Global interest in nuclear energy continues to grow amid the desire of states to ensure stable energy supply. According to data from the World Nuclear Association, which reflects the volume of uranium production in various countries from 2015 to 2024, Kazakhstan continues to hold the leading position in the market. At the same time, Canada and Namibia have also demonstrated a noticeable increase in production in recent years.
Kazakhstan retains the status of the world's largest uranium producer. According to the results of 2024, the country produced 23,270 tons of this raw material, providing more than a third of global production. After a decrease in production in 2020, caused by the closure of a number of mines and an unfavorable market situation, the industry was able to recover thanks to the resumption of work on large projects, including Cigar Lake and McArthur River. The country combines large uranium deposits in sandstones with low-cost, in-situ mining methods that are generally cheaper and less labor-intensive than traditional mining. State-owned producer Kazatomprom has also helped to effectively ramp up production over the past decade. Kazakhstan also has the world’s second-largest uranium reserves.
Canada became the world’s second-largest uranium producer in 2024, with production increasing to 14,309 tonnes. Namibia has also made significant gains. The country produced 7,333 tonnes of uranium last year. Thanks to the development of large open-pit mines and an influx of foreign investment driven by growing demand for nuclear fuel, Namibia has become one of the world’s fastest-growing uranium suppliers.
In the United States, uranium production is also showing signs of recovery. In 2020, production virtually stopped, falling to six tons, as low market prices made domestic production uneconomic.
The situation began to change against the backdrop of rising uranium costs and growing concerns about the reliability of global supply chains. An additional incentive for the development of the industry was restrictions on Russian uranium imports, which increased interest in expanding domestic production capacity.
Despite the positive dynamics, the scale of American production remains relatively modest. In 2024, the United States produced only 260 tons of uranium, while Kazakhstan produced more than 23 thousand tons. This difference indicates that the global nuclear fuel market, as before, is largely dependent on a limited number of large suppliers.
Top uranium producing countries
Kazakhstan 23607 (tons in 2015)/23270 (tons in 2024)/-1.4% (change)
Canada 13325/14309/+7.4%
Namibia 2993/7333/+145%
Australia 5654/4598/-18.7%
Uzbekistan 2385/4000/+67.7%
Russia 3055/2738/-10.4%
China 1616/1600/-1%
Niger 4116/962/-76.6%
India 385/500/+29.9%
South Africa 393/200/-49.1%
Ukraine 1200/288/-76.0%
USA 1256/260/-79.3%
Other countries 357/155/-56.6%
Source: dengi.ua
