However, Labour will hold a conference in April next year and make a decision.
The new Opposition Leader, Rudd is in favour of mining for obvious reasons.
We need to have a look at current pricing of SMM, its inventory of U3O8 and any other important issues to be dealt with:
1. Current price: $2.78. Current U price: US$65.00 and rising.
2. Resource as on 20 Oct 2004: 75 mill lbs, including inferred: 75 mill lbs is owned by SMM: http://sa.iguana2.com/cache/26dd18a0ce3846e055912164000bb732/ASX-SMM-272326.pdf
This resource has since been drilled and indicated resource has been increased. Other drilling has taken place since Oct 2004 but the Resource has not been updated since. The aim was to double the 2004 resource of 75 mill lbs.
On 4 Aug 2006, SMM announced that they had obtained some 12,000 km2 prospective tenements in the Georgina Basin (Next to existing resource): http://sa.iguana2.com/cache/247a8340c1cc3d88a390edc6033cc15d/ASX-SMM-330628.pdf
Apart from their resource being in Australia, one plant can service all current U deposits and this is economic.
The 30 Sept 2006 quarterly report has a summary of U activities as well as a description of other ventures: http://sa.iguana2.com/cache/377114b225d762a3a1cb1968270e0028/ASX-SMM-339702.pdf
Gerry Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)