Areva NewCo takeover, page-3

Its difficult to know and it may not necessarily conflict depending on what EDF's long terms plans are. When you look at the behaviour of CNNC and potentially EDF it is almost like taking LHM off the market, it becomes a pure supply mine. In such a scenario the U price becomes irrelevant and all that matters is supply and if you have the mine, you have the supply. The only variable to watch is cost of production and even if that is slightly higher than spot it makes no difference you stick with the mine. The end game here is basically to take LHM out of global U supply. CNNC intention appears clearer, EDF is unclear. The interesting question will be is what this so called option is, is it an actual option , is it simply a first right to buy. Even at this stage it is not clear what this thing is which in it self is very odd.