If someone asks the average person, "What do you know about uranium?" their answer might be, "This is a mineral used in the fuel of nuclear power plants." While this claim is technically correct, uranium's role in global power generation is much more complex than that. So, what exactly is uranium? Other than that, where does it come from?
First, uranium is a mildly radioactive metallic chemical element. It is denoted by the symbol "U" on the periodic table with an atomic number of 92. Uranium is silvery-white or silvery-gray and is an element known as a primordial element, meaning it existed nearly 4.5 billion years before Earth formed. This mineral is widely distributed in the Earth's solid crust as well as in oceans and rivers. Contrary to popular belief, uranium is not particularly rare. In fact, it is almost as common as tin.
Uranium-235 is a form of uranium whose unique properties make it the only naturally occurring fissile material and is therefore highly valued in the field of nuclear power generation. The United States, China, France, Russia, South Korea, Japan, Canada, India, Sweden, Ukraine, Germany and the United Kingdom are the countries most dependent on nuclear power to meet domestic electricity needs.
Highly enriched uranium blank
In 2022, world uranium production reached 58,201 tons of U308. Kazakhstan is by far the largest producer with 21,227 tonnes, followed by Canada (7,351 tonnes) and Namibia (5,613 tonnes).
Together, these three countries account for nearly 59 percent of global uranium production, with Kazakhstan producing more than a third of its own.
Unsurprisingly, many of the world's top uranium mines are located in Kazakhstan, Canada and Namibia. But this is not the case for all large uranium mines. To better understand where the top uranium mines are, Investment News has listed the 10 largest uranium mines in the world, based on the latest statistics from the World Nuclear Association (WNA). Read on to learn more about the 10 largest uranium mines.
01. Cigar Lake uranium mine
Production in 2022: 6928 tons
Profile view of the uranium deposits in Cigar Lake, Saskatchewan, Canada, marking important elements
The Cigar Lake uranium mine in Saskatchewan, Canada, is number one on this list of the world's top uranium mines. It is known for its highest grade uranium ore at an average grade of 14.69% U3O8. Canada is the second largest producer of uranium.
Uranium miner Cameco, which owns 54.547% of the Cigar Lake uranium mine, is the mine's operator. Ore from the underground mine is processed at the Lake McLean plant in Orano, 70 kilometres from the mine.
The Cigar Lake uranium mine was commissioned in 2014 and commercial uranium production began in May 2015. By 2022, it accounted for 14% of global uranium production. Orano (40.45%) and Tokyo Electric Power Resources (5%) also hold stakes in the mine. The company expects to produce 16.3 million pounds (7,393 tons) by 2023.
02. Husab uranium mine
Production in 2022: 3358 tons
Aerial view of the Husab mine
Namibia's Husab open-pit uranium mine is owned by China and Namibia's partner, Swakop Uranium Mine. Namibian state-owned Epangelo Mining Company owns 10% of Swakop Uranium Mining Company, while Taurus Minerals holds another 90%. Taurus itself is owned by China General Nuclear Power Corporation and the China-Africa Development Fund.
03. Inkai Uranium Mine (No. 1 to No. 3)
Production in 2022: 3201 tons
The in-situ recovery of the Yinkai uranium mine in Kazakhstan is a joint venture between Cameco (40%) and state-owned uranium miner Kazatomprom (60%). In 2022, the Yin Kai uranium mine accounted for 7% of the world's uranium production.
Although St. Petersburg is the main transportation hub for the company's products to enter the global market, the Russian-Ukrainian war has had little impact on the operations of Kazatomprom. In fact, the company's profit in 2022 doubled from the previous year, which was plagued by operational disruptions caused by the coronavirus lockdown. According to WNA, "In September 2022, the company kazatomprom delivered a shipment of uranium to Cameco via the Trans-Caspian International Transport Route. ”
04. Olympic Dam mine
Production in 2022: 2813 tons
The Olympic Dam mine in Australia
BHP Billiton-owned Olympic Dam mines produce copper, uranium, gold and silver. With underground and surface operations and a fully integrated processing facility, the Olympic Dam mine has been operating since 1988 and accounts for 6% of the world's uranium production by 2022.
Australia has the world's largest uranium reserves, accounting for about 30% of the world's potential supply. In 2022, the country was the fourth largest producer of uranium in the world.
05. Karatau (Budenovskoye 2)
Production in 2022: 2560 tons
The in-situ recovery project at the Karatau mine (Budenovici 2) in Kazakhstan produced 5% of the world's uranium in 2022. The Karatau mine is owned by the Karatau Joint Venture, a limited liability partnership registered in Kazakhstan and held by uranium producers Kazatomprom and Uranium One. Uranium One is a subsidiary of ROSATOM, Russia's state-owned nuclear energy company. Uranium One is responsible for Rosatom's uranium production outside Russia.
The Karatau mine began production in 2009 and the joint venture has the right to conduct exploration, mining and sales operations in Budnowiki 2 under a long-term subsoil use contract with Kazakhstan.
06. Rössing uranium mine
Production in 2022: 2255 tons
Rosing uranium mine, Namibia
The Rosing uranium mine in Namibia accounted for 5% of world production in 2022. This open-pit uranium mine has been operating since 1976 and is the country's first commercial uranium mine.
Rio Tinto is the company that put the Rosin uranium mine into production, but it is no longer involved in the mine. In November 2018, Rio Tinto announced that it would sell its 68.62% majority stake, which was completed in July 2019. Rio Tinto sold its shares in the Rosing uranium mine to China Uranium Group.
In addition to China's uranium industry, there are several companies interested in the Rosin uranium mine. The Namibian government owns 3 per cent, the Iranian Foreign Investment Corporation 15 per cent, the South African Industrial Development Corporation 10 per cent and individual shareholders own the remaining shares.
07. SOMAIR uranium mine
Production in 2022: 2020 tons
SOMAIR uranium project headquarters in Niamey, Niger
Ayr Mining Company (SOMAIR) is a subsidiary of Orano, a uranium producer operating in Niger; 63.4% of the company's shares are held by Orano and 36.66% by Sopamin, the state agency that manages mining in Niger. SoMAIR is responsible for a large uranium mine, along with Cominak, Orano's other subsidiary in Niger. Production at the SOMAIR mine began in 1971.
When market conditions are more favorable, uranium mining will begin at a third site near SOMAIR and Cominak. In 2022, SOMAIR accounted for 4% of the world's total uranium production.
08. Four Mile uranium mine
Production in 2022: 1740 tons
Quasar Resources' four-mile uranium leaching operation is Australia's largest uranium mine. This high-grade uranium mine, discovered in 2005, is about 8 kilometers from the previously produced Beverly uranium mine. Construction of the mine began in December 2013 and was subsequently put into commercial production in June 2014.
In 2022, four-mile uranium production accounted for 3% of the world's total. The deposit also has prospects for iron oxide and copper-gold mineralisation.
09. Central Mynkuduk uranium mine
Production in 2022: 1653 tons
The Zhongmenkuduk uranium mine is an in-situ leached uranium mine in Kazakhstan, held by Ortalyk, a joint venture between Kazakhstan's State Atomic Energy Corporation (KAZATOMPROM) and China General Nuclear Corporation (China General Nuclear).
The Zhongmenkuduk uranium mine began production in 2007 and accounted for 3% of world uranium production in 2022.
10. South Inkai 4 uranium mine
Production in 2022: 1600 tons
Nanyin Kai 4 is a large in-situ leaching operation in southern Kazakhstan. The mine is owned by SMCC, a joint venture between kazatomprom (30%) and Uranium One (70%).
Commercial output of Nan Yin Kai 4 began in 2011, and in 2022, it accounted for 3% of the world's uranium production.
资料来源：Top 10 Uranium Mines in the World (Updated 2023) (investingnews.com)； The 10 Largest Uranium Mines In The World - WorldAtlas