US ‘would love’ Australia to supply uranium

At a recent conference in London, US Energy Secretary Chris Wright expressed a strong interest in Australia enhancing its uranium supply role.

“I would love to see Australia get in the game of supplying uranium, maybe going down that nuclear road themselves,” Wright said.

This call comes as global uranium demand is expected to increase by 28 per cent between 2023–30, according to the World Nuclear Association (WNA).

The WNA also predicts that between 2031–40, demand would double by 51 per cent, requiring a significant ramp up of production from current mine supply.

While Australia holds the world’s largest known uranium reserves, accounting for about one-third of global resources, the country is currently the world’s fourth largest producer, making $1.2 billion in exports in 2023–24.

Australia hosts several uranium mines critical to global supply, with the Olympic Dam mine in South Australia, operated by BHP, the world’s largest uranium orebody.

Olympic Dam produced 3189 tonnes of uranium in 2024 and has probable reserves of 558 million tonnes at 590 grams per tonne uranium.

Uranium is produced alongside copper, gold and silver at Olympic Dam, demonstrating the scale and significance of this asset.

The Honeymoon uranium operation in SA has emerged as a shining light for Australia in recent times, recently achieving commercial production after producing first uranium in April 2024.

Global uranium demand has been disrupted by a range of geopolitical events in recent years, including Russia’s invasion of Ukraine and a coup d’état in Niger, increasing uncertainty around supply chains.

These disruptions demonstrate the importance of stable suppliers such as Australia, which has the opportunity to capitalise on its reserves to meet surging global demand.

Increased Australian uranium production could provide a reliable alternative for international buyers and reduce supply risks in the nuclear energy sector.