commodities res e arch deutsche bank 1 september 2006 global markets research initiating uranium coverage bullish long term prospects the historic primary supply demand imbalance s balance vs price 2005 2015 0 10 000 20 30 40 50 60 70 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 tonnes u ww reactor requirements 12000 8000 4000 2007e 2009e 2011e 2013e 2015e 00 market lhs u3o8 rhs tu us lb source wna western world data db important please see conflict disclosures and analyst certification immediately at end of text this report is we are forecasting outlook as well spot oxide prices from concern over availability supplies has led to a surge in contracting resulting increased competition higher contract these concerns expected
