Canada was the largest producer of uranium in the world for years until Kazakhstan overtook it in 2009, and by 2022, Canada held the second place, supplying 15% of the global supply.

By 2023, Canada became the largest supplier of uranium to the United States, providing 27% of total supplies, according to "Oil price".

With the rise in uranium prices in the past few years, primarily due to the "next artificial intelligence trade" designated for submarines, the boom in uranium mining in Canada could lead to a return to the top position.

A new report from Bloomberg highlights that the Canadian province of Saskatchewan is the center of the uranium mining boom in the country:

It is believed that just one part of the area surrounding Lake "Cigar" in Saskatchewan could generate enough nuclear energy to power over 40 million homes for a quarter of a century.

Cameco operates several active mines in the resource-rich area, and there are also a number of new mines under development.

According to the World Nuclear Association, Canada is set to surpass Kazakhstan as the largest producer of uranium with new mines starting to come online in the coming years.

Canadian Prime Minister Justin Trudeau has taken a difficult turn, embracing nuclear energy to achieve Canada's zero emissions goals. This represents a significant shift after years of promises to move the economy away from resource extraction.

Forecasts from the World Nuclear Association indicate that the global shortage of uranium supplies will explode in the 2030s as new plants come online.

Due to dwindling supply and rising demand, uranium prices have skyrocketed over the past five years, increasing by 233%, surpassing the prices of silver, gold, copper, and lithium.

Most of the nuclear power expansion is currently happening in the eastern hemisphere, particularly in China and India. However, with the Biden administration finally turning serious about nuclear energy, a significant shift is occurring in the United States with the recent historic restart of the Palisades Nuclear Plant in Michigan.

Bloomberg stated: "Today, there are 61 nuclear power plants under construction worldwide. There are about 90 more in the planning stage, and over 300 more have been proposed."

The United States gets 19% of its electricity needs from 93 nuclear reactors. In the coming years, more retired reactors will be restarted, increasing the number.

Russia controls about 46% of global enrichment capacity, while the United States controls only 9.5%, making U.S. reliance on Russian uranium a major issue in a divided world.

The mining boom in Canada suggests that the country may soon regain its position as the largest producer in the world as it breaks the U.S. dependence on Russian uranium.