Uranium is an essential element for generating 10% of the world’s electricity output and for the operation of numerous vital industries such as healthcare and criminology. Being a radioactive element, it serves as fuel for nuclear reactors, which use the heat generated by its radioactive decay to produce energy. It is not a fossil fuel because it is not formed from ancient organic matter. It is a heavy metal and is present in most rocks, soil, water, and even in human bodies.
Uranium is classified as a non-renewable energy source due to its finite quantity. Today several countries have emerged as the world’s top producers of this essential resource, bolstering global economic growth and energy security. With the total reserves being estimated at 11.6 million tonnes, the top 10 countries with the largest uranium production supply an average 55,000 tonnes of this essential element.
Uranium in international development
Uranium is the basic fuel for nuclear reactors that generate electricity. It is particularly important for countries that wish to cut carbon emissions and switch to low-carbon energy sources 1 kW of nuclear-generated electricity has a footprint of 12 gCO2 compared to the 24 gCO2 equivalent of one solar-powered kilowatt and 820 gCO2 of one coal-powered kilowatt. This is why it is an important element of the net-zero carbon emissions initiative.
In terms of international economic development, uranium is an important income source for exporting countries, with millions of people engaged in the nuclear industry.
- Over 2 million people are directly employed in the nuclear industry worldwide, and millions more indirectly benefit from related economic activity.
- In 2022, there were approximately 49,355 metric tons of uranium produced worldwide.
- Currently, conventional mines account for 46% of uranium production, in situ leach (solution mining) accounts for 50%, and 4% is a by-product of other mineral extraction processes.
Top uranium producers
Let’s examine the top 10 major uranium producers and their contribution level. The figures were sourced from the World Nuclear Association’s 2023 update.
Uranium production by country from mines (tons U)
Source: World Nuclear Association
Kazakhstan is by far the world’s greatest producer of uranium, with an output of about 21,227 metric tons per year. It generated around 43% of the global uranium supply in 2022, with Canada coming second (15%), followed by Namibia (11%).
Let’s take a closer look at these top three nations.
Kazakhstan
An Asian landlocked country the size of Western Europe, Kazakhstan contributes over 40% of the global output of Uranium due to its vast uranium deposits and well-established mining industry.
The nation is expected to continue to dominate the uranium market, with output levels predicted to reach 22,500 tons from the current 21,000. Around 12% of the globe’s recoverable uranium deposits are in Kazakhstan.
Exports: Kazakhstan exports uranium to Asia (mainly China, India, and South Korea), North America (the U.S. and Canada) and the European Union.
Canada
The level of uranium production in the world’s second largest country by surface has remained largely stable over the last few years. In 2022, Canada produced 7,400 tonnes of uranium worth about $1.1 billion from its Saskatchewanian mines.
The two largest uranium producers in the country are Cameco and Orano Canada.
Exports: The main markets for Canadian uranium are North and South America (64%), Asia (19%), and Europe (17%).
Namibia
The southern African nation of Namibia has been a major player in the world uranium production sector for a number of years. It is the third-biggest producer of uranium, representing 11% of total production in 2022.
To spur economic progress, the government supports the development of the country’s uranium industry.
Exports: In 2023, the main destinations for uranium exports from Namibia included the BRIC region (Brazil, Russia, India, and China), with the OECD second and the EU third.
Top 10 largest uranium mines by production
GlobalData reports that there are currently around 97 active uranium mines worldwide. These 10 uranium mines are ranked highest in the world in terms of production as of 2023.
Source: World Nuclear Association
Final word
Along with the increasing demand for electric energy, the role of uranium in fueling nuclear reactors is becoming more important, particularly in view of the fact that increased energy availability and consumption is driving economic development.
The biggest uranium-producing countries, therefore contribute significantly to the world’s energy security. By producing and exporting uranium, they also partly serve as economic growth facilitators.
Understanding the contributions of these nations to international economic development helps to understand the intricate relationship between the world’s energy needs and the significance of smart resource management to ensure a sustainable future.
