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Cameco (CCJ) has a 10.7 billion market cap. It currently produces 16% of the world’s uranium through its mines in Canada, Kazakhstan, and the United States. It has 480 million pounds of proven and probable reserves. Its global exploration program is finding new resources in areas like Australia. Over the past five years, Cameco has generated over $2.5 billion in cash flow. Its fuel services division controls about 35% of the western world’s capacity to generate uranium hexafluoride. Cameco also provides electricity generation through its Bruce Power Limited Partnership. I wrote a more in depth article about Cameco here. Cameco may be the safest way to play nuclear outside of utilities. Its legacy contracts provide protection from large decreases in the price of uranium. This is a very good long term investment.

Uranium Participation Corp. (URPTF.PK) is managed by Denison and was formed in 2005. It is not a miner, but participates in uranium by holding the metal as an investment holding company. Uranium Participation invests in two forms of uranium, uranium oxide in concentrated form and Uranium Hexafluoride. It is a direct play on the price of uranium — a pure uranium price trade. It is the only way I know of for an investor to trade the price of uranium. Although I am bullish nuclear, this is a very risky trade.