I think it is conservative and prudent to wait in 2018 for sustained price movement before embarking on capital investment.
The defecit in supply occurs around 2022 (at this stage). There are mines idled which can be restarted to meet demand up to 2022. Do TOE need to move just now to be operational by 2022? How long is the planned construction and commissioning phase for Toro?
Uranium exploration is another thing as we head towards 2022. The U price party may get better into the next decade due to the lack of investment in Uranium exploration today.
Ann: Potential substantial cost reductions for Wiluna Project, page-48
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