supply constraints continue to grow...

1) Russia curtailing expansion
2) Kazakhstan curtailing expansion...

Now, the newest item--

Namibia is facing the worst drought in three decades

Uranium mines in Namibia are facing the 'worst drought in three decades," reports Bloomberg. "Water from a desalination plant owned by Areva SA, the country’s first such facility, isn’t enough to meet the needs of Paladin’s Langer Heinrich uranium mine, China Guangdong Nuclear Power Co.’s Husab uranium project and Rio’s Rossing complex."

Salman Partners estimates that Langer Heinrich and Rossing together account for about 8% of the world's supply of uranium. Once it is in full operation, scheduled for 2015, Husab would add another 8%.