Global uranium mine production is expected to increase at a compound annual growth rate of 4.3%, to reach 76,493t in 2020, but consumption is forecast to increase by 5%, to reach 88,500t of U3O8 this year, according to GlobalData.

Cliff Smee, head of GlobalData research and analysis for mining, said: "Commercial operations at the Cigar Lake project in Canada commenced in 2014, with an annual uranium metal capacity of 6900t. The project produced 4340t of uranium in 2015, compared with 130t in 2014. Meanwhile, production at the Four Mile project in Australia rose from 750t in 2014 to 990t in 2015. By contrast, production from the US declined by 32% in 2015, while in Namibia it decreased by 20%."