Three-month stock chart for Cameco on the TSX

Cameco Corporation is about to lose its bragging rights as the world's largest uranium producer.

The Saskatoon-based company has held the top spot for close to 20 years.

However, one analyst says Kazatomprom, a government-owned uranium producer in Kazakhstan, is poised to assume the title.

"Kazatomprom is expected to do ... about 14,000 tonnes of uranium by the end of the year," Rob Chang, a uranium analyst with Octagon Capital in Toronto, told CBC News. "Whereas Cameco is a bit less than that. So [Cameco] has been supplanted as the top producer."

Chang noted that Kazatomprom production has increased steadily since 2001.

"Kazakhstan has been able to develop some mines, and they're putting them into production," he said.

Chang added that Kazatomprom's output is a forecast, and Cameco will continue to be an influential player in the uranium industry.

"As long as you're one of the larger players, you can still have the ability to affect the uranium price with your production," Chang said. "So, I wouldn't say it's a big deal."

While its output may fall behind a competitor, Cameco still has considerable reserves in northern Saskatchewan.

That province's north is one of the world's top three sources of uranium. The other two are Kazakhstan and Australia.