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