Global uranium production to increase 11.7% in 2024  — report

Global uranium production is expected to grow by 11.7% to more than 60.3 kilotonnes (kt) in 2024, according to estimates by UK-based analytics firm GlobalData, with the production rise predominantly coming from key producers such as Kazakhstan and Canada.

Kazakhstan is expected to deliver the highest uranium production growth in 2024, GlobalData says, driven by the planned higher output from the country’s largest uranium producer Kazatomprom. The continuous ramp-up of Canada’s McArthur River uranium mine will also contribute to the global increase, it adds.

Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company’s plan to produce between 21.2-21.6kt on a 100% basis, while production is expected to increase to between 25.9-26.7kt with no restrictions in 2025.

Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada’s McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043.

Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.

Read More: Uranium price jumps to 15-year high as top miner flags shortfall