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SMM - Summit Resources

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Sell SMM and buy PDN on market will solve your problem. If everyone can spot this unique "fortune-making" opportunity, guess what, it's gone! This is the power of the market.
 
mmmmining said:
Sell SMM and buy PDN on market will solve your problem. If everyone can spot this unique "fortune-making" opportunity, guess what, it's gone! This is the power of the market.
Click to expand...
now why would you sell SMM...which will produce in a safe country...to buy in a company PDN wich produces in Africa of all places which is a unsafe place....look at what is happening in Rhodesia..Mugabe...can happen in all Africa...no I keep my SMM and wait for a MUCH better offer from someone else....see what our CEO said....far TOO LOW for this world class uranium ground....and Opportunistic before the labour meeting....I can wait
 

LOL...greedy bastards!
You would think they would round up that .96 to 1 for you hey!
 
mmmmining said:
According to PDN's presentation (on Feb 26,07 price), SMM is valued at higher EV/lbs resources than PDN, and 3 times as much as SXR (near producer, owner of Honeymoon), 5 times as much as MTN.
Click to expand...

Why everyone is quiet about this fact? I would love to hear some objections.
 
Resources expected to exceed 100million pounds+ according to Summit cEO. Then its more like <$8/lb. Not to mention Valhalla is not closed off and is open at depth, "Valhalla Extended"

I don't think its fair to compare with SXR- lets face it SXR is not cheap and a lot of the assets are in kazakh/ and has complicated ore/mine issues with their dominion mine so commands a discount

Not fair to compare with MTN either as its social,environmental, risks have been repeated over and over again - to the point where the market is not prepared to pay more than $2.50/lb.
 

1. 100mlb Summit CEO's whisper? I cannot hear it.

2. We have to compare apple to apple. With JORC vs JORC. You can see the blue sky for SMM's existing deposits in all directions, same you can apply it to PDN. The have nice grounds in Namibia, Malawi, WA, NT, QLD. Can we say PDN has the blue sky as well?

3. I don't need to comment on your opinion on MTN. Yours on MTN worth zero because you often slap your own face many time on both sides

4. SXR is at least 5 years ahead of SMM in developing uranium mine with projects across the world, including the Honeymoon in SA, guilt of cheap valuation? or too greedy of SMM board?

5. As shareholder for both SMM and PDN. I guess a lot of ASFers are in the same boat, I just feel the board and MD of SMM are getting too personal, and use some very dirty tricks in the process.

6. Of course, SMM has a lot of potential, it has been factored into the share price before and after the bid. Be in bed with an Aussie is better than a Canadian, right? At least you can easily trade your shares on ASX.
 
chicken said:
now why would you sell SMM...which will produce in a safe country...to buy in a company PDN wich produces in Africa of all places which is a unsafe place....
Click to expand...

i think you're generalizing...Africa is a large continent and the leaders are not the same. admittedly, there are risks doing business in 3rd world countries, but producing in Australia has its own set of risks :

Greens might up and kick up a storm about U tailings.
Labor might (just might) not change their policy at all.
Operational costs and overheads might reduce profits.
 

Very true Africa is certainly not one big continent ruled by 1 person like Australia and where PDN mines the gvt is pretty willing to help them and get the royalty payment. Sounds to me a much better option than mining U in Aus so that might change a bit end of April
 
Qld. likely to lift uranium mining ban....Beattie recommends....IT'S A GO!!!

http://www.theaustralian.news.com.au/story/0,20867,21431211-5006786,00.html

Beattie changes mind on uranium
Sean Parnell
March 23, 2007

A STAUNCH critic of the Labor Party's move to lift a ban on new uranium mines, Queensland Premier Peter Beattie has sensationally backed down, allowing for the development of up to $3.2billion in uranium deposits in the state.
Ahead of the nuclear policy debate at Labor's national conference next month, Mr Beattie told The Australian he had reluctantly accepted independent advice that increased uranium mining would not threaten Queensland's coal industry.
"I've got to be honest, I'm not going to be excited by it because I do have reservations about uranium, but the report is clear," Mr Beattie said.

Mr Beattie has long argued against any move away from Labor's three-mines policy, fearful it would cost Queensland millions in coal royalties, thousands of jobs, and lead overseas power generators to opt for uranium instead of coal.

His position put him at odds with key union leaders, such as AWU president and Queensland Labor power broker Bill Ludwig, and threatened to disrupt federal Labor leader Kevin Rudd's move to clarify the party's nuclear policy.

But a report commissioned by the Government from the University of Queensland's Sustainable Minerals Institute has found uranium mining, and nuclear power, pale in comparison to the global demand for coal-fired electricity generation.

The report found the Beattie Government was not presented with an either/or question; and known uranium reserves are likely to be exhausted within 50 years, while coal will continue to be mined for centuries, despite the global debate over greenhouse gas emissions and likely environmental controls.

Queensland is in the fortunate position of having the potential to supply what are likely to be two of the most important fuels of the first half of the 21st century, the yet-to-be-released report states.

Mr Beattie, who has been asked about coal and uranium mining during a trade mission in South Africa, said he would support policy change at the federal conference but wanted a caveat attached.

"I'd want to make certain that with any sale of uranium, the non-proliferation treaty is in place," he said. "Now I know we have one with China, but we don't with India and I think it's important that if the conference carries a resolution in relation to increased uranium mining, then we've got to make certain that sale is to countries that have signed the non-proliferation treaty."

The report noted Queensland had several uranium reserves with an in-ground value of $3.2billion. The largest, Valhalla and other deposits near Mt Isa, hold 37,000 tonnes of uranium, while the scattered Westmoreland deposits near the Northern Territory border hold 22,040 tonnes.

The Northern Territory and Western Australia have the largest and best quality uranium reserves.

The report concluded Queensland would never be a major uranium exporter.
 
Summit due to release Andersons JORC resource on tuesday. Anyone care to have a guess as to how much uranium is there? Historical estimates said around 12milion pounds but it could be higher?

Cheers.
 
Pushing towards that magical $5 mark again!

Tell you what though..Im sick of all these flash junk mail that PDN and SMM are sending me about the takeover offer.

Spend my money on drilling or something!
Im holding.
 
Actually they are Go Nuke but they are rather slow at reporting/due to lab delays. :kebab
 
I 1st bought Summit @ .33, but sold when it looked like it had peaked @ 1.32.....a 4X isn't bad, but....well, I bought back @ 3.83 and now look at it....
I think Summit has a long climb to the, uhhh...top...
 
Halba said:
It got nuked...by PDN, by the market, and the market nuked PDN shares too...no pun intended.
Click to expand...

LOL no offence taken mate

I see your point though.
I hadn't even looked at PDN's share price.
 
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