1. 4,941 Posts.
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    Hi jfc,

    Several good points, but note also the following:
    Last year, UEC wanted to go external for finance, and at a cheaper rate. They didn't. Not because UEL, their major shareholder said no, but because financiers either required a higher interest rate than what either UEC wanted, or was being charged by UEL /now ALN (ie: 8%), or wanted UEL to guarantee UEC's banking facilities.

    For a small organisation, UEC has spent >$200m in CAPEX in the last 4 years, and if 2003 is added in, will be spending ~$250m by year's end.

    $15m in 1999;
    $75m in 2000 (ASX/R-0602-1), or $56m in 2000 (ASX/R-0502-2), depending on which one you believe;
    $92m in 2001 (ASX/R-0502-2);
    $22m in 2002 (ASX/R-0502-3).

    In fy2003, forecast CAPEX is >$40m.

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