If, and only if, there is a so-called surplusOld mines are eating through their supply of uranium, and will still need to be replaced. There are rumors that Kazatomprom needs some serious capital spending to upgrade their mines, and may even have a slowly dwindeling supply. Potentially, the cut backs we have seen from Kazakhstan may not have been made by choice, but rather necessity.
Even if there is a surplus, with Kazatomprom going public 4Q this year, they will need higher uranium prices in order to please shareholders.