Uranium is a heavy metal that plays a critical role in powering commercial nuclear reactors, which generate electricity, and in producing isotopes used for medical, industrial, and defense purposes worldwide. It has served as an abundant source of concentrated energy for more than 60 years.
Uranium is a radioactive element, meaning it decays over time and releases large amounts of energy in the process. In fact, an egg-sized amount of uranium fuel can provide as much electricity as 88 tonnes of coal. This level of efficiency makes uranium the main source of fuel for nuclear power stations, which currently generate about 10% of the world’s electricity, producing more than 2500 TWh annually.
Traditionally, uranium ore was mined from open pits or underground excavation sites, where it was subsequently treated to separate the uranium from other elements. In recent years this method has been increasingly replaced by “in-situ leaching” (ISL), which is now the most common method of uranium mining (58% of uranium mined in 2020). ISL involves dissolving uranium from a porous underground ore body and pumping it to the surface. The resulting product is uranium oxide concentrate (U3O8), the commercially sold form of uranium.
After being sold, uranium oxide goes on to be converted into a gas, which is then used as fuel in nuclear reactors. Currently, about 440 nuclear reactors operate in 32 countries, with a total output capacity of around 390,000 megawatts (MWe). Additionally, approximately 60 reactors are under construction, and about 100 more are planned.
The energy transition is propelling the growth of the uranium market, as nations worldwide seek reliable and low-carbon energy sources to combat climate change. Nuclear power, fueled by uranium, is essential in this shift, providing consistent and large-scale electricity production with minimal greenhouse gas emissions. As global energy demand increases, the need for clean and efficient energy solutions will continue to drive the expansion of nuclear power infrastructure.
The WNA is a leading global organization that promotes nuclear energy and provides extensive resources on uranium, nuclear power, and related industries. They publish reports, fact sheets, and analysis on the benefits of nuclear energy.
The IAEA is a United Nations agency that focuses on promoting the peaceful use of nuclear technology. They offer a wealth of information on uranium, nuclear energy, safety standards, and publications advocating for the benefits of nuclear power.
UxC is a notable provider of market information, analysis, and consulting services for the nuclear fuel industry. They offer reports and publications covering uranium markets, industry trends, and the advantages of nuclear energy.
