"Spot U price does not mater much for PEN. Long term contract at...

"Spot U price does not mater much for PEN. Long term contract at $74 already signed & sealed"

Well sircorp, you are right with respect to the 10% of production over the first 7 years of mine life that is now 'locked in'.

However, for the other 90% (and for 100% after 2020), the spot price very much matters.

Across the industry, around 80% of production is supplied under long term (3-15 year) contacts at fixed or indexed prices. Only 10-20% is supplied under the spot price.

HOWEVER, the long term contacts are negotiated at price levels linked to the spot price. So the attractiveness of further offtake agreements will depend on the spot price leading up to finalisation of each specific contract.

In the current situaltion, there are obviously strong reasons (for PEN and all producers) to delay further negotiations until the spot price stabilises and firms.