The World's Leading Uranium-Producing Nations: Which Country Tops Global Output?

Which country has the most uranium? The answer is clear and decisive: Kazakhstan dominates global uranium production, leaving all other nations far behind. Since establishing itself as the world’s top producer in 2009, Kazakhstan has maintained an unshakeable lead in the worldwide uranium market, accounting for nearly half of all global uranium mined today.

A Decade of Market Volatility and Recovery

Global uranium production has experienced dramatic swings over the past ten years. After peaking at 63,207 metric tons in 2016, the industry faced significant headwinds. Persistent oversupply, coupled with weak spot prices and declining demand following Japan’s 2011 Fukushima nuclear disaster, rendered numerous uranium operations economically unviable. By 2022, world uranium production had contracted to just 49,355 metric tons—a substantial decline from its earlier peak.

However, the tide began turning in 2021. A renewed global focus on nuclear energy as a clean, low-carbon power source sparked investor interest and production restart initiatives across major mining regions. Early 2024 witnessed a dramatic price surge, with uranium reaching $106 per pound—a 17-year high—as supply concerns mounted from major producers like Kazakhstan’s Kazatomprom. Though prices subsequently moderated to approximately $70 per pound by mid-2025, market analysts remain bullish, citing an ongoing supply-demand imbalance that could sustain elevated prices long-term.

Nuclear power now generates roughly 10 percent of global electricity, with expectations for this share to grow significantly. Investors seeking exposure to uranium’s multiyear bull market thesis are increasingly focused on understanding where the world’s uranium supply actually comes from and which countries control this critical resource.

Kazakhstan: An Unrivaled Uranium Superpower

When examining which country has the most uranium reserves and production, Kazakhstan emerges as the undisputed champion. In 2022, Kazakhstan produced 21,227 metric tons of uranium—an astounding 43 percent of worldwide supply. The nation’s proven recoverable uranium resources totaled 815,200 metric tons in 2021, second only to Australia among all nations globally.

Kazakhstan’s uranium industry relies heavily on in-situ leaching technology, a method that allows cost-effective extraction from deep deposits. The country’s national champion, Kazatomprom, ranks as the world’s largest uranium producer and operates projects and partnerships across multiple international jurisdictions.

Kazatomprom’s flagship operation is the Inkai in-situ recovery mine, a 60/40 joint venture with Canadian mining major Cameco. In 2023 alone, Inkai produced 8.3 million pounds of uranium oxide concentrate. Production faced a brief interruption in early 2025 due to regulatory delays that were subsequently resolved. Beyond existing operations, Kazatomprom announced in May 2025 that a joint venture controlled 40 percent by its subsidiary secured $189 million in financing from Kazakhstan’s Development Bank to construct an 800,000-ton-per-year sulfuric acid facility in the Turkestan region, with operations expected by Q1 2027.

News in 2024 that Kazatomprom might miss production targets for the year and beyond significantly contributed to uranium price strength. Supply concerns centered on the world’s leading producer directly influenced market dynamics throughout the year.

Canada and Namibia: Secondary but Significant Players

Canada produced 7,351 metric tons of uranium in 2022, solidifying its position as the world’s second-largest uranium nation. However, this figure represented a sharp decline from Canada’s 2016 peak of 14,039 metric tons, reflecting years of mine closures driven by economically uncompelling uranium prices throughout the late 2010s.

Canadian uranium production has rebounded since bottoming in the early 2020s. The province of Saskatchewan hosts two of the planet’s premier uranium operations: the Cigar Lake and McArthur River mines, both operated by Cameco. These properties contain uranium grades approximately 100 times higher than the global average, making them extraordinarily high-value assets despite challenging extraction conditions.

Cameco shuttered McArthur River in 2018 but returned to full production in November 2022. In 2023, Cameco produced 17.6 million pounds of uranium—equivalent to 7,983 metric tons—below its original guidance of 20.3 million pounds. However, 2024 proved far more successful, with production climbing to 23.1 million pounds and surpassing company guidance. For 2025, Cameco plans to generate 18 million pounds at both McArthur River/Key Lake and Cigar Lake combined.

Saskatchewan’s Athabasca Basin, renowned globally for world-class uranium deposits and mining-friendly regulatory frameworks, has established the province as an international uranium leader. The region continues to attract exploration activity, with companies pursuing new discoveries alongside established operations.

Namibia, the third-largest uranium producer, generated 5,613 metric tons in 2022. The southern African nation has experienced steadily increasing production since hitting a low of 2,993 metric tons in 2015. In 2020, Namibia surpassed longtime leader Canada, and briefly captured the second-place position in 2021 before sliding back behind Canada in 2022.

Namibia hosts three critical uranium operations: Langer Heinrich, Rössing, and Husab. Paladin Energy owns and operates Langer Heinrich, having brought the idled mine back to commercial production in Q1 2024 after initially taking it offline in 2017. Paladin initially forecast fiscal 2025 output between 4 and 4.5 million pounds of uranium oxide but revised that estimate downward to 3 to 3.6 million pounds in November 2024 due to ore stockpile inconsistencies and water supply challenges. Following additional disruptions from heavy rains in March 2025, Paladin withdrew its guidance entirely and faces two class-action lawsuits relating to the guidance changes.

Rio Tinto divested its controlling stake in the Rössing mine to China National Uranium in 2019. Rössing holds the distinction of being the world’s longest-operating open-pit uranium mine, with recent expansion efforts potentially extending operations to 2036. The Husab mine, majority-owned by China General Nuclear, ranks among the world’s largest uranium facilities by output. Ongoing exploration of heap leach technology for lower-grade ore processing could further boost regional production, with pilot project results anticipated in 2025.

Australia, Uzbekistan, and Russia: Established Suppliers

Australia produced 4,087 metric tons of uranium in 2022, down significantly from 6,203 metric tons in 2020. The island nation commands 28 percent of world uranium reserves, making it among the most resource-rich uranium nations. Uranium mining remains politically contentious in Australia, which currently deploys no nuclear power domestically despite this resource abundance.

BHP operates Olympic Dam, containing the world’s largest known uranium deposit. Though uranium appears as a byproduct at Olympic Dam, the operation’s massive scale makes it the fourth-largest uranium-producing mine globally, having generated 3,603 metric tons of uranium oxide concentrate in BHP’s 2024 fiscal year.

Uzbekistan produced 3,300 metric tons in 2022, having entered the top five in 2020. The Central Asian nation’s output has grown gradually since 2016 through partnerships involving Japanese and Chinese entities. Navoiyuran, spun out from state-owned Navoi Mining and Metallurgy Combinat in 2022 during a restructuring, oversees all domestic uranium mining and processing.

Uzbekistan continues attracting international investment and strategic partnerships. French uranium producer Orano announced collaboration in November 2023, while China Nuclear Uranium partnered in March 2024. Orano and Uzbekistan’s state uranium company formed the Nurlikum Mining joint venture in 2019 on a 51/49 basis to develop the South Djengeldi project. In early 2025, Japan’s ITOCHU joined the venture with an undisclosed minority stake. South Djengeldi, situated in the Kyzylkum Desert, is projected to produce up to 700 metric tons annually, with an exploration program targeting resource doubling.

Russia ranked sixth globally with 2,508 metric tons produced in 2022. Output has remained relatively steady since 2011, typically ranging between 2,800 and 3,000 metric tons annually. Rosatom, operating under ARMZ Uranium Holding, manages Russia’s Priargunsky mine and develops the Vershinnoye deposit in Southern Siberia. Russian production declined by 211 metric tons in 2021 and another 127 metric tons in 2022, contrary to earlier expectations for growth. However, in 2023, Russia exceeded production targets by 90 metric tons. Rosatom is developing Mine No. 6, projected to begin uranium extraction in 2028.

Russian uranium has remained controversial, particularly following the U.S. Section 232 investigation into security risks from Russian uranium imports initiated in 2018. Russia’s ongoing military operations in Ukraine have further prompted global reassessment of nuclear supply chain vulnerability and diversification strategies.

Emerging and Declining Producers

Niger produced 2,020 metric tons in 2022, having experienced steady year-on-year declines throughout the preceding decade. The West African nation hosts the producing SOMAIR uranium mine and formerly productive COMINAK operation, collectively representing 5 percent of global uranium supply through Orano subsidiaries.

Niger’s political situation significantly impacts uranium supply considerations. The nation supplies 15 percent of France’s uranium requirements and approximately one-fifth of European Union imports. A military coup in the country heightened supply security concerns. In January 2024, Niger’s military government announced intentions to overhaul the national mining industry, temporarily halting new mining license approvals and revising existing licenses to increase state revenue participation.

Mid-2024 saw Niger’s government revoke GoviEx Uranium’s Madaouela mining license and cancel Orano’s operating permit for the Imouraren project. The government granted a small-scale mining permit to state-owned COMIREX for the Moradi uranium project in February 2025, enhancing national control over Agadez Region uranium resources.

Global Atomic remains active in Niger, developing its Dasa project with plans to commission the processing facility by early 2026. These developments highlight how geopolitical factors can substantially influence uranium supply calculations.

China produced 1,700 metric tons in 2022, up 100 metric tons from 2021. The country’s output grew from 885 metric tons in 2011 to 1,885 metric tons in 2018, subsequently holding relatively steady. China General Nuclear Power, the nation’s sole domestic uranium supplier, is expanding nuclear fuel supply relationships with Kazakhstan, Uzbekistan, and additional foreign uranium companies.

China pursues a diversified uranium sourcing strategy: one-third from domestic producers, one-third through foreign equity stakes and overseas joint ventures, and one-third through open-market purchases. The Chinese mainland operates 56 nuclear reactors with 31 under construction. In May 2025, Chinese scientists announced successful uranium extraction from seawater using innovative hydrogel beads and uranium-binding compounds manufactured from candle wax. The team aims to construct a demonstration facility by 2035, potentially unlocking vast oceanic uranium reserves to support future nuclear growth.

India produced 600 metric tons of uranium in 2022, matching 2021 output levels. The country currently operates 25 nuclear reactors with eight under construction. India’s Minister for Power released targets in 2025 aimed at expanding nuclear capacity to 100 gigawatts by 2047, with the government committed to substantial nuclear infrastructure development alongside coal-to-nuclear transition planning.

South Africa generated 200 metric tons in 2022, surpassing Ukraine—whose production had been constrained by Russian military actions—to secure tenth-place global ranking. South Africa’s uranium output peaked at 573 metric tons in 2014, reflecting a decade-long declining trend. Nevertheless, the nation holds 5 percent of global uranium reserves, occupying sixth place internationally.

Sibanye-Stillwater and C5 Capital, a specialized advanced nuclear energy investment firm, recently announced a strategic partnership to explore and develop uranium projects and advanced nuclear facilities in South Africa and globally. The collaboration targets uranium resources in tailings from Sibanye-Stillwater’s Cooke and Beatrix gold operations, aiming to supply advanced small modular reactor fuel.

Looking Ahead: Supply Dynamics and Investment Implications

Understanding which country has the most uranium production is essential for investors, policymakers, and energy analysts alike. Kazakhstan’s commanding 43-percent share of global production, combined with its proven reserves and established operational capabilities, positions it as the indispensable foundation of the worldwide uranium supply chain.

However, the industry is experiencing meaningful structural change. Production restarts across Canada, Namibia, and smaller players are gradually diversifying global supply. China’s technological innovations in seawater uranium extraction and multinational partnerships promise long-term supply expansion. Geopolitical tensions—whether Russia-Ukraine related or emerging in Africa—underscore how concentrated uranium supply remains and why security concerns persist.

For the nuclear power sector to achieve its ambitious expansion targets, sustained production growth from current leading producers like Kazakhstan must be complemented by successful ramp-ups across secondary and tertiary producers. The answer to which country has the most uranium today—Kazakhstan, unquestionably—could shift meaningfully if competing producers execute their development plans successfully over the coming decade.