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SMM, SUMMIT RESOURCES LIMITED
misterious
post Posted: Jul 26 2006, 07:52 PM
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Surely it is hard to imagine PDN spending hundreds of millions of dollars purchasing VUL with out some very solid assurances that they will be able to mine the resource. I suspect in fact they have those very solid assurances.

 
Wargfang
post Posted: Jul 25 2006, 08:51 AM
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Should enable some short term play at least with the climax being April.

There should be caution that this doesnt actually backfire and Beasley has to cave under the weight of current labor leanings. Hes also weak if the public reaction is poor and I dont trust him to stick to his guns.

I would hazzard a guess that the labor party being the masters of useless compromise, will allow it to be a state decision. With Beasleys headlined 'tight controls' whcih is such a stupid throw away line...like BHP are digging it up with a spade and selling it in coles ATM.

So we should watch Beattie in my opinion and its interesting, he didnt say yes on announcement last night....but he didnt say 'outright' no either.

Beattie sceptical of uranium policy change
Queensland Premier Peter Beattie says he is yet to be convinced of the benefits of allowing more uranium mines.

Federal Labor leader Kim Beazley has announced that the party's three mines policy will be open for debate at its national conference next year.

Mr Beazley is in favour of allowing more uranium mining, but remains opposed to uranium enrichment and nuclear power.

Mr Beattie says there are genuine concerns about waste disposal.

"I think the nuclear industry's got a major problem in overcoming those things in public debate," he said.

"I understand that we are talking about export and export only but nevertheless those issues about waste nuclear proliferation all those need to be dealt with.

"Nuclear proliferation can be dealt with by virtue of a treaty but there are major issues in relation to waste which I don't believe have been resolved for the nuclear industry."

Mr Beattie says he would want to ensure the future of Queensland's coal industry if more uranium mines were allowed.

"I am concerned to make certain that the future of the Queensland coal industry is guaranteed because we have 300 years' supply of coal," he said.

"That's why we're cleaning up the coal industry by developing clean coal technology."




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Resistance is futile – you will be accumulated
 
sarah
post Posted: Jul 25 2006, 06:43 AM
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SMM should benefit greatly from a change in policy.
Will Premier Peter Beattie do his backflip before the National conference in April 2007??
=====================================

Beazley turns pro-uranium
Lachlan Heywood - July 25, 2006

FEDERAL Opposition Leader Kim Beazley has officially ditched the party's long-standing no new uranium mines policy in a major test of his leadership.

Mr Beazley will face the wrath of left-wing unions at the Labor national conference in April, after last night declaring the "real issue is what we do with the uranium we mine – not how many places we mine it".

Mr Beazley told the Sydney Institute he would seek to replace the controversial no new mines policy with a new approach based on the world's strongest safeguards.

He said the world had changed since the policy was adopted by Labor in the 1990s, with Australia already the second biggest supplier of mined uranium.

"Banning new uranium mines would not limit the export of Australian uranium to the world. It would simply favour incumbent producers," Mr Beazley said.

"I fully realise there are diverse views in my party on this matter. Indeed, there are diverse views in my shadow ministry and caucus."

Only last week Opposition environment spokesman Anthony Albanese said the party stood to lose votes if it accepted the use of nuclear power or the expansion of uranium mining.

A taskforce to consider the possible use of nuclear power, increases in uranium exports and enrichment before export is due to report back to Prime Minister John Howard by the end of the year.

Enriching uranium is a contentious issue because the process can be adapted for weapons programs. Sanctions are being sought by the US and its allies against Iran over its unauthorised uranium enrichment program.

Mr Beazley said the party's opposition to nuclear energy and enrichment would not change, declaring "Australians are as far into the nuclear cycle as they want to be".

A spokeswoman for Resources Minister Ian Macfarlane said the Government welcomed Mr Beazley's belated change of heart, and called on Premier Peter Beattie to immediately abandon his "ideological opposition" to uranium mining and allow companies to start development and exploration plans.

Courier Mail:
http://www.thecouriermail.news.com.au/stor...131-953,00.html

SMH version:
http://www.smh.com.au/news/national/beazle...3593272511.html


 
HeinzK
post Posted: Jul 23 2006, 09:12 PM
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Spot price $47.25!!! (http://www.uranium.info/)



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Disclaimer: Dont take me too seriosuly. I was dropped at birth.
 
Ooops
post Posted: Jul 18 2006, 12:07 PM
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Ooops
Posted: Wednesday 20/10/04 10:54am
Regular Member

( 613 posts)

A bit of volume on this yesterday...





Alot of water has flowed under the bridge since I posted this lol.



 
Ooops
post Posted: Jul 18 2006, 11:10 AM
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SMM is geting close to it ath. wink.gif

 


sarah
post Posted: Jul 17 2006, 11:30 AM
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China's push to access uranium
MANDI ZONNEVELDT
17jul06

CHINA is stepping up its focus on Australian uranium companies in a bid to secure supplies of the nuclear fuel.

Senior representatives of four Chinese trading companies will attend a conference in Perth next week with a view to signing equity deals with Australian uranium explorers.
Xu Gang, chief China representative for Australian consultants Sustainability, who will host the Chinese delegates, said the companies were at various stages of discussion with explorers.

He said off-take agreements would form part of any deals negotiated. China's bid to grab a slice of the sector follows the signing of an agreement in April allowing uranium to be exported to the Asian powerhouse.

China plans to build 40 new nuclear reactors by 2020. Federal Resources Minister Ian Macfarlane wants Australian uranium exports to double from about 10,000 tonnes a year to meet demand from China.

BHP Billiton is doing the numbers on a $6 billion expansion at Olympic Dam, with plans to quadruple uranium output.

Pressure is mounting on the state Labor governments to lift their opposition to the development of new mines in Australia.

Uranium explorer Uranex has already signed a deal with the China National Nuclear Corporation, a state-owned body, to explore and develop uranium at its projects in Australia and Tanzania.

http://www.theadvertiser.news.com.au/print...9810204,00.html

 
sarah
post Posted: Jul 14 2006, 11:46 AM
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SUMMIT UNDERVALUED BY UP TO TEN TIMES!

COMPANY COMPARISONS

ORD MINNETT

URANIUM REPORT ERA

Attached is Ord Minnett's Company Review dated 11 July 2006 on Australian Uranium Producer ERA.

Table 4 compares a number of uranium companies market value of A$ per tonne U3O8 based on their uranium reserves and resources.

Summary Table 4

COMPANY Valuation A$/tU3O8

AREVA $75,084

PALADIN $56,520

DENISON $46,558

CAMECO $29,314

SRX URANIUM $10,224

ERA $9,818

SUMMIT $6,932

An analysis of Ord Minnett's table indicates, based on companies uranium reserves and resources, Summit's share price on a comparative basis, should be over 10x its current price when compared to AREVA, over 8x its current price when compared to Paladin, around 7x when compared to Denison and 4x times when compared to Cameco.

Further, the quality of Summit's uranium resources in terms of grade and tonnes and proximity to existing mining infrastructure, translate directly into Summit becoming one of the world's lowest cost uranium producers with high margin profitability.

Alan J Eggers Managing Director
SUMMIT RESOURCES LIMITED


 
(*&^%$#@!
post Posted: Jul 10 2006, 01:53 PM
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Australian article (posted on the PDN thread....)

Miners set for clash over uranium
Robin Bromby, Resources
July 10, 2006
A BATTLE is likely to erupt over two of Australia's more promising undeveloped uranium deposits.
Paladin Resources is expected to announce today or tomorrow a takeover of Valhalla Uranium, which holds a 50 per cent interest in the Valhalla and Skal deposits near Mt Isa.

Both companies went into a trading halt on Friday, but not before Valhalla's share price had moved sharply upward in the preceding few days, rising from $1.01 on Monday to $1.22 when the shares were suspended.

But Paladin's move is unlikely to have a smooth run: it will almost certainly trigger a legal battle with the other partner at Mt Isa, Summit Resources, which has a pre-emptive right to buy out its partner's interests.

It is understood that Paladin decided to buy the company -- Valhalla -- rather than the share in the deposits in order to bypass the pre-emptive right.

Summit is unlikely to take this lying down.

Meanwhile, it has emerged that Canada's Mega Uranium is continuing to scout Australia for uranium projects to add to the ones it has already locked into its portfolio.

The company, which bought Hindmarsh Resources earlier this year, is now in the process of taking over Redport with the support of that company's directors.

Paladin is now clearly joining the race to acquire Australian uranium assets, a signal that consolidation in the sector is well and truly under way.

It is also significant in that it shows Paladin is turning its eyes back to Australia after making its name in Africa.

Its Langer Heinrich mine in Namibia is 70 per cent complete with commissioning on target for September.

And Paladin continues to explore its advanced Kayelekera project in Malawi, with the most recent resource statement indicating it is sitting on 15,670 tonnes of uranium.

Paladin also has two substantial deposits within Western Australia -- at Manyingee, with 12,000 tonnes, and Oobagooma with 9950 tonnes of uranium.

Owning half of Valhalla and Skal -- where high-grade uranium and vanadium drilling has been reported -- would put Paladin in a strong position if and when the West Australian and Queensland Labor government bans on uranium mining are lifted.

Valhalla has a resource of 16,560 tonnes of uranium with drilling continuing, while Skal, 10km away, has similar mineralisation.

The Paladin move on Valhalla, which was a spin-off from Resolute Mining, will now trigger speculation about Summit Resources itself as a potential takeover target.

"It's amazing it hasn't happened already," one industry insider said yesterday. But he added that Summit, now capitalised at $280 million, would be an expensive acquisition.

Summit shares were up 19c on Friday at $1.49.


 
zac12
post Posted: Jul 7 2006, 04:48 PM
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In reply to: KNIGHTKL on Friday 07/07/06 11:53am

I believe Resolute RSG.

 
 


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