Production of Uranium in Russia reached 2,571.65Tonnes in 2023
Production declined by a CAGR of 3.32% between 2020 to 2023,and is expected to grow by...
GlobalData projects the production to grow at a CAGR of...
Impact of COVID-19 on global uranium production
Global recoverable resources of uranium held a significant position in 2019, according to the World Nuclear Association. Australia had the largest share followed by Kazakhstan, Canada, Russia and Namibia.
Uranium is a naturally occurring element found in rocks and seawater. It can be also found in minerals including uraninite – the most common uranium ore – as well as autunite, uranophane, torbernite and coffinite. Significant concentrations of uranium can also be found in phosphate rock deposits and lignite and monazite sands.
Global production has been limited in recent years, mainly due to a sluggish uranium market, which was further impacted by the COVID-19 pandemic from early 2020.
Global uranium production
Global uranium production is expected to recover in 2021, after registering a decline in 2020. The return to production of Cigar Lake, as well as continuous production from other mines suspended in 2020 are expected to support the overall growth. Output from Kazakhstan and Russia will be significant to the overall growth. In contrast, production will continue to decline in Australia, owing to the closure of the Ranger mine.
Global production has been limited in recent years, mainly due to a sluggish uranium market, which was further impacted by the COVID-19 pandemic from early 2020.
Global uranium producers
Kazatomprom, Rosatom, China National Nuclear Corp., Orano SA, Cameo and BHP are the world’s leading uranium-producing companies.
Kazatomprom, a subsidiary of Samruk-Kazyna, is an importer and exporter of uranium, rare metals and nuclear fuel for power plants, special equipment technologies and dual-purpose materials. Its principal activities include the mining and extraction of uranium and the processing and sale of uranium products. The company manufactures and markets tantalum and beryllium products, generation and the sale of electricity, heating and water, among others.
State Atomic Energy Corporation Rosatom
State Atomic Energy Corporation Rosatom (ROSATOM) is the Russian Federation national nuclear technology company. It provides a wide range of services in the nuclear production chain, from uranium exploration and mining, uranium conversion and enrichment, nuclear fuel fabrication, mechanical engineering, NPP design and construction, power generation, nuclear facility decommissioning and nuclear fuel and radioactive waste management. The company generates electricity from nuclear sources, and supplies that to customers.
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