a key player in the uranium industry.
Key projects driving this growth include the expansion of the Olympic Dam and Ranger mines. The Olympic Dam, one of the world’s largest deposits, is undergoing significant development to boost production capacity. Moreover, the Four Mile project is expected to further increase Australia’s uranium output. These projects are crucial for meeting the rising global demand for nuclear energy, especially as countries seek cleaner energy alternatives. Australia is also investing in sustainable and efficient mining practices, focusing on modern technologies to enhance extraction and processing.
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Disclosure: None. 15 Countries with the Largest Uranium Reserves in the World in 2024 is originally published on Insider Monkey.
