Global uranium production is positioned for a steep expansion over the next decade as tight supply and rising reactor demand pull new mines into development, according to S&P Global Market Intelligence. Total output across the seven major producers covered in the analysis is projected to grow from 58.5 million pounds in 2025 to 141.2 million pounds by 2033, a near 2.5 times increase in under a decade.

Production remains highly concentrated today. Kazatomprom is projected to mine 29.1 million pounds in 2025 and Cameco about 21 million pounds, and together the two account for roughly 86 percent of output among the covered producers. That concentration is one reason buyers have grown concerned about supply security as demand climbs.

Prices reflect the tightness. Uranium traded near 85 dollars per pound in early July, up about 16.7 percent from a year earlier, after spot prices reached above 101 dollars per pound in January. Cameco shares rose about 70 percent on the year as investors positioned for a prolonged supply squeeze.

The United States illustrates the gap. Domestic reactors require far more uranium than the country produces, leaving an annual shortfall near 46 to 47 million pounds that is currently filled by imports. New domestic starts, including in-situ recovery operations in Texas and Wyoming, mark early steps toward rebuilding a sector that had nearly gone dormant. S&P frames the coming years as a shift from acute tightness toward a broader mining expansion, though the analysis notes new capacity will take time to reach the market.

Source: S&P Global Market Intelligence - https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/uranium-s-next-decade-from-tight-supply-to-a-broader-mining-boom