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70 Years of Global Uranium Production by Country

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uranium production by country

70 Years of Global Uranium Production by Country

Uranium was discovered just over 200 years ago in 1789, and today, it’s among the world’s most important energy minerals.

Throughout history, several events have left their imprints on global uranium production, from the invention of nuclear energy to the stockpiling of weapons during the Cold War.

The above infographic visualizes over 70 years of uranium production by country using data from the Nuclear Energy Agency.

The Pre-nuclear Power Era

The first commercial nuclear power plant came online in 1956. Before that, uranium production was mainly dedicated to satisfying military requirements.

In the 1940s, most of the world’s uranium came from the Shinkolobwe Mine in the Belgian Congo. During this time, Shinkolobwe and Canada’s Eldorado Mine also supplied uranium for the Manhattan Project and the world’s first atomic bomb.

However, the end of World War II marked the beginning of two events that changed the uranium industry—the Cold War and the advent of nuclear energy.

Peak Uranium

Between 1960 and 1980, global uranium production increased by 53% to reach an all-time high of 69,692 tonnes. Here’s a breakdown of the top uranium producers in 1980:

Country1980 Production (tonnes U)% of Total
U.S. 🇺🇸16,81124%
USSR15,70023%
Canada 🇨🇦 7,15010%
South Africa 🇿🇦 6,1469%
East Germany 🇩🇪 5,2458%
Niger 🇳🇪 4,1206%
Namibia 🇳🇦 4,0426%
France 🇫🇷 2,6344%
Czechoslovakia 🇨🇿2,4824%
Australia 🇦🇺 1,5612%
Other 🌎 3,8015%
Total69,692100%

Several factors drove this rise in production, including the heat of the Cold War and the rising demand for nuclear power. For example, the U.S. had 5,543 nuclear warheads in 1957. 10 years later, it had over 31,000, and the USSR eventually surpassed this with a peak stockpile of around 40,000 warheads by 1986.

Additionally, the increasing number of reactors worldwide also propelled uranium production to new highs. In 1960, 15 reactors were operating globally. By 1980, this number increased to 245. What’s more, after the Oil Crisis in 1973, nuclear power emerged as a viable alternative to fossil fuels, and the price of uranium tripled between 1973 and 1975. Although the increase in uranium production was less dramatic, high prices made mining more profitable.

However, several nuclear accidents in the world such as the Three Mile Island reactor meltdown in the U.S. in 1979 and the Chernobyl disaster in Ukraine in 1986 brought a stop to the rapid growth of nuclear power. Furthermore, following the end of the Cold War, military stockpiles of uranium were used as “secondary supply”, reducing the need for mine production to some extent. As a result, uranium production declined sharply after 1987.

The Current State of Uranium Mining

Uranium producers have changed considerably over time. Since the economic viability of uranium deposits often depends on the market price, many countries have dropped out due to lower uranium prices, while others have entered the mix.

Here are the top 10 uranium-producing countries based on 2019 production:

Country2019 Production (tonnes U)% of Total
Kazakhstan 🇰🇿 22,80842%
Canada 🇨🇦 6,94413%
Australia 🇦🇺 6,61312%
Namibia 🇳🇦 5,1039%
Uzbekistan 🇺🇿 3,5006%
Niger 🇳🇪 3,0536%
Russia 🇷🇺 2,9005%
China 🇨🇳 1,6003%
Ukraine 🇺🇦 7501%
India 🇮🇳 4001%
Other 🌎 5531%
Total54,224100%

Kazakhstan has been the world’s leading uranium producer since 2009. In 2019, Kazakhstan mined more uranium than Canada, Australia, and Namibia combined, making up 42% of global production. It’s also worth noting that Kazakhstan, Uzbekistan, Russia, and Ukraine—four countries that were formerly part of the USSR—made it into the top 10 list.

Canada was the world’s second-largest producer of uranium despite production cuts at the country’s biggest uranium mines. Australia ranked third with just three uranium-producing mines including Olympic Dam, the world’s largest known uranium deposit.

Overall, the top 10 countries accounted for 99% of global uranium production, and the majority of this came from the top three. However, global production has been on a downward trend since 2016, with a slight bump in 2019.

The Future of Uranium Production: Up or Down?

The uranium market is at an inflection point, with tightening supply and rising demand.

As of 2020, mine production covered only 74% of world reactor requirements, and analysts expect the market deficit to continue through 2022. Although secondary sources have historically filled the gap between demand and supply, recent developments in the uranium market have driven prices to six-year highs, which could also affect uranium production.

In addition, the shift towards clean energy could provide a boost to uranium demand, especially because of the advantages of nuclear power. With countries like China embracing nuclear energy and others planning for complete phase-outs, nuclear’s evolving role in the global energy mix will likely shape the future of uranium production.

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Energy Shift

Visualized: The Growth of Clean Energy Stocks

Visual Capitalist partnered with EnergyX to analyze five major clean energy stocks and explore the factors driving this growth.

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This line chart shows the growth of clean energy stocks and hints at their cumulative five-year returns.

The Growth of Clean Energy Stocks

Over the last few years, energy investment trends have shifted from fossil fuels to renewable and sustainable energy sources. Long-term energy investors now see significant returns from clean energy stocks, especially compared to those invested in fossil fuels alone.

For this graphic, Visual Capitalist has collaborated with EnergyX to examine the rise of clean energy stocks and gain a deeper understanding of the factors driving this growth.

Sustainable Energy Stock Performance

In 2023, the IEA reported that 62% of all energy investment went toward sustainable sources. As the world embraces sustainable energy and technologies like EVs, it’s no surprise that clean energy companies provide solid returns for their investors over long periods.

Taking the top-five clean energy stocks by market cap (as of April 2024) and charting their five-year cumulative returns, it is clear that investments in clean energy are growing:

CompanyPrice: 01/04/2019Price: 12/29/20245-Year-Return %
First Solar, Inc.$46.32$172.28272%
Enphase Energy, Inc.$5.08$132.142,501%
Consolidated Edison, Inc.$76.55$90.9719%
NextEra Energy, Inc.$43.13$60.7441%
Brookfield Renewable Partners$14.78$26.2878%
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But how does this compare to the performance of fossil fuel stocks?

When comparing the performance of the S&P Global Oil Index and the S&P Clean Energy Index between 2019 and 2023, we see that the former returned 15%, whereas the latter returned an impressive 41%. This trend demonstrates the potential for clean energy stocks to yield significant returns on an industry level, sparking optimism and excitement for potential investors.

A Shift In Returns

With global investment trends moving away from traditional, non-sustainable sources, the companies that could shape the energy transition provide investors with alternative opportunities and avenues for growth.

One such company is EnergyX. The lithium technology company has patented a groundbreaking technology that can improve lithium extraction rates by an incredible 300%, and its stock price has grown tenfold since its first offering in 2021.

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Energy Shift

Visualized: A Decade of Clean Energy Investment

In this graphic, Visual Capitalist has partnered with EnergyX to explore the growth of global clean energy investment.

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Visualized: A Decade of Clean Energy Investment

Global energy investment is growing every year. But recently, investments in clean energy have been significantly outpacing investments in fossil fuels.

For this graphic, we partnered with EnergyX to explore how global energy investment has changed and learn how investments in clean energy are starting to pay off for their investors.

The Rise of Sustainable Energy Investment

Propelled by various climate initiatives such as the Paris Agreement and the widespread adoption of EVs, global investment in sustainable energy surged to over $1.7 trillion in 2023, the highest ever, and the IEA projects that this growth could continue:

Energy Product20202021202220232030F
Clean Electrification$0.97T$1.05$1.21T$1.34T$1.65T
Low-Emission Fuels$0.01T$0.01$0.01T$0.02T$0.05T
Energy Efficiency$0.28T$0.35$0.39T$0.38T$0.49T
Clean Energy Total$1.26T$1.41T$1.61T$1.74T$2.19T
Natural Gas$0.26T$0.27T$0.31T$0.32T$0.35T
Oil$0.42T$0.48T$0.52T$0.55T$0.60T
Coal$0.16T$0.16T$0.18T$0.18T$0.11T
Fossil Fuel Total$0.84T$0.91T$1.01T$1.05T$1.06T
Total Energy Investment$2.10T$2.32T$2.62T$2.79T$3.25T
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Between 2020 and 2030, global investment in sustainable energy could increase by 74% to nearly $2.2 trillion, compared to just 26% additional investment in fossil fuels, with a forecast total of $1.06 trillion. This shows that sustainability is the future of energy investment.

Sustainable Investor Success Stories

While the growing investments in clean energy show that the world embraces sustainability, energy investors will still look for decent returns. Now, in 2024, clean energy investments are beginning to bear fruit. Here are just a few examples:

  • Between 2019 and 2023, Tesla had a cumulative return of 1,073%
  • NextEra Energy’s quarterly dividend increased by over 10% as of February 2024
  • Investors in EnergyX have 10x’ed their investments since the company’s first offering in 2021

Lithium plays a critical role in powering electric vehicles (EVs) and facilitating the transition to sustainable energy. EnergyX has patented technology that enhances lithium extraction rates by up to 300%, contributing to meeting the growing demand for lithium and fueling the EVs of the future.

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