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Why Uranium Energy, Cameco Corporation, and NexGen Energy Stocks All Crashed Today

Rich Smith, The Motley Fool
·2 min read
Why Uranium Energy, Cameco Corporation, and NexGen Energy Stocks All Crashed Today

Shares of uranium miners Energy Fuels (NYSEMKT: UUUU), Cameco (NYSE: CCJ), and NexGen Energy (NYSEMKT: NXE) stocks all dropped in afternoon trading Monday, falling 7.5%, 8.7%, and 9.2%, respectively, through 12:30 p.m. EDT. Since its most recent bottom in late April, the spot price on uranium has run up 12.5% to $30.26 per pound today -- and you'd think that investors in miners Energy Fuels, Cameco, and NexGen would take that as good news, but here's the thing: Today's uranium price is roughly equal to what the atomic power raw material cost 11 months ago, in July 2020. As MiningReview.com points out today, you need to see spot uranium prices around $60 per pound to "incentivize" producers to mine more uranium.

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