Not surprisingly Scott, a veteran uranium industry executive is extremely bullish on the industry. People are coming to realize that nuclear energy is key to a carbon-free future. Demand is starting to exceed the pre-Fukishima levels. There’s a substantial production deficit, with prices going from a $17 low to $32 per pound last month.

There’s a significant lag between demand and price. Prices should go higher in the next 12-24 months. Utility supply contracts now have to be renewed and that should see incentives for long term production. We’re going to be using more electricity and there’s very few places it can come from. Renewables are great but there’s only so much they can contribute. The price of uranium is a small factor in a nuclear power plant’s economic viability, so the market is very inelastic.