Top Five Uranium Producing Countries (Tonnes, 2021)
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Kazakhstan, Australia, Namibia, Uzbekistan, and Canada were the top five Uranium producing countries (by volume) in 2021
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Kazakhstan was the leading Uranium producing country (by volume) in 2021, with a Uranium production of 22,500.0 tonnes, up 15.5% YoY
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Australia ranked second (by volume in 2021) with a Uranium production of 4,856.1 tonnes (down 21.2% YoY), with the other three countries (Namibia, Uzbekistan, and Canada) cumulatively produced 12,217.0 tonnes of Uranium in 2021
Top Five Uranium Producing Countries (Tonnes, 2021)
Increasing energy demands worldwide pose a greater threat towards the climate and the Paris Agreement’s goal of reaching climate neutral world by 2050. Combatting climate change forces, the world to switch to low-carbon sources of energy such as nuclear energy. As per World Nuclear Association, nuclear power plants don’t produce greenhouse gas emissions during operations. Also, throughout its life cycle, nuclear produces a similar amount of CO2 emissions per unit of electricity as wind, and one-third of the emissions per unit of electricity when compared with solar.
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 uranium production is expected to grow at a CAGR of 6.2% between 2021 and 2025, to reach 65.2-kilo tonnes in 2025. Demand for uranium is driven primarily by nuclear power generation. Global production has been limited in recent years, mainly due to sluggish uranium prices resulting in production curtailments since 2017, which was further impacted by the COVID-19 pandemic from early 2020. In 2021, Kazakhstan was the leading producer of Uranium, with a production volume of 22,500 tonnes, up 15.5% YoY. Australia ranked second, with the production of 4,856 tonnes, down 21.2% YoY. The remaining three of the top five countries - Namibia, Uzbekistan, and Canada, cumulatively produced 12,217 tonnes of Uranium in 2021.
Kazakhstan, which holds some of the world’s largest uranium deposits, is expected to remain the world’s largest supplier for the next few years. With potential open-pit uranium mines, Namibia is also expected to remain a prominent supplier of uranium to the global markets. Furthermore, the restart of Cigar Lake, which began in April 2021 is expected to provide a much-needed boost for Canada’s uranium supply.
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