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Well BollingerBill, Global X ETF seems to be betting otherwise, they are buying a truck load, they seem to be the only buyer at the moment, they are at 17.5 million shares held and its increasing each week, and its not simply indexed buying as you have stated prior. Recently Global X ETF have also added about 5 million or so PDN to total 19 million shares held, likely by offloading Cameco as they have sold approx 700,000 shares at approx $20.

If the uranium price ever goes up again, as expected, BMN will be in a prime position. It wont matter if it costs $700 million to mine or $300 million to mine (such as ACB), when the profit over mine life might be 1 to 2 billion dollars.

Look at the bigger picture.