Energy Shift
The Next Generation of Uranium Deposits
The following content is sponsored by the 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%.
| Rank | Country | Nuclear Share of Electricity Mix |
|---|---|---|
| #1 | France 🇫🇷 | 70.6% |
| #2 | Slovakia 🇸🇰 | 53.1% |
| #3 | Ukraine 🇺🇦 | 51.2% |
| #4 | Hungary 🇭🇺 | 48.0% |
| #5 | Bulgaria 🇧🇬 | 40.8% |
| #6 | Belgium 🇧🇪 | 39.1% |
| #7 | Slovenia 🇸🇮 | 37.8% |
| #8 | Czechia 🇨🇿 | 37.3% |
| #9 | Armenia 🇦🇲 | 34.5% |
| #10 | Finland 🇫🇮 | 33.9% |
| #11 | Switzerland 🇨🇭 | 32.9% |
| #12 | Sweden 🇸🇪 | 29.8% |
| #13 | South Korea 🇰🇷 | 29.6% |
| #14 | Spain 🇪🇸 | 22.2% |
| #15 | Russia 🇷🇺 | 20.6% |
| #16 | Romania 🇷🇴 | 19.9% |
| #17 | United States 🇺🇸 | 19.7% |
| #18 | Canada 🇨🇦 | 14.6% |
| #19 | United Kingdom 🇬🇧 | 14.5% |
| #20 | Germany 🇩🇪 | 11.3% |
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 #2 as one of the top mining jurisdictions 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.
Energy Shift
Where the U.S. Gets Its Enriched Uranium
Russia controls nearly half of global uranium enrichment capacity.
Where the U.S. Gets Its Enriched Uranium
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Nuclear power accounts for 19% of electricity generation in the U.S.
This graphic illustrates the top sources of enriched uranium for U.S. civilian nuclear power reactors in 2023, based on data from the U.S. Energy Information Administration. The calculation is based in Separative Work Unit (SWU), a unit that defines the effort required in the uranium enrichment process.
U.S. Suppliers of Enriched Uranium
Uranium production in the United States peaked in 1980, while purchases of uranium by U.S. nuclear power plant operators from domestic suppliers peaked in 1981. Since 1992, the majority of uranium purchased by U.S. nuclear power plant operators has been imported.
Currently, the U.S. relies on foreign sources for 71.7% of its enriched uranium, despite possessing domestic resources.
Russia supplies 27.2% of enrichment services, making it the largest single foreign provider for U.S. civilian nuclear power reactors. After Russia, 12% of enriched uranium comes from France, 8% from the Netherlands, and 7% from the United Kingdom.
| Country | Thousand separative work units (SWU) | Share (%) |
|---|---|---|
| 🇺🇸 United States | 4,313 | 28% |
| 🇷🇺 Russia | 4,141 | 27% |
| 🇫🇷 France | 1,839 | 12% |
| 🇳🇱 Netherlands | 1,217 | 8% |
| 🇬🇧 United Kingdom | 1,021 | 7% |
| 🇩🇪 Germany | 855 | 6% |
| 🌐 Other | 1,853 | 12% |
| Foreign total | 10,926 | 72% |
| Total | 15,240 | 100% |
Russia Temporarily Limits Exports
In November 2024, Russia temporarily restricted enriched uranium exports to the U.S., raising concerns about potential supply risks for utilities operating American reactors. These restrictions were in response to Washington’s recent ban on imports of Russian uranium, which was signed into law earlier this year.
In addition to the U.S., Russia is a major exporter of enriched uranium to countries including China, South Korea, and France.
Learn More on the Voronoi App 
If you enjoyed this topic, check out this graphic showing oil and gas leases on public lands under Obama, Trump, and Biden.
Energy Shift
Oil & Gas Leases on Public Lands Under Obama, Trump, and Biden
President-elect Donald Trump wants a massive boost in U.S. oil production to reduce energy costs.
Oil & Gas Leases on Public Lands Under Obama, Trump, and Biden
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
President-elect Donald Trump wants a massive boost in U.S. oil production to reduce energy costs. The data shows that over the last decade, the Republican’s previous administration has been by far the most favorable for the oil and gas industry.
This graphic shows the number of acres leased on public lands to oil and gas companies during the fiscal years 2013–2023. The data is sourced from the Bureau of Land Management as of October 2023.
Drill, Baby, Drill
The amount of public land leased to the oil and gas sector has varied significantly by administration.
In Trump’s first year in office, there was a 93% increase in leases compared to the final year of the Obama administration.
| Year | Acres Leased | Administration |
|---|---|---|
| 2013 | 1,172,808 | Obama |
| 2014 | 1,197,852 | Obama |
| 2015 | 810,068 | Obama |
| 2016 | 577,317 | Obama |
| 2017 | 1,114,218 | Trump |
| 2018 | 1,253,369 | Trump |
| 2019 | 2,245,906 | Trump |
| 2020 | 1,871,962 | Trump |
| 2021 | 249,132 | Biden |
| 2022 | 74,758 | Biden |
| 2023 | 91,712 | Biden |
Then, following a series of executive actions aimed at reducing GHG emissions from federal lands, leases dropped sharply during the Biden administration. In 2021, the Democrat temporarily paused new oil and gas leases on federal lands.
Since Trump’s victory in the 2024 election, Biden has moved to further limit oil drilling.
The federal Bureau of Land Management (BLM) recently finalized the restrictions on an oil and gas lease sale in the Arctic National Wildlife Refuge in Alaska, the largest wildlife refuge in the country. In its decision, the BLM limited the lease sales to 400,000 acres, which is one-quarter of the refuge’s coastal plain section.
Environmental groups have opposed oil development in the refuge for decades, while Trump has said his new administration would pursue oil drilling in the area.
Learn More on the Voronoi App
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