Metals and Mining - Uranium

All nuclear fission reactors depend on one primary raw material: uranium. In 2022, the global uranium market size reached USD 2.7 billion, expected to grow at a CAGR of 3.68% until 2028 when it will reach USD 3.4 billion. With primary applicability across nuclear power plants, military, industry, and medicine, uranium traded at a spot price of around USD 53 per pound in September 2023—a 29.92% increase from a year ago. Currently, Kazakhstan, Canada, and Namibia supply over two-thirds of the world’s uranium, each accounting for 43%, 15%, and 11%, respectively.