The uranium market is dominated by a handful of nations and companies that control the majority of global production. Kazakhstan leads the pack, producing over 40% of the world’s uranium supply.
We at Natural Resource Stocks have analyzed the biggest uranium producers to give you a complete picture of this strategic industry. From state-owned giants to private mining corporations, these players shape nuclear fuel availability worldwide.
Which Countries Control Global Uranium Supply?
Kazakhstan Dominates World Production
Kazakhstan controls the global uranium market with 21,227 tonnes produced in 2022 (World Nuclear Association data). This output represents 43% of total world production, which makes the country essential for nuclear reactor fuel supplies worldwide.
The nation achieves this dominance through extensive in-situ leach operations that extract uranium with chemical solutions instead of conventional underground methods. Kazatomprom, the state-owned operator, produced 12,463 tonnes in 2024 alone-21% of global output from a single company.
Kazakhstan holds 13% of world uranium reserves, which provides decades of stable production capacity. This resource base positions the country as the long-term leader in uranium supply chains.
Canada Maintains Second Position
Canada produced 7,351 tonnes in 2022, capturing 14.89% of global uranium supply. The McArthur River and Cigar Lake mines in Saskatchewan’s Athabasca Basin extract some of Earth’s highest-grade uranium ore (with concentrations up to 20% compared to the global average of 0.1%).
Cameco Corporation operates these premium facilities and delivered 10,193 tonnes in 2024, making it the world’s second-largest uranium producer. The company’s Cigar Lake mine alone produces 18 million pounds annually, demonstrating Canada’s production efficiency.
Australia and Namibia Complete the Top Tier
Australia possesses 28% of global uranium reserves but ranks fourth in actual production with 4,553 tonnes in 2022. BHP’s Olympic Dam mine produced 2,180 metric tons in fiscal 2025, though output dropped 18% due to lower ore concentrations in current extraction areas.
Namibia rounds out the leading producers with 5,613 tonnes in 2022 (11.37% of world supply). The Rössing and Husab mines drive this output, with Husab becoming one of the world’s largest uranium operations since full production began.
These four nations control approximately 75% of global uranium production, creating a concentrated supply structure that major mining companies leverage through strategic partnerships and joint ventures.
Which Companies Control Uranium Production?
Kazatomprom Leads Global Output
Kazatomprom dominates global uranium production with 12,286 tonnes in 2024, which represents 21% of world output. The state-owned Kazakhstani company operates 26 deposits across the country and uses in-situ leach methods to extract uranium efficiently from underground reserves.
The company maintains strategic partnerships with international firms such as Cameco and Orano. These joint ventures provide international investors with exposure to Kazakhstan’s massive uranium reserves through established mining operations. Kazatomprom trades on the London Stock Exchange with a market capitalization of $15.09 billion.
Cameco Corporation Focuses on High-Grade Operations
Cameco Corporation ranks second with 10,193 tonnes produced in 2024. The Canadian company operates premium facilities that extract uranium from ore grades in excess of 0.10% (compared to the global average of 0.1%). This concentration advantage delivers superior profit margins per tonne extracted.
The company’s Cigar Lake mine produces 18 million pounds annually from Saskatchewan’s Athabasca Basin. McArthur River adds another 8.3 million pounds, though production schedules depend on uranium market conditions. Cameco’s $36.20 billion market cap makes it the most liquid uranium stock available to investors.
Orano Operates Across Multiple Continents
Orano completes the top three producers with 6,815 tonnes in 2024. The French company operates mines across Niger, Kazakhstan, and Canada, which creates geographic diversification that reduces single-country political risks.
However, Orano’s Niger operations face security challenges that affect production reliability. The company’s diverse portfolio spans three continents, but investors should monitor geopolitical developments in West Africa that could impact future output levels.
These three companies control approximately 50% of global uranium production, which creates significant market concentration. Their operations span from Kazakhstan’s vast in-situ projects to Canada’s high-grade underground mines, each facility contributing unique advantages to the global uranium supply chain.
Which Mining Projects Drive Global Uranium Supply?
Cigar Lake Sets Production Standards
Cigar Lake mine in Saskatchewan has produced a total of 155.4 million pounds since commissioning in 2014, with commercial operation beginning in May 2015. This Canadian facility operates through underground extraction methods that freeze surrounding ground to prevent radioactive water contamination during operations. Cameco Corporation operates this facility with a 50.025% ownership stake, while Orano holds 37.1% and Idemitsu Uranium Exploration Canada owns 7.875%.
The mine’s exceptional ore quality reaches 20% uranium concentration, which makes it the world’s most productive single uranium facility. Production costs remain below $15 per pound due to exceptional ore quality. This creates substantial profit margins when spot prices exceed $80 per pound.
Olympic Dam Faces Ore Quality Challenges
Olympic Dam in South Australia produced 2,180 metric tons in fiscal 2025, down 18% from previous years due to lower uranium concentrations in current areas. This integrated copper-uranium operation extracts uranium as a byproduct, which means production levels depend on copper demand rather than uranium market conditions.
The facility processes approximately 11 million tonnes of ore annually through underground block cave methods. Current uranium recovery rates average 0.027% compared to historical levels above 0.035%. BHP must process larger volumes of rock for equivalent uranium output. The company projects marginal production increases around 1% annually, but investors should expect continued volatility in output levels.
Kazakhstan Projects Use In-Situ Technology
Inkai joint venture between Kazatomprom and Cameco produces approximately 5.5 million pounds annually through in-situ leach operations that pump chemical solutions underground to dissolve uranium ore. This method reduces environmental disruption compared to conventional operations but requires specific geological conditions found across Kazakhstan’s uranium belt.
Tortkuduk project operates through similar technology with annual capacity that exceeds 2,000 tonnes of uranium production. These facilities achieve costs below $25 per pound through automated extraction systems that require minimal labor compared to underground operations. Production schedules at both projects depend on global uranium demand, with operators who adjust output based on long-term contract commitments rather than spot market fluctuations.
Final Thoughts
The biggest uranium producers control a highly concentrated global market where just four countries supply 75% of world output. Kazakhstan dominates with 43% of production, while Canada operates high-grade facilities and Australia holds vast reserves that shape nuclear fuel availability worldwide. Kazatomprom, Cameco, and Orano collectively produce half of global uranium through strategic operations that span multiple continents.
These companies leverage advanced extraction technologies from in-situ leach methods in Kazakhstan to underground operations in Canada’s Athabasca Basin. Market trends point toward sustained demand growth as over 20 countries commit to triple nuclear capacity by 2050. Global uranium production increased 4% from 2020 to 2023, while exploration expenditures doubled to $840 million (reflecting rising uranium prices and renewed nuclear energy interest driven by climate goals).
The uranium sector presents compelling investment opportunities through both individual stocks and diversified approaches. Major producers maintain strong market positions through technological advantages and strategic resource control. We at Natural Resource Stocks provide expert analysis and market insights to help investors navigate this strategic energy sector effectively.
