Hi Rosy,
Mind if I answer rather than the rude one? (Not least because of your knowledge and I know you are genuine).
The majority of miners find they can't start/ fund a mine at a contract price of less than US$50. This is attested to by miners like Vimy resources who have a DFS.
The cost to incentive is mining is C1 (cash cost) + Amortizing capital+ rate of return on capital for risk.
A C1 cost of <US$30/lb is rarely achieved in U. Solution miners Insitu leach may be able to get to that but hard rock miners struggle.
What's happened in Uranium is the high price previous to Fukushima (Up to US$120/lb) is a lot of supply came on but was non- profitable when the U price fell. In addition there was inventory form dismantling of nuclear weapons. However that all happened over the past decade. Also even efficient producers have gone ou of the market as the pendulum swung the other way.
Also urnaium in significant amount was usually trade d at Contract levels with little available at spot.
Now we have the converse situation building where the price to incentivise mining isn't there for the producers especially hard rock producers. The Energy utilities need to make future purchases but if they do they will drive up prices for spot and the contract price usually trades at a premium.
I've summarised greatly but the situation is quite different to gold which i know you are a bit of an expert in.
Once agian I aplogise for answering a question pose dto someone else. However, the gentleman has noted he rarely posts. (and my wife isn't around to smack me for it).
Cheers.
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