U3O8 is a form of extracted, chemically treated uranium. After the uranium is gathered either through open-pit mining, or in-situ leaching, it is milled until it reaches a particulate state, in which it is treated with a series of chemicals, yielding uranium concentrates, or “yellowcake.” as it is known. U3O8 is sold in pounds, or in kilograms of uranium content.

Uranium resources are located worldwide, and produced in nearly a dozen countries. 70% of the world’s uranium production can be accounted for by four countries, these being Canada, Australia, Kazakhstan, and Russia. The largest uranium production companies are Cameco, Canada and Rio Tinto, UK, producing about 1/3 of the world’s uranium supply annually.