The global uranium sector is responding to growing interest in pursuing new nuclear energy capacity around the world. The new report Uranium 2026: Resources, Production and Demand (commonly known as the “Red Book”), published jointly by the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA), finds that expenditures in uranium exploration and mine development have increased significantly in recent years. These investments are essential to sustain future demand.
Covering the years 2023 and 2024, while also including selected information from 2025 and 2026 where relevant, the latest edition notes that as of 1 January 2025, a total of 418 commercial nuclear reactors were operating worldwide, with a combined net generating capacity of 378 GW(e) requiring about 64 500 tU annually. In addition, 23 reactors with a total capacity of 19.7 GW(e) were in suspended operation. 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 tU and 143 900 tU.
The 2026 edition of the Red Book provides an overview of world uranium market fundamentals, including uranium exploration, resources, production and reactor-related requirements. Drawing on 46 country reports, most based on officially reported government data, it presents projections for nuclear generating capacity and reactor-related uranium requirements through 2050 and assesses long-term uranium supply and demand trends.
Investment is needed to turn resources into supply
The Red Book concludes that the currently identified uranium resources recoverable at costs below USD 260/kgU (USD 100/lb U3O8) exceed 8.1 million tonnes uranium (tU) globally, an increase of 2.1% compared to the previous edition published in 2025. This level of identified uranium resources is sufficient to meet even the highest projected uranium demand through 2050.
However, resource availability alone does not guarantee supply security. 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.
Production and exploration activities are increasing, but new projects must advance
Recent production trends point to a strengthening supply response. Global uranium production increased by approximately 20% in 2023 and 2024 compared with the previous two years, with a total exceeding 116 000 tU. Production in 2024 alone (61 924 tU) was the highest since 2016. The Red Book 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 USD 1.78 billion during 2023–2024, representing an increase of approximately 46% compared with 2021-2022. While exploration drilling volumes rose significantly, drilling specifically directed toward project development remains relatively stagnant, underscoring the importance of strengthening the development pipeline.
Read the report: oecd-nea.org/uranium-26
Contact: press@oecd-nea.org
Notes to editors:
The Nuclear Energy Agency (NEA) is an intergovernmental agency which operates within the framework of the Organisation for Economic Co-operation and Development (OECD). It facilitates co-operation among countries with advanced nuclear technology infrastructures to seek excellence in nuclear safety, technology, science, related environmental and economic matters and law.
The International Atomic Energy Agency (IAEA) is the world’s central intergovernmental forum for scientific and technical co-operation in the nuclear field. It works for the safe, secure and peaceful uses of nuclear science and technology, contributing to international peace and security and the United Nations Sustainable Development Goals.
The Joint NEA/IAEA Group on Uranium (UG) contributes to the preparation of each edition of Uranium Resources, Production and Demand. The Group also co-ordinates the preparation of periodic assessments of the world’s supply of natural uranium, examines the relationship of these supplies to demand projections and recommends actions that might be taken to ensure adequate long-term supply of uranium for nuclear power development.
Source: IAEA