Nuclear Energy Trend Rises, Here Are the 10 Largest Uranium Mining Companies

The soaring price of fossil fuel commodities is prompting many countries to seek alternative energy sources. Nuclear power plants (NPPs) are attracting significant attention.

"We're seeing a resurgence of nuclear energy in major European markets," said Bannerman Energy CEO Brandon Munro, as reported by *Stockhead* on Monday, August 29, 2022.

This strengthening trend in nuclear energy will drive up demand for uranium, a key fuel for NPPs. Demand for uranium is predicted to be highest in China.

"China is building 10 large nuclear reactors per year for the next 15 years. This will make China the single largest market, given its very low domestic uranium production," Munro added.

According to data from the World Nuclear Association, the world's largest uranium mining company is currently Kazatomprom, headquartered in Kazakhstan.

Kazatomprom produced 11,850 tons of uranium in 2021. This represents 25% of global uranium production, making it the largest producer among its peers.

Kazatomprom also stated it will continue to increase its production in the coming years.

"We expect to increase potential production by around 2,000 to 3,000 tons of uranium in 2024, compared to the planned production range for 2023," explained Kazatomprom's Chief Operational Officer, as reported by *World Nuclear News* on Friday, August 19, 2022.

With this plan, Kazatomprom's uranium production is projected to reach 25,000 tons in 2024.