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Uranium

US critical

A dense, radioactive metal used mainly as nuclear fuel. Kazakhstan, Canada and Namibia mine about three-quarters of the world's uranium, while Russia holds the largest share of the conversion and enrichment capacity needed to turn it into reactor fuel.

Supply risk

Reviewed 3 Oct 2026 · Methodology

Elevated

US ban on Russian enriched uranium takes effect, with waivers to 2028

Policy (high) and export controls (high) decide the level: the US has banned Russian low-enriched uranium since 11 Aug 2024, and Russia has restricted enriched uranium exports to the US to one-off licences until 31 Dec 2027. It stays elevated rather than high because DOE waivers and Russian licences have kept committed deliveries flowing, and mine supply (moderate concentration) is spread across Kazakhstan, Canada and Namibia.

Since 11 Aug 2024 · Sources: World Nuclear News, Global Trade Alert, Investing.com

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Risk drivers

Supply concentrationModerate
Kazakhstan mined 39% of world uranium in 2024, Canada 24% and Namibia 12%. Enrichment is the most concentrated stage: Rosatom (Russia) held about 29.1 of 68.1 million SWU of world capacity in 2025, roughly 43%, ahead of Urenco, CNNC and Orano.Sources: World Nuclear Association, World Nuclear Association
Export controlsHigh
Since 16 Nov 2024 Russia, the largest enricher, has banned enriched uranium exports to the US except under one-off licences. Decree No. 1516 of 2 Oct 2025 extended the measure to 31 Dec 2027. Centrus has received such licences for committed deliveries.Sources: Global Trade Alert, World Nuclear News, The Moscow Times
Policy & tariffsHigh
The US ban on Russian LEU took effect on 11 Aug 2024; DOE waivers are possible until 1 Jan 2028, and Centrus holds waivers for committed 2026–27 deliveries. Niger nationalised Orano's SOMAIR mine in June 2025. Proclamation 11001 of 14 Jan 2026 put no Section 232 tariff on processed critical minerals, including uranium, but opened negotiations.Sources: World Nuclear News, Investing.com, Ecofin Agency, Thompson Hine
Operational disruptionModerate
In May 2026 Niger said none of about 1,800 t of SOMAIR concentrate produced since 2023 had been sold, amid Orano arbitration. Kazatomprom's planned cut of about 10% to its 2026 output is a market decision, not an outage; it expects stable sulphuric acid supply.Sources: Connaissance des Énergies (AFP), World Nuclear News
Demand shockModerate
The World Nuclear Association's Sept 2025 fuel report put 2025 reactor requirements at about 68,920 tU, rising almost 30% by 2030, and judged mine supply adequate in the short term with possible shortfalls after 2030. Mines met about 90% of requirements in 2024.Source: World Nuclear Association
Status history2 entries

  1. Elevatedcurrent

    US ban on Russian enriched uranium takes effect, with waivers to 2028

    Policy (high) and export controls (high) decide the level: the US has banned Russian low-enriched uranium since 11 Aug 2024, and Russia has restricted enriched uranium exports to the US to one-off licences until 31 Dec 2027. It stays elevated rather than high because DOE waivers and Russian licences have kept committed deliveries flowing, and mine supply (moderate concentration) is spread across Kazakhstan, Canada and Namibia.

    Sources: World Nuclear News, Global Trade Alert, Investing.com

  2. Moderate

    Baseline

    Mining was spread across Kazakhstan, Canada and Namibia, and Rosatom held under half of world enrichment capacity, so supply concentration (moderate) set the level. Neither the US nor Russia had yet banned enriched uranium trade between them.

    Sources: World Nuclear Association, World Nuclear Association

A supply-availability rating, not a price forecast or investment view. Export-control information is factual and is not legal advice.

Trade flows

2025 · HS 284410

Natural uranium and its compounds

Recorded world imports: 29,157 t · $9.53B

Top exporters

  1. Russia<1%0 t · $115K
  2. United Kingdom<1%0 t · $7.75K

Top importers

  1. United States35%10,280 t · $1.87B
  2. Germany25%7,227 t · $1.02B
  3. Netherlands24%6,930 t · $970M
  4. Canada12%3,540 t · $603M
  5. Japan2%621 t · $83.5M
  6. Argentina1%296 t · $62.8M
  7. Romania<1%133 t · $20.6M
  8. South Korea<1%91.9 t · $12.5M
  9. Brazil<1%16.9 t · $55.5M
  10. Egypt<1%7.4 t · $958K

Largest routes

  1. Russia→China0 t · $115K
  2. United Kingdom→China0 t · $7.75K

Source: UN Comtrade, imports reported by 47 countries for 2025. Exporters are ranked by what importing countries recorded (mirror data), so countries that do not report their own exports are still counted. Values are in US dollars including freight and insurance. Weights are product weight. 51% of import value was reported without a weight and is left out of the weights. Recent years can be incomplete, and unrecorded trade is not included.

Overview

Uranium is a dense, silvery, radioactive metal. Its main use is as fuel for nuclear power stations; it also powers naval reactors and is used in weapons.1 Natural uranium contains only 0.7% of the fissile U-235, so most reactors need fuel that has been enriched to 3–5% U-235.2

Uranium is critical less because of mining than because of the steps between the mine and the reactor. Mined must be converted to uranium hexafluoride and then enriched, and only a handful of companies do this at scale, with Russia's Rosatom the largest.23 The United States added uranium to its list in November 2025, on the recommendation of the Department of Energy.4

Where it comes from

Uranium occurs in minerals such as uraninite (pitchblende), brannerite and carnotite, and in phosphate rock and monazite sands.1 Mining methods have shifted: in 2024, in situ , which dissolves uranium underground and pumps it to the surface, accounted for 55% of production, conventional underground and open-pit mines 40%, and recovery 5%.5

World was 60,213 t of uranium in 2024. Kazakhstan produced 39%, Canada 24% and Namibia 12%. Mines met about 90% of world reactor requirements; the rest came from secondary sources.5 Over half of mine output comes from state-owned companies; Kazatomprom (21%) and Cameco (17%) were the largest producers in 2024.5

Uranium mine production by country2024 · world 60,213 t
  • Kazakhstan39%
  • Canada24%
  • Namibia12%
  • Australia8%
  • Uzbekistan7%
  • Russia5%
  • China3%
  • Niger2%
  • Other countries2%

Tonnes of uranium (U content). Figures for Uzbekistan, China and the countries in "Other" are estimates. Source: World Uranium Mining Production

The 2024 edition of the "Red Book" put identified recoverable at just over 7.9 million t of uranium, with Australia holding the largest share, followed by Kazakhstan and Canada. The report stressed that substantial investment in new mines will be needed to meet demand to 2050.6

Conversion to uranium hexafluoride is done commercially in Canada, China, France, Russia and the United States.3 Of about 42,000 t of uranium converted in 2022, Rosatom accounted for an estimated 12,000 t.3

Primary conversion (UF₆) production by company2022 · world 42,000 t
  • Rosatom (Russia)29%
  • Cameco (Canada)25%
  • CNNC (China)25%
  • Orano (France)21%

Tonnes of uranium (U content) converted to UF₆. Rosatom and CNNC figures are estimates. ConverDyn (United States) reported no production in 2022. Source: Conversion and Deconversion

is even more concentrated. World capacity was about 68.1 million separative work units (SWU) a year in 2025, of which Rosatom had 29.1 million, Urenco 17.3 million, CNNC an estimated 13.8 million and Orano 7.5 million.2

What it is used for

Nearly all uranium is used as nuclear fuel for electricity generation. About 500 commercial power reactors are operating or under construction worldwide, and most of them require enriched uranium. Some reactors, such as the Canadian-designed Candu, use natural uranium.2 Depleted uranium, the by-product of enrichment, is used for its in ship ballast, aircraft counterweights, ammunition and armor.1

Grades and forms

Uranium passes through several forms on its way to the reactor: concentrate from the mine, hexafluoride after conversion, and enriched hexafluoride after enrichment. Interest is growing in fuel enriched to about 7% and in high-assay low-enriched uranium (HALEU) close to 20% for some advanced reactors.2

Uranium ore concentrate (U₃O₈, "yellowcake")

The oxide concentrate produced at mills and in-situ leach plants, and the form in which mined uranium is traded.

Uranium hexafluoride (UF₆, "hex")

The gaseous-at-low-temperature compound made at conversion plants as feed for enrichment.

Low-enriched uranium (LEU)

3–5% U-235

Enriched uranium used to fuel most light water power reactors.

High-assay low-enriched uranium (HALEU)

Up to about 20% U-235

More highly enriched fuel needed for certain advanced reactor designs.

Depleted uranium

The by-product of enrichment, used for its density in ship ballast, aircraft counterweights, ammunition and armor.

Trade and policy

US reactor operators bought 46.9 million pounds of U₃O₈ equivalent in 2025, 16% less than in 2024. Canada supplied 32%, Kazakhstan 28%, Australia 15% and Uzbekistan 7%, while US-origin uranium made up 7%. Russia supplied 26% of the enrichment services bought by US operators.7

Since 2022 Western utilities have sought to diversify away from Russian enrichment, and the market has become regionally segmented.2 Key US measures:

DateEvent
May 2024The Prohibiting Russian Uranium Imports Act is signed. It bans imports of Russian low-enriched uranium until the end of 2040; the Secretary of Energy may grant waivers until 1 January 2028 if no alternative supply is available or imports are in the national interest.8
18 Jul 2024The Department of Energy grants Centrus Energy a waiver for Russian LEU deliveries already committed to US customers for 2024 and 2025, deferring a decision on 2026–27.8
11 Aug 2024The ban takes effect.8
Nov 2024Russia temporarily restricts exports of enriched uranium to the United States through 31 December 2025, allowing shipments only under one-off export licenses.9
4 Aug 2025The Department of Energy grants Centrus a waiver covering all its committed deliveries to US customers in 2026 and 2027.10
Nov 2025Uranium is added to the US critical minerals list.4

New Western enrichment capacity is under development. Orano is expanding its Georges Besse II plant in France, with the extension due to be fully commissioned in 2030, and has applied to the US Nuclear Regulatory Commission for a new plant at Oak Ridge, Tennessee.2

This section is factual background, not legal or trade-compliance advice.

Recycling and substitution

Secondary sources met about 10% of world reactor requirements in 2024, with mines supplying the rest.5 Spare enrichment capacity can also partly for mined uranium, a practice known as underfeeding; this has become more significant as centrifuge technology has taken over.2

Sources

  1. Uranium: element information, properties and uses. Royal Society of Chemistry, accessed 2026-10-03. ↩ ↩2 ↩3

  2. Uranium Enrichment. World Nuclear Association, accessed 2026-10-03. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. Conversion and Deconversion. World Nuclear Association, accessed 2026-10-03. ↩ ↩2 ↩3

  4. Final 2025 List of Critical Minerals (90 FR 50494). Federal Register, accessed 2026-10-03. ↩ ↩2

  5. World Uranium Mining Production. World Nuclear Association, accessed 2026-10-03. ↩ ↩2 ↩3 ↩4

  6. Invest now to secure long-term uranium future, Red Book says. World Nuclear News, accessed 2026-10-03. ↩

  7. Uranium Marketing Annual Report (2025 data). U.S. Energy Information Administration, accessed 2026-10-03. ↩

  8. Centrus receives uranium import waiver. World Nuclear News, accessed 2026-10-03. ↩ ↩2 ↩3

  9. Russia places 'tit-for-tat' ban on US uranium exports. World Nuclear News, accessed 2026-10-03. ↩

  10. Centrus Energy receives DOE waiver for Russian uranium imports through 2027. Investing.com, accessed 2026-10-03. ↩

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