Commodities: Uranium
We often say at MM, “Look after your losers, and the winners will look after themselves.” Hence, this morning, we’ve looked at the two commodities creating the most angst across our portfolios: uranium and coal, both from the energy sector.
The uranium sector has been under significant pressure over recent months, with CCJ correcting ~37%. However, in a similar fashion to industrial metal copper, we remain bullish on the long-term outlook for nuclear power, believing it’s arguably the only way the world will achieve its zero-emission goals over the coming years.
PDN –5.8%: Hit today as a result of target company Fission in Canada having issues with traditional landowners as they look to get approval for their Patterson Lake (PLS) uranium mine. When we spoke to PDN CEO Ian Purdy when this deal was announced, he spoke very favourably about the relationship Fission has with the Metis Nation-Saskatchewan (MN-S), however this seems to have soured. Without going too much into the detail, MN-S claims no engagement by Fission, however prior public statements from Fission contradict this.
Hi MM,
What are your latest thoughts and direction of uranium stocks?BOE & PDN lately have been dropping ~ are they worth holding or time to get out?
Thoughts on Cameco Corp please after slump in uranium price. Are you still bullish?
Hi MM team,
What is your view on uranium? Is it near the bottom? I have PDN which has lost 20%, should we hold onto it or cut loss? Thanks.
Hi James and team, as always thank you so much for your reports and insights, which are very valuable.
