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(BKY) Berkeley Resources share chat

Discussion in 'General Share Chat (BKY)' started by rodrod1, Dec 7, 2015.

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    Paul Atherley at UK Investor Show 2018
     
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    Spain's nuclear watchdog requests more info on Berkeley uranium mine

    14TH SEPTEMBER 2018
    BY: REUTERS

    MADRIDSpain's nuclear watchdog CSN has asked Australian miningcompany Berkeley Energia for more information on its plans for a uranium mine in Salamanca, on which work is due to begin later this year, the regulator said on Friday.

    The project, which would become the European Union's only open-cast uranium mine if given the go-ahead, has faced local opposition since it was proposed and granted preliminary approval in early 2013.

    Berkeley reiterated its confidence in the project on Friday after the CSN said it had requested more information in July.

    "The Retortillo mine will very soon be a reality, generating investment of more than 250 million euros and more than 2,500 direct and indirect jobs in the region," Berkeley said in a statement, adding that it had already sent back the information requested by the regulator.

    A spokesman for the CSN declined to say whether the information sent by Berkeley had already been looked at, or to make any further comment.

    A neighbouring mine run by the public company ENUSAwas previously in operation near the site in Retortillo in the Salamanca province, but was closed in 2000 after it failed to turn a profit.

    Berkeley, which has a triple listing in Britain, Spain and Australia and operates no other projects, has insisted the mine can be profitable since conducting initial studies in 2007.

    In a study presented to Australian investors Berkeley said the mine is capable of generating strong, sustainable cash flow. It said work would begin in 2018 and the mine would run for 14 years.

    The potential environmental and social cost of the mine both during its operation and after its closure must be taken into account, the CSN said in its request for information.

    Once the CSN has concluded its own study, the projectmust be cleared at a local and regional level and must also be given the go ahead by the national government. The project is also likely to need further authorisation from Brussels. [​IMG]

    http://www.miningweekly.com/topic/retortillo-mine
     
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    NEWS RELEASE | 15 October 2018

    Quarterly Report September 2018



    Highlights:

    · Strong and growing local support for the Salamanca Project

    o The 'Sí a la Mina' campaign now has over 1,600 signatures; and

    o To date, the Company has received over 22,850 job applications with 400 of those coming from villages surrounding the mine and of those, over 116 from Villavieja alone, which represents 25% of the permanent population of the village.


    · Permitting Update

    o The Company is working closely with its legal advisors and the relevant authorities as it continues to seek an express resolution from the local municipality on the award of the Urbanism Licence, however there remains two items outstanding for the licence which the Company has now responded to;

    o A new general secretary to the municipality has been appointed following a temporary vacancy in the position;

    o The Company will issue a further update in due course regarding the likely timing of the commencement of construction; and

    o In the absence of certainty over the timing of the award of the Urbanism Licence which will allow the Company to commence construction the company is initiating a programme to reduce local and corporate costs.


    · Uranium market:

    o The uranium price continued to strengthen during the quarter, ending at US$27.38, up 21% since 30 June;

    o The Company has received a number of enquiries from the US, China and India for substantial term contract offtake commitments during the quarter;

    o The fundamentals for uranium remain very strong and in the opinion of many market observers has now reached a tipping point;

    o The Company has 2.75 million pounds of U3O8 under contract for the first six years, with a further 1.25 million pounds of optional volume, at an average price above US$42, compared with a spot price of US$27.38 per pound; and

    o The Company will continue to progressively build its offtake book and has granted the Oman sovereign wealth fund the right to match any future long term offtake transactions.


    The Company will host a call for investors and analysts at 9.00 am BST on Tuesday 16 October 2018. Paul Atherley, Managing Director and CEO, and Sean Wade, Chief Commercial Officer, will give a short presentation followed by a Q&A.


    Dial in details have been provided below:


    Managing Director and CEO, Paul Atherley, commented:

    "Over the past decade we have invested over €70 million into the Salamanca mine which is located in a region suffering from some of the highest levels of youth unemployment within the European Union.

    Our future €250 million investment requires no government subsidy, will potentially generate over 2,500 direct and indirect jobs, will stimulate the return of services such as schools, petrol stations and transport to the local villages and has the potential to bring back some of the 120,000 mainly young people who have left the area over the last few years to look for employment.

    We are firmly committed to developing the mine however continued investment is dependent on the company receiving the necessary approvals for the commencement of construction.

    We are working closely with the relevant authorities and are confident that with due process these approvals will be forthcoming however, in the meantime, we are taking the necessary steps to reduce costs."


    Dial in Details

    UK Toll Number: +44 (0)203 428 1542

    UK Toll-Free Number: 0808 237 0040

    Spain Toll Number: 911 143 608

    Spain Toll-Free Number: 800 300 981

    Australian Toll Number: +61 (0)2 9253 5844

    Australian Toll-Free Number: 1800 389 368

    Portugal Toll Number: 021 060 9104

    Portugal Toll-Free Number: 800 855 623

    PIN: 38494281#


    Replay details (available until 10am BST on 17 October 2018):


    Australia Toll Number: +61 (0)2 9273 4283

    UK Toll Number: +44 (0)20 3426 2807
    UK Toll-Free Number: 0808 237 0026
    US Toll- Free Number: +18665358030

    Conference Number: 699821#


    Permitting update

    With the Mining Licence, Environmental Licence, Prior Plant Authorisation and the Authorisation of Exceptional Land Use already granted, the next two major approvals are the Urbanism Licence by the municipal authority and the Construction Authorization by the Ministry of Ecological Transition for the treatment plant as a radioactive facility.

    The Company has for some considerable time been seeking an express resolution from the local municipality on the award of the Urbanism Licence. The application has also been considered by the Diputación de Salamanca (Diputación) in the temporary absence of a general secretary to the municipality.

    Subsequent to the end of the quarter, the Diputación issued a notice to the municipality recommending that the Urbanism Licence should not be awarded until two outstanding items regarding the licence are resolved, which the Company has responded to.

    Since then, a new general secretary has been appointed, and the Company continues in its efforts to seek an express resolution. According to its legal advisors, the Company has complied with all the legal requirements for the Urbanism Licence to be awarded. The Urbanism Licence will be subject to certain conditions which should satisfy the Diputación objections.

    The timing of the award of the Urbanism Licence continues to remain uncertain, is outside of the Company's control, and is unlikely to be received imminently. As a result, the Company is initiating a cost reduction programme which, amongst other things, is likely to mean a reduction in the Company's local and corporate costs and its commitment to various local sponsorship arrangements.

    The Company will update shareholders in due course on the likely timing of construction.


    Continued and growing local support

    Berkeley is one of the largest investors in the Castilla y León region, which has some of the highest levels of unemployment in the EU, especially amongst young people. The local villages of Retortillo and Villavieja de Yeltes have seen their population decline by 30% in the last 20 years.

    Over the quarter, the local support for the mine, which has always been strong, has grown rapidly.

    The Berkeley team, along with local residents, started a 'Sía la Mina' campaign to demonstrate their support for the mine and the positive impact it will have on the region.

    The petition now has over 1,600 signatures, with many of those signing citing job creation as the main reason for their support.

    Earlier this month, hundreds of people, including the team on site, gathered in Retortillo to mark the sixth anniversary of Berkeley's offices opening in the region.

    The Company is delighted and extremely proud to see so many local residents support its vision to rejuvenate a region that has suffered badly from intergenerational unemployment and rural desertification.


    Employment and training

    To date, the Company has received a total of 22,850 job applications. Over 7,300 of these came from residents of the Salamanca region alone; with 400 of those come from villages surrounding the project and of those, over 116 from Villavieja alone.

    The University of Salamanca has estimated that for this type of business there will be a multiplier factor of 5.1 indirect jobs for every direct job created, resulting in over 2,500 direct and indirect jobs being created as a consequence of the Company's investment in the area.

    Over 120 locals have attended courses organised by the Company and over 25% of residents from the local area have applied for jobs. The Company currently has a work force of nearly 70 people and over a quarter of these have been recruited from towns in the immediate vicinity.

    Training programmes, which have been historically well attended and oversubscribed, will continue to run throughout the year ensuring that sufficient people from the local communities are qualified for jobs created during the construction and mining phases.


    Committed to the highest environmental standards

    The Salamanca mine is being developed to the highest international standards and the Company's commitment to the environment remains a priority. It holds certificates in Sustainable Mining and Environmental Excellence which were awarded by AENOR, an independent Spanish government agency. The Company was re-awarded both certificates following a consultation process with the agency.

    The mine has been designed according to the very latest thinking on sustainable mining. The extraction and treatment areas will be continuously rehabilitated as operations progress and with minimum disturbance during operations. Once operations are complete, all areas utilised by the Company will be fully restored to an improved agricultural state.

    As part of the Environmental Licence and the Environmental Measures Plan over 30,000 young oak trees will be planted over an area of 75 to 100 hectares. The first 20,000 of these will be planted in the nearby municipality of Vitigudino over an area of more than 500 hectares currently used by cattle farmers.


    Strong uranium market fundamentals

    The fundamentals for uranium remain very strong and in the opinion of many market observers has now reached a tipping point.

    The Q3 spot market saw more transactions and more volume over the last three months than any time in history with the U3O8 price closing out September at US$27.38.

    That is a US$0.92 increase on the month and a US$4.58 increase over the quarter.

    China is expected to double its nuclear capacity by 2020 and then double again by 2035. In total, 58 reactors are currently under construction globally, a 25 year high in nuclear growth.

    US utilities urgently need to start buying US utilities as high priced 2005-2007 contracts run off. EU utilities also need to recontract, at the same time as Japanese utilities come back on line after the disruption to the Japanese nuclear industry from Fukushima.

    Meanwhile, supply cuts continue and it is currently anticipated that approximately 25% of global production will be cut in 2018.


    Offtake programme and notable increase in public tender activity

    During the quarter the Company has received growing interest in further offtake arrangements from utilities in the US China and India. The Company intends to increase its offtaking activity this year once full construction of the mine is underway and will participate in public and private offtake opportunities with global utilities, reporting regularly on progress.

    The Company currently has 2.75 million pounds of U3O8 concentrate under long term contracts over the first six years of production. Potential exists to increase annual contracted volumes further as well as extend the contracts by a total of 1.25 million pounds.

    The Company has maintained its preference to combine fixed and market related pricing across its contracts in order to secure positive margins in the early years of production whilst ensuring the Company remains exposed to potentially higher prices in the future.

    Across the portfolio, the average fixed price per pound of contracted and optional volumes is above US$42 per pound. This compares favourably with the current spot price of around US$27.38 per pound.

    The investment agreement signed with the Oman sovereign wealth fund grants the fund the right to match future long term uranium offtake transactions. This right to match is subject to an annual cap (on a rolling 12-month basis) which cannot exceed the greater of 1 million pounds of U3O8 concentrate per annum or 20% of annual production.


    Exploration

    During the quarter ground preparatory work and radiometry was undertaken for future exploration programs both for further Zona 7 style deposits in the Salamanca I area surrounding the proposed Retortillo processing plant and for new discoveries in the Salamanca II area located in the vicinity of the Alameda deposit.
     
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    BC1D3990-4269-476C-B1DC-B1B04E4CAA00.jpeg
    Daily Mail 18/10/18
     
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    BERKELEY ENERGIA LIMITED


    NEWS RELEASE | 29 October 2018 | LSE / BdM / ASX : BKY

    Response to recent media reports

    Berkeley Energia Limited ("the Company") has been advised by the Nuclear Safety Council that it was not the source of the widely circulated media reports that the government was intending to deny the permits for the Salamanca mine.

    The Company is continuing to work with the Nuclear Safety Council in progressing the necessary approvals for the Salamanca mine and will keep the market fully informed of any developments.
     
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    150B36C9-62AC-423D-9FB2-E1756E30625B.jpeg

    Under a binding agreement Rio Tinto announced today, the total consideration comprises an initial cash payment of USD6.5 million, payable at completion, and a contingent payment of up to USD100 million following completion linked to uranium spot prices and Rössing's net income during the next seven calendar years. Rio Tinto will also receive a cash payment if CNUC sells the Zelda 20 mineral deposit during a restricted period following completion. The total consideration is capped at a maximum of USD106.5 million.

    Rio Tinto said the transaction "represents the culmination of an extensive assessment of strategic options" it had considered for the Namibian mine. Its chief executive, J-S Jacques, said Rio Tinto was focused on strengthening its portfolio and focusing on its core assets.

    "Rio Tinto has a long history in Namibia and I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the success of Rössing. I wish them continued success under new ownership. Rio Tinto will work closely with CNUC to ensure a smooth transition and ongoing sustainable operation at Rössing," he said.

    Rössing, the world's longest-running open pit uranium mine, has been in operation since 1976. It has a nameplate capacity of 4500 tonnes U3O8 per year. Its 2017 production was 4,652,000 pounds U3O8 (1789 tU) of which Rio Tinto's share was 3,192,000 pounds. By the end of last year, the mine had supplied a total of 132,610 tonnes U3O8 to the world.

    The mine is located 12 kilometres from the town of Arandis, 70km inland from the coastal town of Swakopmund in Namibia's Erongo region.

    Rio Tinto is the majority owner of Rössing Uranium Limited. The Namibian government has a 3% shareholding, but has a majority of 51% in terms of voting rights. The Iranian Foreign Investment Company is a passive legacy investor in Rössing Uranium, with a 15% stake. The Industrial Development Corporation of South Africa owns 10%, while local individual shareholders own a combined 3%.

    CNUC is part of China National Nuclear Corporation's (CNNC) Geology & Mining Department. Separate branches are responsible for CNNC's domestic and international uranium mining and exploration activities. CNNC Overseas Uranium Holding Limited's investments include a 25% stake in Namibia's Langer Heinrich uranium mine, currently under care-and-maintenance.

    Subject to conditions, including merger approval from the Namibian Competition Commission, the transaction is expected to be completed in the first half of next year.

    Researched and written by World Nuclear News

    http://www.world-nuclear-news.org/Articles/Rio-Tinto-to-sell-Rossing-stake
     
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    Berkeley Energia Limited


    ASXResponse to Price and Volume Query


    Please find below a copy of Berkeley Energia Limited's response to a price movement query from the Australian Securities Exchange (ASX):


    7 January 2019


    Sandra Wutete

    Australia Securities Exchange

    Level 40, Central Park

    152-158 St Georges terrace

    Perth WA 6000


    By email: Sandra.Wutete@asx.com.au

    Dear Sandra,


    Response to Price and Volume Query


    In response to your correspondence dated 7January 2019 regarding an increase in the Company's share price and in the volume of trading securities, the Company's response is as follows:


    1. The Company is not aware of any information that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company.

    2. Not applicable.

    3. The Company notes that the recent selling of shares in the Company by a former major shareholder has now ceased.

    4. The Company confirms that it is in compliance with the listing rules, in particular, Listing Rule 3.1.

    5. The Company confirms that its responses to the questions above have been authorised and approved in accordance with its published continuous disclosure policy or otherwise by its board or an officer of the Company with delegated authority from the board to respond to ASX on disclosure matters.


    Yours faithfully

    [sent electronically without signature]

    Dylan Browne

    Company Secretary
     
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    BASIC MATERIALS
    JANUARY 10, 2019 / 2:48 PM / UPDATED 2 HOURS AGO
    Spain watchdog OKs safety studies for planned uranium mine - source

    MADRID, Jan 10 (Reuters) - Spain’s nuclear watchdog has endorsed two studies by Australian company Berkeley for a project to build Europe’s only open-cast uranium mine near Salamanca, a source with knowledge of the matter said, a preliminary step in the approval process.

    Following the endorsement of the nuclear safety studies, Berkeley still needs a broader go-ahead from the watchdog, CSN, as well as further approvals by the local, regional and national governments before it can begin work.

    “The CSN has approved the two studies,” the source said, adding that a formal announcement was expected next week.

    The CSN and Berkeley declined to comment.

    “We do not comment on anonymous rumours or comments,” a spokesman for the company said, adding that Berkeley would make an announcement once the CSN report was published.

    The studies looked at the prevention of radiation effects on water and the general environment, among other safety concerns.

    The local government of Retortillo, where the mine would be located, declined in late December to issue an urban planning permit for the mine.

    In October, Reuters reported that the national government planned to refuse permits necessary to open the mine.

    Local authorities, in a report from July, said the permit Berkeley was requesting did not meet legal requirements and that they lacked key technical information.

    Berkeley Energia, whose sole business is the planned uranium mine, lists its shares in Spain, Britain and Australia.

    The shares are extremely volatile and, in Spain, have fallen to around 0.2 euro apiece from a high of 2.5 euros in August.

    In Australia, the shares have risen about 44 percent since the start of the year, prompting the Australian stock exchange regulator to ask the company on Jan. 7 whether it knew why. Berkeley said it did not know the reason for the gains. (Reporting by Belen Carreno Writing by Paul Day Editing by Ingrid Melander and Dale Hudson)

    https://uk.reuters.com/article/spain-uranium-berkeley-energia-idUKL8N1YP4R3

    2E8C20AB-610C-44E4-ACC0-21598A9C06F9.jpeg
     
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    BERKELEY ENERGIA LIMITED


    NEWS RELEASE| 11 JANUARY 2019 |LSE / BdM / ASX : BKY

    Berkeley notes recent Spanish media reports

    Berkeley Energia ("BKY" or "the Company") notes the recent Spanish media reports regarding potential approvals for the Salamanca project.

    The Company has received no official notice in this regard, and will update shareholders if and when any formal notice is received.
     
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    861EA8BC-790A-422E-8FEB-A346A2A58EE5.jpeg

    CREAMER MEDIA SENIOR DEPUTY EDITOR: AUSTRALASIA

    (miningweekly.com) – The share price of junior Berkeley Energia jumped by more than 63% on Friday, following media reports that its Salamanca uranium project, in Spain, had been approved.

    The ASX- and LSE-listed company told shareholders that despite the Spanish media reports, the company had received no official notice with regard to the project approval.

    Berkeley is spending €82.3-million on building the Salamanca mine, which will produce 4.4-million pounds a year over ten years – placing the company among the top-ten global uranium producers.

    The company’s shares were trading at a high of 46c each on the ASX on Friday, up from a low of 36c a share. [​IMG]

    http://www.miningweekly.com/article/berkeley-shares-surge-on-media-reports-2019-01-11
     

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