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Alex Molyneux Profile picture
Alex Molyneux
@AlexMiningGuy
Mining investor and executive. CEO of Galena Mining, Chair or Director of: Argosy Minerals; Azarga Metals; Metalla Royalty & Streaming; and Tempus Resources
May 21, 2020 • 4 tweets • 1 min read
#uranium - All is not well in the spot market! 3 issues:

1. By my numbers, Cameco was 40% of all spot buying in Q1.

2. The headline spot price everyone is getting excited about is the price for delivery at Cameco's converter but the price for delivery at the other major
(1/4) converters has not moved as much. Price at Converdyn or Orano is US$3.50-4.00/lb lower. Thats highly unusual. I've never seen an arbitrage of more than 25-50c between major converter delivery locations.

3. The forward curve has flattened markedly, ie, the 12 and 24 month
(2/4)