Secondary Supplies, page-8

Yep I think that's about the ball park. I think the Chinese have been over stocking inventory in anticipation of starting new reactors. But it all makes for a narrative of tightening supply and increasing price. Of course they now have to start stocking excess inventory for the new power stations they want to open in the years after that. And their desire to build is very significant. 11% of world electricity generation is nuclear but only 4% of Chinese and they are not enjoying the best of air quality. So the pressure is on to build more and more nuclear power stations. But where is all the Uranium going to come from? Nowhere unless the price heads to US$70/lb. That's about my rationale for being seriously overweight PDN. That and the ridiculously cheap price because of the unrelenting selling of the former debt holders.