Canada poised to dominate the global uranium mining industry
Canada may have been sent packing early from the World Juniors this year, but there’s another activity we’re poised to claim the number one spot in: uranium mining.
What happened: Cameco, Canada’s largest uranium producer, said production increased by a third at its two Saskatchewan mines last year.
- That jump will contribute to an expected surge in new uranium production that could see Canada’s output double in the next 10 years, helping Canada reclaim its position as the world’s largest uranium producer, a title it lost to Kazakhstan in 2008.
Why it’s happening: Demand for uranium is expected to double by 2040 thanks to a surge of interest in nuclear power — 31 countries have pledged to triple their nuclear power output by 2050 and tech companies are investing in nuclear to power their data centres.
- Canada’s uranium sector also stands to gain from geopolitical tensions that have forced Western buyers to rethink the wisdom of relying on Kazakhstan — which is bordered by Russia and counts China as its largest customer — as a key supplier.
Why it matters: The stars are aligning for a boom in Canada’s $800 million-per-year uranium industry, which could be a bright spot in an economy that could use some good news.
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