By the time 2013 rolls around at current expected rates of...

By the time 2013 rolls around at current expected rates of growth demand (from south east asia alone) should have pushed through 100,000 t per annum. From the information I have read that would be realistic and posibly slightly conservative.

If at the same time the megatons for megawatts deal concludes and the equivalent of a further 10,000 t of supply is effectively removed - all else being constant - the gap between demand and supply will have increased by over a further 30,000 t.

The unknown on the supply side is:
- precise scope for increases in supply through new mines and expanded capacity;

- ability of secondary sources to continue to bridge the gap (civil stock piles, re-cycled uranium, re-enrichment of depleted uranium);

- technology advances for more efficent use of U3O8.

Obviously very hard to predict precisely when and to what extent, a supply side squeeze will materialise to make for a lift on the price of U3O8 but both the IAEA and WNA both predict supply side issues.

That being the case securing off-take agreements for BMN should not be an issue.