"A massive uranium supply deficit is forming now irregardless of global economics."

The title of this blog is taken from a post I read on twitter today.  I beg to differ.  Don't fall for this crap. 

For those truly interested in this commodity I urge you to read pages 43-58 of the linked Kazatomprom IPO document.  This will give you a clearer understanding of the supply and demand situation.

During my time in the business there were two key uranium firms that provided studies and consulting services to the uranium miners and utilities:  TradeTech (Nuexco)  and UxC  .  It was my perception (which could be wrong) that TradeTech largely did work for utilities and would present the bearish case for uranium prices.  In other words, they would state that there was plenty of uranium around hence the utilities should drive a hard bargain.  On the other hand UxC did work largely for the miners and took the opposite view; uranium supply going forward is scare hence the utilities should pay up.

So I was a bit taken aback by m…

Trevali's Travails Part 1.

I see the CEO and Chair have resigned from Trevali.  Those reading the modules know I was never fond of this Glencore created entity.   I always viewed it as a tool to pass on risk to the retail market with thousands ultimately wondering how they just got screwed.  The filing to increase debt levels told me that Glencore was looking to shift more junk assets to Trevali or they were attempting to get them to plow cashflow into dud assets in New Brunswick to ultimately supply Glencores smelters with feed. There was never anything in this thing for retail investors.  I would have loved to be a fly on the board room wall.  Sent from my phone.

TD Weekly

Well looks like the boys at UxC are getting uptight about some of their work showing up in the public space.  The C1 cost curve I saw in
a NXE presentation was removed and I see quakes has been punted from Twitter for copyright violation.  So I am going to delete the TD uranium reports I have posted since they are full of UxC data.  I will have a bit more to say later since typing on my phone is a pain in the ass.

Cameco and Orano

In light of the recent mergers in the mining space I think it is time for Cameco and Orano to explore a merger.  If I recall correctly Orano (Areva) asked Cameco to look at this about 15 years ago.  Looks to me like it is time to look again.  Sent from my phone.

Kudos to Mark IKN

Nailed it.  The BCSC are not a retail investors friend.

I sent them a couple issues to look at over the past five years but was basically told to fuck off.  And you should also take a gander at companies still domiciled in Vancouver that are now hiding under Toronto listings.  Better weather for sure, if you have a good umbrella, but a bit away from where capital is actually raised for more than a few drill holes.

Comments on NexGen's NI 43-101 PFS Submission

I tried to include the attached as an entire blog entry but Blogger would not save it off for some reason.  So I created a pdf file instead.

It is a bit tongue in cheek but you have probably come to expect that by now.


If you thought my last look at uranium (2014) was ancient history, you will find my last look at copper to be positively prehistoric (2013).  But, like a few others of you out there, I also think it is time for a re-look.  Back in 2012/13 I had aspirations of looking at commodities full time in a private consultancy role.  But this was not compatible with playing 150 rounds of golf every year I quickly discovered (while also doing a number of mining related projects for the likes of Rio Tinto etc.).  But anyways attached is where I left my look at copper off in 2013.  It could be a handy starting place for others to pick it up from.  I will attempt to pick away at it but don't hold your breath for an updated model.

When you click on the file, it brings up a pdf, but you can save it off as an Excel spreadsheet.