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The covid-19 pandemic has heavily impacted global uranium production, taking around 20% of global capacity offline. This has exacerbated the supply deficit, leading to users running down inventories at an even faster rate. The net effect has been a rising uranium price (up 32% so far in 2020), but the managers of Geiger Counter (GCL) believe that there is still much more to go for. With a number of major mines currently mothballed, primarily due to the low uranium price, the managers believe that little production capacity will be brought back online until the uranium price reaches US$45 per pound. With this currently in the region of US$32-33 per pound, there is considerable scope for earnings increases, and improvements in equity prices, before this happens. In the longer term, emerging markets continue to be the main source of demand growth, as China and India bring more nuclear reactors online. Nuclear also looks set to be part of the power mix in the developed world for decades to come.
Geiger Counter is a close-ended investment company. Co.'s investment objective is to deliver returns to shareholders primarily in the form of capital growth. Co. has delegated the management of the investments portfolio to CQS Cayman Limited Partnership, as its Investment Manager and who in turn has delegated management to CQS (UK) LLP, as its Alternative Investment Fund Manager. Co.'s investment policy is to invest in the securities companies involved in the exploration, development and production of energy, and related services companies, for both existing and alternative supplies and types of energy. As of Sept 30 2017, Co. had total investment of £19.1 million.
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