Uranium Price

The chemical element uranium was apparently formed in supernovae[1] about 6.6 billion years ago, according to the World Nuclear Association, also explaining that the element’s slow radioactive decay provides the main source of heat inside the earth.

 

Quick Overview of Uranium

✔️An overview of the element uranium (U) and its discovery
✔️The production of uranium
✔️Investing in uranium
Factors that drive the price of uranium
Applications of uranium

 

An overview of the element uranium (U) and its discovery

Uranium (U) constitutes approximately two to four parts per million (ppm) of most rocks on earth. It is the 48th most abundant element in the crust of the earth, occurring in minerals such as:

• Uraninite is a uranium oxide mineral and the primary ore of uranium. It was formerly called ‘pitchblende,’ an archaic name that referred to uraninite and other black minerals with a significant high gravity in the late 1800s and early 1900s.

• Carnotite, a radioactive, yellow vanadium mineral, is also an important source of uranium.

• Autunite is a yellow, fluorescent mineral and a minor ore of uranium.

• Torbernite ‘is a green secondary mineral consisting of hydrated copper uranium phosphate in the form of square platelike crystals,’ according to Collins Dictionary. It is also one of the primary uranium-bearing minerals.

The element is as common in the earth’s crust as tungsten and tin and forty times more than silver. It also occurs in the oceans.

The periodic table of elements categorises uranium as one of the fifteen actinides, a family of heavy radioactive elements, ranging in atomic numbers from 89 to 103.

 

Uranium derives its name from the seventh planet, Uranus, which was discovered by the astronomer William Herschel in 1781. Uranus is referred to as ‘Father Heaven’ in Roman mythology and known as ‘god of the sky’ in Greek mythology.

Properties of uranium

• The atomic symbol on the periodic table: U.

• Atomic number: 92, which is the number of protons in the element’s atom and equalling the number of neutrons.

• Melting point: 1 135 degrees Celsius (2 075 degrees Fahrenheit).

• Boiling point: 4 131 degrees Celsius (7 468 degrees Fahrenheit).

• Density: 18.95 grams (g) per cubic metre (cm³) – 18.7 times as dense as water and 70 percent higher than lead. Although, its density is less than that of gold which is 19.3 grams per cm³.

According to the International Atomic Energy Agency, uranium is so dense that a small 10-centimetre cube would weigh 20 kilograms.

• Phase at room temperature: Solid.

• Naturally occurring uranium consists of 16 isotopes[2] of which the following three are the primary isotopes: U-238 (99.28 percent abundance), sometimes referred to as fertile, U-235 (0.71 percent abundance), and U-234 (0.0054 percent abundance).

The isotope U-235, also called uranium-235, is the only naturally occurring fissionable fuel, meaning the isotope is capable of sustaining a nuclear fission reaction, releasing energy. According to ThoughtCo., ‘a single kilogram of uranium-235 theoretically could produce ~ [approximately] 80 terajoules[3] of energy, which is equivalent to the energy that could be produced by 3 000 tonnes of coal.’

 

Other facts about uranium

• Appearance: Silvery-white.
• It is malleable, ductile, and moderately paramagnetic, meaning it is weakly attracted to magnetic fields.
• It is a poor conductor of electricity.
• Uranium has the highest atomic weight of all the natural elements. (Hydrogen is the lightest of naturally occurring elements.)
• It is radioactive.
• Pure uranium quickly oxidises in the air.
• The metal reacts with almost all non-metallic elements and their compounds.

 

The discovery of uranium

Martin Heinrich Klaproth (1743 – 1817), a German chemist and pioneer of analytical chemistry, discovered uranium in 1789 when analysing pitchblende, which at the time was considered to be a conglomerate of iron and zinc ore. By applying a specific chemical process, Klaproth extracted a substance from the pitchblende and was convinced that he discovered a new element, which he named after the planet Uranus which was discovered three years earlier.

Although Klaproth’s discovery was supported by the rest of the scientific community, it eventually was uranium dioxide and not pure uranium.

In 1841, fifty-two years of Klaproth’s discovery and twenty-three years after his death, Eugène-Melchior Péligot (1811 – 1890), a French chemist known as Eugène Péligot, isolated pure uranium by heating uranium tetrachloride with potassium.

The discovery that uranium was radioactive came only in 1896, hundred-and-seven years after Klaproth’s discovery of uranium dioxide.

It was a discovery by accident, regarded as one of the most well-known discoveries in the history of physics. It came when a French physicist, Antoine Henri Becquerel (1852 – 1908) left a sample of uranium on top of an unexposed photographic plate, which became cloudy. He was convinced that the uranium emitted invisible rays, which were spontaneous radiation different from X-rays.

Becquerel called the unknown radiation ‘Becquerel radiation.’ About two years later, Pierre and Marie Curie coined the term radioactivity. All three physicists shared the 1903 Nobel Prize in Physics for their research on radioactivity.

 

The production of uranium

Uranium-bearing ore such as uraninite, carnotite, and torbernite, is obtained from the earth’s crust by conventional mining, either by way of open-pit mining or underground mining.

After the mining, the ore is crushed in a mill, where water is added to create a slurry containing fine ore particles and other materials. The slurry is leached with an alkaline solution or sulfuric acid to dissolve the uranium, separating the natural uranium from the ore.

This was historically the main method to produce uranium. No longer. Currently, over fifty percent of the world’s uranium mines apply a method referred to as ‘in-situ leaching,’ which is a process where water injected with oxygen – or acid, alkali, or other oxidizing solution – is circulated through the uranium ore, extracting the uranium. The dissolved uranium (uranium solution) is then pumped to the surface.

The uranium solution is then separated, filtered, and dried, producing uranium oxide concentrate, commonly referred to as ‘yellow cake.’

Uranium metal can be produced by reducing uranium halides with group 1 metals (metals in the first column in the periodic table) or group 2 metals (metals in the second column). Also, by reducing uranium oxides with aluminium or calcium. However, there is little demand for uranium metal.

 

Enriched uranium

Most the nuclear power reactors use the U-235 isotope as fuel. Although, it only constitutes 0.71 percent of the natural uranium mined and must therefore be increased to a concentration between 3 percent and 5 percent. This process is called enrichment.

The World Nuclear Association explains that ‘the enrichment process requires the uranium to be in a gaseous form. This is achieved through a process called conversion, where uranium oxide is converted to a different compound (uranium hexafluoride) which is a gas at relatively low temperatures.’

There are different types of enriched uranium, namely:

• Low enriched uranium (LEU), sometimes called reactor-grade uranium, contains a U-235 concentration between 0.71 percent and 20 percent.

• Highly enriched uranium (HEU) contains a U-235 concentration greater than 20 percent. It is used in nuclear weapons and in some research reactors.

• Depleted uranium is a co-product of the enrichment process, containing a U-235 concentration of less than 0.71 percent.

 

The manufacturing of nuclear fuel

The World Nuclear Association describes the manufacturing of nuclear fuel as follows: ‘The enriched uranium is transported to a fuel fabrication plant where it is converted to uranium dioxide powder. This powder is then pressed to form small fuel pellets and heated to make a hard ceramic material. The pellets are subsequently inserted into thin tubes known as fuel rods, which are then grouped together to form fuel assemblies. The number of fuel rods used to make each fuel assembly ranges from around 90 to well over 200, depending on the type of reactor. Once loaded, the fuel normally stays in the reactor core for several years.’ (Accentuations by the article writer.)

As of May 2025, at least fourteen countries possessed uranium enrichment plants, including France, Germany, Netherlands, the USA, United Kingdom, Russia (4 operating plants), and China (4 operating plants), to name a few.

 

Uranium producing countries

Uranium is mined in twenty countries, with the following ten countries the top producers of uranium in 2025, according to an article, published on 20 September 2025, in Investing News:

 

1. Kazakhstan

Mine production of 19 477 tonnes, accounting for 41 percent of the global uranium production in 2025. Most of the uranium mining is done via the in situ leaching process.

Kazakhstan is the country with the second-highest recoverable uranium resources, estimated at 906 800 tonnes in 2019.

 

2. Australia

Australia mined 6 203 tonnes of uranium in 2025. It holds 28 percent of the world’s known recoverable uranium resources, with Olympic Dam the largest-known deposit of uranium in the world.

Some uranium mining, although a contentious issue in Australia, is allowed, but the use of nuclear energy is forbidden.

 

3. Namibia

Namibia, located in southwest Africa, mined 5 413 tonnes of uranium in 2025, overtaking Canada to become the third-largest global producer of uranium.

The two uranium mines in the country, Paladin Energy and Rio Tinto are capable to produce 10 percent of the global output of uranium.

 

4. Canada

Canada’s uranium production declined from 6 938 tonnes in 2019 to 3 885 tonnes in 2025, mainly due to operational shutdowns caused by the Covid-19 pandemic.

The two uranium mines in Canada, Cigar Lake mine and McArthur River, are regarded as the world’s two top uranium mines.

The Athabasca Basin in the Canadian province of Saskatchewan is world-renowned for its high-quality deposits of uranium.

 

5. Uzbekistan

This Central Asian country produced an estimated 3 500 tonnes of output in 2025. The country’s uranium production is enhanced via joint ventures with Japan and China.

 

6. Niger

Besides Namibia, the second African country to make the top ten list of 2025 with a mine production of 2 991 tonnes.

Niger’s two uranium mines, SOMAIR and COMINAK, account for 5.5 percent of the global uranium production.

 

7. Russia

Russia produced 2 846 tonnes of uranium in 2025.

The country holds 8 percent of the world’s uranium reserves.

In 2018, the United States Secretary of Commerce initiated an investigation on the quality and security of uranium imports from Russia.

 

8. China

China’s uranium production amounted to 1 885 tonnes in 2025.

Investing News reported that mainland China has 51 nuclear reactors with an additional 18 in construction, adding, ‘China’s goal is to supply one-third of its nuclear fuel cycle with uranium from domestic producers, obtain one-third through foreign equity in mines and joint ventures overseas and purchase one-third on the open uranium market.’ (Accentuations are by the article writer.)

 

9. Ukraine

Uranium production in Ukraine dropped from 1 200 tonnes in 2015 to 400 tonnes in 2025. This figure will certainly decline in 2025 due to war waged by Russia in Ukraine.

The country’s 15 reactors provide approximately fifty percent of its electricity, with most of its uranium demand supplied by Russia.

Ukraine’s uranium reserves account for only 2 percent of the global uranium reserves.

 

10. India

India mined 400 tonnes of uranium in 2025.

The country has 23 operating nuclear reactors with another seven under construction.

 

Investing in uranium

Uranium is usually traded as a processed oxide of uranium, known as urania, but commonly called ‘yellow cake,’ containing 80% to 90% pure uranium.

However, uranium does not trade on an open commodity market like other commodities. Buyers and sellers negotiate contracts privately.

Also, individual investors cannot invest in uranium as a physical commodity like other commodities such as gold or silver. This is due to uranium’s radioactive nature.

Although, there are other ways to invest in uranium, such as shares of uranium companies, uranium exchange-traded funds (ETFs), and contracts for difference (CFDs).

• Shares of uranium companies

There are several publicly traded companies involved in the mining, processing, and/or selling of uranium.

Examples of such companies are:

• Cameco is a Canadian company that is one of the largest global uranium producers, accounting for approximately 18 percent of the world’s uranium production.
• Uranium Energy Co is a USA uranium mining and exploration company operating throughout the southwestern USA and in Paraguay.
• Yellow Cake is a British uranium company with headquarters in Jersey. The company allows direct exposure to the spot uranium price without the risks involved in the mining, exploration, or processing of uranium.

More names of and information about uranium companies can be obtained from a regulated commodity broker. You are also required to make use of a commodity broker or brokerage to invest in uranium through ETFs and CFDs.

 

• Uranium ETFs

ETFs are investment funds that hold a collection of underlying assets, such as shares and commodities. These financial instruments trade as shares on stock exchanges in the same way as ordinary shares do.

Uranium ETFs give investors exposure to uranium as the underlying asset. For example, the VanEck Vectors Uranium and Nuclear Energy ETF invest in both uranium mining and nuclear energy companies.

 

• Uranium CFDs

Uranium CFDs are another way to trade shares of uranium companies. A CFD is a derivative instrument that allows traders/investors to speculate on the share price of companies involved in uranium mining and processing. The value of a CFD is the difference between the price of the company’s shares when purchased and their current (spot) price.

Keep in mind, that there is a high level of risk involved in CFD trading compared to other investment methods. Prices could move quickly against a trader/investor.

 

 

Factors that drive the price of uranium

Various factors can influence the demand and supply, and consequently the price of uranium.

Factors such as:

• Environment

Using nuclear power to generate electricity is generally considered a cleaner and more eco-friendly method than fossil fuels. As the global economy expands, pollution is becoming a bigger problem, benefitting nuclear energy, and making investments in uranium more attractive.

• Nuclear disasters

Nuclear disasters like those that occurred at nuclear power stations such as Chernobyl in the former Soviet Union in 1986 and Fukushima in Japan in 2011, will most likely affect the price of uranium negatively, due to the negative market segment.

• Price of other energy sources

If fossil fuel (such as coal and natural gas) prices are higher than the price of nuclear energy over the long term, uranium may be a more attractive investment and vice versa.

• Politics

Positive viewpoints of political leaders regarding nuclear power and renewable energy play an important role in the expansion of nuclear energy, which will eventually boost the price of uranium. For example, the remark of Joe Biden, the president of the USA, that nuclear power is a ‘critical clean energy technology.’

 

Applications of uranium

The main use of uranium is to generate electricity in nuclear reactors in nuclear power stations. Currently, ‘about 10% of the world’s electricity is generated from uranium in nuclear reactors,’ according to the World Nuclear Association.

This amounts to over 2 500 terawatt-hours (TWh) annually and the amount is expected to increase. (One terawatt-hour equals one million megawatts per hour.)

Most of the nuclear power reactors in the world use the enriched uranium-235 isotope as fuel to generate electricity. This type of isotope is called low enriched uranium (LEU), sometimes referred to as reactor-grade uranium.

The World Nuclear Association observed that eleven countries, including Finland, Switzerland, and Sweden, get 30 percent or more of their electricity from nuclear reactors using enriched uranium. Seventy percent of France’s electricity is obtained from nuclear power reactors.

Although, some reactors in Canada and in Britain use natural uranium as their fuel.

Depleted uranium, which is about 40 percent less radioactive than natural uranium, has several uses, such as:

• Ballast for ships.
• Counterweights for aircraft.
• Used in ammunition and for tank armour.
• Used to power nuclear submarines and nuclear weapons.

Furthermore, uranium is a dense metal that is used in gyro compasses, as a shield against radiation, and as X-ray targets to produce high-energy X-rays, to name a few more applications.

Uranium compounds are used to colour glass, while other uranium compounds have also been used to make yellow ‘Vaseline’ glass and glazes.

 

Note: This article does not constitute investment, financial, or trading advice. Please obtain the advice of a professional and regulated commodity broker before making trading and investment decisions.

 

[1] A supernova refers to the colossal explosion of a star that ejects most of the star’s mass.

 

[2] Isotopes are atoms of the same chemical element that contain the same number of protons and electrons but different numbers of neutrons and as a result have different physical properties.

 

[3] One terajoule (TJ) is equal to one trillion (10¹²) joules, or approximately 0.278-gigawatt hours (GWh), which is equivalent to one million kilowatt-hours.