Canada has become a strategic supplier of uranium to Europe

Canada accounts for approximately 15% of global uranium production. Production is mainly concentrated in the province of Saskatchewan in the west of the country, which has some of the most concentrated mines in the world. According to the International Nuclear Association, global demand for uranium is expected to increase by nearly 30% by 2035, driven by Europe, Asia and the Middle East. Europe, which operates more than 100 reactors, imports almost all of its uranium. In 2023, Canada became its leading supplier, ahead of Kazakhstan and far ahead of Russia. Canada wants to control foreign investment in critical minerals, including uranium. While it wants to attract European investment, it does not want to lose sovereignty.