In this article, we will be taking a look at the 15 countries with the largest thorium reserves in the world. If you want to skip our detailed analysis, you can go directly to see the 5 Countries with the Largest Thorium Reserves in the World.
Thorium is a naturally occurring, slightly radioactive element that is found in various countries around the world. It is found in small quantities within rocks and soils, with monazite, a rare earth phosphate mineral, being the primary source of this element.
Thorium holds significant importance as a potential alternative nuclear fuel source due to its reduced waste production and lower proliferation risks compared to uranium. Its utilization in nuclear reactors could contribute to sustainable energy production and help address environmental concerns associated with traditional fuel sources.
According to the World Nuclear Association, thorium is also more abundant than uranium in nature. However, it is a fertile material that requires a fissile partner like recycled plutonium to be used as fuel. It can breed uranium-233 for nuclear reactors, especially in molten salt reactors that eliminate traditional fuel processing. Despite its potential as a future primary energy source, extracting thorium's energy efficiently poses challenges and it will require substantial investments in research and development.
Thorium and The Nuclear Energy Industry
The importance of thorium in the nuclear energy industry lies in its potential to be a more abundant and efficient substitute for uranium, potentially addressing energy needs in the long term. While challenges exist, ongoing research and development efforts, particularly in countries like India and China, indicate a growing interest in utilizing thorium for nuclear power generation. As reported by the International Atomic Energy Agency (IAEA), China completed its first experimental thorium-powered nuclear reactor in August 2021. In the coming years, the reactor will undergo testing. If the experiment proves successful, China plans to potentially build another reactor that could provide electricity for over 100,000 households.
The expanding nuclear energy market provides a favorable environment for thorium as countries increasingly seek cleaner energy solutions to meet growing demands. According to a report by The Business Research Company, the global nuclear electricity market was estimated to have reached a value of $215.19 billion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2028 to reach a value of $278.49 billion by the end of the forecast period. In 2023, the Asia-Pacific region dominated the market while Western Europe was the second-largest region, by market share, in the global nuclear energy market.
Key trends driving growth in the global nuclear energy market include the increasing demand for electricity, particularly in emerging economies, advancements in nuclear technology, government initiatives to reduce carbon emissions, and the need for reliable and sustainable energy sources to combat climate change. The focus on energy security and the economic benefits of nuclear power further contribute to the market's expansion.
What are Some of the Biggest Companies in the Nuclear Energy Market Up To?
Various players in the nuclear energy sector contribute to advancements in reactor technology, safety measures, and operational efficiency. Some of the most prominent names are Tokyo Electric Power Company Holdings, Incorporated (TYO:9501), Cameco Corporation (NYSE:CCJ), and NextEra Energy, Inc. (NYSE:NEE).
NextEra Energy, Inc. (NYSE:NEE) is an American clean energy company and one of the biggest nuclear energy companies in the world. Through its subsidiaries, the company generates clean electricity from seven commercial nuclear power units in Florida, New Hampshire, and Wisconsin. NextEra Energy, Inc. (NYSE:NEE) is a leading generator of renewable energy from the sun and wind. It is also the parent company of one the largest electric utility companies in the US, Florida Power & Light Company (FPL). On January 30, NextEra Energy, Inc. (NYSE:NEE) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share (EPS) of $0.52, surpassing EPS estimates by $0.03. The company’s revenue for the quarter grew by 11.57% year-over-year and amounted to $6.88 billion, ahead of market consensus by $557.42 million. Here are some comments from NextEra Energy, Inc.’s (NYSE:NEE) Q4 2023 earnings call:
“At NextEra Energy, the plan is simple. Our two businesses are deploying capital in renewables and transmission for the benefit of customers, providing visible growth opportunities for shareholders. At FPL, we identify investment opportunities that drive value for customers and support Florida's growing economy while keeping bills approximately 30% lower than the national average. We focus on running the business efficiently and continue to lead the industry with the lowest nonfuel O&M per megawatt hour of any large utility in the nation. Our emphasis on modernizing FPL's generation fleet to improve efficiency and reduce fuel costs has saved customers over $15 billion since 2001. We continue this trend in 2023 by placing into service approximately 1, 200 megawatts of cost effective solar and expect to add roughly 4, 800 megawatts over the current rate agreement.”
Cameco Corporation (NYSE:CCJ) is one of the world’s largest uranium-producing companies. Based in Canada, the company is a global provider of uranium and nuclear fuel products that help generate safe, reliable, and carbon-free nuclear energy. Cameco Corporation (NYSE:CCJ) is also one of the best nuclear energy stocks to buy. The company operates some of the world’s highest-grade uranium mines in North America and Kazakhstan. On October 29, 2023, Cameco Corporation (NYSE:CCJ) announced that it has signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation (CNNC), a prominent nuclear power operator in China. The terms and details of the agreement are confidential and not available for public release. However, contract volumes are part of the 215 million pounds of uranium that Cameco Corporation (NYSE:CCJ) reported having under long-term contracts, as of April 27, 2023.
Nuclear energy companies are implementing strategies to meet the increasing demand for clean and sustainable energy sources while also maximizing operational performance. Tokyo Electric Power Company Holdings, Incorporated (TYO:9501) is a Japanese electric utility holding company that uses hydroelectric, thermal, and nuclear power sources. On March 28, Reuters reported that Tokyo Electric Power Company Holdings, Incorporated (TYO:9501) has requested regulatory approval to load nuclear fuel into reactor No. 7 at its Kashiwazaki-Kariwa power station starting from April 15, aiming to restart the world's largest nuclear plant. The Kashiwazaki-Kariwa facility has been closed since 2012 following an incident at one of the company’s nuclear plants in Fukushima, which led to the shutdown of all nuclear plants in Japan. Japan's nuclear regulator lifted the operational ban on the Kashiwazaki-Kariwa plant in December, and Tokyo Electric Power Company Holdings, Incorporated (TYO:9501) is looking to restart operations at the plant to reduce operating costs.
Now that we have discussed the importance of thorium and its potential as a nuclear fuel, along with what’s going on in the nuclear energy industry, let’s shift our focus to the 15 countries with the largest thorium reserves in the world.
15 Countries with the Largest Thorium Reserves in the World
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Methodology
In this article, we have listed the 15 countries with the largest thorium reserves in the world. To collect data for our list, we consulted the Nuclear Energy Agency (NEA). This database provided us with a list of countries and their identified thorium resources. Please note that for certain countries, there were varying estimates of thorium resources. In such cases, we used the lower end of the estimated range provided. We narrowed down our selection to rank the 15 countries with the largest thorium reserves in the world, which are listed below in ascending order of their thorium resources, as of 2016.
It is important to keep in mind that thorium resources refer to the estimated mineral reserves of thorium, which have not been as thoroughly assessed and confidently estimated as uranium resources.
15 Countries with the Largest Thorium Reserves in the World
15. Kazakhstan
Thorium Resources (in tonnes): 50,000
Kazakhstan is a landlocked country in Central Asia that ranks among the countries with the largest thorium reserves in the world. The country is also one of the top holders of uranium resources. The thorium reserves in Kazakhstan amount to 50,000 tonnes.
14. Finland
Thorium Resources (in tonnes): 60,000
Finland is a Nordic country in Northern Europe that ranks among the countries with the biggest thorium reserves. There are a number of nuclear reactors in the country and nuclear energy plays a key role in Finland’s energy mix. The thorium reserves in Finland amount to 60,000 tonnes.
13. Denmark
Thorium Resources (in tonnes): 86,000
Denmark is a country in Northern Europe. The Kingdom of Denmark also includes the autonomous territories of the Faroe Islands and Greenland in the North Atlantic Ocean. According to reported data, Denmark and Greenland have 86,000 tonnes of thorium resources.
12. Norway
Thorium Resources (in tonnes): 87,000
Norway is a Scandinavian country in Northern Europe that ranks 12th on our list of countries with the largest thorium reserves in the world. The thorium reserves in Norway amount to 87,000 tonnes. Norway also ranks among the countries with the cleanest energy in the world.
11. China
Thorium Resources (in tonnes): 100,000
China is one of the world’s largest and most populated countries. According to reported data, China has 100,000 tonnes of thorium resources. The country has also developed an experimental thorium-based nuclear reactor. China is the largest clean energy-producing country in the world.
10. South Africa
Thorium Resources (in tonnes): 148,000
South Africa, a country on the Southern tip of the African continent, ranks among the top 10 on our list of the countries with the largest thorium reserves in the world. South Africa has vast resources of rare-earth minerals and thorium. The thorium reserves in South Africa amount to 148,000 tonnes.
9. Russia
Thorium Resources (in tonnes): 155,000
Russia, the largest country in the world by area, stretches across Eastern Europe and North Asia. The country is looking to use thorium as a nuclear fuel. Russia has 155,000 tonnes of thorium resources.
8. Canada
Thorium Resources (in tonnes): 172,000
Canada, the second largest country in the world by area, ranks 8th on our list of countries with the largest thorium reserves in the world. According to reported data, the thorium reserves in Canada amount to 172,000 tonnes.
7. Venezuela
Thorium Resources (in tonnes): 300,000
Venezuela is a country in the Northern region of South America. The country has significant thorium deposits. As one of the countries with the largest thorium reserves, Venezuela is reported to have 300,000 tonnes of thorium resources.
6. Turkey
Thorium Resources (in tonnes): 374,000
Turkey is a country located in West Asia and Southeast Europe. It ranks among the countries with the largest coal reserves in the world. With significant deposits of thorium, Turkey is reported to have 374,000 tonnes of thorium resources. It ranks 6th on our list of countries with the largest thorium reserves in the world.
