I take you point about delays in development - but i would...

I take you point about delays in development - but i would suggest that that applies to nuclear development too. In fact, much more so - hence the reason why the price is such – and actual demand (calculated as a percentage of total power output) is either flat or falling (see BP energy survey). Coal is the fastest growing fuel in the world for the seventh (?) consecutive year.

Macquarie have absolutely no idea what they are talking about. Never have. These were the guys who initiated with a Sell on FMG - and have maintained Buys on BHP & Rio despite them halving. But the best example I can think of is that they have virtually no Sells out of the ASX 200, and have as far as I know, never picked a corporate faliure before it happened. Their business is selling you research, with that in mind, every company looks like a nail – and every company is a Buy.

The point I am trying to make is that there is continued demand for one commodity - and not for the other. Coal demand is dynamic in India – aka recent power shortages. Why do you think India are buying coal assets in Tanzania? And Indonesia, Mozambique...

In either case, UNX would never develop the resource, no junior explorer ever does. It doesn’t even have the skill set. It would be bought out – or the asset sold.

I reiterate – it is silly unrealistic expectations on the uranium price, with scant regard of dynamic factors around makes no sense at all. See my comments of shale gas in the US…

I am still waiting for the right time to buy! Love the ground. Need the right focus.