Top 10 Uranium-producing Countries

1. Kazakhstan

Mine production: 21,819 tonnes

As mentioned, Kazakhstan had the highest uranium production in the world in 2021. In fact, the country’s total output of 21,819 tonnes accounted for 45 percent of global uranium supply.

When last recorded in 2019, Kazakhstan had 906,800 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 (LSE:KAP), the country’s national uranium-mining company, is the world’s largest uranium producer with a number of projects and partnerships in various jurisdictions.

2. Namibia

Mine production: 5,753 tonnes

Namibia’s uranium production has been steadily increasing after falling to a low of 2,993 tonnes in 2015. In fact, the African nation overtook longtime frontrunner Canada to become the third largest uranium-producing country in 2020, and surpassed Australia for the second top spot in 2021.

The country is home to two uranium mines that are capable of producing 12 percent of the world’s output. Uranium miner Paladin Energy (ASX:PDN,OTCQX:PALAF) owns the Langer Heinrich mine, and mining major Rio Tinto (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. The uranium spot price has been on the rise in 2021 and 2022, prompting the uranium miner to ramp up restart efforts. The company plans to have the mine back up and running in the first quarter of 2024.

3. Canada

Mine production: 4,693 tonnes

Canada’s uranium output has fallen dramatically since hitting a peak of 14,039 tonnes in 2016. After producing 6,938 tonnes of yellowcake in 2019, Canadian uranium production sank to 3,885 tonnes in 2020 as the COVID-19 pandemic led to operational shutdowns. However, 2021 saw a rebound in uranium production to 4,693 tonnes.

Saskatchewan’s Cigar Lake and McArthur River are considered 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.

4. Australia

Mine production: 4,192 tonnes

Australia’s uranium production decreased significantly in 2021 to 4,192 tonnes, down from 2020’s 6,203 tonnes. The island nation holds 28 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 industry is often called into question. Recently, the Western Australian government decided to allow existing projects to go ahead, but was clear that no new domestic uranium-mining projects will be approved. This decision has left a number of companies in limbo.

Australia is home to Olympic Dam, the largest-known deposit of uranium in the world. While the country permits some uranium-mining activity, it is opposed to using nuclear energy. A new partnership between Australia, the US and the UK that will allow the Oceanic country to acquire nuclear submarines has renewed debate over whether the country should develop its own nuclear energy capacity.

5. Uzbekistan

Mine production: 3,500 tonnes

In 2020, with an estimated 3,500 tonnes of output, Uzbekistan became one of the top five uranium-producing countries. Domestic uranium production has been gradually increasing in the Central Asian nation since 2016. Previously the seventh in terms of global uranium output, it is expanding production via Japanese and Chinese joint ventures. For 2021, the country's uranium output remained flat at 3,500 tonnes.

Navoi Mining & Metallurgy Combinat is part of state holding company Kyzylkumredmetzoloto, and handles all the mining and processing of the domestic uranium supply.

6. Russia

Mine production: 2,635 tonnes

Russia was in sixth place in terms of uranium production in 2021. Output has been steady in the country since 2011, usually coming in near the 2,800 to 3,000 tonne range.

Experts had expected the uranium-producing country to increase its production in the coming years to meet its energy needs, as well as growing uranium demand around the world. However, Russia's ongoing war in Ukraine and the resulting sanctions placed on its economy may impact that outlook.

Beyond that, Russian uranium has been an area of controversy in recent years, with the US conducting a Section 232 investigation around the security of uranium imports from that region.

In terms of domestic production, Rosatom, a subsidiary of ARMZ Uranium Holding, owns the country’s Priargunsky mine and is working on developing the Vershinnoye deposit in Southern Siberia through a subsidiary.

7. Niger

Mine production: 2,248 tonnes

Niger’s uranium production has declined year-over-year over the past decade, with output totaling 2,248 tonnes in 2021. The African nation has two uranium mines in production, SOMAIR and COMINAK, which account for 5 percent of the world’s uranium production. Both projects are operated by subsidiaries of Orano, a private uranium miner with projects in top uranium-producing countries Kazakhstan and Canada.

Niger is also home to the flagship project of explorer GoviEx Uranium (TSXV:GXU,OTCQB:GVXXF). The uranium company is presently developing its Madaeouela asset, as well as projects in Zambia and Mali.

8. China

Mine production: 1,885 tonnes

China’s uranium production rose from 885 tonnes in 2011 to 1,885 tonnes in 2018, and has been holding steady since then. 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 a leader in nuclear energy; Mainland China has 54 nuclear reactors with 21 in construction.

9. India

Mine production: 615 tonnes

India produced 615 tonnes of the energy fuel in 2021, up from 400 tonnes in 2020. The country’s uranium output has held steady between 300 and 420 tonnes over the past decade.

As of 2018, the country had uranium stockpiles of 71,000 tonnes dedicated to its domestic nuclear energy sector. India currently has 22 operating nuclear reactors with another eight under construction. “The Indian government is committed to growing its nuclear power capacity as part of its massive infrastructure development programme,” according to the World Nuclear Association. “The government has set ambitious targets to grow nuclear capacity.”

10. Ukraine

Mine production: 455 tonnes

After reaching a high of 1,200 tonnes in 2015, uranium production in Ukraine slid to 800 tonnes in 2016. After a few more years at around the 800 tonne level, output dropped to 455 tonnes in 2021.

Ukraine is heavily dependent on nuclear power, and has 15 reactors that meet about half of the country’s electricity requirements. Prior to Russia's invasion, most Ukrainian uranium demand was met through Russian uranium. However, in June 2022, Westinghouse agreed to provide all fuel for the Ukrainian fleet.

Ukraine holds just 2 percent of the world’s known uranium reserves; in comparison, neighboring Russia accounts for 8 percent of the world’s uranium reserves.