Canada's uranium mining boom positions it to overtake Kazakhstan as top producer
(ZEROHEDGE) – Canada was the world's top uranium producer for years until Kazakhstan dethroned it in 2009. Fast forward to 2022, and Canada held the second spot, pumping out 15% of the global supply. By 2023, Canada became the top uranium supplier to the US, delivering 27% of total deliveries. With uranium prices soaring in the last several years, primarily because of the 'Next AI Trade' theme (laid out for pro subs), Canada's uranium mining boom could lead it to reclaim the top spot.
A new report from Bloomberg highlights that Canada's Saskatchewan province is the epicenter of the country's uranium mining boom: "What Saskatchewan has, though, is uranium. Lots of uranium. The bedrock is so loaded with it that the area around just one stretch of the lake, it is believed, could generate enough nuclear energy to power more than 40 million homes for a quarter century."
Cameco and Cameco/Orano operate several active mines in the commodity-heavy region, and there are also a number of new mines under development.