Canada Aims To Become World's Leading Uranium Producer

Canada is ramping up uranium production to surpass Kazakhstan, which currently accounts for 22% of global output.

Canada is the only G7 nation capable of supplying uranium to its allies, exporting 80% of its output.

Top producer Cameco reported a 33% increase in production in 2024, reaching 37 million pounds at its two mines in Saskatchewan, Financial Times reported.

In addition to Cameco, companies like Denison Mines, Orfano Canada, Paladin Energy, and NexGen Energy are positioned to potentially double production by 2035, according to RBC Capital Markets.

Canada, the only G7 nation capable of supplying uranium to its allies, exports 80% of its output.

Jonathan Wilkinson, Canada’s Minister of Natural Resources and Energy, noted that investment in the uranium sector has reached a 20-year high. Investment in exploration and deposit appraisal rose by 90% to C$232 million (US$160 million) in 2022 and increased another 26% in 2023 to C$300 million.