Uranium supply and demand

According to the latest report from the Nuclear Energy Agency,^a in 2023, total recoverable uranium resources of economic interest exceeded 7.9 million metric tons (Table I). Australia, Kazakhstan, Canada, Russia, and Namibia are the top five countries, accounting for a combined 61.3%, while the U.S. is ranked #13 at 1.5% of the total.

Table I. Uranium recoverable resources, 2023. Credit: Nuclear Energy Agency

In 2023, Kazakhstan, Canada, and Namibia were the three top producers of uranium (intended as uranium before enrichment), accounting for 71.9% of the total (Table II). Globally, 54,345 metric tons of uranium (tU) were mined and leached, corresponding to a 9.8% increase year-over-year. In recent years, the gap between production and demand was filled up by existing stockpiles and spent fuel reprocessing.

Table II. Uranium production, 2023. Credit: Nuclear Energy Agency

The Nuclear Energy Agency states that there are currently 438 commercial nuclear reactors operating worldwide and 58 under construction.^a In 2025, these reactors will consume 59,779 tU at a minimum. At this rate, existing resources will last 132 years (Table III).

Table III. Uranium demand, 2025–2050 (metric tons). Credit: Nuclear Energy Agency

Considering that consumption of uranium for power plants is projected to grow significantly through 2050, and that uranium finds application in other fields besides nuclear power stations, such as medicine, space exploration, naval propulsion, and defense, analysts expect that uranium reserves will be more likely depleted within the next 90 years. However, this projection may be extended if nuclear energy becomes more reliant on alternative materials (e.g., thorium), recycling, and new generations of advanced reactors that make a more efficient use of nuclear fuels.

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