In this article, we will take a look at the 12 countries that produce the best uranium in the world. If you want to skip our detailed analysis, you can go directly to 5 Countries That Produce The Best Uranium In The World.
The Uranium Industry Outlook
According to a report by Sprott, the uranium market is expected to experience strong demand, long-term contracting, and supply chain disruptions ahead of 2024, which may be primary contributors to the rising price of Uranium. In 2023, uranium grew by 50% across the globe. Sprott suggests that the primary reason for the upward trend in 2023 was the boost in producer activity by traditional and ancillary players. 2023 commenced with the price of uranium valued at $50 which then steadily grew to $60 in September. However, a few weeks after September, the price of uranium jumped to the $70s. The report also suggests that Europe has been particularly highly active in 2023 amid global geopolitical tensions. Furthermore, during the first quarter of 2024, North America is also expected to experience significant activity in the sector with a steady rise in Requests for Proposals (RFPs).
On September 7, Reuters reported that the demand for uranium in nuclear reactors is expected to increase at a growth rate of 28% by 2030. Such is primarily due to governments across the globe aiming to achieve zero-carbon targets. While the rise in demand for uranium has particularly been fueled by geopolitical tensions in Russia, sustainability goals and their contribution must not be ignored. As the next decade dawns, the need for planned and prospective mines will experience an upward trajectory. Nuclear capacity is expected to increase by 14% by 2030 and significantly expand by 76% by 2040 to 686 GWe. Prominent countries such as Canada, France, Japan, and Russia are home to some of the largest reactor fleets and are on track to operate their existing plants for more than 60 years. Lastly, the demand for uranium in nuclear plants is expected to grow from 65,650 tonnes in 2023 to 83,840 tonnes by 2030 and 130,000 tonnes by 2040.
Prominent Names in the Uranium Industry
Energy Fuels Inc. (NYSE:UUUU), Cameco Corporation (NYSE:CCJ), and NexGen Energy Ltd. (NYSE:NXE) are among the leading uranium companies in the world. Let's discuss some latest updates from these companies. You can also take a look at the best uranium stocks to buy.
Energy Fuels Inc. (NYSE:UUUU) is a leading uranium producer in the United States. On December 27, Energy Fuels Inc. (NYSE:UUUU) signed an MOU with Astron Corporation Limited (ASX:ATR.AX). The partnership will allow the two companies to develop the Donald Rare Earth and Mineral Sands Project located in the State of Victoria, Australia. The project is of utmost importance as it will provide monazite sand in an REE concentrate to the company's mill in Utah, United States. The mill will then process it into REE oxides and several other REE materials. The two parties have until March 1, 2024, to conclude and negotiate definitive agreements.
On November 6, Energy Fuels Inc. (NYSE:UUUU) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $0.07, beating estimates by $0.10. The company also reported revenue worth $10.99 million during the quarter, ahead of market consensus by $5.30 million, with a year-over-year growth rate of 273.59%.
Cameco Corporation (NYSE:CCJ) is among the world's largest uranium mining companies. The company is based in Saskatoon, Canada, and was founded in 1988. On October 29, Cameco Corporation (NYSE:CCJ) signed an agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation (CNNC). The supply agreement will help China achieve its goal of net-zero emissions by speeding up the production of nuclear energy.
Cameco Corporation's (NYSE:CCJ) footprint across the globe explains its financial results. On October 31, Cameco Corporation (NYSE:CCJ) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $0.23, beating estimates by $0.13. The company also reported revenue worth $414.69 million during the quarter, with a year-over-year growth rate of 44.65%.
NexGen Energy Ltd. (NYSE:NXE) is a prominent name in the uranium industry. The company was founded in 2011 and is based in Vancouver, Canada. On November 9, NexGen Energy Ltd. (NYSE:NXE) announced that the company received approval from the Environmental Assessment Act of Saskatchewan to develop its 100% owned Rook I Project. The project will be able to meet the global demand for ethically produced and sourced uranium. Following the approval, the company has submitted initial applications for the approval of site earthworks, shaft sinking infrastructure, site water, and mine waste management facilities. The new project will not only aid in the provision of ethical and sustainable provision, but it will also create jobs in the region.
NexGen Energy Ltd. (NYSE:NXE) was a part of 27 hedge fund portfolios at the close of the third quarter of 2023. The total stakes of these hedge funds amounted to $168.55 million, up from $91.87 million in the previous quarter with 19 positions. The hedge fund sentiment for the stock is positive. As of September 30, Waratah Capital Advisors is the largest shareholder in NexGen Energy Ltd. (NYSE:NXE) and has a position worth $27.54 million. The stock covers 0.39% of the fund's portfolio.
With that, let's take a look at the 12 countries that produce the best uranium in the world. You can also take a look at the countries with the largest uranium reserves in the world.
12 Countries That Produce The Best Uranium In The World
12 Countries That Produce The Best Uranium In The World
Our Methodology
We sourced our data from the World Nuclear Association to come up with the 12 countries that produce the best uranium in the world. The data gave us information on the total uranium produced in tonnes in 2022 for each country. Using this data we extracted the top 12 names. The list of the 12 countries that produce the best uranium in the world is in ascending order of the tonnes of uranium produced in 2022. It is to be noted that we also included essential information such as the top mines in each of the countries and their contributions to the global supply of uranium, as such reasonably approximates or hints towards the quality of the uranium produced in a country.
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12 Countries That Produce The Best Uranium In The World
12. United States of America
Uranium Production (2022): 75 Tonnes
The United States of America ranks among the countries that produce the best uranium in the world. The country produced 75 tonnes of uranium in 2022 accounting for 0.15% of the world's uranium supply. Wyoming, New Mexico, and Colorado are home to the largest reserves in the United States.
11. Ukraine
Uranium Production (2022): 100 Tonnes
Ukraine contributed 100 tonnes of uranium production in 2022. The country accounted for 0.2% of the world's uranium supply. Major operating uranium mines in Ukraine include the Novokonstantinovskoye Mine, the Vatutinskoye Mine, the Smolinskaya Mine, the Ingulskaya Mine, and the Central Mine (Vostochny Mining and Ore-Dressing Combine).
10. South Africa
Uranium Production (2022): 200 Tonnes
South Africa ranks among the countries that produce the best uranium in the world. The country produced 200 tonnes of uranium in 2022, accounting for 0.41% of the world's uranium supply. Major uranium mines in the country include AGA Surface Operations, the Moab Khotsong Mine, the Mponeng Mine, the Tshepong Mine, the Kopanang Mine, the Masimong Mine, and the Randfontein Uranium Surface Mine.
9. India
Uranium Production (2022): 600 Tonnes
India accounts for 1.22% of the global uranium supply with total production of 600 tonnes in 2022. Some of the most prominent mines in India include the Tummalapalle Uranium Project, Banduhurang Mines, Turamdih Mines, the Bagjata Mine, and the Mohuldih Mine. Other mines currently under development include the KPM Uranium Project, the Gogi Project, and the Lambapur-Peddagattu Uranium Project.
8. China
Uranium Production (2022): 1,700 Tonnes
With total uranium production of 1,700 tonnes in 2022, China ranks among the best uranium-producing countries in the world. The country accounted for 3.44% of the world's uranium supply. Some of the prominent mines in China include the Fuzhou Mine, Yining Mine, and Qinglong Mine.
7. Niger
Uranium Production (2022): 2,020 Tonnes
Niger ranks among the countries that produce the best uranium in the world. The country accounted for 4.09% of the global uranium supply. The SOMAIR mine in Niger is among the top 10 mines in the world. The mine produced 2,020 tonnes of uranium in 2022.
6. Russia
Uranium Production (2022): 2,508 Tonnes
Russia, with total uranium production of 2,508 tonnes in 2022 ranks as one of the best uranium-producing countries in the world. The country accounted for 5.08% of the global uranium supply. Some of the prominent mines in Russia include the Dalur Mine, the Khiagda Mine, and the Lunnoye Project, among other large mines.
