Ann: Mulga Rock Project Environmental Management Plans Approved, page-17

Hi gcs,

It should start to get interesting on the spot market. KAP and it's JV partners will start to feel the sting of the well field suspension they experienced, so if things are going to happen to the spot price outside of the influence of the term contracting then it should be this half or very early in 2021. I guess it all depends on the resolve KAP have to maintain their inventory levels.

"Kazatomprom usually maintains an inventory of about half its annual output and it currently stands at about 9,000 tonnes, but a heavy shipment schedule in the second half of this year would reduce that to 4,000 tonnes without additional purchases, Pirmatov said."

Top miner Kazatomprom buys uranium as inventory under pressure

Orano and Uranium One are a little out of the spotlight but talk is supply will get tight for them too. Cameco will also need to continue to buy so next 4 months should be interesting.