Uranium Is Abundant, But New Mines Must Catch Up With Nuclear Ambitions

Published as Uranium 2026: Resources, Production and Demand, the report, commonly known as the “Red Book” draws on 46 country reports, most based on official government data.

The world has enough identified uranium resources to support even the highest projected demand through 2050, but turning those deposits into a dependable fuel supply will require investment decisions well before new reactors need them. A joint report from the OECD Nuclear Energy Agency and the International Atomic Energy Agency finds that uranium production and exploration spending are rising as countries consider expanding nuclear power to meet electricity demand, strengthen energy security and support environmental goals.

Published as Uranium 2026: Resources, Production and Demand, the report, commonly known as the "Red Book" draws on 46 country reports, most based on official government data. It covers 2023 and 2024, includes selected developments from 2025 and 2026, and examines the resources, production capacity and reactor requirements that will shape uranium supply through 2050.

Growing Nuclear Fleets Will Need More Fuel

At the start of 2025, 418 commercial nuclear reactors were operating worldwide, providing a combined net generating capacity of 378 gigawatts and requiring approximately 64,500 tonnes of uranium annually. Another 23 reactors, representing 19.7 gigawatts of capacity, were in suspended operation, forming a separate part of the global reactor fleet.

Nuclear generating capacity is projected to increase substantially by 2050 under both the report's low- and high-growth scenarios, pushing annual uranium requirements to approximately 84,800–143,900 tonnes. Meeting that demand depends on more than locating deposits, because uranium must move through project development and production before it can support reactor fuel needs. The outlook makes the pace of mine development an important factor in countries' nuclear expansion plans.

Enough Resources Exist, but Supply Takes Years to Build

Identified uranium resources recoverable at costs below US$260 per kilogram of uranium exceed 8.1 million tonnes globally, an increase of 2.1% from the previous edition published in 2025. The report considers this sufficient to meet even its highest projected demand through 2050, offering reassurance about resource availability without guaranteeing that production will arrive when needed.

Developing a uranium mining project typically takes 15–20 years, making early work on identifying deposits, obtaining permits and advancing projects essential to reducing future supply constraints. The Red Book stresses the need for timely, substantial and sustained investment, supported by uranium prices and long-term contracts that give producers confidence to commit funding. These conditions also support continued exploration and improvements in extraction, processing and resource recovery.

Production Is Rising, but the Project Pipeline Needs Work

Global uranium production exceeded 116,000 tonnes across 2023 and 2024, approximately 20% higher than the combined output of the previous two years. Production reached 61,924 tonnes in 2024 alone, its highest level since 2016, with growth driven mainly by restarting previously idled capacity and increasing output at existing mines, particularly in Canada. The report forecasts further production growth in the near and medium term, though the latest gains have come from established operations.

Several projects received regulatory approvals and moved closer to development, but the report records no new uranium mining projects entering production. Exploration and development spending exceeded US$1.78 billion during 2023–2024, up approximately 46% from 2021–2022, demonstrating renewed investment in the sector. Exploration drilling increased significantly, but drilling specifically directed towards project development remained relatively stagnant, highlighting the work needed to turn promising resources into operating mines capable of supplying an expanding nuclear fleet.