Ann: Quarterly Activities Report, page-48

It's 1m lbs per annum. And the 'out years' 2020 onwards aren't a concern as we're in deficit then anyway. It's the 17/18 x 2mlbs, which is marginal...but in the wrong direction.

It's also the psychological effect on utilities (To contract or not to) that this plays out on most. And with CCJ as bellwether of industry, could be a small dip backwards.

Still watching pdn like a hawk. Those 5m lbs out of mkt could be important catalyst. April is a long time away in mining (can they restructure bonds?) and while I'd love to see them survive (for my soft spot for pdn and sympathy for long term [even short term] investors). But if it goes to China, that inventory won't make it into spot. Just like Husab coming online now. You'd think 15mlbs per annum would hurt. But it's disclosed as all going to China. Pre-committed.

I'm thinking that contracting courting has commenced. But I reckon most producers would be sending $45 - $50 LT contracts...and utilities would be looking for $40. That might support a few off-take agreements but I wouldn't see it satisfying those with mines in c and m to accept. I don't believe Gus would.

I'm looking to the US for clues. Any reference to DOE/Uranium by Rick Perry could signal instant improvement. Anyone digging deep and finding anything...cough it up!

Cheers