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Berkeley Energia Ltd

Berkeley Energia awaiting final approvals to to kick-start Salamanca

Snapshot

The large scale uranium project has the potential to support a long life mining operation, with near surface, high-grade deposits for very low operating costs

Uranium

Quick facts: Berkeley Energia Ltd

Price: 11.75 GBX

Market: LSE
Market Cap: £30.37 m
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  • Looking to develop world-class uranium project in Spain

  • Salamanca Project has near surface, high-grade deposits

  • Strong financial position with A$100mln in cash on balance sheet at end-December

 

What Berkeley Energia does

Berkeley Energia Limited (LON:BKY) (ASX:BKY) is developing a world-class uranium project in a historic mining area in western Spain, about three hours west of Madrid.

Following recent Spanish ministerial approval, the company has now received all the European Union and national level approvals required for the initial development of the Salamanca project and is awaiting local licences.

The large scale uranium area has the potential to support a long life mining operation, with near surface, high-grade deposits for very low operating costs.

The group has said the project will generate measurable social and environmental benefits in the from jobs and skills training in a depressed rural community.

It believes the project will also make a significant contribution to the security of supply of Europe’s zero-carbon energy needs.

How’s it doing

Berkeley Energia Ltd (LON:BKY) is working on securing approvals to start building the Salamanca mine and bring it into production.

Amid its changing strategy and to strengthen its position in Spain it is also seeking to appoint a ‘suitably qualified Spanish National’ to replace departed managing director and chief executive Paul Atherley.

 “The company continues to await the Express Resolution on the award of the Urbanism Licence from the local municipality.

 “The company has provided the Nuclear Safety Council with all requested documentation and continues to await their recommendation report, the timing of which remains uncertain.”

Battery metals

Berkeley also intends to move into battery and EV metals exploration strategy.

The first phase of a 13-hole programme will see six holes drilled, with the company targeting lithium, cobalt, tin, tungsten and rare earths - several of which have previously been mined in commercial quantities in the area.

In June, Berkeley had A$97mln in cash.

 

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Watch

Caution over Berkeley Energia report casting doubt over Spanish government...

Numis Securities analyst Justin Chan chats to Proactive London's Andrew Scott following a Reuters report suggesting Spain’s government will not issue the required permits for construction of Berkeley Energia Ltd 's (LON:BKY) Salamanca mine to go-ahead, even though the project was granted...

on 17/10/18

2 min read