Cameco have stated that they won't be restarting Cigar Lake...

Cameco have stated that they won't be restarting Cigar Lake until they have LT contracts for McArthur River at about US$50/lb. Fixed and variable components to the contracts but let's say $50 for simplicity. They need 150Mlbs contracted to reopen McArthur River. At their latest quarterly conference call, they had 25M lbs contracted. There is just no point them reopening Cigar Lake when that would inevitably delay the Utilities signing contracts for McArthur River. So expect Cigar to be closed for quite some months yet. They also said in their last conference call that they were in no rush to sign LT contracts. Now that KAZ have joined them in taking pounds out of the market, then longer the utilities wait before signing contracts, the higher the price they will be forced to pay. Now of course there was an element of posturing in that statement. But it's true none the less.

I tripled my PEN holding on Friday. The current price is 30% lower than the theoretical ex rights price after the last CR (9.2c/share).

Cheers,
Tim.