Why Cameco Stock Is Glowing Green Today
Shares of Canadian nuclear fuel producer Cameco (NYSE: CCJ) were up 6.1% through 11:45 a.m. ET on Friday, helped by a decision by the U.S. government.
As Bloomberg reported yesterday, the government wants to buy $3.4 billion worth of nuclear reactor fuel and is soliciting bids from uranium miners. Cameco, the biggest publicly-traded pure play on uranium production, is a logical beneficiary.
In 2022, 24% of America's uranium fuel came from a less-than-optimal source: the Russian Federation. That was cut in half last year, but if you factor in uranium supplied from Russia's next-door neighbors -- Kazakhstan and Uzbekistan -- the U.S. still gets nearly half its uranium from sources that could be cut off at an inconvenient time.
Source Fool.com
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