Uranhandel

Uranhandel refers to the global trade in uranium and uranium compounds used for civilian and research nuclear reactors. The term covers the mining and sale of uranium ore concentrates, commonly known as yellowcake (uranium oxide, U3O8), as well as the subsequent conversion, enrichment where applicable, fuel fabrication, and delivery of uranium-based fuels and related materials. The trade is subject to stringent safety, security, and non-proliferation controls because of the potential for weaponization.

Globally, production is concentrated in a few countries. Kazakhstan, Canada, Australia, Niger, and Namibia are among the leading uranium producers, while many reactors rely on imported fuel. The market operates through a mix of long-term contracts and a smaller spot market; prices are influenced by mine supply, reactor demand, geopolitical events, and policy changes. The regulatory framework and supplier coordination aim to ensure predictable supply while maintaining safety and non-proliferation standards.

Trade flows begin with mining and ore concentration, followed by chemical processing into uranium hexafluoride (UF6) for enrichment, or other forms used in research reactors. Enrichment increases the percentage of the fissile uranium-235 isotope. The final stage is fuel fabrication into fuel assemblies for reactors. Some materials enter the market via secondary channels, including downblending of excess weapons-grade material or returns from decommissioned facilities.

Regulation and safety frameworks govern uranium trade. The IAEA, the Nuclear Non-Proliferation Treaty, and export-control regimes such as the Nuclear Suppliers Group oversee transactions. Licenses, declarations, and verification are required; environmental and occupational safety considerations are integral to mining and processing. The uranium trade thus intersects energy policy, international security, and regional economics.