Nuclear: Cost of Source Mining

This post will compare the spot prices of the mineral resources that go into different energy sources, and compare them to the price of uranium, U3O8. The sources that will be looked at are coal, natural gas, oil, and rare earth metals, which are used in renewables like solar energy. Since prices change depending on market conditions, it should be implied that the price indicated is an approximation of what the source fuels cost.

The price of natural uranium, U3O8, is $25.50 per pound, according to Ux Consulting Company. The ten year price ranging from $19 per pound to $139 per pound. The price of coal is $52.05 per short ton. The ten year price ranging from $50 per short ton to about $125 per short ton. The price of natural gas is $3.30 per million BTU. The ten year price for natural gas has ranged from $2.00 per million BTU to $12.00 per million BTU. Indium and tellurium are both rare earth elements that are frequently used in solar panels. Indium costs about $720.00 per kilogram, and tellurium costs about $51.34 per kilogram.

However, these units are all different from each other, and need to be converted to a comparable unit, which will be in heat content measured in BTUs. According to the Energy Information Administration, a short ton of coal produced about 20.16 million BTUs. According to the World Nuclear Associate, one pound of natural uranium in a light water reactor can produce 214,961 million BTUs. Since solar power is a renewable source, it is difficult to figure out how much heat content 1 kilogram of tellurium or indium will provide via energy generated. Not only is the source renewable, but it is also incredibly variable, as it depends how much sun is shining, what kind of solar array is being used, and what kind of maintenance is performed on the arrays.

With the numbers provided, the heat content provided per dollar spent on a fuel source can be calculated. For every dollar spent on coal, about 387,320 BTUs are produced. For every dollar spent on natural gas, about 303,030 BTUs are produced. For every dollar spent on uranium, about 8,429,843,137 BTUs are produced. It is worth noting that this is not the full price of generating this heat content, but just the price spent on fuel only. However, when considering fuel prices, nuclear energy is without a doubt the cheapest source.

Nuclear Energy: Uranium Mining in Colorado

Colorado has a long and controversial history with uranium mining. While uranium did not get into extremely high demand until the early 1950s due to the Cold War and the development of nuclear weapons, Colorado began similar mining with radium in the 1910s and vanadium in the 1930s, which were popular for more commercial uses like paints and clays. Both radium and vanadium are indicator minerals for uranium, hence why their mining and extraction are so interrelated.

The first uraninite, also known as pitchblende, found in the United States was found near Central City, Colorado. While most the uranium used for nuclear weapons, specifically the Manhattan Project, came from Congo and Canada, Colorado, through the Uravan mining district, produced about 850 tons of uranium ore for weapons testing. Prospecting and mining continued to expand after World War II as the largest uranium deposit to be found in Colorado was discovered in the late 1940s. Due to recession, the scaling down of the Cold War, and uranium being released from weapon stockpiles, uranium mining decreased dramatically in the 1980s due to a large decrease in price. During the boom of uranium mining in Colorado (1948-1978), it is estimated that Uravan belt had over 1,200 mines and mined 63 million pounds of uranium.

Currently, Colorado ranks third for the most known uranium reserves in the United States, just behind Wyoming and New Mexico. Since 2009, there has been no major uranium mining in the state of Colorado, and there are currently no active mines. However, there are 31 permitted projects in Colorado.

While uranium mining has the potential to be a very lucrative industry in the future, especially if nuclear energy becomes more popular, it does come with externalities to the environment and public health. When it comes to describing nuclear waste, it is generally described in two tiers: low-level waste and high level waste, which refer to their level of radioactivity. Uranium mining, which produce mill tailings, is the source of low-level waste, while high-level waste refers mostly to used reactor fuel after the uranium has been used to generate electricity. According to the Energy Information Administration, “by volume, most of the waste related to the nuclear power industry has a relatively low-level of radioactivity”, meaning most of the waste comes from the extraction of uranium.

Mill tailings from uranium mining, which has the presence of its indicator mineral radium, will break down into radon, which is a radioactive gas that can collect in the atmosphere if special precautions are not taken. Furthermore environmental contamination can occur from the tools used if special precautions also are not taken.

While it is important to keep in mind the externalities of uranium mining when discussing nuclear energy, we must remember that these kinds of trade-offs exist almost anywhere in energy production. Wind and solar energy, as well as hybrid and electric cars, fluorescent lightbulbs, and Ipods, have very similar externalities to nuclear power as they use rare earth elements like lanthanum, cerium, scandium, terbium, and several others. When comparing the externalities of uranium mining to the externalities of other rare earth element mining, the risks are almost identical.