Fireblade,All excellent research. I guess my thoughts go to...

Fireblade,

All excellent research. I guess my thoughts go to timescales. Niger, clearly on an acquisition path, would have to be thinking that the U price will recover.

If they think the U price will recover they must also think that their acquisitions will become more expensive as the U price rises.

Therefore one would think that they will do better if they acquire sooner rather than later (assuming the U price will not be dropping any further).

If we assume that the U price will be in strong recovery in the last quarter of this calendar year then the clock is ticking for Niger.

It is now nearing the end of April and if we assume they want to have made their acquisitions by September then that gives a little more than 4 months to make their moves.

Maybe I'm wrong. Maybe the U price will not rise until late next year, maybe U companies won't rise when the U price rises, maybe Niger (and others) don't care if they pay more as long as they have managed their risk by wating for confirmation of the spot price recovering.

But I think I am right. I think all the action will happen in the next 4 months.