I also think Kazatomprom are genius'
KAP sales are linked to the spot price and so they benefit from the production shortfall - the spot price goes up = increased sales and profit for KAP.
Cameco have ceilings for their contracts (mid 2023 the ceiling was $65.00/lb) and so the spot price increasing doesn't make CCJ any more money.
The genius part is that the KAP will now undersupply the CCJ / KAP Inkai JV and so CCJ will have to make up the shortfall from the spot market.
CCJ will lose a ton of money buying from Spot (buying at $100+ and selling at $70.00)
CCJ will force the spot price to go up.
KAP, being spot linked, will make even more money.
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