Who knows? Vintage is no longer commenting but (I think) he...

Who knows? Vintage is no longer commenting but (I think) he would have acknowledged that even houses like Macquarie who had said the Chinese had stockpiled enough uranium to largely undermine the sharp risehttp://www.businessspectator.com.au/article/2015/2/16/energy-markets/nuclear-non-starter-oversupplied-losing-money-and-without.
Around 1 Jan 2016, changed their position to say there is going to be a net shortage with pressure (inexorably) building this year.

I mentioned this because Macquaire had a very detailed assessment including the method in which U from is reprocessed and it's propensity as alternative as to what really drives U spot prices.   I read it twice and couldn't properly understand it but I now think guys like the director Harrison would (and possibly some/several of the posters here).

Here is a summary of that issue - there is surplus uranium enrichment capacity. Moreover, energy-intensive gaseous diffusion plants have been replaced with centrifuge plants that are cheaper to run. Thus there is an incentive to use enrichment plants to squeeze more uranium-235 (and thus reactor fuel) from a given volume of uranium ore (called underfeeding) and to process depleted uranium tails that were previously stored as waste.  

As I say they have now changed to thinking U (and Zn) look good in the near future (say 1-2 years)