Key Points
Nuclear power is experiencing a renaissance thanks to surging electricity demand. While the highlight of the increase in demand is new technologies like artificial intelligence and electric cars, the truth is that countries rising up the socioeconomic ladder are also a key driver. Nuclear power, and the companies that support it, are likely to see huge demand. But don’t just think about utilities because nuclear reactors can’t run without the nuclear fuel that Cameco (NYSE: CCJ) produces. And, it owns an important asset in Canada that positions it well for the future.
Raw uranium isn’t all that useful
Cameco has mined for uranium for a very long time, so it is well known in the industry. And, given its location in economically and politically stable Canada, it is a reliable supplier to the nuclear power industry. But there’s something important to remember here, because just mining for uranium isn’t really the end of the story. Raw uranium is actually pretty useless to a utility that owns a nuclear power plant. It has to be processed into a usable form.
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This is where Cameco’s fuel services division comes into play. There are a number of different businesses that fall into this division, but one of the most notable is its Blind River refining operation. Blind River is the world’s largest commercial uranium refinery. It is licensed to operate until 2032 and can produce up to 24 million kgU of vital nuclear power fuel.
This puts the company in a great position to service the 417 operating reactors worldwide. But that’s just the starting point. There are 77 nuclear reactors currently under construction. That list only includes three in all of the Americas, so U.S. investors may not see much news about new nuclear reactor construction. But in Asia, where 57 reactors are being built in China, India, and other countries, nuclear power is a very big deal.
Cameco is way more than just a miner
Now add to Cameco’s story that it owns half of Westinghouse, one of the world’s largest service providers to the nuclear power industry. Cameco isn’t just a big player in uranium production, where it has 14% of theglobal market it’s fingers reach much deeper into the industry. As demand for electricity grows and the world increasingly looks to nuclear power to meet it, picks-and-shovel’s focused Cameco could easily be one of the biggest nuclear winners.
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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.
