Global Uranium Market Surges as US Production Rebounds and Canada Advances Major Projects

The global uranium market is experiencing a wave of activity, marked by a significant uptick in production and the greenlighting of new projects. In the United States, uranium production made a stunning comeback in early 2024, outpacing the entire output of the previous year. Across the border, Saskatchewan is on the cusp of launching what could become Canada’s largest uranium mining project.

According to the US Energy Information Administration (EIA), domestic uranium production in the first quarter of 2024 exceeded the total for all of 2023, with over 82,000 pounds of uranium concentrate (U3O8) mined—a 64% jump from the 50,000 pounds produced last year. The 2023 slump was largely attributed to the shutdown of Utah’s only uranium mill, but a surge in exploration and drilling activities throughout 2023 has fueled the current rebound. Despite this production surge, the spot price for U3O8 in Canada has dipped to $81.75 per pound, […]

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