The Next Generation of Uranium Deposits

Written By Bruno Venditti

Graphics & Design

• Sam Parker

Published November 24, 2022
•
Updated November 23, 2022
•

TweetShareShareRedditEmail

The following content is sponsored by Skyharbour Resources

The Next Generation of Uranium Deposits

Government policies are shifting in favor of nuclear energy as countries try to reduce carbon emissions.

Unlike coal, oil, or gas, nuclear power plants produce little to no CO₂. As a result, nuclear is the second largest source of low-carbon electricity in the world, behind hydropower.

In this infographic from Skyharbour Resources, we look closely at the next generation of uranium deposits necessary to power up the nuclear sector.

The Uranium Supply Squeeze

Roughly 440 nuclear reactors operating worldwide generate around 10% of the world’s electricity annually.

In the United States, for example, nuclear energy provides 52% of carbon-free electricity, and in the European Union, it accounts for 43%. In three European countries, the share of nuclear energy in the electricity mix exceeds 50%.

All of the world’s nuclear reactors are powered by uranium. They require approximately 67,500 tonnes of uranium annually. However, the uranium market has been in a growing deficit since 2015, with the widening demand-supply gap being filled by civil stockpiles and secondary sources.

The World Nuclear Association expects a 27% increase in demand between 2021 and 2030.

In addition, the recent energy crisis following Russia’s invasion of Ukraine has led investors to the uranium market, betting on nuclear energy to shift away from fossil fuels. In this scenario, new uranium mines are expected to come online in the next decade to meet the demand.

The World’s Richest Uranium Region

Canada is the world’s second-largest producer of uranium, accounting for roughly 13% of total global output.

The country’s Athabasca Basin has the highest-grade uranium deposits in the world, with grades that are 10 to 100 times greater than the global average. The Northern area covers almost a quarter of Saskatchewan and a small portion of Alberta.

The region— sometimes described as the “Persian Gulf of uranium” — is home to Cameco’s Cigar Lake, the world’s richest uranium mine.

According to the Fraser Institute, Saskatchewan ranks as the second-best mining jurisdiction in the world. The province appears only behind Western Australia regarding geologic attractiveness, government policy, and attitudes toward exploration investment.

In recent years, many uranium companies have made uranium discoveries in the basin, with Skyharbour Resources among them. The company holds an extensive portfolio of fifteen uranium exploration projects, ten of which are drill-ready, covering 450,000 hectares of mineral claims.

The U.S. Nuclear Future

While the Biden Administration is urging lawmakers to pass a $4.3 billion plan to purchase enriched uranium from domestic producers, the country’s production is still considered small in scale.

For this reason, Athabasca Basin and companies like Skyharbour Resources are expected to play a key role in the U.S.’ nuclear future.

Skyharbour Resources is becoming an industry leader in high-grade Canadian uranium exploration needed for nuclear power and clean energy.

Please enable JavaScript in your browser to complete this form.Subscribe to our free newsletter and get your mind blown on a daily basis: *Sign up

Related Topics: #uranium #skyharbour #nuclear #Skyharbour Resources #energy demand

Click for Comments

var disqus_shortname = "visualcapitalist.disqus.com";
var disqus_title = "The Next Generation of Uranium Deposits";
var disqus_url = "https://www.visualcapitalist.com/sp/the-next-generation-of-uranium-deposits/";
var disqus_identifier = "visualcapitalist.disqus.com-153614";

You may also like

• 

  Markets42 mins ago

  Ranked: The World’s 100 Biggest Pension Funds

  The world’s 100 largest pension funds are worth over $17 trillion in total. Which ones are the biggest, and where are they located?

• 

  Agriculture12 hours ago

  Ranked: The World’s Top Cotton Producers

  As the most-used natural fiber, cotton has become the most important non-food agricultural product.

• 

  Energy23 hours ago

  Visualizing the World’s Largest Hydroelectric Dams

  Hydroelectric dams generate 40% of the world’s renewable energy, the largest of any type. View this infographic to learn more.

• 

  Misc2 days ago

  Countries with the Highest (and Lowest) Proportion of Immigrants

  Here, we highlight countries that are magnets for immigration, such as UAE and Qatar, as well as nations with very few foreign born residents.

• 

  Datastream3 days ago

  Visualizing the Five Drivers of Forest Loss

  Approximately 15 billion trees are cut down annually across the world. Here’s a look at the five major drivers of forest loss. (Sponsored)

• 

  Personal Finance3 days ago

  Ranked: The Best Countries to Retire In

  Which countries are the best equipped to support their aging population? This graphic show the best countries to retire in around the world.

Subscribe

Please enable JavaScript in your browser to complete this form.Join the 350,000+ subscribers who receive our daily email *Sign Up

The post The Next Generation of Uranium Deposits appeared first on Visual Capitalist.