Top 10 Uranium Mines in the World (Updated 2023) – by Melissa Pistilli (Investment News Network – October 24, 2023)

In 2022, world uranium mine production came to 58,201 metric tons (MT) of U3O8. Kazakhstan was the top-producing country by far at 21,227 MT, followed by Canada at 7,351 MT and Namibia at 5,613 MT. Together, those three nations accounted for nearly 59 percent of global uranium production, with Kazakhstan alone accounting for more than a third at 36.47 percent.

Unsurprisingly, many of the world’s top uranium mines are located in Kazakhstan, Canada and Namibia. But that’s not the case for all of the largest uranium mines. To give investors a better idea of where the top uranium mines are located, the Investing News Network has put together a list of the 10 biggest uranium mines in the world by 2022 production, based on the latest statistics from the World Nuclear Association (WNA). Read on to learn more about uranium mines, plus uranium reserves and uranium exploration.

1. Cigar Lake – 2022 production: 6,928 MT

Cigar Lake in Saskatchewan, Canada, takes first place with 14 percent of global production in 2022. The underground mine was commissioned in 2014 and began commercial uranium production in May 2015. Last year, Cigar Lake accounted for 14 percent of global uranium output in 2022. and it is also known for being the highest-grade uranium mine, with an average grade of 14.69 percent U3O8.

Cigar Lake is operated by Cameco (TSX:CCO,NYSE:CCJ), which owns 54.55 percent of the mine. Orano Canada owns 40.45 percent of Cigar Lake, and processes ore from the mine at its McClean Lake mill, located 70 kilometers from Cigar Lake. The remaining 5 percent is owned by TEPCO Resources. Cameco expects Cigar Lake to produce 16.3 million pounds (7,393 MT) in 2023.

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