Expenditures in uranium exploration and mine development have increased significantly in recent years, according to a new joint report from the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA).
The report, Uranium 2026: Resources, Production and Demand, known as the Red Book and published annually, notes that the global uranium sector is responding to growing interest in new nuclear capacity around the world.
Global uranium production increased by approximately 20% in 2023 and 2024 compared with the previous two years, with a total exceeding 116,000 tonnes. Production in 2024 alone,at 61,924 tonnes, was the highest since 2016. According to the report, forecasts indicate that this upward trend is expected to continue in the near and medium term. The increase in production has been driven primarily by the restart of previously idled capacity and the expansion of output at existing mines, particularly in Canada. Although several uranium projects received regulatory approvals and advanced towards development, no new uranium mining projects have begun production.
Global exploration and development expenditures exceeded US$1.78 bn during 2023–2024, representing an increase of approximately 46% compared with 2021-2022. While exploration drilling volumes rose significantly, the analysis says that drilling specifically directed toward project development remains relatively stagnant, underscoring the importance of strengthening the development pipeline.
As of 1 January 2025, a total of 418 commercial nuclear reactors were operating worldwide, with a combined net generating capacity of 378 GWe requiring about 64 500 t of uranium annually. However, as more countries look to meet rising electricity demand, strengthen energy security and advance environmental goals, global nuclear generating capacity is projected to increase substantially by 2050 under both low- and high-growth scenarios, raising annual uranium requirements to between approximately 84,800 and 143,900 tonnes.
The analysis concludes that the currently identified uranium resources recoverable at costs below US$260/kg ($100/lb U3O8) exceed 8.1 m tonnes globally, an increase of 2.1% compared to the previous report published in 2025. This level of identified uranium resources is sufficient to meet even the highest projected uranium demand through 2050.
Resource availability alone does not guarantee supply security though and the report argues that converting these resources into production will require timely, substantial and sustained investment. Given the long lead times associated with uranium mining project development, typically 15 to 20 years, identifying, permitting and advancing new projects in the near to medium term is essential to reduce the risk of future supply constraints and disruptions. Adequate and sustained uranium prices supported by long-term contracts are therefore critical to maintain exploration momentum, support final investment decisions for new mines, and accelerate innovation in extraction techniques for improved processing and recovery of resources, the report says.
