- U recovering and there is more to come.
- Japan restart.
- China and US confirm nuclear as technology to reduce and manage co2.
- Fuk period coming to an end.
- Supply will be needed.
- Coming back from cold.
- 25% balance sheet recovery key
- Next phase of consolidation – neg several parties for association – process underway – choices have to be made by board among options open to it.
- Current funding will meet objectives.
- Speedy U recovery and speedy restart mean PDN can take advantage of increased prices.
- 3 months to solve scaling problem fully.
- Sales down
- 1.9mlb expected to be sold this q with prem on avg spot
- 190m us key step to repair balance sheet together with refinancing done
- Initiation of restart feasibility study for when prices recover – all parameters are known and risk is minimal effectively a step by step startup manual
- U market outlook slide 6 aug – nov 28 – 36/37 => spot market supply tightening due to cameco temporarily but prices held
- Russian restriction didn’t happen and still prices rose
- Up to 42 now => supply tightness and Jap restart
- Volume triple entire 2013 year without changing term prices this has absorbed slack and driven out some shorters
- Additional term contracting in next 6 months will test shortages post 16 and will increase 14/15 prices but at current level will not bring on new mines
- Each year new mines delayed, the greater the price action
- Reduction in global production that it underway FY14 production cut back is having an effect on supply and particularly the spot market
- 6 – 8 m lb cut back 4 m lb removed from spot into term contracts
- 45-50 m lb spot market volume but a lot of this vol is churn (trading?) estimate only 25m lb of production
- Phone cut out….
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Open | High | Low | Value | Volume |
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5 | 26221 | 13.220 |
3 | 56579 | 13.210 |
9 | 464217 | 13.200 |
2 | 48231 | 13.190 |
Price($) | Vol. | No. |
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13.290 | 42663 | 1 |
13.300 | 31911 | 1 |
13.310 | 21129 | 1 |
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13.350 | 8380 | 5 |
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