For the past few decades, the world’s largest consumers of uranium as fuel for nuclear power plants and uranium producing countries have rarely overlapped. But now, the situation is gradually shifting as nations with nuclear power plants are taking steps to launch, restart, or significantly expand domestic uranium mining, while uranium-rich countries are planning to build nuclear power stations of their own. Rosatom is involved in both of these trends, driving the advancement of nuclear technology around the globe.
Historically, major uranium-producing regions have been geographically different from major uranium-consuming countries. Kazakhstan, Australia, Namibia, Uzbekistan, and Niger export all the uranium they produce. Conversely, European countries and the United States import nearly all the uranium they need. South Africa, India, and China import part of their required uranium supply. Russia — and to some extent, China — have pursued a different strategy, establishing uranium mining ventures in other countries. For Russia, the most successful and enduring partnership has been with Kazakhstan.
In recent years, nuclear energy has experienced a new renaissance, and the situation described above is beginning to change. Kazakhstan, Uzbekistan, and Namibia are taking steps toward building their own nuclear power plants, while the United States, Brazil, Argentina, and Sweden are planning not only to expand their nuclear fleets but also to revive domestic production of natural uranium concentrate.
For over 15 years, Kazakhstan has been the world’s top uranium producer. In 2024, the country produced 23,270 metric tons of uranium, partly through joint ventures with Rosatom.
All Kazakh uranium is exported as the country no longer has operating nuclear stations after the reactor at the Mangystau Nuclear Power Plant was shut down in 1999.
But that is about to change. Last year, Kazakhstan held a national referendum and received public approval to build nuclear capacity, with several reactors planned. The first nuclear power plant will be constructed by an international consortium led by Rosatom, whose bid was selected as the best option by Kazakhstan’s Interagency Commission on Nuclear Industry Development. At this June’s Saint Petersburg International Economic Forum (SPIEF), Rosatom Director General Alexey Likhachev and Almasadam Satkaliyev, Chairman of the Republic of Kazakhstan’s Atomic Energy Agency, signed a roadmap outlining key steps for a large nuclear capacity project in the country. Kazakhstan Nuclear Power Plants and Rosatom’s engineering division AtomStroyExport inked a framework agreement defining the core cooperation principles for the construction project in the Zhambyl District of the Almaty Region.
Top 3 countries by uranium production (tU, WNA data, 2022):
Kazakhstan – 21,227
Canada – 7,351
Namibia – 5,613
Uzbekistan is one of the world’s leading uranium producers. According to the World Nuclear Association (WNA), the country mined an estimated 3,300 metric tons of uranium in 2022, but it has never had nuclear power plants.
Uzbekistan is entering the nuclear era with Russian-designed small modular reactors (SMRs). In 2024, Rosatom signed a contract with the country’s government to build six power units equipped with 55 MW RITM-200 reactors, with the first unit scheduled to come online in 2029. This is the world’s first export contract for the construction of an SMR nuclear power plant. Site preparations are now underway in Uzbekistan’s Jizzakh Region, while Russia has begun manufacturing the first reactor for the plant. Also at SPIEF, Rosatom and the Agency for the Development of Nuclear Energy under the Cabinet of Ministers of Uzbekistan signed an agreement to study the feasibility of constructing two (potentially four) power units with 1 GW VVER-1000 reactors in Uzbekistan.
The country produced 8,283 metric tons of uranium in 2023, according to the Namibian Uranium Institute. A game-changer could be Rosatom’s Wings project, which may unlock a new uranium mining region and boost economic development in eastern Namibia.
In addition, Namibia intends to begin discussions on building a nuclear power plant. This was announced by President Netumbo Nandi-Ndaitwah: “While I cannot say when Namibia will have a nuclear power station, I can assure you that discussions will definitely begin within this financial year.” Domestic power generation is a critical goal as Namibia depends on electricity imports from South Africa, which are often unstable. President Nandi-Ndaitwah emphasized the need to fully leverage the country’s mineral potential. “We must not only export minerals but also process them here. We must claim our place in the value chain,” she said.
Rosatom is ready to support these plans. “Nuclear can lay a solid foundation for sustainable energy systems in African countries. Rosatom has developed a wide range of solutions to achieve this goal. […] We are delighted that Namibia is exploring the possibilities of nuclear power. This decision could make the country a major energy player on the African continent,” said Ryan Collier, CEO of Rosatom Central and Southern Africa, speaking last autumn at the 2nd Nuclear Science and Technology Conference in Namibia.
Top 3 countries by installed nuclear capacity (GW, IAEA data, 2025):
United States – 96.95
France – 63
China – 55.32
Currently, Brazil operates two reactors at its Angra NPP with a combined capacity of 1.88 GW. The country is exploring options to expand its nuclear fleet and increase uranium production. Implementing these plans involves cooperation with Rosatom. This May, Brazilian President Luiz Inácio Lula da Silva said during a meeting with Russian President Vladimir Putin that Brazil was interested in collaborating with Russia on building small modular reactors. Additionally, the Brazilian government and Rosatom are holding talks on joint uranium and lithium mining projects in the country.
Sweden has not mined uranium for at least 15 years, and a 2018 ban halted production entirely. But last year, the Swedish government released a report after a comprehensive review that lifting the ban would be advisable. A corresponding bill is expected to be submitted to the national parliament before January 1, 2026. Foreign exploration companies with projects in Sweden are lobbying hard for this move.
Sweden currently operates six nuclear reactors with a total capacity of 7 GW. The government has announced that 2.5 GW of new nuclear capacity must be built by 2035. An additional four to ten new units (final decision pending) are expected to be constructed over the next decade.
Argentina currently operates three reactors at two plants, two at Atucha and one at Embalse, with a combined capacity of 1.64 GW. In December 2024, the national government unveiled its nuclear development strategy. Argentina’s Nuclear Plan provides for the construction of a domestically designed SMR at the Atucha site, modernization of nuclear infrastructure, and revival of uranium mining in the country. According to WNA, Argentina has not produced uranium for at least the past 12 years. The Nuclear Plan caught the attention of French President Emmanuel Macron. At June’s UN Ocean Conference in Nice, he agreed with Argentine President Javier Milei on cooperation in implementing the Nuclear Plan and signed a memorandum of understanding on collaboration in developing the so-called ‘critical’ minerals, including uranium.
In May 2025, U.S. President Donald Trump signed four executive orders aimed at expanding the nation’s nuclear power capacity from nearly 97 GW today to 400 GW by 2050. The target for 2030 is to add 5 GW through upgrades to existing units and to begin construction of 10 new large reactors. One of the orders calls for developing a plan to expand uranium conversion and enrichment capacity sufficient to meet U.S. demand for low-, medium-, and high-enriched uranium. Another sets the goal of making American nuclear companies preferred partners, targeting at least 20 new 123 Agreements as a foundation for further international nuclear cooperation.
The United States is also seeking to increase domestic uranium production. So far, progress has been limited. According to the Energy Information Administration’s report for the first quarter of 2025, uranium output — already weak — declined further to 310,533 pounds of U3O8 (less than 120 metric tons), roughly 65,000 pounds (25 metric tons) less than in the fourth quarter of 2024.
Rosatom is a global nuclear leader operating in more than 60 countries. Its overseas construction portfolio includes 33 large reactor units in 10 countries and the world’s first export project for six small modular reactors to be built in Uzbekistan.
Russia offers assistance to friendly nations worldwide in the development of both uranium mining and nuclear generation, while expanding its own reactor fleet and uranium output. Its national Power Plant Location Master Plan provides for the construction of 38 new reactors of various capacities by 2042. Total installed capacity will grow by 18.9 GW from the current 26.8 GW, and the share of nuclear power in the country’s energy mix will rise to 25%. Plans also include increasing uranium output from domestic mines.
39 reactors
Rosatom’s international portfolio of nuclear construction orders
Given the chronic underinvestment in both nuclear and uranium sectors, it is difficult to predict exactly which plans will materialize and how fast. However, the trend is unmistakable: governments, nuclear plant operators, and uranium companies are racing to secure the supply chain from ore to reactor, aiming to build domestically any missing links in the nuclear fuel cycle wherever possible.
More broadly, they aim at achieving full vertical integration in the home country. And building nuclear power plants in tandem with uranium mining is the most straightforward, cost-effective, and technologically feasible option.
China’s strategy is not discussed separately here, as it remains consistent: the country is steadily constructing new reactors and actively securing uranium supplies, including through domestic resources.
This article does not aim to balance projected demand against consumption, especially over specific timelines. Still, it is evident that Kazakhstan and Uzbekistan prioritize self-sufficiency, planning to build their own nuclear plants. The same will likely apply to Namibia, Brazil, Argentina, and indeed any country that both mines uranium and operates nuclear plants. This means their uranium output will no longer be available to other buyers.
Yet this is not the kind of risk that investment analysts often highlight to stoke fears of an imminent uranium shortage and price surge. The global nuclear industry has long been producing more power than it mines uranium for. It is also important to note that the uranium market is increasingly moving away from spot trading, with real transactions shifting toward long-term contracts. Since July 2024, the long-term price has remained stable at around USD 80 per pound of U3O8, ignoring fluctuations in the spot price.
Long-term contracts involve large supply volumes and extended planning horizons. They require consistent solutions and sustained investment in new deposits, reliable mining operations, and closing the nuclear fuel cycle by reprocessing spent fuel and utilizing depleted uranium. Together, these measures ensure long-term operation of nuclear power capacity. This is precisely what Rosatom and Russia as a whole are doing. That’s why partnering with Rosatom means reliability.
Photo by: ASE, Kazatomprom, Wikipedia
