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Global Uranium Market Trends

Demand for uranium is primarily driven by nuclear power generation, which accounts for approximately one-tenth of the world’s electricity.

Mining Technology analyses uranium price trends and country-wise uranium production and reserves data to keep track of the global uranium market. The performance of major uranium mining companies and active uranium mines, as well as the progress of upcoming uranium mining projects around the world is tracked.

Global uranium production has recovered following a 9.2% drop to 49.7 thousand tonnes (kt) in 2020 due to COVID-19. Uranium production is expected to reach 65.2kt in 2025, according to GlobalData’s estimates.

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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.

Uranium Price Trend: Trailing 12 Months

Mining Technology displays the monthly uranium prices and the global uranium price trend over the last 12 months.

After declining for two consecutive months, the global uranium spot prices improved in June to $49.75/lb – a 4.2% increase.

Top Uranium Companies by Production

Mining Technology has identified the top uranium companies by production by ranking the annual output of major uranium miners in the world.

Among the world’s top uranium companies by production, Kazatomprom was the biggest in 2020, followed by Rosatom and Orano.

The world’s five biggest uranium mining companies together contributed 57% of the global total uranium output in 2020.

Current Rank Rank 2020 Company Name Headquarters
1 1 Kazatomprom Kazakhstan
2 2 Orano SA France
3 3 BHP Australia
4 4 Rio Tinto United Kingdom
Source: GlobalData

Expert Comments and Analysis

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Largest Uranium Producing Countries

Mining Technology lists the ten biggest countries by uranium production based on a comprehensive database covering major uranium mining locations around the world.

Kazakhstan, followed by Australia and Namibia, topped the list of countries by uranium production in 2020.

The top ten uranium producing countries together accounted for 92% of the global uranium output in 2020.


Biggest Uranium Mines in the World

The world’s biggest uranium mines are identified from GlobalData’s comprehensive database of uranium mines that tracks the output and recoverable reserves of uranium mining projects across the globe.

With an output of 5,000tpa, Cigar Lake Project in Canada ranked as the world’s biggest uranium mine in year.

The world’s ten biggest uranium mining operations together accounted for 70% of the global uranium output in 2020.

Mine Name Country State Owner Mine Type & Method Production 2021 (TTPA)
Cigar Lake Project Canada Saskatchewan Cameco Corp(54.55%), Orano SA(40.45%), Tepco Resources Inc.(4.99%) Underground & Long Hole Stoping 6
Husab Uranium Mine Namibia Erongo China General Nuclear Power Corp(54%), China Africa Development Fund(36%), Epangelo Mining Company (Pty) Ltd.(10%) Surface & Open Pit 4
Inkai Mine Kazakhstan South Kazakhstan Kazatomprom(60%), Cameco Corp(40%) In-situ Leaching & In-situ Leaching 4
Muyunkum Mine Kazakhstan South Kazakhstan Orano SA(51%), Kazatomprom(49%) In-situ Leaching & In-situ Leaching 4
Rossing Mine Namibia Erongo China National Nuclear Corp(68.6%), Iran Foreign Investment Co.(15%), Industrial Development Corporation of South Africa Ltd(10%), Undisclosed(3.4%), Government of Namibia(3%) Surface & Open Pit 4
Olympic Dam Mine Australia South Australia BHP(100%) Underground & Long Hole Stoping 3
Tortkuduk Mine Kazakhstan South Kazakhstan Orano SA(51%), Kazatomprom(49%) In-situ Leaching & In-situ Leaching 3
Novokonstantinovskoye Mine Ukraine Kirovohrad Vostochny Mining and Ore-Dressing Combine(100%) Underground & To be confirmed 3
KATCO Mine Kazakhstan South Kazakhstan Orano SA(51%), Kazatomprom(49%) In-situ Leaching & In-situ Leaching 3
Terrafamen Sotkamo Mine Finland Kainuu Finnish Minerals Group Ltd(71.8%), Trafigura Group Pte Ltd(27.6%), Sampo plc(0.6%) Surface & Open Pit 3
Source: GlobalData

Major Upcoming Uranium Mines

Mining Technology lists the major upcoming uranium mines in the world by comparing annual production capacities of upcoming uranium mining projects.

The Bigrlyi Project in Australia is the biggest upcoming uranium mine in the world, with an annual production capacity of 0.56Mtpa.

The Gogi Project in India and the Rook I Project in Canada are the next major upcoming uranium mines with capacities of 0.15Mtpa and 0.013Mtpa, respectively.

Mine Name Country State Owner Mine Type & Method Annual Production Capacity (TTPA)
Bigrlyi Project Australia Northern Territory Energy Metals Ltd(72.39%), Elevate Uranium Ltd(20.82%), Southern Cross Exploration NL(6.79%) Surface and Underground & Open Pit/Sub Level Stoping 566
Gogi Project India Karnataka Uranium Corp of India Ltd(100%) Underground & To be confirmed 150
Rook I Project Canada Saskatchewan NexGen Energy Ltd.(100%) Underground & Long Hole Stoping 13
Horseshoe-Raven Project Canada Saskatchewan UEX Corp(100%) Surface and Underground & Open Pit 7
Patterson Lake South Project Canada Saskatchewan Fission Uranium Corp.(100%) Underground & Long Hole Stoping 7
Imouraren Mine Niger Agadez Region Orano SA(66.65%), SOPAMIN-Inc.(23.35%), Government of Niger(10%) Surface & Open Pit 5
Elkon Project Russia Sakha (Yakutia) Republic State Atomic Energy Corporation Rosatom(100%) Underground & Cut and Fill 5
Elkonskoye Project Russia Sakha (Yakutia) Republic ARMZ Uranium Holding Co(100%) Underground & Cut and Fill 5
Haggan Project Sweden Jamtland Aura Energy Ltd(100%) Surface & Open Pit 4
Wheeler River Project Canada Saskatchewan Denison Mines Corp(90%), JCU (Canada) Exploration Company Ltd.(10%) In-Situ Recovery & To be confirmed 3
Source: GlobalData Top Global Projects

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