From 1945 to 2022, a total of 3.5 million tons of uranium has been produced globally, with Canada and the United States combined accounting for 29% of the global production, having extracted approximately 932,000 tons of uranium. Canada is the largest uranium-producing country globally, having produced 554,475 tons of uranium since 1945. The uranium production in the Cigar Lake mining area is the highest in the world, having extracted 105 million pounds of uranium since 2014.
Additionally, countries such as Kazakhstan, Australia, and Germany are also major uranium-producing countries.
Canada is the world’s second-largest uranium-producing country, with a production volume rebounding to 7,351 tons in 2022. The Cigar Lake and McArthur River mines in Saskatchewan are the two largest uranium mines globally, and the majority of uranium exploration is located in the Athabasca Basin in Saskatchewan. Furthermore, Canada is the world’s third-largest holder of uranium reserves, with uranium resources totaling 588,500 tons, accounting for 10% of global uranium resources.
Canada’s Cigar Lake uranium mine, located in Saskatchewan, has consistently ranked among the top uranium producers globally, accounting for 14% of the world’s uranium production. The underground mine began trial production in 2014 and commenced commercial production in May 2015. The Cigar Lake uranium mine is renowned for its exceptionally high grade, with an average grade of 14.69% U3O8, making it one of the highest-grade uranium mines globally. Additionally, Cameco Corp (TSX:CCO) owns 50% of the shares of the mine and is also its operator.
On June 28, 2014, the Canadian Nuclear Safety Commission announced the approval of the issuance of an operating license for the Cigar Lake uranium mine, allowing the mine to continue operations until June 2031. This means that the Cigar Lake uranium mine will continue to make significant contributions to the global uranium industry and enhance the richness of Canada’s mineral resources.
| Country | Share of Production | Cumulative Production 1945-2022 (Tonnes) |
| 🇨🇦 Canada | 17.4% | 554,475 |
| 🇺🇸 United States | 11.9% | 378,038 |
| ☭ USSR | 11.9% | 377,613 |
| 🇰🇿 Kazakhstan | 11.0% | 349,789 |
| 🇦🇺 Australia | 7.6% | 240,579 |
| 🇩🇪 Germany | 6.9% | 219,685 |
| 🇿🇦 South Africa | 5.2% | 165,692 |
| 🇳🇦 Namibia | 5.0% | 158,856 |
| 🇳🇪 Niger | 4.9% | 156,797 |
| 🇨🇿 Czech Republic | 3.5% | 112,055 |
| 🇷🇺 Russia | 2.8% | 90,725 |
| 🇺🇿 Uzbekistan | 2.4% | 76,808 |
| 🇫🇷 France | 2.4% | 76,021 |
| 🇨🇳 China | 1.7% | 53,712 |
| 🇺🇦 Ukraine | 0.8% | 24,670 |
| Others | 4.7% | 149,299 |
The Cold War period saw the former Soviet Union produce over 377,000 tons of uranium, primarily for use in nuclear reactors and naval fuel. During the 1960s to the 1980s, driven by the demand for nuclear power plants, uranium production sharply increased.
Currently, there are approximately 436 nuclear reactors in operation globally. Following the outbreak of the Russia-Ukraine war, uranium has garnered significant attention due to its role in nuclear weapons. Ukraine, which relies on Russia for uranium, swiftly signed an agreement with Canada after the war broke out. Similarly, Finland’s nuclear reactors are also at risk because these reactors are manufactured by Russian companies and rely on Russian technological expertise.
Furthermore, uranium is not only used for defense purposes but also plays a crucial role in power generation. Nuclear power plants, as a non-fossil fuel energy source, have significant green and low-carbon attributes, with high energy density and stable power generation capacity, capable of independently bearing the responsibility for basic loads. Approximately 19% of electricity in the United States comes from nuclear power plants, while France has 17 nuclear power plants with 58 units, meeting approximately 80% of the country’s electricity demand. Around 10% of global electricity comes from nuclear energy.
