Uzbekistan stands as a key player in the global uranium mining industry, ranking 5th worldwide in uranium mining and 10th in uranium reserves. Uranium is a valuable ore with multifaceted applications, primarily serving as fuel for nuclear power plants and reactors, including those in naval and submarine vessels. Additionally, it finds use in nuclear weapons and radiation protection systems.
Global Demand for Uranium
According to assessments by the World Nuclear Association, the global annual uranium production exceeds 60,000 tons, meeting approximately 80-90% of the demand for uranium. This ore plays a vital role in atomic energy due to its reliability, cost-effectiveness, low carbon emissions, and versatile applications. Notable consumers of uranium include the USA, France, Russia, China, and South Korea.
Future Projections
Forecasts suggest that global uranium consumption will rise to 79,400 tons by 2030 and further to 112,300 tons by 2040. In 2019, global natural uranium reserves were estimated at 6.14 million tons, with significant contributions from Australia, Kazakhstan, and Canada. Other reserves are distributed across Russia, Namibia, South Africa, China, Nigeria, Brazil, and Uzbekistan.
Uzbekistan's Role in Uranium Production
Since 2016, Uzbekistan has consistently ranked as the fifth-largest uranium producer globally. In 2022, the country mined 3,300 tons of uranium, constituting 6.4% of the world's total uranium production. Uzbekistan boasts uranium reserves exceeding 100,000 tons, securing its place as the 10th largest holder of uranium reserves globally.
The Navoi Mining and Metallurgical Combine (NKMK) stands as Uzbekistan's sole natural uranium mining company and is recognized as one of the world's leading entities in the sector. NKMK predominantly exports its uranium products, contributing 99.5% to its export portfolio. Major trade partners include AREVA NC (France), Converdyn (USA), Cameco (Canada), CNEIC (China), Itochu, Marubeni (Japan), and Nukem, Inc. (USA).
Uzbekistan's Ambitious Plans
President Shavkat Mirziyoyev of Uzbekistan has set ambitious goals to elevate uranium mining and processing. In July 2022, a decision was signed to double uranium production from 3,526 tons in 2021 to 7,100 tons by 2030. This decision reflects an intensification of geological exploration activities, with planned uranium reserve growth from 4,700 tons to 10,500 tons annually.
The decision also greenlighted 20 investment projects valued at $460mn, aimed at enhancing uranium mining in the country. Uzbekistan's recently adopted Uzbekistan-2030 strategy seeks to triple uranium production within seven years, affirming its commitment to playing a pivotal role in meeting global uranium demand.
Global Leaders in Uranium Production
Over the past decade, Kazakhstan has maintained its position as the world's leading uranium producer and exporter, with annual production exceeding 21,000 tons. The Kazakh company "Kazatomprom" stands out as the world's top uranium mining entity, extracting over 11,000 tons yearly, which equates to approximately 20.5% of the world's total annual uranium production.
Canada ranks as the second-largest uranium producer globally, followed by Namibia and Australia.
Uzbekistan's strategic position in uranium production, coupled with its ambitious plans for expansion, solidifies its role in meeting the rising global demand for this essential ore. As the world continues to rely on nuclear power and related technologies, Uzbekistan's contributions in this sector are expected to grow significantly in the coming years.
Earlier Daryo reported that in the first half of 2023, Uzbekistan's state-owned mining company, NMMC, secured the fifth position in gold production, with a total output of 1,425 koz. This marks a 2.1% growth compared to the corresponding period in 2022.
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