Guys you are looking at spot prices. Long term contracts are a lot higher and from what I understand of PEN contracts are in the US$60-70 plus regions. Very little amounts of U trade at spot with majority being in longer term contracts direct with utilities.
My take on this project is that it clearly worked in the feasibility phase for a company to spend $170m on building it but the plant never got commissioned properly or at all. Couple this with low pricing post Fukushima and a change in focus with the Russians privatizing Uranium One and probably only focusing on low cost Kashakstan mines closer to home, left this a stranded asset with a very small resource and probably not a priority.
I think exploration is going to play a big part of this play. With 2600km2 of ground there is clearly upside (otherwise why would you have the ground) so Peter and Marat see the potential to expand the resource considerably.
Very exciting times look forward to some news flow from the company!
Ann: BOSS RAISES $4.3M TO FUND ACQUISITION OF HONEYMOON MINE, page-15
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