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15:33
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Originally posted by Nowclear
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That's a complex question. To start with we are in an industry that has been on it's knees for the past 10 years, uranium prices were and still are in the basement, reactors were being shut down and those disenchanted with nuclear power ran to renewables as if they were the saviour of the world. Very few investors wanted to commit cash to a new enrichment system in a declining industry when the incumbent system was doing the job albeit less efficiently. Our mates GE got into financial problems and virtually shut down any project it had that wasn't earning money or was seen to be a drag on their financial resources, GLE was up for sale. So Silex down scaled their operations to conserve our nest egg, but kept key personnel and continued to work on the laser. Years passed and we couldn't find a party to replace GE and Hitachi so MG played his cards and said we were pulling out of the US and started working from Lucas Heights. That left the US with a problem, they were potentially going to lose the desperately needed, valuable advanced technology, Laser Enrichment Technology. With 700,000 tonnes of depleted UF6 sitting in Kentucky with no easy disposal solution, no domestic enrichment services other than the slow and costly centrifuge system but on a very small scale, no enrichment of HALEU and LEU. So the Yanks came back to Silex and struck the "deal of the century" with Silex to acquire 51% of GLE and Cameco 49%.
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I would just like to thank Silex for listening, instead of talking about risks in every paragraph like they have done previously, they now just leave it to the end here, just like every other company does, and I would also congratulate them for a much better and well written description of what is happening it gives us investors some idea of what may be happening behind the scenes, exciting times ahead IMHO-:Forward Looking Statements and Risk Factors:
(20min delay)