$UEC Long-term outlook for the uranium industry remains positive, despite current market uncertainty.
Nuclear energy continues to play a significant role in the global energy mix.
The challenge for the industry is the pathway and timing of the transition from today's over-supplied market to the promise of nuclear growth and positive uranium market conditions in the long term.
$UEC - A Need for Long-Term Contracting: Despite the impact of excess supply on today’s market, there is opportunity in the long term for strong producers that have the right mix of assets and flexibility to meet future needs. Ux Consulting Company, LLC (UxC) reports that over the last four years only 320 million pounds have been locked-up in the long-term market, while over 788 million pounds have been consumed in reactors. As annual supply adjusts and utilities’ uncovered requirements grow, the pounds available in the spot market won’t be enough to satisfy the demand.
Positioned for Success: With demand coming on in the form of restarts and new reactors, and supply declining on curtailments and lack of investment, we’re continuing to expect a market shift. Until that time, we will continue to take the actions we believe are necessary to position Cameco for long-term success. Therefore, we will undertake contracting activity which aligns with the uncertain timing of a market recovery and is intended to ensure we have adequate protection under our contract portfolio, while maintaining exposure to the rewards that come from having uncommitted, low-cost supply to deliver into a strengthening market.
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