In this article, we explore the top 5 countries with the largest uranium reserves in the world in 2024. If you want to read our detailed analysis, you can go to 15 Countries with the Largest Uranium Reserves in the World in 2024.
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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