Uranium is one of the most dangerous substances on Earth. In its natural state, it’s only mildly radioactive. But processed, enriched, and positioned in a nuclear warhead, it has the potential to end all life on the planet. On the other hand, in a nuclear power plant, it can generate zero-emission electricity—though at the cost of radioactive waste that lasts thousands of years. We’ll show you the countries that are mining the most uranium and what they are doing with it. 

Key Points

• Uranium is found on every continent, but the largest deposits are in Australia, Kazakhstan, Canada, and Russia.
• There are likely undiscovered substantial deposits under the permafrost of Canada, Greenland, Antarctica, and Siberia that may become recoverable as the planet continues warming. 
• Check out: 2 Dividend Legends To Hold Forever and Discover “The Next NVIDIA

What Is Uranium?

Uranium is a weakly radioactive metal that is found in many parts of the world in low concentrations. It emits alpha, beta, and gamma particles that can be cancer-causing if exposure is intense and long-lasting enough. At weaker concentrations, it is used for nuclear medicine and other research purposes. 

The half-life of uranium is extremely long, ranging from 159,200 to 4.5 billion years, depending on the isotope. This makes it useful for dating the age of geologic strata and estimating the age of the Earth.

When it is processed and enriched, uranium can sustain a fission chain reaction, releasing tremendous amounts of energy. This is the main energy source used in nuclear reactors and nuclear weapons. It takes as little as 15 lbs. of uranium to make an atomic bomb. Uranium is often processed into plutonium first, as this is a more efficient way to get to the high radiation levels necessary for these applications. 

How Valuable is Uranium?

In 2023, the average price of uranium was $48.99 a pound. As of December 2024, it was $77.50. One reason the price has been increasing is renewed interest in nuclear power in some countries as a means of lowering their carbon emissions.

Environmental Hazards of Uranium

Uranium is a double hazard to living things, as both a heavy metal and a radioactive element. It can cause damage to the kidneys, cancers, and potential reproductive problems. Radon gas is one of its decay products. It can drift to local homes and raise radon levels there. Mining and processing uranium can result in radioactive dust contaminating the local air and water. Processed uranium is highly radioactive. Waste from power plants is so dangerous, it needs to be buried securely for thousands of years. So far, only Finland has constructed a suitable long-term repository for nuclear waste. All other countries are accumulating it on-site at nuclear power plants and military bases, awaiting political decisions to build long-term storage.  

Uranium Mining Methods

These are three ways uranium can be mined: 

• Open-pit: For deposits near the surface, rock and soil can be removed to expose the uranium ore.
• Underground: Heavy equipment digs mine shafts and tunnels to reach deep deposits of ore.
• In situ leaching: A chemical solution is pumped into an underground aquifer, dissolving uranium-bearing minerals to be pumped back to the surface. 

Mining Safety Precautions

Uranium mining requires more safety precautions than are typical for other types of mines.

• Mines must meet standards of the Nuclear Regulatory Commission and the Environmental Protection Agency.
• Radiation levels in the air, water, and soil are monitored. Workers wear dosimeters to track how much radiation they have absorbed during the year. 
• Vacuums and water sprayers are used to prevent radioactive dust from going airborne.
• Forced ventilation systems remove contaminated air from mines to protect the workers.
• Miners are required to wear respirators and protective clothing. They change in designated clean rooms to contain contamination from work clothing. 
• Workers regularly drill for emergency situations such as radiation leaks or an individual who is exposed to a heavy dose of radiation. 

World Uranium Production and Reserves

Mining companies around the world produce about 48,000 metric tons of uranium a year. The world uranium reserves (that is, uranium that accessible and of high enough equality) consist of 8.1 million metric tons.  

Top 10 Uranium-Producing Countries

Following are the top 10 uranium-producing countries as of 2022 (data provided by NASDAQ and the World Nuclear Association).

1. Kazakhstan

• Production: 21,227 metric tons
• Reserves: 970,200 metric tons (12% of world reserves)
• Amount of world production: 43%
• This former Soviet republic sells most of its uranium to its two giant neighbors: Russia and China, as well as France and Canada. 

2. Canada

• Production: 7,351 metric tons
• Reserves:694,000 metric tons
• Amount of world production: 9.1% 
• Low prices in the 2010s caused Canadian production to plummet from a high of 14,039 metric tons in 2016. 
• The country has two mines in Saskatchewan that produce high-grade uranium considered to be 100 times better than average. 
• Saskatchewan has a positive attitude toward uranium mining, which has allowed expansion of mining operations there. 
• Canada sells uranium abroad with the stipulation that it can be used only for energy production, not bombs. 
• Most Canadian uranium is sold to the United States.

3. Namibia

• Production: 5,613 metric tons
• Reserves: 504.200 metric tons 
• Amount of world production: 8.8%
• Namibia has 3 uranium mines, two of which are owned by Chinese firms. 
• Its uranium goes primarily to China, France, and Canada. 

4. Australia

• Production: 4,087 metric tons
• Reserves: 2 million metric tons (28% of world uranium)
• Amount of world production: 8.67%
• The country has 3 uranium mines, including Olympic Dam, one of the largest in the world.  
• Nuclear power is controversial so the country relies on coal for its energy needs. But as it places limits on carbon emissions, the possibility of using nuclear energy in the future has increased. 
• Australia sells its uranium only for peaceful purposes. It supplies power plants in the United States, Europe, and Asia. 

5. Uzbekistan

• Production: 3,300 metric tons
• Reserves: 132.300 metric tons 
• Amount of world production: 7.24%
• Japanese and Chinese joint ventures have helped Uzbekistan increase its uranium production. A partnership with a French mining company was announced in 2023. 
• Most of the country’s uranium production is sent to the United States. 

6. Russia

• Production: 2,508 metric tons
• Reserves: 661,900
• Amount of world production: 5.45%
• Russia is in the process of developing new uranium mines. 
• Lax security in Russia’s uranium exports have been a matter of concern in the U.S.
• Demand for Russian uranium has been falling in recent years. Western sanctions on Russia in punishment for its invasion of Ukraine have caused many countries to look elsewhere for a more stable supply. 
• The United States, China, South Korea, and France import the most Russian uranium. 

7. Niger

• Production: 2,020 metric tons
• Reserves: 439,400 metric tons 
• Amount of world production: 5%
• Uranium production, already in decline, was jeopardized further when the military overthew the government in 2023. This is especially concerning to France, which sources 15% of its uranium from Niger. 

8. China

• Production: 1,700 metric tons
• Reserves: 269,700 metric tons 
• Amount of world production: 3.9%
• China has 56 nuclear reactors and is building 31 more to meet the country’s energy needs. 
• China is trying to expand its uranium sourcing by making deals with Kazakhstan, Uzbekistan, and other countries. 

9. India

• Production: 600 metric tons
• Reserves: 415,800 metric tons
• Amount of world production: 1.27%
• India is rapidly developing, economically. It has 23 nuclear reactors and is building 7 more to meet electricity demands. 
• The top buyers of Indian uranium are the United States and Japan. 

10. South Africa

• Production: 200 metric tons
• Reserves: 447,700 metric tons 
• Amount of world production: 5%
• South Africa has 2 nuclear reactors and is the only African country with a commercial nuclear power plant. 
• Production has been in decline for much of the past decade. 
• South Africa exports most of its uranium to other African countries. 

What About the United States?

The United States is number 15 in uranium production.

• Production: 8 metric tons
• Reserves: 101,900 metric tons 
• Amount of world production: .02%
• The U.S imports most of the uranium it uses for its 54 commercial power plants. 

Future Uranium Deposits

Geologists think that large uranium deposits might be hidden under the permafrost of the Canadian Arctic, Greenland, Siberia, and Antarctica. As the planet continues to warm and the ice caps melt, more of these reserves might become available for mining. 

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.