There's clearly some concern in the market that there's not much to stop the legislation there being changed retrospectively to perhaps more favorable terms for the government. It's a political situation of high risk and investors are going to be nervous.

Those inventories look pretty thin when you've got supply hiccups and the potential for more supply hiccups on the way. We've had supply interruptions in Nigeria and possible ones in Iran.

With the opportunity opening up of the Chinese market it's providing greater confidence in the market that all the exploration spending going on is actually worthwhile. If it was possible to add more enthusiasm to the whole uranium sector this has done it.

Companies are now taking a five-year-plus view. That's why we're probably going to see a greater level of merger and acquisition activity among our explorers, as a number of them have sizable resource bases.

Exploration activity now for uranium is probably at the highest level it's been for 20 to 25 years.

The governor's main concern with the legislation as passed is the automatic indexing, ... It will only ratchet things up and will tie the government's hands and will deprive it of the flexibility to address changing economic conditions.