Ho hum, page-13

A couple of other take aways from the CCJ conference call.

1. They are buying in the futures market to supply their LT contracts, reasoning that today's prices are low so why not cover tomorrow's demand at today's prices. That way they can reserve more of their future production to sell into higher prices and not face pressure to turn McArthur river back on. It's a very confident backing up of their thesis that prices are going up.

2. They have clear evidence of tightness in the market. Previously when they put contracts to buy out to tender, they would be 5x oversubscribed. Now they are not.

3. They are still signing up new orders where they think they can buy and resell profitably.

Cheers,

Tim.