Market Drivers U3O8 – update Oct 2021 – Uranium’s (U-235) main use is as a fuel in the production of electricity by nuclear power stations. Though uranium is around 100x more common than silver, U-235 makes up only approximately 0.7% of natural uranium. The uranium market is complex, illiquid (thinly traded) and opaque. Directly or indirectly state-controlled producers account for up to 68% of global production based upon YE18A data (NEA, IAEA), down 2% vs. our 2019 analysis. The top 10 mines produce 55% of all Uranium, up 4% vs. 2019. State control of production means the majority of players do not have to follow economic logic. The primary trading instrument is yellow cake (U3O8).