Energy
Cumulative Uranium Production, by Country (1945-2022)
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Uranium Production, by Country (1945-2022)
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Uranium production in Cigar Lake, Canada is the highest-grade in the world.
Since 2014, the site has mined 105 million pounds of the radioactive metal, which is naturally occurring on Earth. It is the largest uranium mine on the planet. For context, an egg-sized amount of uranium fuel can generate as much electric power as 88 tonnes of coal.
Given its vast uranium deposits, Canada has produced the most uranium worldwide since 1945.
This graphic shows cumulative uranium production by country in modern history, with data from the World Nuclear Association.
The Top Uranium-Producing Countries
Since 1945, a total of 3.5 million tonnes of uranium has been produced globally.
Together, Canada and the U.S. account for over 29% of global production, mining 932,000 tonnes over the last several decades.
| Country | Share of Production | Cumulative Production 1945-2022 (Tonnes) |
|---|---|---|
| 🇨🇦 Canada | 17.4% | 554,475 |
| 🇺🇸 United States | 11.9% | 378,038 |
| ☭ USSR* | 11.9% | 377,613 |
| 🇰🇿 Kazakhstan | 11.0% | 349,789 |
| 🇦🇺 Australia | 7.6% | 240,579 |
| 🇩🇪 Germany | 6.9% | 219,685 |
| 🇿🇦 South Africa | 5.2% | 165,692 |
| 🇳🇦 Namibia | 5.0% | 158,856 |
| 🇳🇪 Niger | 4.9% | 156,797 |
| 🇨🇿 Czech Republic | 3.5% | 112,055 |
| 🇷🇺 Russia | 2.8% | 90,725 |
| 🇺🇿 Uzbekistan | 2.4% | 76,808 |
| 🇫🇷 France | 2.4% | 76,021 |
| 🇨🇳 China | 1.7% | 53,712 |
| 🇺🇦 Ukraine | 0.8% | 24,670 |
| 🌍 Others | 4.7% | 149,299 |
*Until 1991, USSR comprised the uranium production of Russia, Kazakhstan, Uzbekistan, Ukraine and other former Soviet Union republics.
During the Cold War, the USSR mined over 377,000 tonnes of uranium for a variety of purposes including nuclear reactors and naval fuel.
Due to demand from nuclear reactors, uranium production sharply increased from the 1960s to the 1980s. With this came the construction of the earliest generation of nuclear plants. Today, about 436 nuclear reactors are in operation.
Since the war in Ukraine, uranium has drawn increased attention given its role in nuclear weapons. Ukraine had 15 nuclear reactors depending on uranium from Russia, but the country rapidly signed a deal with Canada due to their exposure to the crisis.
Similar to Ukraine, nuclear reactors in Finland were at risk since their Russian-made reactors relied on the know-how of Russian firms.
While uranium is used for defense purposes, it also plays a key role in electricity generation thanks to its low carbon footprint. In the U.S., about 19% of electricity is powered from nuclear plants, and around 10% of global electricity is from nuclear power sources.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
| Date | LiOH·H₂O* | Li₂CO₃** |
|---|---|---|
| Feb 2023 | $76 | $71 |
| March 2023 | $71 | $61 |
| Apr 2023 | $43 | $33 |
| May 2023 | $43 | $33 |
| June 2023 | $47 | $45 |
| July 2023 | $44 | $40 |
| Aug 2023 | $35 | $35 |
| Sept 2023 | $28 | $27 |
| Oct 2023 | $24 | $23 |
| Nov 2023 | $21 | $21 |
| Dec 2023 | $17 | $16 |
| Jan 2024 | $14 | $15 |
| Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
| Year | Price per KWh |
|---|---|
| 2023 | $139 |
| 2022 | $161 |
| 2021 | $150 |
| 2020 | $160 |
| 2019 | $183 |
| 2018 | $211 |
| 2017 | $258 |
| 2016 | $345 |
| 2015 | $448 |
| 2014 | $692 |
| 2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
| Manufacturer | September 2022 | September 2023 |
|---|---|---|
| BMW | $69,000 | $72,000 |
| Ford | $54,000 | $56,000 |
| Volkswagon | $54,000 | $56,000 |
| General Motors | $52,000 | $53,000 |
| Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
| Transport Type | 2022 | 2025 | 2030 |
|---|---|---|---|
| Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
| Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
| Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
| Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
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