play for smm by pdn, page-6

The reason that smm share price is close to $3 shows that the market sees it differently from you. Smm has stated resources of over A$6billion at current retail prices and are widely expected to as much as double that ( A$12B ) with resource upgrades in the near future. The Labor party is widely expected to alter its no new mines policy in April next year and Beattie has said he will follow the lead set by the conference vote. The Switkowski report has recently come out with a strong recommendation for full on uranium expasion and the Parliamentary Inquiry on non-fossil fuels to be tabled in Parliament today has the same message. (This inquiry included 3 Labor MPs ) The market factors in all this and puts a value of $2.85. This is a bit light but the full value will not be realised until the final ok either from Beattie or with the Federal Govt stepping in over the top - I think the market's interpretation is pretty spot on at this stage.