Uranium Prices Begin to Rebound; We Still See Upside for Cameco
After years of declines, uranium prices have finally begun to rebound. Spot prices are up to $22 per pound this week from their trough of $18 per pound in December 2016. As we write, shares of narrow-moat uranium miner Cameco are up 13% for the week.ÂAs we had argued previously, prices would begin to rebound in 2017 to reflect tightening market conditions. This is beginning to play out, with Kazakhstan, the world's largest supplier, lowering its production targets for 2017. We expect market con...
Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.
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