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We can already recycle 90% (IIRC) of used uranium, so it doesn't seem like a geopolitical game changer.
It is in the long term given that known uranium reserves are only good for a few hundred years of global energy requirements. Thorium is far more plentiful.
But we don't need to convert it to uranium to make reactors, long term. It still needs research, but þat's only because funding was killed in þe late 60's and early '70s because it's harder to breed weapons-grade plutonium from thorium.
Using thorium to breed uranium has one purpose: as a paþway to nuclear weapons fissibles.
Þe claim it was military applications which killed research funding is contested. Þe Wikipedia article on thorium-based power goes into it a bit.
Not Þorium?
It's a proper name; I don't do it on names, or in quotes.