NEW YORK, NY--(Marketwire -02/14/12)- Uranium stocks have performed well in 2012. The Global X Uranium ETF -- the first ETF to track companies involved in uranium mining -- is up more than 20 percent this year after collapsing more than 50 percent in 2011 when a Japanese earthquake and tsunami triggered the worst atomic disaster in 25 years. The Paragon Report examines investing opportunities in the Uranium Industry and provides equity research on Cameco Corporation (NYSE: CCJ - News) (TSX: CCO.TO - News) and USEC, Inc. (NYSE: USU - News). Access to the full company reports can be found at:
Last week, Canadian Prime Minister Stephen Harper reached an agreement with China to facilitate uranium exports as part of efforts to deepen ties between the two nations. The pact will give Canadian uranium producers more access to China's civilian nuclear power industry, according to a joint statement released by Harper's office. The strategic partnership is touted to be worth as much as $3 billion.
"This agreement will help Canadian uranium companies to substantially increase exports to China, the world's fastest growing market for these products," Prime Minister Harper said in a statement. As part of the pact with Canada, China agreed to use any imported uranium only for peaceful civilian purposes.
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China is seeking to secure uranium supplies as it builds additional reactors, Bloomberg reports. There are presently 434 operable reactors around the world and 61 under construction, according to the World Nuclear Association (WNA). The WNA states that China is building 26 reactors, plans to construct another 51 and has proposed 120 others.
The world's largest Uranium producer, Canadian-based Cameco, appears poised to benefit from China's nuclear agreement. The company's Chief Executive Tim Gitzel said the agreement will allow the company to move ahead with supply agreements signed in 2010 to sell about 52 million pounds of uranium for Chinese reactors, deals worth as much as $3 billion.
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- Cameco Corporation