If you’ve been sitting on the sidelines watching Cameco Corporation (TSX:CCO)(NYSE:CCJ), you might be enormously frustrated. Five years ago the price of Cameco was over $40 a share. As time went on, the price dropped by nearly 60% to about $16 a share.

The Fukushima disaster in Japan left many nations worried about the use of nuclear power for energy production. However, despite this, there is a slowly growing resurgence for countries that realize that there are few ways to generate bulk electricity while also keeping the environment relatively clean.

Because of this, I believe the time is prime to start investing in Cameco. However, if you are going to invest in this stock, you need to understand that it is a long-term investment.

I am not bothered by low uranium prices because Cameco can handle them for the most part. It is one of the most efficient uranium miners on the market and has consistently been able to generate profit. It had a weak fourth quarter, which resulted in a small $10 million loss, but for the most part the company has been able to survive.

I believe that things are going to get much better for the uranium market, which will translate to tremendous growth for Cameco.

In September 2013, India and Canada finally signed an agreement called the Canada-India Nuclear Co-operation Agreement. This signed pact made it legal for Canada to sell uranium to India. In 2015 the Department of Atomic Energy of India agreed to purchase 7.1 million pounds of uranium from Cameco through 2020.

This sort of a deal is huge for Cameco, but I am still thinking about the long term for Cameco and India. India generates 6,000 megawatts of electricity from its 21 nuclear reactors. By 2035 it wants to generate 45,000 megawatts of electricity. Now that Cameco is an approved supplier, it should be easier for the Canadian miner to continue supplying uranium.

China is also looking to increase its electricity generated from uranium. While it does not have any big contracts with Cameco, its impact on the price of uranium could be extreme. China is one of the top countries presently generating electricity from nuclear power. What’s fantastic about that is that it reached that level by only getting a 2% contribution from nuclear power. By 2030 China wants to be generating 30% of its electricity from nuclear power. That sort of growth is incredible and will send demand skyrocketing.

Other countries around the world are also getting more involved in nuclear power. Japan, which had to deal with the cleanup after Fukushima, is turning on its reactors again. Saudi Arabia has a group of reactors being built. All told, there are dozens of reactors that are going to need uranium, which puts Cameco in a prime position to generate significant revenue.

Therefore, if you are going to buy this stock, understand that the very near term might be rough, but the long term should be very bright.

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Fool contributor Jacob Donnelly has no position in any stocks mentioned.