Two Canadian Mining Giants to Buy on the Dip

Volatility in Canada’s mining sector often intimidates casual investors—but for those with a long-term horizon, it can also present exceptional buying opportunities. Despite cyclical swings in commodity prices and geopolitical headwinds, Barrick Mining (TSX: ABX) and Cameco Corp. (TSX: CCO) stand out as well-positioned industry leaders.

Both companies have the operational strength and strategic footing to weather short-term turbulence and potentially deliver outsized returns over the next decade.

1. Cameco

1. Leader in Clean-Baseload Energy：As one of the world’s largest uranium producers, Cameco sits at the heart of renewed interest in nuclear power as a low-carbon, reliable energy source. The stock has surged over 35% in the past month, rebounding strongly from the September 2024 and April 2025 corrections.
2. Bullish Uranium Outlook：Investment banks forecast uranium prices doubling to US$140/lb by 2027 (spot prices are sub-US$72/lb as of May 2025). The International Atomic Energy Agency (IAEA) projects global nuclear capacity could grow 2.5-fold by 2050.
3. Stable, Contract-Driven Cash Flows：Long-term supply contracts smooth out revenue volatility—even when spot prices wobble—supporting a steadier earnings profile than many commodity peers.
4. Integrated, Diversified Model：Beyond uranium mining, Cameco offers fuel services and holds a 49% stake in Westinghouse Electric, capturing value across the nuclear fuel cycle. Heightened concerns around energy security and climate change amid ongoing geopolitical uncertainty only strengthen nuclear power’s fundamentals.

2. Barrick Mining

1. Strategic Refocus on Copper：Rebranded from “Barrick Gold,” the new name underlines Barrick’s shift toward copper—a metal set to benefit from the global energy transition (think electric vehicles, grid upgrades, renewables).
2. Navigating Operational Hurdles：Recent litigation in Tanzania has been settled, removing a major legal overhang. Mali Negotiations Underway: Local courts placed the Loulo-Gounkoto gold mine under temporary management in June 2025. Barrick has agreed to pay C$438 million for employee releases, gold restitution, and mine resumption. While negotiations take time, management believes a compromise is likely—and critical to restoring full production.
3. Diversification and Upside：With projects spanning 19 countries, Barrick’s broad geographic footprint buffers it against any single-country setback. Once the Mali impasse clears, the company can unlock nearly 20 years of gold reserves plus valuable copper deposits.
4. Compelling Valuation：Forward P/E of just 13.3× and a PEG of 0.8 point to a stock that may be undervalued relative to its long-term growth prospects. A meaningful pullback in share price creates an attractive entry for patient investors.

Conclusion: Seize the Dip for Long-Term Gains

For investors focused on wealth accumulation over the next five to ten years, both Cameco and Barrick Mining present compelling “buy the dip” opportunities: Cameco benefits from the structural tailwinds of a nuclear energy revival, underpinned by stable, contract-backed revenues. Barrick leverages a strategic pivot into copper and a vast reserve base—trading at attractive valuation multiples today.

Market volatility can be unnerving, but when these industry titans face temporary setbacks, they often pave the way for outsized returns once the cycle turns. Dips in share price may well mark the ideal moments to build a position.

Contrarian Investing Copper Gold Uranium