uranium $70/pound by end of the year?, page-10

I don' think China is a solid argument, in that (I believe) they are not really that interested in taking over any more uranium deposits (unless something exceptional occurs). Primarily for two main reasons:

(a) The biggest development in primary uranium supply over the past decade is the emergence of Kazakhstan as the world?s largest uranium supplier. It has increased production from 2kt U in 2002, to supplying around 18k U currently - 82% greater than the world?s next largest producer, Canada. Much of this supply goes to China, despite the fact that it consumes only a portion of that amount (I assume they store the rest); and

(b) They have recently taken control of Rossing South (Husab), arguably the most important uranium discovery of the past three decades - if not more. The Husab Resource base will easily exceed 750Mlb U3O8 (possibly double it). Although a second quartile producer (probably), ultimately it will become the world’s largest single commodity uranium mine, and if the geophysics are to be believed, there is still enormous alaskite potential. The Husab project gives the Chinese decades of uranium supply – despite their current stockpiles and the resources coming in from Kazakhstan.

The Chinese are clever – they have already secured more than enough uranium for the remainder of the century (my opinion - as fallible as it is).