Uranium Spot Price (U3O8)
Monthly U3O8 spot price, January 2010 through April 2026, end-of-month consensus across UxC, Numerco, and TradeTech indicators. Spot represents ~10-20% of annual volume; utilities source roughly 80% of fuel through multi-year term contracts at separately negotiated prices. Annotations mark Fukushima (Mar 2011), the Dec 2016 cycle low, Sprott Physical Uranium Trust launch (Jul 2021), Cigar Lake flood (Jun 2021), the Niger coup (Jul 2023), the cyclical peak (Jan 2024), PRUIA signing (May 2024), and Kazatomprom sulfuric-acid disruption (Aug 2024). Sources: Cameco market overview, Numerco, TradeTech, UxC, Sprott NAV.
Annual Uranium Mine Production by Country
Annual uranium mine production by country, 2014-2024, in tonnes uranium contained. Primary production only (excludes secondary supply from HEU downblending, MOX, government stockpile drawdowns). Kazakhstan 2024 reflects roughly a 17% shortfall vs Kazatomprom guidance from sulfuric acid supply constraints; Niger production declined sharply post Jul 2023 coup with Cominak already closed in 2021 and Somair curtailed. Asterisk (*) marks producers in jurisdictions subject to Western sanctions or export controls (Russia, China), included for supply-chain transparency. Sources: World Nuclear Association, IAEA / OECD-NEA Red Book 2022, Kazatomprom 2024 AR, Cameco 2024 AR, Paladin Energy FY24, Orano 2024.
Top Uranium Producers and Developers
| Company | Ticker | Country | FY24 Production (tU)▼ | Reserves (Mlb U3O8) | Market Cap ($B) | Status | Investability |
|---|---|---|---|---|---|---|---|
| Kazatomprom | KAP.IL / KAP.KZ | Kazakhstan | 13,000 | 1,450 | $12.10 | operational, world's largest producer | investable |
| Cameco Corporation | CCJ / CCO.TO | Canada | 7,800 | 469 | $27.60 | operational, Westinghouse fuel services JV with Brookfield | investable |
| Orano | private (French state 90%) | France | 2,900 | 720 | n/a | operational, vertically integrated through conversion + enrichment + fuel fabrication | not investable |
| ARMZ Uranium Holding | Rosatom subsidiary | Russia | 2,600 | 1,200 | n/a | operational, Rosatom state subsidiary | restricted |
| CGN Mining (China General Nuclear) | 1164.HK | China | 1,900 | 470 | $2.40 | operational, parent CGN sanctioned by US Entity List (2019) | restricted |
| Paladin Energy | PDN.AX | Australia (Namibia operations) | 1,450 | 165 | $2.60 | operational, restart phase | investable |
| Boss Energy | BOE.AX | Australia | 280 | 41 | $1.10 | operational, restart phase | investable |
| Uranium Energy Corp | UEC | United States | 90 | 80 | $3.20 | operational, restart phase | investable |
| Energy Fuels | UUUU | United States | 75 | 28 | $1.10 | operational | investable |
| Ur-Energy | URG | United States | 55 | 17 | $0.35 | operational | investable |
| enCore Energy | EU | United States | 35 | 90 | $0.40 | operational, restart phase | investable |
| NexGen Energy | NXE | Canada | pre-production | 257 | $4.80 | developer, Rook I FID pending federal license | investable |
| Denison Mines | DNN | Canada | pre-production | 75 | $1.70 | developer | investable |
| Global Atomic | GLO.TO | Canada (Niger operations) | pre-production | 73 | $0.12 | developer, political risk | investable |
| Sprott Physical Uranium Trust | U.UN / SRUUF | Canada (vehicle) | pre-production | 81 | $7.10 | physical commodity trust | investable |
15 top global uranium producers and key developers, FY 2024 production (attributable basis where JV structures apply). Reserves on attributable basis (Mlb U3O8). Market caps as of 2026-05-14 close, USD. Sprott Physical Uranium Trust included for completeness of the supply-demand picture (holds ~62 Mlb U3O8 physical inventory). Sources: Kazatomprom 2024 AR, Cameco 2024 AR, Orano 2024, NexGen Arrow NI 43-101, Paladin FY24, Boss Energy, UEC, Energy Fuels, Denison, Sprott NAV, US Entity List (CGN).
UF6 Conversion Capacity by Operator
Western chokepoint. Cameco Port Hope, Orano Comurhex II, and ConverDyn Metropolis are the only Western operating UF6 conversion plants (34,500 tU/yr combined nameplate). Spot conversion service price rose roughly 10x between 2020 (~$8/kgU) and 2023 (~$75/kgU) and remains elevated through 2026.
Global UF6 conversion capacity by operator, tonnes uranium throughput per year. Operating capacity reflects actual recent throughput; nameplate is design capacity. Western operators (Cameco, Orano, ConverDyn) shown in green; Rosatom and CNNC in red. Rosatom remains a key Western feed supplier despite sanctions exposure because the May 2024 PRUIA covers LEU imports, not conversion. Sources: Cameco 2024 AR (Port Hope), Orano 2024 (Comurhex II), ConverDyn restart announcement, WNA, IAEA iNFCIS.
Global Enrichment Capacity (SWU/yr)
Rosatom dominance. Russia accounts for roughly 46% of global enrichment capacity (28.0 MSWU/yr of ~60.5 MSWU/yr global). US reactors source ~14% of LEU from Rosatom (2023 baseline); EU27 sources ~17%. The May 2024 Prohibiting Russian Uranium Imports Act (PRUIA, PL 118-62) phases out US Russian LEU imports through 2028 with a DOE waiver track through 2027. Western enrichment expansion (Urenco USA, Orano Tricastin, Centrus AC100M) takes 5-10 years to fully replace Russian supply.
Global civilian uranium enrichment capacity by operator, million SWU per year. Covers LEU up to 5% U-235; HALEU tracked separately. Rosatom (red) and CNNC (amber) are restricted; Urenco, Orano, Centrus, and INB Brazil shown in green. Global capacity sum ~60.5 MSWU/yr per WNA, Urenco, and Centrus disclosures. Sources: WNA Uranium Enrichment, Urenco AR 2024, Orano 2024, Centrus Q1 2026, Euratom Supply Agency 2024, EIA Uranium Marketing 2024, PRUIA (PL 118-62), IAEA INFCIS UEPIS.
HALEU Production Pipeline
Operating today
2.4
MT/yr HALEU
Full Western build-out
35
MT/yr nameplate
Cumulative demand
~150
MT 2030-2035 (DOE)
Supply gap
115
MT/yr (FOAK constraint)
DOE HALEU Consortium. $700M competitive award announced 2024-01-09 to six Western producers (Centrus Energy, Orano USA, ASP Isotopes, Urenco USA, GLE / Silex Systems, BWX Technologies). Two-track program: DOE HALEU Availability Program (LSA contract with Centrus, Oct 2022; downblend supply via BWXT and Idaho National Lab) plus DOE HALEU Consortium incentivizing Western production.
| Project | Operator | Location | Technology | Current (MT/yr) | Full (MT/yr) | First Production | Status |
|---|---|---|---|---|---|---|---|
| American Centrifuge Plant Phase I | Centrus Energy LEU | Piketon, Ohio | AC100M gas centrifuge | 0.9 | 6 | 2023-10-31 | operational pilot, 1-cascade producing; full 16-cascade plant being built out under DOE HALEU Availability Program Phase II |
| Urenco USA HALEU expansion | Urenco USA private | Eunice, New Mexico | TC gas centrifuge cascade modification | 0 | 10 | 2027-2028 target | announced expansion, NRC license amendment in progress |
| Orano USA HALEU project | Orano USA private (Orano) | Tennessee or Ohio (site TBD) | gas centrifuge (Orano IP) | 0 | 10 | post-2030 target | siting study under DOE HALEU Consortium |
| BWXT HALEU downblending | BWX Technologies BWXT | Lynchburg, Virginia (NFD) | downblending HEU stockpile to HALEU | 1.5 | 3 | operational since 2010s for research reactor use; HALEU-grade output ramping | operational, expanding HALEU output under DOE contract |
| GLE Silex laser enrichment demo | Global Laser Enrichment (Silex Systems, Cameco, joint) SLX.AX (Silex) | Wilmington, North Carolina (Paducah subsequently) | SILEX laser enrichment | 0 | 5 | 2026 demo target, 2030 commercial | demo plant construction at Wilmington, separately tails re-enrichment at Paducah KY under license |
| ASP Isotopes HALEU pilot | ASP Isotopes ASPI | South Africa, US planned | ASP (Aerodynamic Separation Process) plus QLE laser | 0 | 1 | 2026-2027 pilot target | DOE HALEU Consortium award Jan 2024, technology demonstration phase |
6 active HALEU (5-19.75% U-235) production programs. HALEU is the fuel-cycle bottleneck for advanced reactors and SMRs (TerraPower Natrium, X-energy Xe-100, Kairos KP-FHR, Oklo Aurora, Westinghouse eVinci, BWXT BANR). Centrus is the only US operator with kg-scale HALEU production today. Western nameplate full build-out leaves a multi-year gap against the ~150 MT cumulative demand projected 2030-2035 by DOE and INL ARDP. Sources: Centrus Q1 2026 (LEU), DOE HALEU Consortium award Jan 9 2024, Urenco USA, Orano USA, BWXT, Silex Systems / GLE, ASP Isotopes, INL HALEU Demand Study.
Western Exposure to Rosatom Fuel Cycle
Prohibiting Russian Uranium Imports Act (PRUIA, Public Law 118-62). Signed by President Biden on 2024-05-13. Phased US import ban through 2028, with DOE waiver track through 2027. Hard ban with no waivers from 2028. Hungary, Slovakia, and Bulgaria have the highest VVER fuel-cycle exposure; Czech Republic, Finland, and Ukraine have signed Westinghouse + Framatome diversification contracts. DOE has granted waivers to Centrus (Nov 2024), Constellation (Dec 2024), Dominion (Feb 2025), and Duke (Apr 2025) for 2025-2027 deliveries.
Western reactor fleet exposure to Russian (Rosatom) fuel-cycle services. 2023-2024 baseline. Enrichment tracks LEU from Rosatom Tenex / TVEL; conversion tracks UF6 from Siberian Chemical Combine; fabrication tracks fuel assembly supply, relevant only for VVER reactors. Hungary is the explicit outlier, maintaining Rosatom dependence and Paks II expansion. Ukraine, despite operating 15 VVER reactors, fully transitioned to Westinghouse fuel 2022-2023. Sources: PRUIA (PL 118-62), DOE NNSA waiver decisions, EIA Uranium Marketing Annual Report 2023, Euratom Supply Agency Annual Report 2024, CEZ, Slovenske Elektrarne, MVM Paks II, Fortum Loviisa, Westinghouse VVER fuel program.
Spent Fuel Storage and Deep Geological Repositories
Texas v. NRC (Jun 18, 2024). US Supreme Court (6-3) reinforced the 5th Circuit ruling that NRC lacks statutory authority to license away-from-reactor consolidated interim storage. Holtec HI-STORE (Lea County NM) and ISP WCS (Andrews TX) licenses were vacated. Yucca Mountain has been defunct since 2010. Without a federal repository, US utilities continue paying ~$0.001/kWh into the Nuclear Waste Fund (~$45B accumulated, unused). Meanwhile, Finland Onkalo received its operating license in April 2024 and became the world's first operational deep geological repository.
| Country | Total Inventory (MTU) | Annual (MTU/yr) | Wet Pool | Dry Cask | DGR Site | Status | Target Year |
|---|---|---|---|---|---|---|---|
| United States | 88,000 | 2,200 | 47,000 | 41,000 | no active program | blocked | n/a |
| Canada | 60,000 | 2,400 | 0 | 60,000 | Ignace area, Ontario (NWMO) | selected / siting | 2050 |
| Japan | 19,000 | 1,000 | 17,000 | 2,000 | TBD (Hokkaido literature surveys ongoing) | Suttsu + Kamoenai (early-stage) | 2050 |
| France | 16,500 | 1,150 | 13,500 | 0 | Cigéo (Bure, Meuse / Haute-Marne) | selected / siting | 2035 |
| Germany | 8,500 | 0 (phased out) | 1,500 | 7,000 | TBD | selected / siting | 2050 |
| Sweden | 8,400 | 230 | 7,500 | 0 | Forsmark (Östhammar Municipality) | approved | 2035 |
| United Kingdom | 7,500 | 200 | 7,500 | 0 | TBD (Cumbria + Lincolnshire community engagement) | selected / siting | 2050 |
| Finland | 2,300 | 75 | 1,900 | 400 | Onkalo (Olkiluoto, Eurajoki) | operational | 2025 |
| Switzerland | 1,500 | 70 | 1,200 | 300 | Nördlich Lägern (Zurich Canton) | selected / siting | 2060 |
Country-level civilian spent nuclear fuel inventories and disposition pathway status. Total inventory in tonnes uranium (initial heavy metal). The United States holds the largest inventory (~88,000 MTU) and the largest unresolved liability after Texas v. NRC blocked consolidated interim storage. Finland Onkalo (Posiva, KBS-3 copper canister + bentonite + crystalline bedrock 400-450 m depth) is the global precedent for site selection and community consent. Canada NWMO announced Wabigoon Lake Ojibway Nation / Ignace area as preferred site on Nov 28, 2024. Sources: DOE Office of Nuclear Energy, IAEA Spent Fuel and Radioactive Waste Information System, US Supreme Court (Texas v. NRC Jun 18, 2024), Posiva, SKB, Andra, Nagra, NWMO, BGE, NUMO, UK Nuclear Waste Services.