Sean K
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Archinos said:
Hmmm, 'independant expert' worries me. So does 85% premium. Is that a good deal? Sounds like a lot of extra bickies to me.
SMM - Summit Resources
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Hmmm, 'independant expert' worries me. So does 85% premium. Is that a good deal? Sounds like a lot of extra bickies to me.
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sorry kennas i meant 85% market 15% premium.
sorry guys incorrect post. must be u fever gettin to my head.
and i will never refer to one of the directors as chief!! haha.
the reason i spoke with director was regarding PDN attempt to to VUL, i wanted to know if that changed the company strategy or focus. he said no, as you already know SMM remain as mgr of deposit.
ive been looking over their drill results for other deposits. have a look at andersons, could be another jewel in the crown. cant wait until these deposits are converted into JORC compliant.
the admission of SMM into asx300 is also important. why would a company who have not mined an ounce of uranium be admitted into asx300. the potential must be enormous. pending change in policy we will begin to see fair value for this stock.
sorry guys incorrect post. must be u fever gettin to my head.
and i will never refer to one of the directors as chief!! haha.
the reason i spoke with director was regarding PDN attempt to to VUL, i wanted to know if that changed the company strategy or focus. he said no, as you already know SMM remain as mgr of deposit.
ive been looking over their drill results for other deposits. have a look at andersons, could be another jewel in the crown. cant wait until these deposits are converted into JORC compliant.
the admission of SMM into asx300 is also important. why would a company who have not mined an ounce of uranium be admitted into asx300. the potential must be enormous. pending change in policy we will begin to see fair value for this stock.
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i have been looking over summits tennements and in addition to valhalla and skall ones i think are of large interest are:
ANDERSONS
Recent drill results reported for Andersons include:
28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5
Only one of 8 deposits, 6 100% owned
Future Targets:
WARWAI
Drill results previously reported for Warwai include:
9m 5.29lb/t (0.24%) U3O8
8m 3.09lb/t (0.14%) U3O8
DRUM
Rock chip assays reported for Drum include:
Rock chip 13.40lb/t (0.61%) U3O8
These are only 2 of the 15 prospects for exp
Quite a few of their 100% owned tennements will be JORC compliant by the end of the year, looking forward to increases on current tonnage.
i think this one is a sleeping giant and positively identifying resources will help market take notice.
ANDERSONS
Recent drill results reported for Andersons include:
28m 4.87lb/t (0.22%) U3O8 & 5.94lb/t (0.27%) V2O5
27m 2.65lb/t (0.12%) U3O8 & 6.52lb/t (0.30%) V2O5
20m 3.90lb/t (0.18%) U3O8 & 6.37lb/t (0.29%) V2O5
40m 4.52lb/t (0.21%) U3O8 & 6.91lb/t (0.31%) V2O5
33m 3.15lb/t (0.14%) U3O8 & 7.99lb/t (0.36%) V2O5
Only one of 8 deposits, 6 100% owned
Future Targets:
WARWAI
Drill results previously reported for Warwai include:
9m 5.29lb/t (0.24%) U3O8
8m 3.09lb/t (0.14%) U3O8
DRUM
Rock chip assays reported for Drum include:
Rock chip 13.40lb/t (0.61%) U3O8
These are only 2 of the 15 prospects for exp
Quite a few of their 100% owned tennements will be JORC compliant by the end of the year, looking forward to increases on current tonnage.
i think this one is a sleeping giant and positively identifying resources will help market take notice.
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interesting to see summit refusing offers from sinosteel
they obviously see more value in operating their own resources with their own mgt
http://www.theaustralian.news.com.au/story/0,20867,20407946-5001641,00.html
Minnow's mighty U-turn gives China some critical mass
COMMENT
Matthew Stevens
September 14, 2006
ON June 10, 2004, Norman Kennedy paid Rio Tinto $204,000 for an exploration lease in the Curnamona Province near Broken Hill.
Yesterday, Kennedy effectively sold a 60 per cent interest in that same lease to China's leading resources trading house, Sinosteel, for $32 million.
Two years is a long time in the mining game. Especially when your little chunk of the Curnamona contains a couple of uranium deposits which were originally discovered by the South Australian government back in the 1950s, which ran the nearby Radium Hill mine.
When Rio sold, uranium was still an economic and political no-no.
In 2004, prices were ordinary and Rio already had enough on its plate in the Northern Territory trying to extend the life of Ranger's diminishing resource, while it negotiated with the Mirarr people on the world-class Jabiluka deposit.
But with prices now topping $US52 a pound and South Australian Premier Mike Rann leading a charge to overturn the Labor Party's ludicrous "no new uranium mines" policy, Kennedy's punt looks like paying off big time.
In April, Kennedy and geologist wife Rebecca floated Pepinnini as the public vehicle for a suite of mining prospects they had collected from major miners over three years or so. Named after the French daughter of a family friend, Pepinnini raised $3.5 million in selling 45 per cent of capital on the market.
Six months later, and tiny Pepinnini has banked a $1.5 million deposit from Sinosteel in what is a downpayment on a $30.5 million proposal which will see the Chinese company emerge in control of the joint venture, with plans to build a $200 million uranium project at Crocker Well.
Crocker Well is the low-lying fruit in Pepinnini's territory. It is small, but relatively perfectly formed in the sense that the project would be little more than a quarry. The ore does not need to be chemically extracted and it would be treated in China.
The big question is: why would the likes of Sinosteel (and the three other Chinese suitors who sought partnership with Kennedy) bother with a minnow like Pepinnini?
There are two answers to that one. First, obviously, uranium. China's investment in nuclear energy has been comparatively modest and one reason is that it has been unable to secure reliable sources of new supply.
So, following a model established by Japan in the 1970s, China is prepared to provide foundation capital for uranium projects in return for equity and supply agreements.
And where better to look than Australia, where the uranium industry is still struggling to emerge from a politically enforced 30-year hibernation.
Which sort of gets us to the second reason, which is that Pepinnini's resource is in South Australia, where Rann has made it clear he is ready to sell more uranium from more mines.
So, Sinosteel's first footprint on Australian uranium was always going to be in South Australia. The next might well have been in Queensland, but I understand Summit Resources is refusing similar deals being offered to fund the development of its array of deposits outside Queensland.
Of course, nothing is going to happen in Queensland until the federal Labor Party embraces Rann's push to overturn the "no new mines" stupidity. At that point, you can bet Peter Beattie
will move quickly to open new mines in his state.
It is worth reflecting that only a year ago, a deal like this would have been politically and diplomatically unapproachable. The times are changing with stunning speed for the uranium industry.
By the end of the month, we can expect another expression of the uranium industry's perestroika with the launch of the Australian Uranium Association.
Its foundation members, including Rio Tinto, BHP Billiton and a fleet of explorers, have already appointed former Rio Tinto IR road warrior Mike Angwin as chief executive.
The AUA's brief is to concentrate exclusively on the search and extraction of uranium.
It will, for example, play no role in the horse-before-the-cart nuclear debate John Howard and others seem keen to push for.
Angwin's appointment is significant. He was a central strategist in Rio's industrial relations revolution during the 1990s and subsequently assisted in assembling Peter Reith's IR agenda.
Angwin is no shrinking violet and is not ready to retire.
He will become the voice of an industry determined to recover the political and communal legitimacy lost 15 years ago, when Bob Hawke buckled beneath the might of the sickness spirit of Bula and put a stop to BHP's Coronation Hill mine.
they obviously see more value in operating their own resources with their own mgt
http://www.theaustralian.news.com.au/story/0,20867,20407946-5001641,00.html
Minnow's mighty U-turn gives China some critical mass
COMMENT
Matthew Stevens
September 14, 2006
ON June 10, 2004, Norman Kennedy paid Rio Tinto $204,000 for an exploration lease in the Curnamona Province near Broken Hill.
Yesterday, Kennedy effectively sold a 60 per cent interest in that same lease to China's leading resources trading house, Sinosteel, for $32 million.
Two years is a long time in the mining game. Especially when your little chunk of the Curnamona contains a couple of uranium deposits which were originally discovered by the South Australian government back in the 1950s, which ran the nearby Radium Hill mine.
When Rio sold, uranium was still an economic and political no-no.
In 2004, prices were ordinary and Rio already had enough on its plate in the Northern Territory trying to extend the life of Ranger's diminishing resource, while it negotiated with the Mirarr people on the world-class Jabiluka deposit.
But with prices now topping $US52 a pound and South Australian Premier Mike Rann leading a charge to overturn the Labor Party's ludicrous "no new uranium mines" policy, Kennedy's punt looks like paying off big time.
In April, Kennedy and geologist wife Rebecca floated Pepinnini as the public vehicle for a suite of mining prospects they had collected from major miners over three years or so. Named after the French daughter of a family friend, Pepinnini raised $3.5 million in selling 45 per cent of capital on the market.
Six months later, and tiny Pepinnini has banked a $1.5 million deposit from Sinosteel in what is a downpayment on a $30.5 million proposal which will see the Chinese company emerge in control of the joint venture, with plans to build a $200 million uranium project at Crocker Well.
Crocker Well is the low-lying fruit in Pepinnini's territory. It is small, but relatively perfectly formed in the sense that the project would be little more than a quarry. The ore does not need to be chemically extracted and it would be treated in China.
The big question is: why would the likes of Sinosteel (and the three other Chinese suitors who sought partnership with Kennedy) bother with a minnow like Pepinnini?
There are two answers to that one. First, obviously, uranium. China's investment in nuclear energy has been comparatively modest and one reason is that it has been unable to secure reliable sources of new supply.
So, following a model established by Japan in the 1970s, China is prepared to provide foundation capital for uranium projects in return for equity and supply agreements.
And where better to look than Australia, where the uranium industry is still struggling to emerge from a politically enforced 30-year hibernation.
Which sort of gets us to the second reason, which is that Pepinnini's resource is in South Australia, where Rann has made it clear he is ready to sell more uranium from more mines.
So, Sinosteel's first footprint on Australian uranium was always going to be in South Australia. The next might well have been in Queensland, but I understand Summit Resources is refusing similar deals being offered to fund the development of its array of deposits outside Queensland.
Of course, nothing is going to happen in Queensland until the federal Labor Party embraces Rann's push to overturn the "no new mines" stupidity. At that point, you can bet Peter Beattie
will move quickly to open new mines in his state.
It is worth reflecting that only a year ago, a deal like this would have been politically and diplomatically unapproachable. The times are changing with stunning speed for the uranium industry.
By the end of the month, we can expect another expression of the uranium industry's perestroika with the launch of the Australian Uranium Association.
Its foundation members, including Rio Tinto, BHP Billiton and a fleet of explorers, have already appointed former Rio Tinto IR road warrior Mike Angwin as chief executive.
The AUA's brief is to concentrate exclusively on the search and extraction of uranium.
It will, for example, play no role in the horse-before-the-cart nuclear debate John Howard and others seem keen to push for.
Angwin's appointment is significant. He was a central strategist in Rio's industrial relations revolution during the 1990s and subsequently assisted in assembling Peter Reith's IR agenda.
Angwin is no shrinking violet and is not ready to retire.
He will become the voice of an industry determined to recover the political and communal legitimacy lost 15 years ago, when Bob Hawke buckled beneath the might of the sickness spirit of Bula and put a stop to BHP's Coronation Hill mine.
Sean K
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The court action has officially commenced in regard to VUL providing PDN with corporate info, that was not allowed uner the JV with SMM. The result could be that SMM compulsory acquire the other 50% of the Isa JV and only have to pay 85% of the market vaue. A huge win for SMM. I doubt they would not have gone down this path if there was nothing in it. Although I invisage this legal process to drag out, potentially taking the shine of SMMs price, ultimately they will still at least have 50%, and potentially the whole project. Long term, all good.
SP wavering a little, testing $1.40. Looks like a bit of support around this level.
SP wavering a little, testing $1.40. Looks like a bit of support around this level.
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hey kennas
SMM showing some movement now. A lot of media coverage on this stock lately. Media stating that SMM and MTN are long-term winners.
Does anyone know when next ann regarding JORC deposits is coming??
Could be re-rating finally and we will see SMM test old highs.
This stock shows very strong support under 1.50, when it drops to around 1.40 it bounces back very quickly. I've been trying to accumulate on these drops as IMO they wont keep happening for too much longer.
SMM showing some movement now. A lot of media coverage on this stock lately. Media stating that SMM and MTN are long-term winners.
Does anyone know when next ann regarding JORC deposits is coming??
Could be re-rating finally and we will see SMM test old highs.
This stock shows very strong support under 1.50, when it drops to around 1.40 it bounces back very quickly. I've been trying to accumulate on these drops as IMO they wont keep happening for too much longer.
Sean K
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you still holding kennas?
up 14 cents to 1.70 now
its made the break now, if it can hold we will see it retest old highs.
maybe a resource upgrade on the way, another sig discovery?
who knows im looking forward to the ride
up 14 cents to 1.70 now
its made the break now, if it can hold we will see it retest old highs.
maybe a resource upgrade on the way, another sig discovery?
who knows im looking forward to the ride
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now up 16 cents as i write. i think JORC compliant results are due soon, could be an explanation.
ive been harping on about summit for a while, i thought it was significantly undervalued, they should experience a re-rating soon i think. admission to asx300, huge potential for exploration areas and already big significant discoveries
ive been harping on about summit for a while, i thought it was significantly undervalued, they should experience a re-rating soon i think. admission to asx300, huge potential for exploration areas and already big significant discoveries
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increase could be due to SMM will be aust next big uranium producer pending a policy turnaround. BUT honeymoon uranium mine was confirmed on friday making it aust fourth uranium mine!
Does this mean the policy has already effectively been ended, could a turnaround be closer than previously thought.
only time will tell but out of aust uranium companies SMM, MTN and AGS are ones sitting on large resources not been mined.
Does this mean the policy has already effectively been ended, could a turnaround be closer than previously thought.
only time will tell but out of aust uranium companies SMM, MTN and AGS are ones sitting on large resources not been mined.
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i think SMM will be bigger than PDN. SMM has two significant deposits and many tennements with medium to high grade results already. all we need is converted into JORC resources and we will begin to see some fair value for SMM.
take a look at some of my previous posts on SMM tennements. many of them will be JORC by the end of the year, and remember SMM has only 200 million shares on issue.
take a look at some of my previous posts on SMM tennements. many of them will be JORC by the end of the year, and remember SMM has only 200 million shares on issue.
Sean K
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dj_420 said:
Yep, I'm holding this one for a while. Expecting Labor policy to change next year which will see this jump considerably. I don't think it's factored in much yet.
Interesting % jump today, not seen for a while. Maybe something brewing. Volume not that spectacular though....
Sean K
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Perhaps Beazley et al are getting in early before they change their policy? he he.
