Contra, you need to form a long term view, even with Cameco & KAP resuming operations the world will need more uranium mines, even idled mines like BOE's won't be enough, new projects will have to come online as well. In order for that to happen price discovery (increased spot price) needs to happen to allow financing for those projects.
Keep in mind KAP have ISR mines; so their production will only start to decrease now as there is a 4-6 month lag, so outgoings in the spot market ahould start to accelerate as we now have both KAP and Cameco buying on spot and maybe even KAP's JV partners.
If that doesn't move spot price then term contracting, once it starts to accelerate, surely will.
Historically, utilities tend to blindly follow each other when contracting as those that come late can often end up paying the most.
Next 6 months will be very interesting.
Ann: Quarterly Activities Report, page-5
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