Before investing in uranium, investors should have a good idea of which countries are contributing the most when it comes to uranium production. While Kazakhstan, Canada, and Australia are some of the most promising when it comes to uranium investment due to their high rankings in 2016’s uranium production, there are still some large, top uranium mines in other countries that are worth looking into.
Below is a list of the top 10 uranium mines, according to the uranium news today.
McArthur River mine
Surprisingly, the top uranium production mine is located not in Kazakhstan, but instead in Saskatchewan, Canada. The world’s largest uranium mine, this underground production is a definite top contender for those looking to invest in uranium. Even with a slight drop of production (6,945 tons in 2016 compared to the 7,354 tons in 2015), McArthur continues to produce the majority of uranium worldwide, making it a contender for uranium investment.
Major mining company Cameco (TSE:$CCO) is McArthur River’s primary operator, with a 69.8% stake and a right to 234.9 million pounds to the uranium mined. The average grade of U2O8 mined at McArthur River is 9.6%. Cameco’s mining license at McArthur Rivers is set to last until 2023.
AREVA Resources Canada holds the stake of the other 30.2% of McArthur River.
Cigar Lake
Looking for a worthy and stable uranium investment? Look no further than Cigar Lake. Though its production is a little below that of McArthur River (6,666 tons compared to McArthur’s 6,945), the mine is known for producing the world’s highest-grade uranium, the average grade of U3O8 being 15.9%. As well, one of the advantages of investing in this particular mine is that it is a fairly recent production (started in 2015) that is projected to grow. Its uranium output is expected to be 8,164 tons in 2017.
Similar to McArthur River, Cigar Lake is located in Saskatchewan and Cameco has the majority of ownership over the mine (50%). They have a right to 110.9 million pounds of the uranium mined, with a mining license that is set to last until 2021.
Remaining 50% of Cigar Lake is held by various other companies: AREVA (37%), Idemitsu Uranium Exploration Canada (8%), and TEPCO Resources (5%).
Tortkuduck and Myunkum mines
When it comes to uranium investing, one cannot forget about Kazakhstan–the top-uranium-producing country in 2016 with an impressive 24, 575 tons out of the total world uranium mine production of 62, 012 tons. Tortkuduk and Myunkum are the two largest mines in Kazakhstan, producing 4, 002 tons of uranium in 2016. This is, however, a drop from the 4,109 produced in 2015.
The mines are operated by the partnership of AREVA and nuclear energy company Kazatomprom, with AREVA owning 51% of the mine and Kazatomprom owning 49%. If you are looking to invest in uranium, this mine and its operating companies should be taken into consideration.
Olympic Dam mine
With the largest uranium reserves in the world (29% of potential global supply), those wanting to invest in uranium should no doubt consider Australia. One of Australia’s biggest mines is the Olympic Dam mine, a copper-uranium underground mine. Unlike most of the major mines mentioned above, the uranium production at Olympic Dam has actually gone up to 3,233 tons in 2016 compared to 2015’s 3,161 tons.
BHP Billiton (NYSE:$BHP) owns the entire mine.
Inkai mine
Located in Kazakhstan, if you are looking for a long-term way to invest in uranium, this mine and its owner(s) can be a good bet. This is due to its slow rise in uranium production: in 2016, 2,291 tons were produced, an improvement from the 2, 234 tons in 2015 and the 1,922 tons in 2014.
Cameco owns 60% of the mine, with the remaining 40% owned by Kazatomprom.
SOMAIR mines
One of the top mines that is not located in the top 3 uranium-production countries (Kazakhstan, Canada, and Australia) SOMAIR is a collection of open-pit mining efforts located in Niger. It is co-owned and operated by AREVA and a state agency in Niger that manages mining named SOMAIR.
AREVA is the primary owner, with 63.6% ownership of the mine, while SOPAMIN holds the remaining 36.4%.
Budenovskoye 2 mine
Adding on to the abundant of top-ranking mines in Kazakhstan, Budenovskoye 2 improved its production of uranium to 2,081 tons, a slight rise from 2015’s 2,061 tons.
The mining site contains the Karatau mine, which is owned by the Karatau (TSE:$UUU) joint venture. As a result, Uranium One owns the majority of Budenovskoye 2 with a 50% stake.
South Inkai mine
Located in Kazakhstan, the mine’s uranium production has been fairly steady in the past 2 years: with 2,056 tons in 2016 and 2,055 tons in 2015.
The mine is fully owned and operated by Uranium One.
Ranger Mine
An open-pit mine in Australia, this mine has been in operation for 35 years but is still placing top 10 in the world when it comes to uranium production. This should be taken into consideration when for those wanting to invest in uranium — either as a sign that production might fall due to long-term mining or that production will continue to remain steady due to the mine’s ability to perform year-by-year.
The mine is operated by Energy Resources of Australia, however, Rio Tinto (NYSE:$RIO) owns the majority of the mine with a hold of 68.4% of stakes.
Summary
When it comes to uranium investing, some of the top companies to look into are Comeco, AREVA, and Kazatomprom. These 3 companies own the majority of some of the top uranium mines in the world and thus have some of the highest market shares of production. Before going into uranium investment, make sure you have a good grasp of the uranium news today in order to make smart choices.
Featured Image: nuclearsafety.gc.ca
