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Uranium production has risen fairly steadily over the last decade, going from 41,282 tonnes in 2007 to 53,656 tonnes in 2019. Output of the energy fuel has also peaked during this period when it topping 62,638 tonnes in 2016.
The majority of the uranium mined around the world ends up as U3O8, a vital component of the atomic energy sector used to power nuclear reactors. Currently 10 percent of the world’s electricity is generated by nuclear energy and that number is expected to grow.
Another byproduct of the mined ore is uranium oxide which is used in glass, ceramic and optic applications.
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Due to its significance in energy generation its important to know where uranium is mined and which countries produced the most uranium in 2019.
Kazakhstan was the leader by a long shot, and has been since 2009. Followed by Canada and Australia in second and third place, respectively, with other countries around the world producing smaller amounts.
For investors interested in following the uranium space as it heats up , having a grasp on these top players is essential. Read on to get a closer look at 2019’s top uranium producers by country. All statistics are from the World Nuclear Association’s most recent report on uranium mine production.
1. Kazakhstan
Mine production: 22,808 tonnes
As mentioned, Kazakhstan had the highest uranium production in the world in 2019. In fact, the country’s total output of 22,808 tonnes accounted for 43 percent of global uranium supply.
When last recorded in 2017, Kazakhstan had 745,300 tonnes of known recoverable uranium resources, second only to Australia. Most of the uranium in the country is mined via an in-situ leaching process. Kazataprom the national uranium mining company is the world’s largest uranium producer with a number of projects and partnerships in various jurisdictions.
2. Canada
Mine production: 6,938 tonnes
Canada had the second highest uranium production in the world in 2019, accounting for 13 percent of global output a at 6,938 tonnes of uranium. This was a decrease from the 7,001 tonnes it produced in 2018, and a significant decline from 2017’s 13,116.
Saskatchewan’s Cigar Lake and McArthur River, are considered the the world’s two top uranium mines. Both projects are operated by sector major Cameco (TSX:CCO,NYSE:CCJ).
Uranium exploration is also very prevalent in Canada, with the majority occurring in the uranium-dense Athabasca Basin. That particular area of Saskatchewan is world renowned for its high-quality uranium deposits and friendly mining attitude. The province’s long history with the uranium mining industry has helped Saskatchewan assert itself as an international leader in the uranium sector.
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3. Australia
Mine production: 6,613 tonnes
Australia’s uranium production rose in 2019 to 6,613 tonnes, from 2018’s 6,517 tonnes. The island nation holds 29 percent of the world’s known recoverable uranium resources.
Uranium mining has been a contentious and often political issue in Australia. While the sector is heavily regulated the future of the sector is often called into question. Recently, the Western Australia government decided to allow existing projects to go ahead but was clear that no new domestic uranium mining projects will be approved. This decision left a number of companies in limbo.
Australia is home to Olympic Dam, the largest known single deposit of uranium in the world. While the country does permit some uranium mining activity, it is opposed to using nuclear energy. During his 2019 re-election campaign, Prime Minister Scott Morrison told a radio station he is not totally opposed to looking at nuclear energy to power the country. The statement instantly brought media scrutiny and Morrison’s opponent latched onto the idea that the prime minister was considering atomic energy.
4. Namibia
Mine production: 5,476 tonnes
Namibia’s uranium production rose to 5,525 tonnes in 2018, but slipped slightly in 2019. Despite the small decline production still topped 5,000 tonnes coming in at 5,476.
The country is home to two uranium mines that are capable of producing 10 percent of the world’s output. Uranium miner Paladin Energy (TSX:PDN) owns the Langer Heinrich mine and mining major Rio Tinto’s (NYSE: RIO,ASX:RIO,LSE:RIO) controls the majority of the Rössing mine.
In 2017, Paladin took Langer Heinrich offline due to weak uranium prices. In 2020 the uranium spot price began to rise, prompting the uranium miner to ramp up restart efforts.
5. Niger
Mine production: 2,983 tonnes
Niger’s uranium production increased slightly year-over-year, with output totaling 2,983 in 2019. The African nation has two uranium mines in production, SOMAIR and COMINAK, which account for 5.5 percent of the world’s uranium production.
Both projects are operated by subsidiaries of Orano a private uranium miner with projects in Kazakhstan and Canada.
Niger is also home to the flagship project of exploration company GoviEx (TSXV:GXU). The uranium company is presently w developing its Madaeouela asset, as well as a projects in Zambia and Mali.
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6. Russia
Mine production: 2,911 tonnes
Russia was in sixth place in terms of uranium production in 2019. Output has been steady in the country since 2011 usually coming in near the 3,000 tonne range.
The country is expected to increase its production in the coming years to meet its energy needs and the growing uranium demand around the world. However, Russian uranium has been an area of controversy in recent year’s with the US conducting a Section 232 investigation around the security of uranium imports from that region.
In terms of domestic uranium production Rosatom, a subsidiary of ARMZ Uranium Holding owns the country’s Priargunsky underground mine and is working on developing the Vershinnoye deposit in Southern Siberia through a subsidiary.
7. Uzbekistan
Mine production: 2,404 tonnes
In 2019, Uzbekistan produced an estimated 2,404 tonnes of uranium. Domestic uranium production has been locked at the 2,404 tonne per year level since 2016. Although the country is seventh in terms of global uranium output, it is expanding production via Japanese and Chinese joint ventures.
Navoi Mining & Metallurgy Combinat (NMMC) is part of state holding company Kyzylkumredmetzoloto, and handles all the mining and processing of the domestic uranium supply. In April 2015, NMMC announced that the government had approved plans to implement 27 projects to modernize its production facilities by 2019.
8. China
Mine production: 1,885 tonnes
China’s uranium production increased in 2017, reaching 1,885 tonnes where it has held steady ever since.
China General Nuclear Power, the country’s sole domestic uranium supplier, is looking to expand nuclear fuel supply deals with Kazakhstan and additional foreign uranium companies.
China’s goal is to supply one-third of its nuclear fuel cycle with uranium from domestic producers, obtain one-third through foreign equity in mines and joint ventures overseas and purchase one-third on the open uranium market. China is also leading the way in nuclear energy generation; mainland China has 45 nuclear reactors with an additional 15 in construction.
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9. Ukraine
Mine production: 801 tonnes
After more than doubling in 2018 to 1,180 uranium production in Ukraine dropped off dramatically from 1,005 tonnes in 2016 to 550 tonnes in 2017. Ukraine is heavily dependent on nuclear power, and has 15 reactors that meet about half of the country’s electricity requirements. Most of its needs are meet through Russian uranium.
In 2016, Ukraine’s minister for coal and energy reached an agreement with Kazatomprom to establish a uranium joint venture. Ukraine holds just 2 percent of the world’s known uranium reserve. In comparison, nieghboring Russia accounts 9 percent of the world’s uranium reserve.
The lower production numbers may be the result of the persistently low spot prices the uranium market has experienced over the last seven years. While prices have begun to strengthen in 2020 they are still well off the US$50 per pound analysts say is needed to get major companies ramping up production and juniors back into uranium exploration.
10. South Africa
Mine production: 346 tonnes
Rounding out the list is South Africa, which produced 346 tonnes of the energy fuel in 2019. This is the second consecutive year tallies topped 340 tonnes. Unlike top producers Kazakhstan and Canada, uranium production in South Africa is largely a byproduct of gold and copper mining.
According to the World Nuclear Association, there are roughly 400 gold tailings dams and dumps arising from gold mining in the Witwatersrand area where much of the country’s available uranium derives.
South Africa currently has two reactors, each nuclear plant provides 900 megawatts (MWe) of electricity annually.
In May 2020, South Africa’s Department of Mineral Resources and Energy announced efforts to build a nuclear energy roadmap with the end goal being the addition of 2500 MWe of new nuclear capacity.
The African nation disclosed it was considering an array of options including small modular reactors.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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