What is uranium, and why do Kazakhstan and Russia hold so much power?

Uranium is the radioactive metal that fuels nuclear reactors. Nuclear power generates roughly 10% of the world's electricity. The new demand drivers? Energy security, electrification, and AI data centers. In 2024, the world mined 60,213 metric tons of uranium, according to the World Nuclear Association. Kazakhstan led with 23,270 tons, followed by Canada with 14,309 and Namibia with 7,333. Together, they produced nearly 75%. Africa matters. Namibia's Husab and Rössing mines are Chinese-controlled. Niger also produces uranium, but political instability has disrupted its industry. Its output fell from 4,116 tons in 2015 to 962 in 2024. Where uranium is mined is not who controls nuclear fuel. Uranium must be converted, enriched, and fabricated before most commercial reactors can use it. Russia is a major player in enrichment, while China is expanding its nuclear fuel supply chain. The price? US nuclear utilities paid a weighted average of $58.46 per pound of uranium oxide equivalent in 2025, up 11% from 2024, according to the US Energy Information Administration. My forecast: Kazakhstan remains the world's largest uranium miner in 2030, producing at least 35% of global mine output. Governments will increasingly treat uranium enrichment as a national-security priority.