Investing

1. Kazakhstan

Mine production: 21,227 metric tons

Kazakhstan is the largest uranium producing country in the world, and its total output of 21,227 metric tons in 2022 accounted for an impressive 43 percent of global uranium supply.

When last recorded in 2021, Kazakhstan had 815,200 MT of known recoverable uranium resources, second only to Australia. Most of the uranium in the country is mined via an in-situ leaching process.

Kazataprom, the country’s national uranium miner, is the world’s largest producer, with projects and partnerships in various jurisdictions. News that the top uranium producer may miss its production targets for 2024 and 2025 was a large contributor to uranium prices breaking through the US$100 level last year.

One of the company’s most significant uranium operations is the Inkai in-situ recovery (ISR) mine, a 60/40 joint venture with Cameco (TSX:CCO,NYSE:CCJ). According to the mining database MDO, Inkai produced 8.3 million pounds of U3O8 in 2023.

Production at Inkai was temporarily suspended in early 2025 due to a regulatory delay that has since been rectified.

In May, Kazatomprom announced that its subsidiary’s 40 percent owned joint venture, Taiqonyr Qyshqyl Zauyty, secured US$189 million in financing from the Development Bank of Kazakhstan to build an 800,000 MT per year sulfuric acid plant in the Turkestan region. The plant is expected to be operational by Q1 2027.

2. Canada

Mine production: 7,351 metric tons

Canada’s uranium output in 2022 was 7,351 metric tons. The country’s production fell dramatically since hitting a peak of 14,039 MT in 2016 as the country’s mines closed due to low uranium prices in the late 2010s. However, uranium production in the country began to rebound in 2022.

Saskatchewan’s Cigar Lake and McArthur River are considered the world’s two top uranium mines. Both properties are operated by sector major Cameco. MDO highlights Cigar Lake and McArthur River as having uranium grades that are 100 times the world average. The company made the decision to shutter operations at the McArthur River mine in 2018, but returned to normal operations in November 2022.

In 2023, Cameco produced 17.6 million pounds of uranium — equivalent to 7,983 metric tons — which was still below its originally planned production of 20.3 million pounds for the year. However, the company’s 2024 uranium output climbed to 23.1 million pounds, beating its guidance for the year.

For 2025, the uranium major plans to produce 18 million pounds of uranium at McArthur River/Key Lake and 18 million pounds at Cigar Lake.

Uranium exploration is also prevalent in Canada, with the majority occurring in the uranium-rich Athabasca Basin in the province of Saskatchewan. The Athabasca Basin is world renowned for its high-quality uranium deposits and friendly mining attitude, and Saskatchewan’s long history with the uranium industry has helped to assert it as an international leader in the sector.

3. Namibia

Mine production: 5,613 metric tons

Namibia’s uranium production totaled 5,613 metric tons in 2022. The country’s uranium output has been steadily increasing after falling to 2,993 MT in 2015.

In fact, the African nation overtook longtime frontrunner Canada to become the third largest uranium-producing country in 2020, and went on to surpass Australia for the second top spot in 2021. Although Namibia slipped back below Canada in 2022, its output for the year was only down by 140 MT from 2021.

The country is home to three key uranium mines: Langer Heinrich, Rössing and Husab. Paladin Energy (ASX:PDN,OTCQX:PALAF) owns the Langer Heinrich mine. In 2017, Paladin took Langer Heinrich offline due to weak uranium prices. However, improved uranium prices over the past few years prompted the uranium miner to ramp up restart efforts, and Langer Heinrich achieved commercial production once again in Q1 2024.

Paladin initially forecast fiscal 2025 output of 4 million to 4.5 million pounds of U3O8, but revised it in November 2024 to 3 million to 3.6 million pounds due to inconsistent ore stockpiles and water supply issues. In March 2025, after heavy rains further disrupted operations, Paladin removed its guidance altogether. The company is now facing two class action lawsuits regarding the guidance revisions.

Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) sold its majority share of the Rössing mine to China National Uranium in 2019. Rössing is the world’s longest-running open-pit uranium mine, and recent expansion efforts have extended its mine life to 2036, according to MDO.

The Husab mine, majority owned by China General Nuclear, is one of the world’s largest uranium mines by output. As part of its effort to increase output, MDO reports that a pilot heap leach project is underway to assess the economic feasibility of processing lower-grade ore. The results of the pilot project are expected in 2025.

4. Australia

Mine production: 4,087 metric tons

Australia’s uranium production totaled 4,087 metric tons in 2022, down significantly from the 6,203 MT produced two years prior. The island nation holds 28 percent of the world’s known recoverable uranium resources.

Uranium mining is a contentious and often political issue in Australia. While the country permits some uranium-mining activity, it is opposed to using nuclear energy — at least for now.

‘Australia uses no nuclear power, but with high reliance on coal any likely carbon constraints on electricity generation will make it a strong possibility,” according to the World Nuclear Association. “Australia has a significant infrastructure to support any future nuclear power program.”

Australia is home to three operating uranium mines, including the largest-known deposit of uranium in the world, BHP’s (NYSE:BHP,ASX:BHP,LSE:BHP) Olympic Dam. Although uranium is only produced as a by-product at Olympic Dam, its high output of the metal makes it the fourth largest uranium-producing mine in the world. The mining database MDO reports that In BHP’s 2024 fiscal year, uranium output from the Olympic Dam operation totaled 3,603 metric tons of uranium oxide concentrate.

5. Uzbekistan

Mine production: 3,300 metric tons

In 2022, Uzbekistan was the fifth largest uranium producing country, with output of 3,300 metric tons. It entered the top five in 2020, with an estimated 3,500 MT of output. Domestic uranium production had been gradually increasing in the Central Asian nation since 2016 via Japanese and Chinese joint ventures.

Navoiyuran, which was spun out of state-owned Navoi Mining & Metallurgy Combinat in 2022 as part of a restructuring, handles all the mining and processing of domestic uranium supply. The nation’s uranium largess continues to attract foreign investment; strategic partnerships with French uranium miner Orano and state-run China Nuclear Uranium were announced in November 2023 and March 2024, respectively.

Orano also partnered with the state uranium company in 2019, forming a 51/49 joint venture, Nurlikum Mining, to develop the South Djengeldi uranium project. In early 2025, the pair was joined by Japan’s ITOCHU (TSE:8001), who acquired an undisclosed minority stake. The mine, located in the Kyzylkum Desert, is projected to produce up to 700 metric tons of uranium annually over a lifespan exceeding a decade. An exploration program aims to at least double the project’s mineral resources.

6. Russia

Mine production: 2,508 metric tons

Russia was in sixth place in terms of uranium production in 2022 with production of 2,508 metric tons. Output has been relatively steady in the country since 2011, usually coming in around the 2,800 to 3,000 MT range.

Experts had been expecting the country to increase its production in the coming years to meet its energy needs, as well as growing uranium demand around the world. But in 2021, uranium production in the country dropped by 211 MT year-over-year to 2,635 MT, and it fell by another 127 MT in 2022.

In terms of domestic production, Rosatom, a subsidiary of ARMZ Uranium Holding, owns the country’s Priargunsky mine and is working on developing the Vershinnoye deposit in Southern Siberia through a subsidiary.

In 2023, Russia surpassed its uranium production target, producing 90 MT more than expected. Rosatom is developing new mines, including Mine No. 6, which is slated to begin uranium production in 2028.

Russian uranium has been an area of controversy in recent years, with the US initiating a Section 232 investigation around the security of uranium imports from the country in 2018. More recently, Russia’s ongoing war in Ukraine has prompted countries around the world to look more closely at their nuclear supply chains.

7. Niger

Mine production: 2,020 metric tons

Niger’s uranium production totaled 2,020 metric tons in 2022, having declined year-on-year over the past decade. The African nation is home to the producing SOMAIR uranium mine and the past producing COMINAK mine, which account for 5 percent of the world’s uranium production. Both are run by subsidiaries of Orano, a private uranium miner, through majority owned joint ventures.

Global Atomic (TSX:GLO,OTCQX:GLATF) is developing its Dasa project in the country, and expects to commission its processing plant by early 2026. Niger is also home to the Madaouela uranium asset, which was the flagship project of explorer GoviEx Uranium (TSXV:GXU,OTCQB:GVXXF).

A recent military coup in the African nation has sparked uranium supply concerns, as Niger accounts for 15 percent of France’s uranium needs and one-fifth of EU imports. In January 2024, the government of Niger, now under a military junta, announced it intends to overhaul the nation’s mining industry. It has temporarily halted the granting of new mining licenses and is working to make changes to existing mining licenses in order to increase state profits.

In mid-2024, Niger’s government revoked GoviEx Uranium’s Madaouela mining license along with Orano’s operating permit for its Imouraren uranium project.

Niger granted a small-scale mining permit for the Moradi uranium project to state-owned COMIREX. The approval, issued February 22, 2025, upgrades a previous semi-mechanized license and strengthens national control over uranium resources in the Agadez Region.

8. China

Mine production: 1,700 metric tons

China’s uranium production grew to hit 1,700 metric tons in 2022, up by 100 MT over 2021. The country’s uranium production climbed during the 2010s from 885 MT in 2011 to 1,885 MT in 2018, and held steady at that level until falling to 1,600 MT in 2021.

China General Nuclear Power, the country’s sole domestic uranium supplier, is looking to expand nuclear fuel supply deals with Kazakhstan, Uzbekistan and additional foreign uranium companies.

China’s goal is to supply one-third of its nuclear fuel cycle with uranium from domestic producers, obtain one-third through foreign equity in mines and joint ventures overseas and purchase one-third on the open uranium market. China is also a leader in nuclear energy; the Chinese mainland has 56 nuclear reactors with 31 in construction.

In May 2025 Chinese scientists announced successful results from their newly developed method of extracting uranium from seawater, which uses hydrogel beads made with candle wax and a uranium-binding compound. The team aims to build a demonstration plant by 2035.

While the nation’s uranium reserves are less expansive than other countries, the technique could support China’s growing nuclear power needs by tapping into the ocean’s vast uranium reserves.

9. India

Mine production: 600 metric tons

India produced 600 metric tons of uranium in 2022, on par with output in 2021.

India currently has 25 operating nuclear reactors with another eight under construction, according to the Indian government. In 2025, the country’s Minister for Power released a list of steps to take to increase the country’s nuclear energy capacity to its goal of 100 gigawatts of power by 2047.

“The Indian government is committed to growing its nuclear power capacity as part of its massive infrastructure development programme,” as per the World Nuclear Association. “The government has set ambitious targets to grow nuclear capacity.”

10. South Africa

Mine production: 200 metric tons

South Africa produced 200 metric tons of uranium in 2022. It is another uranium-producing country that has seen its output decline over the past decade — the nation’s uranium output peaked at 573 MT in 2014. Nonetheless, in 2022 South Africa surpassed Ukraine’s production, which was curbed by Russia’s invasion, to become the 10th top uranium producer globally.

South Africa holds 5 percent of the world’s known uranium resources, taking the sixth spot on that list.

Recently, Sibanye-Stillwater (NYSE:SBSW) and C5 Capital, a global investment firm specializing in advanced nuclear energy, formed a strategic partnership to explore and develop advanced nuclear energy opportunities in South Africa and globally.

The collaboration aims to identify, acquire, finance, develop and manage uranium projects and production facilities capable of supplying fuel for small modular reactors. Sibanye-Stillwater’s portfolio includes significant uranium resources in tailings at its Cooke and Beatrix gold operations.

The path to production at Dome Mountain

Although Dome Mountain was in production between 1980 and 1993 under different management, securing permits to restart activity at the 30 year old brownfield proved as complex as starting up a greenfield project.

“It wasn’t easy at all,” said Vig. “They say that it takes over 15 years to get a mine permit in BC, and people are congratulating us that we got it in just under five. And personally, I thought it was four years too late.”

He went on to note, “Imagine being in any business that you have to wait. You know, you open up your restaurant, but then you have to wait for five years to open it. I mean, it’s incredibly difficult to get a mining permit”

Indeed, BC has one of Canada’s longest permitting processes. A 2019 report from Resource World notes that it takes six months on average to get an exploration permit in Canada. However, in BC, it can take 15 to18 months.

National and provincial critical minerals strategies have been established over the last six years, and parties on both sides of the aisle have promised policy reforms. But Vig underscored the challenges that remain.

“I think we want to believe that,” he said of the notion that the permitting process will be expedited through the critical minerals push. “I think the politicians are certainly saying that, but I’m not so confident that the execution can be there,” he continued. “Because, you know, you’ve got many factors. You’ve got the infrastructure of the government itself, the bureaucracy. There are only so many people that are able to process these applications.”

Indigenous consultation and permitting with purpose

A key requirement in the permitting process is Indigenous community consultation, engagement and approval, an area provincial governments have struggled to seamlessly integrate into the process.

For Blue Lagoon, communication and consultation with the Lake Babine Nation started early and remains a key tenet.

The Lake Babine Nation is one of BC’s largest Indigenous communities, with over 2,500 registered members. Its traditional territory surrounds Babine Lake, the province’s longest natural lake.

“We have a great relationship with the Lake Babine Nation,” said Vig. “You know, honestly, it was a very simple process. It’s a philosophy, that is very rudimentary, certainly in my culture.” Vig, who is of Indian heritage, moved to Canada in 1972 with his family, credits those formative years for fostering his deep sense of respect.

“My whole upbringing is all about respect. So for us, it was very simple — respect the people, respect the land,” he said, adding that a lot of it was common sense. “Protect the water, protect the land and make sure you don’t damage it as you go along (are) good practices (for) any business,” Vig emphasized.

Water conservation and protection is especially important to Blue Lagoon, an issue Vig described as “a way of life” due to its significance for fishing and cultural practices.

‘You don’t wait to be asked — you take the initiative to understand what matters most,” he said.

As he explained, provincial regulatory requirements called for water testing at five sites along a specific stream, and Blue Lagoon chose to conduct testing at nine locations instead.

“It’s really unheard of in our industry, to the best of my knowledge. We didn’t just do what was required of us. We like to go above and beyond to make sure. And when you do things like that, I think the sincerity comes across,” he said.

Financing in a tough market

Another challenge junior miners are facing is accessing funding. Investors who once used added liquidity to the space have moved to other sectors like tech, leaving mining coffers on the decline.

Blue Lagoon has been fortunate in terms of capital raising; the company completed the final tranche of its most recent private placement in late April, raising C$2.23 million through the issuance of 8.9 million units at C$0.25 each.

The full offering brought in C$4.87 million over four tranches, fully funding Dome Mountain to production.

Blue Lagoon’s ability to fast track its permitting and funding process were praised by mining committee chair Yannis Tsitos, who has more than two decades of experience in the mining sector working for companies like global commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP). Drawing on his history with large-scale operations, Tsitos described the Blue Lagoon’s approach as unusually nimble and disciplined.

“We haven’t cut a single corner,” he said, noting that while major players can afford to raise hundreds of millions upfront, most juniors must build organically. “What’s impressive is how this team — led by Rana — used creativity and persistence to move forward without delay,” he added. “It’s not about size; it’s about profitability and execution.”

He emphasized that Dome Mountain’s 15,000 ounce per year potential is just the beginning.

“Every major company started with one mine,” said Tsitos. “This could be the first step in something much bigger, and it’s happening right here in BC, which is hungry for investment.”

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

Government scrambles to contain fallout

First Nations leaders, including the Chiefs of Ontario, have demanded the bill be scrapped entirely, arguing the government has already breached its legal obligation to engage in meaningful consultation from the outset.

Ontario Regional Chief Abram Benedict, who met privately with Ford last week, described the discussions as frank, but necessary. That meeting, according to the provincial government, catalyzed a round of renewed engagement, with Greg Rickford, minister of Indigenous affairs and Stephen Lecce, minister of energy and mines, pledging not to move forward with the Ring of Fire designation without further consultation.

“We will not use the authorities like a special economic zone until we’ve meaningfully consulted,” Lecce said.

Rickford added, “We are going to enunciate explicitly in each one that the duty to consult is there and it will be upheld to the highest standards. The aim is to make First Nations partners.”

Officially titled the ‘Protect Ontario by Unleashing Our Economy Act’, Bill 5 was unveiled at the Toronto Stock Exchange in April, with Ford and Lecce framing it as a decisive response to geopolitical tensions.

They also positioned it as a means of asserting control over Canada’s critical mineral resources.

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford said at the time, referencing the US push to prioritize domestic mineral supply chains.

The bill grants the province sweeping new powers to revoke mining claims, restrict foreign ownership — particularly from “hostile regimes” — and override environmental and regulatory hurdles.

It also proposes replacing Ontario’s Endangered Species Act with a narrower Species Conservation Act, a change that environmentalists warn could spell extinction for at-risk wildlife.

“The definition of habitat is so narrow that what it means is less habitat than the species has now,” Laura Bowman of Ecojustice told CBC when the bill was introduced. “And less habitat than the species has now, for a species already in decline, virtually ensures extirpation or extinction.”

US$3.1 billion budget boost targets Indigenous inclusion

Even as heated discourse unfolds with Ontario’s First Nations, the province unveiled last week a massive C$3.1 billion investment to supercharge the province’s mining and energy infrastructure.

The 2025 budget includes a tripling of the Indigenous Opportunities Financing Program, which has been expanded to support Indigenous participation across the mining, pipeline and energy sectors.

Minister of Finance Peter Bethlenfalvy emphasized that the goal is “unlocking the province’s critical mineral reserves” while placing Indigenous partnerships “at the forefront of the province’s resource development strategy.”

The program is designed to offer loan guarantees that enable Indigenous communities to secure equity stakes in major projects — a model that First Nations have long advocated for as a way to transform economic marginalization into opportunity.

National parallels in BC’s Bill 15 battle

Ontario’s retreat on consultation provisions follows similar tensions in BC, where Premier David Eby is facing backlash over Bill 15 — a legislative proposal that would allow cabinet to fast-track infrastructure and resource projects deemed of “provincial significance,” including critical minerals development.

Eby unveiled a broad vision this week to unlock billions in investments in Northwest BC, emphasizing partnerships with Indigenous communities and positioning mining as central to both economic recovery and climate transition.

But critics argue the rhetoric masks a legal and ethical failure.

“Trust has been broken between First Nations and the David Eby government,” Tsartlip First Nation Chief Don Tom said bluntly. Calling Eby a “snake oil salesman,” Tom accused the provincial government of undermining true consultation, while pushing legislation that could override Indigenous opposition.

Like Ontario’s Bill 5, BC’s Bill 15 is being slammed as a dangerous precedent that gives the government outsized power to override environmental protections and community consent.

Both the BC and Ontario governments are facing similar dilemmas on the acceleration of critical minerals development to meet global demand while tempering their legal and moral obligations to stakeholders.

The minerals — including nickel, lithium and rare earth elements — are essential to the green energy transition, forming key components of batteries, solar panels, and electric vehicles.

Still, First Nations are demanding that any progress must start not only with a recognition of their economic potential, but of their right to self-determination and free, prior and informed consent.