Australia peaked in 2002.With all due respect there are some...

Australia peaked in 2002.

With all due respect there are some dangerous assumptions there:
1. Russia will continue to offload MOX supplies - don't count on it if the global economy faulters and resource tensions arise.


2. No new demand appears - last time I looked there is hardly a nuclear power plant in the world that isn't uprating and hence incrementally increasing consuption rates of uranium. And as Jim Dines vocally promotes, new nuclear power plant plans are vastly understated since these plants do not wish to increase the panic of uranium supplies for the forseeable future. Remember the time it will take to build a mine is the time it will take to build a plant.

3. No more further production hiccups - ERA has hit problems with the large volumes of rain it has received. Assumtpions are potentially optimistic on new mine production (ie Paladin and Urasia). And of course there is still a great deal of hope being placed on Cameco being able to salvage the Cigar Lake project! Fat chance!

4. We are ONE oil price shock away from a massive capitulation in government planning worldwide that nuclear MUST be ramped up.