We’re all well aware that Cameco (TSX:CCO) continues to kill it on the TSX today. The mixture of a strong business coupled with uranium spot prices soaring has been great for the stock. But there’s even more growth coming for Cameco stock in the next decade. Along with these other two stocks. So let’s look at these three commodity growth stocks to continue watching in 2024.
Cameco stock
When it comes to Cameco stock, there have been a lot of reasons to consider picking up the stock. First off is the uranium market demand. This company is the leading uranium producer and supplier, especially with sanctions on Russia from the invasion of Ukraine. So if you’re bullish on the long-term growth prospects of nuclear power, and they remain strong for the next decade, then there is a reason to buy up this stock.
That’s even after shares have grown as they have. That’s because Cameco stock is one of the largest uranium producers around the world, and the world’s largest publicly traded uranium company. This provides them with stability in a niche industry.
What’s more, investing in Cameco stock is a great way to get away from oil and gas and diversify your investments towards the future of renewable energy production. And the uranium producer provides especially strong growth given it holds long-term contracts with utility companies to supply uranium. So with shares up 66% in the last year, I’d consider the stock will rise even higher.
Teck stock
Another company that provides you with some strong diversification is Teck Resources (TSX:TECK.B). While Teck stock doesn’t invest in nuclear power, it does invest in basic materials. These are materials we need to power or create the infrastructure we use on a daily basis.
This investment provides you with more diversification with mining activities in copper, zinc, coal and energy. The diversified miner provides global exposure to the Americas and Asia Pacific, as well as Europe. This can also help during times of instability in one country over others. Teck stock has also been increasing its production of in-demand products such as copper, zinc and steelmaking coal, even spinning off another steel-making coal business.
What’s more, Teck stock offers long-term growth from financial stability that comes from a streamlined business and strong cash flow. With so many strong operations and growth opportunities, it’s no wonder the stock has climbed 22% in the last year. And that’s likely only to rise by a stable clip in the years to come.
Lundin mining
Focusing once more on the mining world, I would also keep an eye on Lundin Mining (TSX:LUN). About 63% of Lundin’s business focuses on the production of copper. And that is in high demand right now. Copper is used to power renewable energy assets, plumbing, and electronics. As a conductor of electricity, it’s a crucial part of the digital revolution as well.
Which is why Lundin stock has doubled down, reporting record production in the last year, and seeing even more for the year coming up. While it also offers more diversified assets such as zinc and nickel, its copper that will likely drive long-term growth for the stock.
The company has long focused on operational excellence and cost management in its mining operations. It has demonstrated strong efficiency that should help the miner grow even further in the years to come. So while shares are up 57%, it could still be a deal at this stage.
