My take is that the market is betting the Libs will win the next election and will change the dumb, hypocritical, uranium-is-wicked-coal-is-fantastic-for-global-warming "policy".
It was announced a few days ago that Pauline Hanson now has 23% of the QLD vote. If this is true Labor is almost guaranteed to lose the next election.
My guess is the market is betting that SMM will be the next new U mine in Oz.