Uranium.

Uranium is the radioactive metal that fuels nuclear power, about 10% of the world's electricity. Demand is rising with energy security, electrification and AI data centers. Only a few countries mine most of it. In 2024, Kazakhstan, Canada and Namibia produced nearly 75% of the world's uranium, according to the World Nuclear Association. Why is uranium in the news? Enrichment. Mined uranium is turned into a gas and spun in centrifuges to raise its share of the atoms that release energy. A power reactor needs about 3% to 5%. A nuclear bomb needs about 90%. That is why wars are fought over centrifuges. In June 2025, Iran held 440.9 kilograms of uranium enriched to 60%, a short step from weapons grade, according to the IAEA, the UN's nuclear watchdog. That same month, Israel and the US bombed Iran's enrichment sites. The IAEA has not been able to verify the stockpile since. The same machine that lights your city can arm a bomb. My forecast: Kazakhstan remains the world's largest uranium miner in 2030, producing at least 35% of global mine output. Governments will treat uranium enrichment as a national-security priority. Raw materials, natural resources, commodities, minerals, critical minerals and rare earths: see my top 10 raw materials, my OIL 2075 prediction card and the top 10 richest countries in natural resources.

There are many raw materials, also called natural resources, commodities or minerals, far more than 10. The US lists 60 critical minerals, the EU 34. These are 10 very important ones, in no particular order: gold, copper, uranium, silver, rare-earth magnets, gallium, lithium, cobalt, yttrium and graphite. Don't underestimate water and oil. They are just as important, so I describe each of them separately. These 10 are inside your car, your phone, solar panels, wind turbines, power grids, data centers, chips, humanoid robots, rockets and missiles. The real power is not who digs them up. It is who refines them, and that is mostly China. Who controls what: • Gold: money without a government. China, Russia and Australia mine the most. • Copper: carries electricity. Chile, DR Congo and Peru mine it. China refines about 45%. • Uranium: fuels nuclear power. Kazakhstan, Canada and Namibia mine nearly 75%. • Silver: the best conductor. Mexico, Peru and China lead. • Rare-earth magnets: drive electric cars, robots and fighter jets. China mines about 70% of rare earths. • Gallium: high-power chips and radar. China produces 99%. • Lithium: batteries. Australia, China and Chile lead, Zimbabwe is rising. • Cobalt: batteries and jet engines. DR Congo mines nearly 3 of every 4 tons. Battery makers are engineering cobalt out of batteries before 2030. That's why it moves out of the top 10 after 2030. • Yttrium: jet engines and lasers. China and Myanmar. • Graphite: the other half of every battery. China mines nearly 4 of every 5 tons, Madagascar, Tanzania and Brazil follow. Some countries are very rich in raw materials, others have almost none. Ranked by the value of all their natural resources, Russia is the richest country on the planet: $75.7 trillion in a 2012 valuation, ahead of the US, Saudi Arabia, Canada and Iran. Beyond this answer: • Water: my FAQ on why water is becoming the world's most strategic resource. • Oil: my OIL 2075 prediction card. • Countries: my FAQ on the top 10 richest countries in natural resources.

Russia ranked number 1 in a 2012 natural-resource valuation, with an estimated $75.7 trillion, about $31 trillion more than the United States. Saudi Arabia, Canada and Iran completed the top 5. The study estimated the value of 10 resource categories, including oil, gas, coal, timber, gold and uranium, using prices available at the time. Forget GDP. And Russia's biggest treasure in that ranking was not oil. It was timber, valued at $28.4 trillion. The world's top 10 in the 2012 study: 1. Russia: $75.7 trillion. Timber, natural gas, oil. 2. United States: $45 trillion. Coal, timber, natural gas. 3. Saudi Arabia: $34.4 trillion. Oil, natural gas. 4. Canada: $33.2 trillion. Oil, timber. 5. Iran: $27.3 trillion. Oil, natural gas. 6. China: $23 trillion. Coal, timber. 7. Brazil: $21.8 trillion. Timber, iron ore, gold, uranium. 8. Australia: $19.9 trillion. Gold, uranium, iron ore, coal, copper, timber. 9. Iraq: $15.9 trillion. Oil, natural gas, phosphate. 10. Venezuela: $14.3 trillion. Oil, natural gas. Important: These figures come from a 24/7 Wall St. analysis published in April 2012 and later reproduced by Statista. They are not 2026 valuations. They estimate gross resource values at historical prices, without deducting extraction costs. The timber calculation assumes all trees could be harvested and sold. DR Congo is sometimes quoted at $24 trillion in untapped minerals, but that estimate uses a different methodology and cannot be directly compared. My final thought: Owning the mine is potential. Owning the refinery is power. Raw materials, natural resources, commodities, minerals, critical minerals and rare earths: see my top 10 raw materials, my OIL 2075 prediction card and the top 10 richest countries in natural resources.