Uranium is an important commodity in the energy sector, and knowing the countries with the top uranium reserves is key.
Global uranium production totaled 57,651 metric tons (MT) of U3O8 in 2022, the latest year for which numbers are available. The five top uranium-producing countries in the world are Kazakhstan, Canada, Namibia, Australia and Uzbekistan, and they were responsible for the vast majority of that production.
Uranium resources: 1,684,100 metric tons (28 percent of world uranium resources)
Which country has the most uranium? While Australia ranks fourth in global uranium production, it takes the lead for the highest uranium reserves in the world.
Australia is key to the global uranium industry, but mining the material is politically contentious in the country. For example, the Western Australian government has put the brakes on any new domestic uranium-mining project approvals, although it is allowing existing projects to go ahead. In addition, the federal government is opposed to nuclear energy.
Uranium resources: 815,200 metric tons (13 percent of world uranium resources)
Uranium resources: 588,500 metric tons (10 percent of world uranium resources)
The second largest uranium producer, Canada is third largest in terms of top uranium countries by reserves. Saskatchewan’s Athabasca Basin is a hotbed for uranium exploration and is known the world over for having the highest-grade uranium deposits on the planet.
The North American nation is home to the world’s top uranium mines: Cameco’s Cigar Lake and McArthur River. Together, they make the province of Saskatchewan an international leader in the uranium sector, although in recent years these operations have spent time offline.
The mines host high-grade deposits, with Cigar Lake’s proven and probable reserves totaling 208.6 million pounds of uranium from 600,000 MT grading 17.03 percent, and McArthur River’s coming in at 380.5 million pounds of uranium from 2.6 million MT grading 6.72 percent.
Uranium resources: 480,900 metric tons (8 percent of world uranium resources)
As the largest country by landmass, Russia has a wealth of resources, including 8 percent of the world’s uranium. The majority of Russia’s domestic uranium output comes via Rosatom, a subsidiary of ARMZ Uranium Holding, which owns the Priargunsky underground mine and is developing the Vershinnoye deposit in Southern Siberia.
Uranium resources: 470,100 metric tons (8 percent of world uranium resources)
The world’s third largest uranium-producing country, Namibia, comes in fifth for reserves.
The Namibian government is in favor of expanding the country’s uranium-mining industry. While there are no nuclear power plants in Namibia, there is some support for a national nuclear power industry.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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