The world’s reactors need roughly 69,000 tonnes of uranium a year. Mines produced about 60,000 tonnes in 2024. The difference, and how it is filled, is the heart of the uranium market.
Demand: reactor requirements
According to the World Nuclear Association (data as of September 30, 2026), 441 operable reactors with 404 GWe of capacity generated 2,701 TWh in 2025 — about 9% of global electricity — and required 68,920 tU. The largest users are the United States (19,011 tU), China (13,872 tU), France (8,389 tU) and South Korea (4,703 tU).
Demand is predictable in the short run (reactors run for decades and refuel on schedules) but grows with each new reactor: 81 are under construction, 122 planned and 336 proposed. A new reactor also needs an initial core of fuel two to three times larger than a normal annual reload.
Supply: mine production
| Country | 2023 (tU) | 2024 (tU) | Share 2024 |
|---|---|---|---|
| Kazakhstan | 21,109 | 23,270 | 39% |
| Canada | 11,001 | 14,309 | 24% |
| Namibia | 6,986 | 7,333 | 12% |
| Australia | 4,693 | 4,598 | 8% |
| Uzbekistan (est.) | 4,000 | 4,000 | 7% |
| Russia | 2,710 | 2,738 | 5% |
| World | 54,433 | 60,213 | 100% |
Production is highly concentrated: five companies — Kazatomprom (21%), Cameco (17%), Orano (11%), Uranium One (10%) and CGN (10%) — produced about two-thirds of the world’s uranium in 2024. The two largest mines, McArthur River/Key Lake and Cigar Lake in Saskatchewan, together produced over 14,000 tU.
The gap: secondary supply
In 2024 mines covered about 90% of reactor requirements (83% in 2023). The rest came from secondary sources:
- Inventories held by utilities, governments and traders, built up over decades.
- Underfeeding — enrichment plants with spare capacity use more separative work and less uranium feed, freeing up natural uranium.
- Down-blended weapons material and reprocessed uranium — historically large (the US–Russia Megatons to Megawatts programme ended in 2013), now smaller.
Secondary supply is shrinking, and enrichment capacity is tight because of restrictions on Russian supply, which reduces underfeeding. That is why analysts focus on how much new mine production will be needed in the 2030s.
Why the long-term price matters
New mines take ten years or more to discover, permit and build, and need contract prices high enough to finance construction. The long-term price indicator reached a record $96.50/lb in August 2026 (Cameco/UxC/TradeTech), up from $68 at the end of 2023. Utilities’ uncovered requirements — future needs not yet under contract — grow sharply after 2030, which is why producers such as Kazatomprom have chosen to keep production below capacity until contract terms improve.
Risks to the supply outlook
- Kazakhstan — sulphuric acid availability, export routes through Russia or across the Caspian, and tax changes. See Kazakhstan uranium mining.
- Niger — the SOMAIR nationalisation and arbitration with Orano.
- Project execution — restarts and new mines (Langer Heinrich, Honeymoon, US ISR projects) have faced ramp-up delays.
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This article is general information, not investment advice. Figures are as of the dates stated and can change.
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