Supply Chain

Uranium Supply Chain: From Mine to Market

Kazakhstan dominates uranium mining (~43% of global output) using in-situ leach recovery (ISL), which involves injecting acidic solution underground to dissolve uranium from sandstone and pumping the solution to surface processing plants. Canada (Cameco) produces from the ultra-high-grade Athabasca Basin deposits using conventional and jet boring methods. Other producers include Namibia, Australia, Uzbekistan, and Niger. The nuclear fuel supply chain extends far beyond mining: yellowcake must be converted to UF6, enriched (increasing U-235 concentration from 0.7% to 3-5% for power reactors), and fabricated into fuel assemblies. Enrichment is dominated by Urenco (UK/Germany/Netherlands), Orano (France), and Rosatom (Russia). Western dependence on Russian enrichment services has become a major concern since 2022, prompting US and EU investment in enrichment capacity expansion.

Production Geography

Global Uranium production is led by Kazakhstan, which accounts for approximately 43% of world output, followed by Namibia. The full list of major producing nations includes Kazakhstan, Namibia, Canada, Australia, Uzbekistan. This geographic concentration means that disruptions in key producing regions can have outsized impacts on global supply and pricing.

Extraction Methods

Uranium is extracted using the following primary methods:

• In-situ leach recovery (ISL/ISR)
• Open-pit mining
• Underground mining
• Byproduct of copper/gold mining

Processing and Intermediate Products

Uranium is primarily sourced from Uraninite/pitchblende (UO2), Coffinite, Carnotite, Sandstone-hosted deposits. After extraction, the raw material undergoes multiple processing steps including beneficiation, chemical treatment, and refining to reach the purity levels required by downstream industries. Typical ore grades range from 0.03-20% U3O8 (varies enormously by deposit type).

Key Supply Chain Participants

The Uranium supply chain involves these major companies:

Supply Chain Vulnerabilities

Key vulnerabilities in the Uranium supply chain include concentration of 43% of production in Kazakhstan, limited processing capacity diversification, and long lead times for new mining projects. Monitoring these vulnerabilities remains important for supply chain resilience planning.