I suspect some are still playing the Fukushima card and low U...

I suspect some are still playing the Fukushima card and low U prices. If you were a PDN or ERA holder then the sky does look very cloudy. However EXT has been getting a lot of noise in the popular media about the so called 'offer' any time now so shorting this one is a very high risk play with limited reward. I personally would rather bet the house on the other 2 players going down than EXT.

It is difficult to know what CGNPC is doing the background but I am constantly watching what RIO is doing. Still look like a smoke screen tying up loose ends with their coal investments and getting rid of the alumina assets which they had previously stuck to that strategy. Very little is said about their U assets and suspect there is enough talk and publicity regarding this anticipation that they would probably make a first strike or just wait for others to make that move. It is getting interesting now, please no more black swan events. I perseverance had already being shot by Fukushima when it was a 'no brainer' then!