Right now, the large suppliers are hanging by a string because of long term utility contracts. These contracts are reaching their ends. Meanwhile, the spot market has seen a glut because the Japanese utilities were selling their U3O8 at pennies on their dollar cost.(they honored their contracts). In other words, about 11 percent of annual worldwide demand was serviced by the Japanese alone on the spot market. Is it any wonder that the spot price dropped to $19? Only the Kazaks can mine and enrich uranium at a cost of less than $30 per pound, because they use Mining methods that create ecological nightmares. There are no environmental restrictions in Kazakhstan. Believe me when I say that the Russians and Kazaks want to corner the world uranium markets in the next 10 years (see the Uranium I deal under Obama and friends). China realizes this, and have taken over the Namibian operations under dummy corporations for their own use. Any time you see a third world nation in Africa announce plans to explore for uranium, follow the money. Either the Chinese or the Russians will be behind it. The US buys almost all of its uranium from foreign suppliers, principally the Kazaks, but now they're facing a possible boycott. As I said in an earlier post, in the next couple of years, entire nations will be scrambling for uranium supply. When uranium markets go up they go high and quickly. World politics will play a more vital role in uranium than any other commodity because it makes the lights go on!
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