Uranium prices have been soaring to unprecedented levels over the last few months, yet production isn't keeping up with world demand. According to the World Nuclear Association, only 49,355 tonnes of Uranium were produced in 2022, fulfilling just 74% of the global demand. This is a significant decrease from 2015, where 60,304 tonnes of U3O8 accounted for 98% of world demand. The Association projects a need for 67,517 tonnes of U3O8 by 2024.
Nuclear energy is essential, with 19 reactors in Canada alone providing about 15% of its electricity. Interestingly, the USA, according to EIA (2022), produces almost no U3O8, relying heavily on imports, even though nuclear energy makes up about 18% of its electricity generation, just a notch below coal's 19.7%.
Globally, nuclear power contributes around 10% of the world's electricity, with approximately 436 power reactors in operation and 62 currently under construction.
Considering these trends, should more countries turn to nuclear energy, or is it better to continue with our current energy approaches?
Latin America led the way in Gold Exploration spending from 1997-2021, however Canada has surged ahead to take the #1 spot spending $1.38B (USD) in 2023, followed by Australia at $1.05B. The US is not far behind with $836M, roughly 10x as much since the early 2000s.
A peak in gold exploration investments was seen in 2012, with nearly $10 billion spent across various countries and regions compared to 2023, which was $5.95 billion.
Is inflation the culprit behind this surge in exploration spending, or are we witnessing a new common trend in the industry?
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