Uranium stocks could see higher highs in the New Year.
For one, the U.S. Senate Committee on Environment and Public Works just approved a bill that could establish a U.S. national strategic reserve of uranium.
Two, Cameco Corp. recently temporarily suspended production at its Cigar Lake mine in Canada with pandemic concerns. And three, as part of the $900 billion stimulus package, $75 million will be provided to begin a national uranium reserve.
In fact, according to a Seeking Alpha report:
The bill calls for establishing the reserve, “including the purchase, conversion, and sale of uranium; a 10-year implementation plan of the activities for establishment and operations of a uranium reserve; and a 10-year cost estimate.”
“Any funds used through a Department of Energy program to purchase uranium from the White Mesa Mill can have a ‘multiplier effect’, by not only supporting the domestic uranium mining industry, but also by advancing other important clean energy priorities, including rare earth production,” says Energy Fuels President and CEO Mark Chalmers.
On the news, some of the top uranium stocks to consider are Cameco (CCJ), Energy Fuels (UUUU), Uranium Energy (UEC), UR-Energy Inc. (URG), and ETFs like Global X Uranium (URA).