in the next six months and maybe as many as 75?80% of them within the next year, period. Nuclear power accounts for 15% of Japan's needs. Japan's economy really can't function without some nuclear power in order to meet demand; its manufacturing sector requires an ongoing, inexpensive, stable power supply. There are 60 other reactors around the world under construction and about another 240 planned over the next 5?10 years. Another factor is that next year, the phaseout of the Russian exports to the U.S. of highly enriched uranium from its nuclear warheads will end. Thus, demand is coming back and some supply is constrained, which should cause prices to move up in the next couple of years. TER: What stocks do you like in the uranium industry at this point? ML: We have followed Strathmore Minerals Corp. (STM:TSX; STHJF:OTCQX) for a while. It has large positions in both New Mexico and Wyoming, which has produced 90% of past U.S. uranium production. In 1980, the U.S. was the biggest producer of uranium in the world. Today it only produces about 4 million pounds (Mlb) a year, making up about 8% of its needs. Strathmore is sitting on large reserves and has the potential to be a significant producer down the road. It expects to be producing in 2016 out of Wyoming and in 2017 out of New Mexico. The stock price has probably been hurt by the weaker uranium price and the fact that it is three years from production.