Uranium output to rise 11.7% in 2024 due to Kazakh and Canadian growth

Production will be bolstered by the ramp-up of Canada’s McArthur River mine.

Kazakhstan is expected to deliver the highest uranium production growth in 2024. Credit: John Carnemolla via Shutterstock.

Global uranium production is expected to grow by 11.7% to more than 60.3 megatonnes (Mt) in 2024. The increase will predominantly be fuelled by rising output from key producers such as Kazakhstan and Canada. Kazakhstan is expected to deliver the highest uranium production growth in 2024, driven by the planned higher output from the country’s largest uranium producer, Kazatomprom. The continuous ramp-up of Canada’s McArthur River uranium mine will also contribute to the global increase.

Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company’s plan to produce between 21.2 kilotonnes (kt) and 21.6kt on a 100% basis, while production is expected to increase to between 25.9 and 26.7kt with no restrictions in 2025.

Global uranium output. Credit: GlobalData.

Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada’s McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043.

Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.