THORIUM: A Deep Dive
Pros and cons of fuel cycles, reactors, uses, Thorium v Uranium comparison, 4 reasons why it is linked to nuclear & much more
Today’s post is going to deep dives into Thorium. Previous podcast guest
is a huge advocate for Thorium and what it could do in terms of energy security and power in the future.I’d highly recommend listening to the podcast that we recorded back in January 2025.
Erik Townsend - The Nuclear Henry Ford Moment
Todays episode with MacroVoices podcast host Erik Townsend (podcast above and video just below) explores the future of nuclear energy, thorium reactors and looks at the current energy policies that are in place across the world.
There will be some basic science terms involved. I have done the best I can in order to simplify this element as best as possible.
In recent weeks we have deep dived into Palladium, Platinum & Uranium. These can be read using the relevant weeks below.
Will Ukraine agree to Trump nuclear plant deal before July?
Thorium and nuclear go hand in hand and given the recent news from Trump about potential negotiations between Russia and Ukraine, now is a good time to see what the Polymarket odds are of there being a deal between the latter and the USA for a nuclear deal by July.
7% seems high to me, especially as it looks like Russia and Ukraine are to ‘immediately’ start talks. If that pans out, then I would not expect any nuclear deal to be done by July. You can follow that market here.
Now onto Thorium
What is Thorium?
Thorium:
Has the element symbol Th
Has the atomic number 90
Is silvery and lustrous when freshly cut
Tarnishes black when exposed to air
Has discovered by Jöns Jakob Berzelius in Sweden in 1828.
Has a melting point of 1,750°C (3,182°F) - This is very high
Has a boiling point of 4,788°C (8,650°F) - This is also very high
Is radioactive, though its radioactivity is relatively low compared to other actinides like uranium or plutonium
Isotopes & Neutrons
We will now have a look at the most common isotope of Thorium.
The most common isotope is Thorium-232. It apparently has a half-life of 14 billion years! Yes, you read that correctly. 14 billion years.
Thorium-232 can absorb a neutron (see definition below) to eventually become Uranium-233. This is a material that can sustain nuclear reactions.
Thorium & Nuclear Energy
Without a shadow of a doubt, the main use for Thorium moving forwards will be nuclear reactors.
Thorium is often linked to next-generation nuclear reactors for 4 main reasons.
Thorium produces less nuclear waste
Thorium is 3-4 times more abundant than uranium
Thorium is harder to weaponize than uranium or plutonium
Thorium can be used in molten salt reactors (MSR’s). An MSR is a reactor design where Thorium is dissolved in molten fluoride salts
The biggest challenge that Thorium currently has, as
often points out, is due to lack of investment and various technical hurdles that exist.You won’t be surprised to read that China is at the forefront of Thorium reactors and China currently operates the world’s first functioning Thorium-based molten salt reactor. This opened in 2021.
Other major Thorium projects are planned in India, USA and Norway. India is at the prototype stage, USA at the design stage and Norway at the testing stage.
Interestingly though, the USA successfully tested a MSR between 1965 - 1969.
3 historical uses for Thorium
Although nuclear is the dominating feature at present, Thorium has had its uses in the past.
It was used in ceramics and arc welding electrodes
It was used in high-end camera lenses and scientific instruments. This is because Thorium can create very clear and highly refractive index glass
Thorium dioxide (ThO₂) was once used in gas mantles for camping lanterns. This is because glows vibrantly when heated
Research is also being done into its potential for radiopharmaceuticals. This would help to target cancers.
Thorium Mining
Thorium is quite abundant in the earth’s crust and is 3 - 4 times MORE abundant than Uranium.
It can mainly be found in Monazite sands. These contain thorium phosphate along with other rare earth elements.
Therefore, Thorium is often a byproduct of mining for rare earth elements.
Handling it is quite complicated because it is radioactive. This means that this process is heavily regulated, which can in turn be a barrier to production.
Top Thorium bearing minerals are usually found in heavy mineral sands near beaches and river deltas.
Spoiler alert but this would explain why India has the highest estimated amount of Thorium reserves in the world. See chart below.
Thorium v Uranium
I asked ChatGPT to spell out the key differences between the properties of Thorium & Uranium and to also put it into a table.
Fissile = can be split or divided easily. See below.
How powerful is Thorium?
Thorium can be converted into very efficient fissile fuel (U-233).
This means that, theoretically, one tonne of Thorium could produce as much energy as 200 tons of uranium or 3,500,000 tons of coal!
That is enough to power a small city for a whole year!
The energy density of thorium is truly mind-blowing compared to other available fuel types.
Pros and Cons of Thorium Fuel Cycles
5 Advantages
Higher fuel utilisation and efficiency
Thorium fuel cycles can extract more energy per tonne of material than uranium can, thus increasing efficiency and effectiveness.
Lower radioactive waste
Thorium cycles produce fewer transuranic elements. These elements are heavier than uranium are consist of the worst components of nuclear waste. In short, Thorium waste doesn’t last as long as nuclear waste.
Abundance of Thorium
As previously discussed, Thorium is 3 - 4 times more abundant than Uranium and deposits are found in relatively relaxed mining countries i.e. Australia, Brazil and India.
Better reactor safety
MSR’s have 2 very strong passive safety features.
If overheating occurs, the salt expands, and this naturally slows the reaction.
If power fails, then the molten salt is designed to drain into something called a freeze plug catch tank. This automatically stops the reaction from taking place.
Proliferation resistance
It is harder to make nuclear weapons from Thorium. It is technically possible but not the sort of activity that can go under the radar so to speak.
5 Disadvantages
3 Fun Facts about Thorium
Thorium metal is so reactive that even water vapor in air will cause it to oxidize
It is relatively soft. So much so that you can cut pure thorium with a knife
Thorium Reactors Were First Tested in the 1960s — and worked!
Summary
The best advice would be to go and listen to the podcast with Erik Townsend.
Thorium makes a lot of sense and is heavily underutilised at present.
The world has a lot of energy challenges at the moment and it seems to me as though we have a very clear answer staring us straight in the face.
Thorium is the way forward!