LT Contract pricing has been above spot. That BHP got less is...

LT Contract pricing has been above spot. That BHP got less is not due to legacy contracting I assume. I may be wrong.

Regardless prices are going up and LT contracting is in very very short supply with most of KAP (Joint Stock Company National Atomic Company Kazatomprom) 90% of all new contracting going to China and Russia.

On the China side They are highly likely to have as much Nuclear power as the USA by 2030-2035, The need for secured nuclear fuel supply in China is urgent. China is one of our biggest trading partners and personally I want free trade not the mess that's occurring in supply via Kazakhstan due to Russian war in Ukraine.

Back to Korea- they need the fuel as much as every other Nuclear powered smart energy country does. Thier 2023 RFP "

The Korea Hydro & Nuclear Power Co, set out a proposal in September 2023 for uranium supply, which was not received well by the industry.

According to reports, KHNP wanted a $58 floor for uranium and a $90 ceiling for uranium fuel.

With the price of uranium now over $80/lb on spot markets, it rightly appears no uranium supplier in the world was willing to even entertain the proposal.

“This contract did in fact go no bid so it is back to the drawing board for the Koreans to adjust terms to the new market reality,” wrote, U308 Renaissance Man, a nuclear energy commentator on Twitter/X.

“In a structurally undersupplied market, the power shifts to the producers,” he noted.

In a forecast analysis by TradeTech, a uranium and nuclear power consulting firm noted that “the quickly evolving market conditions (for uranium) render it difficult for suppliers to meet buyer requirements”.

"

Doing the maths. We will be making money selling to Korea, China, USA, UK and EU countries. Then add the new country plans who may need to start planning their fuel cycle before they start building.

Even luddites like here and Germany will be under pressure to allow business like BHP to use SMR tech to save billions in cost and Try this one for another view

"The mining and metals company BHP's total greenhouse gas emissions were 380 million metric tons of carbon dioxide equivalent (MtCO₂e) in FY 2023. BHP's direct emissions from operations (Scope 1) were eight MtCO₂e, while the company's indirect emissions across the value chain (Scope 3) were estimated at 370.5 MtCO₂e."