For what it's worth here's the call transcript link and some relevant extracts mentioning GLE
http://s3-us-west-2.amazonaws.com/assets-us-west-2/quarterly/Transcript_2014_Q3_Conference_Call.pdf
"It’s Fai Lee here. I’m just wondering if you look back
on GLE and the write-downs this quarter in their
investments, um, I’m just wondering if you reflect on this.
Does it make you more cautious about investing outside
your core business of mining uranium going forward? Or
how do you think about this?
Tim Gitzel, President & Chief Executive Officer
You know, not at all. I think that was an investment made
probably back in 2008 or 2009. I think 2008. I’m looking
across at Sean Quinn. You know, that still has some legs
in my view. We took the financial provision, an
accounting provision, and needed to do that, but from a
strategic point of view that technology, I think, the work
we’ve done on that over the last few years, we’ve made a
lot of progress. Progress to the extent that the DOE is
even today talking to GE about perhaps deploying that
sometime in the future, re-enriched tails with the DOE.
So, no, you know what? That’s life. That’s life. This
market today in 2008, we didn’t have to, say, foresee the
Fukushima piece and the effect that would have. We’re
living through that now. We’re three and a half plus years
into that. But I can tell you what, we’re optimistic about
the future, especially on the uranium front, and so
investments in pieces like GLE, I think that piece may
come around again and we’ll get back to that again. So I
don’t think it, ah, you know, we’re cautious, obviously. If
you’re talking about acquisitions of other sorts, we’ve
made some ones that we’re very happy with. Right now
we’re not aggressive on that front but we’re always
keeping an eye on the market. So, no, I don’t think it’s
changed our view."
"Hi, it’s Ben Isaacson here. Thank you for taking my
question. Two questions, first: can you explain why
funding was significantly reduced to GLE? And my
second question is on the cash cost of purchased
products. It’s been jumping around a little bit from 58 to
31 now. Can you explain why that’s been happening and
how should we think about it going forward?
Tim Gitzel, President & Chief Executive Officer
Hi Ben. It’s Tim. Just on the first one, the GLE piece, I
think it’s a question of priorities for our partner, GE
Hitachi. They’ve been in this business for some time. You
know, we’re 24 percent in this joint venture. They’ve been
funding it along and we have made progress. But I think
in their bigger world this wasn’t a priority at this time.
Certainly the market is not brilliant, either for uranium or
for enrichment, and they just decided to tone down their
funding and we obviously had to do the same. So that’s
the GLE piece. I’m going to look to Grant Isaac to talk
about our cash costs."
(20min delay)