Last night saw big moves in Uranium stocks after a hike in extraction taxes in Kazakhstan, the world’s largest uranium-producing country, which should have an impact on future supply growth, right after Biden signed the ADVANCE Act on Tuesday to support nuclear power. The ADVANCE Act is a bipartisan bill to bolster the atomic power sector. It speeds up the licensing process for new nuclear reactors, reduces associated fees and mandates the Nuclear Regulatory Commission to explore ways to simplify and shorten environmental reviews, in other words, it is likely to increase demand as the US looks to reduce its dependency on crude oil.
- After last night’s surge, Cameco (CCJ US) is less than 5% below its all-time high, whereas Paladin (PDN) is ~30% – is it catch-up time? – MM owns CCJ in our International Companies Portfolio.
MM is long and bullish on CCJ
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