Analyst comment

Kazakhstan, Canada to boost global uranium production in 2024

Global uranium production is expected to grow in 2024 fuelled by increasing output from Kazakhstan and Canada.

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Uranium concentrate at a processing facility in Kazakhstan. Credit: Daniel Acker/Bloomberg via Getty Images

Global uranium production is expected to grow by 11.7% to over 60.3Mt in 2024. The increase will predominantly be fuelled by rising output from key producers such as Kazakhstan and Canada.

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

Kazakhstan accounted for 37.3% (20.1kt) of the 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 25.9-26.7kt with no restrictions in 2025.

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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 (CNSC) renewed the licenses for McArthur River for another 20 years, allowing the McArthur River to continue operations until October 2043.

Looking ahead, global uranium production is expected to grow with a compound annual growth rate (CAGR) of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.