| StockInterview: Yes, but doesn't it take five | | | | in Australia. Now I understand BHP is looking |
| to eleven years to get the production | | | | hard at their New Mexico operations. So you |
| underway? | | | | might see some of the big mining companies |
| | | | involved. |
| Jon Indall: I think eleven years is too far | | | | |
| out. I think, if the companies can get with | | | | StockInterview: Who, then, will build up the |
| it, you can see four or five In Situ Recovery | | | | domestic uranium industry? |
| (ISR) operations producing one to two million | | | | |
| pounds apiece. And then maybe somebody gets a | | | | Jon Indall: I think it may be more |
| conventional mine going here again, like IUC | | | | entrepreneurial, which was the way it started |
| is doing. I can't tell you the exact number, | | | | back in the 1950s. The early producers, with |
| but I think you'll see increased production, | | | | the exception of Kerr McGee, were individuals |
| assuming that the price continues to rise or | | | | - Charlie Steen, Dick Bokum, and Cotter |
| stabilize. | | | | Ferguson in Wyoming. They were the people who |
| | | | really got this industry up and going, with |
| StockInterview: How are the uranium companies | | | | AEC assistance. I am not sure the oil |
| going to move that fast? | | | | companies are that critical, but I would like |
| | | | to see utilities get into the mix. I think it |
| Jon Indall: I think a lot of it, in my mind, | | | | all depends on how supply and demand is |
| is how well the regulatory community accepts | | | | perceived. |
| what these guys are trying to do. My | | | | |
| impression is - and this is just me talking - | | | | StockInterview: How should the major uranium |
| that a lot of the communities, where this | | | | producers, such as Cameco or BHP, deal with |
| activity has been undertaken before, are not | | | | the impact of a potential supply shortage for |
| averse to seeing it again. It means good jobs | | | | U.S. utilities? |
| and that type of thing. A lot of these | | | | |
| communities are sort of depressed | | | | Jon Indall: BHP and Cameco are aggressively |
| communities. For example in New Mexico, | | | | trying to increase their production. They |
| McKinley County is one of the lowest counties | | | | wouldn't be doing that if they didn't think |
| in the state economically. I think the | | | | there was a market for it. The U.S. market |
| average guy out there would welcome the | | | | and the U.S. government are so critical to |
| opportunity to see some high paying jobs. | | | | the health of all suppliers, in my opinion, |
| | | | because our government has done more to help |
| StockInterview: How well would the | | | | and harm domestic and worldwide production |
| regulatory community in New Mexico react? | | | | than any other entity. I think foreign |
| | | | producers would be wise to recognize that |
| Jon Indall: I recently met with the New | | | | having a viable U.S. industry, which senators |
| Mexico Mining Minerals Division. Since we | | | | and the congressmen care about, because |
| passed the New Mexico Mining Act in 1993, no | | | | they're creating jobs and income in their |
| one has permitted a mine in New Mexico. We | | | | states, is not a bad thing. I think it keeps |
| were talking about how we were going to do | | | | DOE honest. To me, if I were sitting up in |
| this. Obviously it's not going to happen | | | | Canada, this would be something I might be |
| tomorrow. | | | | looking at. |
| | | | |
| StockInterview: What about senior state | | | | StockInterview: What should U.S. utilities |
| officials, such as the Governor of New | | | | be looking at, with regards to the supply |
| Mexico? | | | | picture? |
| | | | |
| Jon Indall: I can tell you the New Mexico | | | | Jon Indall: You've got the Russians |
| governor was extremely supportive of the | | | | announcing they're not going to proceed with |
| uranium miners when he was in Congress. He | | | | the HEU agreement after 2013. It is my |
| introduced legislation supporting our efforts | | | | understanding they're looking to beef up |
| in those days, and some of it he did on his | | | | supply for themselves. With the utilities, I |
| own. He's got a big state to govern, and I | | | | think it's kind of 'wait and see' right now. |
| think he's looking for jobs. I think if we | | | | I think that they're looking at this from the |
| can show him that we can do this better than | | | | big picture. I think it's becoming more |
| we did in the past, then he'll be supportive. | | | | evident to them nuclear has got to play an |
| That's my hope. | | | | ever increasing role. Global warming is |
| | | | really driving a lot of boats here, and I |
| StockInterview: Will the major oil or mining | | | | think they're realizing there has to be a |
| companies return to the uranium industry? | | | | real active nuclear power plant production |
| | | | increase. |
| Jon Indall: I don't anticipate the big oil | | | | |
| companies coming in again for some time. BHP | | | | StockInterview: How are things differently |
| Billiton initially said, 'We have no interest | | | | now for the Uranium Producers of America |
| in uranium mining in New Mexico.' Then they | | | | compared to the early days in the 1980s? |
| turned around and bought the biggest property | | | | |