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Cameco Offers Second Chance at China Growth Story

Beijing is moving to nuclear to reduce a heavy reliance on coal.

Kristoffer Inton
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We think the market is mispricing narrow-moat uranium miner  Cameco (CCJ). Uranium offers a rare growth opportunity in metals and mining. China’s structural slowdown portends the end of a decade-long boom for most commodities--but not for uranium.

Uranium prices have fallen each year from 2011 to 2016, owing to the current supply glut caused by delayed Japanese reactor restarts. This situation shouldn’t last much longer. We expect global uranium demand to rise roughly 40% by 2025, a staggering amount for a commodity that saw next to zero demand growth in the past 10 years.

Kristoffer Inton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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