POST Online Media Lite Edition



 

Berkeley Energia reports strong interest from financiers for Salamanca project

Staff Writer |
Berkeley a clean energy company, is focused on bringing its wholly owned Salamanca mine into production, initial construction began earlier last year and will continue throughout 2017.

Article continues below






This world class uranium project is being developed in an historic mining area in western Spain, about three hours west of Madrid.

Following recent ministerial approval, the company has now received all the European Union and National level approvals required for the initial development.

During the half year, the company signed a binding off-take agreement with Interalloys Trading Limited for the sale of the first uranium production from the Salamanca mine.

The parties converted the previously announced Letter of Intent into a binding agreement that included a doubling of annual contracted volumes to a total of two million pounds over a five-year period.

Potential exists to increase annual volumes further as well as extend the contract to a total of three million pounds.

A combination of fixed and market related pricing will apply in order to secure positive margins in the early years of production whilst ensuring the company retains the ability to achieve potentially higher prices in the future.

An average fixed price of $43.78 per pound of contracted and optional volumes was agreed between the parties. This compares with a prevailing spot price, of approximately $18 per pound at that time.

The company is in discussions with other potential off-takers in relation to contracts with terms similar to those outlined in the Interalloys Agreement with pricing at or around long term benchmark levels for term contracts.

Contracts for sale will be entered into in the ordinary course of business as the company actively builds its off-take book with high quality off-takers as the project advances towards commercial production

$30 million raised from London institutions in oversubscribed fundraise

During the half year, the company successfully raised $30 million from London's generalist blue chip institutions who now constitute a significant portion of the share register.

The placing was completed at a price of 45 pence per share, a slight discount to the share price at the time

Proceeds from the raise are being used to accelerate the development of the Salamanca mine, including construction of the crushing circuit, the centralised processing facility and land acquisition.

In addition, the funding will allow for the completion of the FEED activities, the commencement of construction and provide working capital.

This strong institutional support for this successful financing was a positive endorsement of the Salamanca mine.

Study confirms Salamanca mine as one of the world's lowest cost uranium producers

An independent study released during the half year confirmed that the future Salamanca mine as one of the world's lowest cost producers, capable of generating strong after tax cash flow through the current low point in the uranium price cycle.

A DFS has reported that over an initial ten year period the project is capable of producing an average of 4.4 million pounds of uranium per year at a cash cost of $13.30 per pound and at a total cash cost of $15.06 per pound, which compares with the current spot price of $22 per pound and term contract price of $41 per pound.


What to read next

Infrastructure development well underway at the Salamanca Project
Berkeley Energia brings down cost of Salamanca uranium mine in Spain
Amec Foster Wheeler wins Spanish uranium project contract

Patchwork carpets, vintage Persian carpets made with unparalleled skill

 
To take 50 years old Persian carpets and turn them into a piece of art really takes skill and craftsmanship.
 
 

Latest

Protests erupt in Xinjiang and Beijing against COVID-19 lockdowns
U.S.: Several regions face rainy, snowy weather
At least eight people dead in landslide in Italy
U.S. excludes oil for Japan from Russia's Sakhalin-2 from price cap

NEWS

Brazilian police launches operation against theft in containers at Port of Mucuripe/CE

Federal Police of Brazil launches operation to combat illegal sand extraction
U.S.: Heavy rainfall over south Texas, Santa Ana winds in southern California
Scotland agrees deal to avert Christmas rail strikes, begins talks with nurses
South Korean president warns to use special powers to end truckers' strike
British nurses to stage first strikes on December 15, 20
 

BUSINESS

Hengqin Line's landmark undersea tunnel connects Guangdong, Macao

EirGrid and RTE sign technical and financial agreements for Celtic Interconnector
Zuunbayan-Khangi railway set to deliver major boost to Mongolian exports and economy
Europe pours billions into Serbian Belgrade-Niš rail line
UK highways projects costing billions more than planned
UK car production returns to growth in October
 

Trending Now

Zuunbayan-Khangi railway set to deliver major boost to Mongolian exports and economy

EirGrid and RTE sign technical and financial agreements for Celtic Interconnector

BMW invests EUR2 billion in Hungarian plant, will create 500+ jobs

Ukraine fines Engie, Shell subsidiaries over Nord Stream 2


POLITICS

$15 million fast-tracked to fix roads in central and western NSW

New York Governor: Shop locally on Small Business Saturday
New York: More than $68m for 74 projects through Regional Economic Development Council initiative
Minister Ng launches exploratory talks toward free trade agreement between Canada and Ecuador
Council agrees on substance of new measures on joint purchases of gas and solidarity mechanism
French government supporting up to 1 billion euros for electrification of vehicle fleet
 

Today We Recommend

UK highways projects costing billions more than planned


Highlights 

BMW invests EUR2 billion in Hungarian plant, will create 500+ jobs

Veon to unload Russian operations for $2.1 billion

SSE to sell 25% stake in transmission network arm for £1.5bn


COMPANIES

Commission clears ALD's acquisition of LeasePlan, subject to conditions

BMW invests EUR2 billion in Hungarian plant, will create 500+ jobs
Phantom Space gets four new NASA task orders
Gascade completes first LNG link to German gas network
Veon to unload Russian operations for $2.1 billion
Amazon workers called to strike across globe on Black Friday
 

CAREERS

1NCE expands leadership team in Europe and Asia-Pacific

Walt Disney fires CEO Bob Chapek, returns Robert A. Iger
Appian appoints Silvio Lima as head of corporate affairs
Appia Rare Earths appoints Irvine R. Annesley as vice president
Charwood Energy appoints Pierre-Yves Lefebvre as CFO
Moon Surgical appoints Mark Toland as director
 

ECONOMY

Abu Dhabi GDP expands 11.2pc in H1 on robust non-oil activities

German economy grows more than initially estimated in Q3
Poland: Retail sales record slowest growth since February in October
Russia: Decline in industrial activity softens in October
Argentina: Merchandise exports decline in October
Argentina: Economic activity growth drops to six-month low in September
 

EARNINGS

G. Willi-Food Q3 sales increased by 16.6%

Deere Q4 net income $2.246 billion
Nordstrom Q3 net loss $20 million
VMware Q3 revenue $3.21 billion
Guess? Q3 net earnings down 26.9%
HP Inc. GAAP diluted net EPS down significantly, to eliminate between 4,000 and 6,000 jobs
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Bulgaria and Germany will receive substantial funding from EU for maritime affairs, fisheries, aquaculture by 2027

Authorities introduce Swiss-wide anti-bird flu measures
Ghana: African Development Fund approves $27.9m grant for Savannah Agriculture Value Chain Development Project
Maine delegation and Governor Mills urge national retailers to continue selling Maine lobster
Uruguay will be able to export sorghum to China for human and animal consumption
Hong Kong suspends import of poultry meat and products from areas in Ireland, France and Japan
 

LEADERSHIP

Women buy from women, men buy from women and men

How employee opinion impacts CEO dismissal
Keeping it in family can be good news when it comes to CEOs
Over a third of office workers are hybrid 'misfits'
Proxy advisers have inherent incentive to create controversy, study shows
Established employees need adjustment period with new work colleagues
 

CRIME

Ukraine fines Engie, Shell subsidiaries over Nord Stream 2

New Zealand fines Southland fishing company $40,000
Italy's antitrust fines Edison Energia 3.8 mln euros over unfair practices
FTC secures monetary judgment in deceptive energy savings claims case
Croatian Competition Agency fines dairy processing company PIK Rijeka $13,740 for imposing unfair trading practices
SEC charges S&P Global Ratings with conflict of interest violations
 

Magazine

TRAVEL

Candlewood Suites Hotel opens in Aberdeen, Md.

Mount Roraima, Venezuela, 7,671 feet above the forest floor
Llao Llao Resort, an exclusive resort in the middle of nowhere
Abu Dhabi welcomes visitors to discover experiences at their own pace
Christmas Nights of Lights started in Indiana
Okinawa International Carnival, a parade of unique foreigners groups
 

SEA, LAND, AIR

New colorful Porsche 718 Style Edition models

2023 Toyota Prius Prime, solar panel roof and reliability
Volvo EX90, a car with updates
Cessna Citation CJ4 Gen2 jet, pursue your business goals while enjoying journey
GMC first Sierra EV marks turning point
BMW M2, fast beast in small package
 

DESIGN

Real life wallpapers, perfectly executed

A. Lange & Söhne, men's watches with true Saxonian DNA
Nella Vetrina, luxurious Italian designers bathroom vanities and furniture
Karastan rugs, durable and beautiful
Leather bags for every occasion and every life style
A walk in closet, the crown jewel of the bedroom
 

GADGETS

Take Elektor Fortissimo and make your own high-end amplifier

RangeXTD, a Wi-Fi extender that actually works
Monitor II A.N.C. headphones, iconic Marshall sound
Zebra TC15, a clever mix of a mobile phone and a computer for business use
Bathroom speakers will make your relaxing even better
NAD 399 amplifier, highly efficient and remarkably powerful
 

HEALTH

Ibuprofen and similar NSAIDS can be associated with hastened progression of osteoarthritis symptoms

Virgin Islands community encouraged to prevent antimicrobial resistance
Shionogi seeks Japan approval for COVID-19 vaccine
French doctors warn of antibiotics shortage
Merck's Keytruda shows survival benefit, meets main goal of gastric cancer trial
UK about fake vape factories: Consumers would be horrified if they saw the conditions in Chinese factories
 

MEANTIME

New European supercomputer inaugurated in Italy

European Space Agency presents new generation of astronauts
NASA selects Rocket Lab to launch TROPICS mission
World's heaviest flying bird heals itself with plants used in traditional medicine
James Webb Space Telescope reveals an exoplanet atmosphere as never seen before
U.S. to demolish four dams in river restoration effort