Uzbekistan has reported an increase of 12% in uranium production during the first half of 2024, according to a statement by the state enterprise for uranium mining and processing, Navoiyuran.

The state's uranium production plan was fulfilled by 110%, exceeding the target and compared to last year, this indicator was 112%. Additionally, the geology-exploration forecast indicator was fulfilled by 122%.

From January to June, the total production volume in monetary terms reached UZS 4.9 trillion ($387.9mn), a 12.3% increase compared to the same period in 2023. The company's net profit rose by 55% to 1.9 trillion ($150.4mn). During the reporting period, investments were adjusted to $48.5mn.

What is Uranium?

Uranium is a naturally occurring ore mined from underground. It is widely used as fuel for nuclear power plants (NPPs) and nuclear reactors powering ships and submarines. Additionally, uranium is utilized in nuclear weapons and radiation protection systems. According to the World Nuclear Association, annual global uranium production exceeds 60,000 tons, meeting 80-90% of the demand for uranium.

The uranium produced by "Navoiyuran" is entirely exported to major processing enterprises such as AREVA NC (France), Converdyn (USA), Cameco (Canada), and CNEIC (China). The main trading partners of NKMK include Itochu and Marubeni (Japan) and Nukem, Inc. (USA).

Uzbekistan is home to 39 uranium mines, with 35 classified as sandstone and 4 as limestone. The sandstone deposits are primarily located in the Navoi and Samarkand regions.

Uranium Production in Uzbekistan

According to a presidential decree on measures to increase the volume of uranium mining, processing and transformation at the Navoiyuran state enterprise in 2022-2030, Uzbekistan aims to double its uranium production to 7,100 tons by 2030. Achieving this goal would place Uzbekistan second only to Kazakhstan among the world's uranium-producing countries.

Since 2016, Uzbekistan has ranked fifth globally in uranium mining. The country's uranium reserves exceed 100,000 tons, placing it 10th in the world. According to the Uzbekistan-2030 strategy, the country's uranium production is expected to triple within the next seven years.

Uzbekistan's prominence in the global uranium market has been growing steadily. In 2022, the country nearly tripled its uranium exports to the European Union, escalating from 162 tons in 2021 to 441 tons. This surge positioned Uzbekistan as the EU's third-largest uranium supplier, trailing only Kazakhstan and Canada.

Additionally, Uzbekistan played a significant role in meeting U.S. uranium demand, accounting for 10% of the country's imports in 2023. This placed Uzbekistan as the fifth-largest uranium supplier to the United States, following Canada, Australia, Kazakhstan, and Russia.

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