Uranium Spot Price (U3O8)
Annual Uranium Mine Production by Country
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 |
Uranium Producer Cash-Cost Curve (2024)
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 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.
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 |
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.
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 |