I guess its natural for enrichment firms to want to hold a stake...

I guess its natural for enrichment firms to want to hold a stake in the miners perhaps as a hedge against movements in U prices and also to try to get security of supply. To be honest i would not be worrying too much about what Areva has or is doing. Whatever it is, they will not be able to compete on price with GEH.

Its important to draw the distinction between Areva buying a stake in a producer and what we have here which is a producer buying a stake in the enrichment JV which is GEH. This is a sure sign that Cameco believes that the big buyer of U in the future will be the lowest cost enricher and that is clearly going to be GEH.