Demand for emissions-free power and energy security mark a turnaround for the resource-rich
Canada is racing to become the world’s biggest uranium producer as prices for the radioactive metal surge in response to soaring demand for emissions-free nuclear power and geopolitical tensions threaten supplies.
Cameco, the country’s largest producer, said that production of uranium would jump by almost a third in 2024 to 37mn pounds at its two mines in the heartland of the country’s uranium industry in northern Saskatchewan.
New mines and expansions planned by the company, as well as by Denison Mines, Orano Canada, Paladin Energy and NexGen Energy, in the same region could double domestic production by 2035, according to investment bank RBC Capital Markets.
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