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Add to Preferred SourcesThe global uranium sector is scaling up in response to renewed interest in nuclear energy expansion, according to a new report jointly released by the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA) on 14 September 2026 in Vienna, Austria. The publication, Uranium 2026: Resources, Production and Demand, commonly known as the “Red Book”, finds that expenditures on uranium exploration and mine development have risen significantly in recent years, as detailed in the press release. Sustained investment is essential to convert available resources into future supply.
The 2026 edition covers 2023 and 2024, with selected information from 2025 and 2026 where relevant. As of 1 January 2025, 418 commercial nuclear reactors were operating worldwide, with a combined net generating capacity of 378 GW(e) requiring about 64,500 tU annually. An additional 23 reactors with a total capacity of 19.7 GW(e) were in suspended operation. The report draws on 46 country reports, most based on officially reported government data, and presents projections for nuclear generating capacity and reactor-related uranium requirements through 2050.
Global nuclear generating capacity is projected to increase substantially by 2050 under both low- and high-growth scenarios, lifting annual uranium requirements to between approximately 84,800 tU and 143,900 tU. 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 with the previous edition published in 2025. This level of identified resources is sufficient to meet even the highest projected uranium demand through 2050. However, converting these resources into production will require timely, substantial and sustained investment. Uranium mining projects typically involve lead times of 15 to 20 years.
Global uranium production rose by approximately 20% in 2023 and 2024 compared with the previous two years, exceeding 116,000 tU in total. Production in 2024 alone reached 61,924 tU, the highest since 2016, driven primarily by the restart of previously idled capacity and the expansion of output at existing mines, particularly in Canada. Although several projects received regulatory approvals and advanced toward development, no new uranium mining projects have begun production. Global exploration and development expenditures exceeded USD 1.78 billion during 2023–2024, an increase of approximately 46% compared with 2021–2022. Drilling directed specifically at project development, however, remains relatively stagnant.
The Red Book underscores that adequate and sustained uranium prices, supported by long-term contracts, are critical to maintain exploration momentum, support final investment decisions for new mines, and accelerate innovation in extraction techniques. Identifying, permitting and advancing new projects in the near to medium term is essential to reduce the risk of future supply constraints and disruptions. The Joint NEA/IAEA Group on Uranium contributes to each edition and recommends actions to secure adequate long-term uranium supply for nuclear power development. The findings signal a strengthening supply response amid rising electricity demand, energy security concerns and environmental goals. Sustained investment remains the decisive factor in matching resources with future demand.