China just found a massive uranium deposit, increasing their stock 10x

The new discovery increases China's estimated total uranium reserve to two million tonnes, an amount close to that of Australia, one of the world's most uranium-rich countries.

The China National Nuclear Corporation (CNNC) found the industrial-grade uranium deposits at a depth of 3,000 meters (9843 feet), about six times deeper than most of the country's uranium mines. The majority of the country's uranium mines are typically small and have poorer ore quality, and the new mine makes a "major breakthrough" according to the CNNC.

Over 70 percent of China's uranium supply comes from other countries like Kazakhstan, Canada, and Australia, which China uses to expand its nuclear power supply rapidly. China builds about seven to eight new reactors each year, meaning its nuclear power supply is growing faster than any other country's.

The Chinese military's nuclear stockpile is also growing more quickly in recent years. With most of its uranium supply coming from other countries, the new mine will allow China to plug the potential security risk associated with relying upon overseas supply.

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