Spot price not importantCameco's contract price is still over $50.00 per lb. Most of the uranium is sold at that price as contracts normally run for several years The purchaser is assured of a steady supply and the seller can set production to meet these sales. I doubt if any U308 produced in Canada is sold at the spot price. Cameco is very profitable at the current contract price and any dips in profits lately are a result of the very large cost of bringing the Cigar lake deposit into production.
Most of the spot priced U308 comes from producers who need cash and do not have steady profitable production. Whoever buys PLS will make very good profits at $50.00 per lb. The Peru AAZ production at grades much less than 1% U308 per ton will need a much higher price before it will be mined.