The share of Uzbek uranium on the American market has reached 11%, second only to Canada, Kazakhstan, and Russia. In 2022, Uzbekistan increased its uranium exports to the United States by almost 80%, Kommersant reports, citing EIA.
Uzbekistan has significantly increased its uranium supplies to the United States, with exports rising by nearly 80% in just one year. Last year, Uzbekistan's uranium exports amounted to 2.01mn kilograms of U3O8 equivalent, an increase of 78% compared to 2021.
This surge in exports has boosted Uzbekistan's share in the American uranium market to 11%, placing it behind only Canada, Kazakhstan, and Russia. Currently, the United States imports more than 95% of its uranium raw material, making it heavily reliant on foreign suppliers.
Canada remains the largest supplier to the US, accounting for 27% of uranium imports, equivalent to 5mn kilograms. Kazakhstan follows closely with a 25% share, providing approximately 4.5mn kilograms. Russia ranks third, with an 11.7% share in the American market.
In March 2022, US President Joe Biden announced a ban on the import of energy resources from Russia. However, the US authorities did not impose sanctions on Russian uranium. Together with Kazakhstan and Uzbekistan, Russia covers approximately half of the uranium needs of American nuclear power plants.
In July of last year, to further strengthen its position as a key supplier, Uzbekistan's President Shavkat Mirziyoyev approved measures aimed at boosting uranium production and processing within the country. In particular, Mirziyoyev instructed to double the production and processing of uranium raw materials. If 3,526 tons of uranium were mined in 2021, then a target of 7,100 tons was set for 2030.
World's fifth-largest uranium producer
Uzbekistan is recognized as the world's fifth-largest producer of uranium, with an output of 3,502 tons in 2022, representing a marginal increase of 0.07% compared to the previous year. Over the five-year period leading up to 2021, Uzbekistan experienced a compound annual growth rate (CAGR) of 0.73% in uranium production. It is projected that between 2022 and 2026, the CAGR will stabilize at 0.07%.
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