Here's a good section of the interview with the CEO of CAMECO. Gives some info as to what is currently happening with the spot price:
" We are still using 170M lbs and only producing 125M lbs.
Uranium is one of the few commodities, perhaps the only commodity, where you have this great disparity between consumption quickly growing and production on a much smaller base, living on inventory.
New production has to come in with the inventory already there. Inventory is finite, so the challenge we have on the production side is to make sure when inventory disappears, we have enough production to meet the growing consumption.
But in the near time, there is always this tension between new production coming in and the draw down of inventories. And, I think that is what we are seeing with the near term price weakness.
New producers, not fully committed (i.e. to long term contracts) are trying to sell into a thin market, with utilities largely covered for the next 2 - 3 years."
JERRY GRANDEY - CEO, CAMECO.
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Here's a good section of the interview with the CEO of CAMECO....
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