Thanks Kenso. I see that it is behind a paywall. Thanks for...

Thanks Kenso.

I see that it is behind a paywall. Thanks for providing the excerpt.

Things really do appear to be heating up. I read a piece from Marin Katusa last week stating that he is being approached by multiple SPV's pitching for funding to set up U focused vehicles.

Whilst you have to be VERY careful with him, this is being backed up by independent sources:

(1) UPC recently raised $23m = 1m lb U
(2) Yellowcake, proposed $200m raising + deal with Kazatomprom = 8m lb U
(3) Tribeca, proposed $100m closed end fund as per AFR = 4.4m lb U


If UxC's research is accurate and there is only c. 30m lb of "available" U within the spot market then things will get real pretty quickly for any utility thinking they can continue to source cheap U on the Spot market.

This is especially so if it turns out that McArthur River is shut down for a longer duration and Cameco actually starts buying its guided 8-9m lb of U in the spot market (people don't think that they have started this yet).

Cheers
John