Russia could control a third of world’s uranium production by 2040
Russia will directly or indirectly control a third of the world’s uranium production within the next 15 years, according to analysts at the British Center for Strategic Advantage (CSA), the Financial Times reports.
Analysts at the British Center for Strategic Advantage (CSA) have warned that Russia could control a third of the world's uranium production by 2040. In 2024, Russia's share of global uranium production was only 5% when considering only mines on Russian soil. However, with its majority-owned Uranium One mining operations in Kazakhstan, Tanzania, and Namibia, and a recent agreement with Niger, Russia's global uranium mining capacity could rise to 36% by 2040.
This potential dominance could create a situation similar to Russia's current reliance on Russian oil and gas imports. Analyst Gareth Heywood of CSA compared this potential dependency on Russian-mined uranium to the country's dependence on Russian energy resources in 2022. The current low global uranium prices and weak demand have led Western countries to reduce investment in new uranium deposits.
However, CSA believes global demand for uranium could increase in the coming years. Industry representatives have expressed their desire for guarantees before committing to long-term investment in expanding uranium production. Russia was previously the largest supplier of uranium to U.S. commercial nuclear power plants, but the U.S. imposed sanctions banning uranium imports from Russia in May 2024, with exceptions in effect until 2028.
The sanctions do not apply to uranium mined abroad with Uranium One's involvement, and the European Union has not banned imports of Russian uranium.
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