TIDMBKY
RNS Number : 0161R
Berkeley Energia Limited
06 December 2016
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 6 December 2016 | AIM/ASX: BKY
Major land acquisitions completed ahead of commencement of
Salamanca mine Construction
Berkeley Energia is pleased to announce that following the
recently oversubscribed US$30 million equity raising the Company
has completed key land acquisitions which will accelerate the
development of its 100% owned Salamanca mine in Western Spain.
The successful acquisition and lease of over five hundred
hectares of land will allow for the completion of the initial
infrastructure currently underway and the commencement of
construction of the processing plant in the first quarter of 2017
along with construction of a medium voltage substation, reagent
storage facilities and buildings.
FTSE 250 listed Amec Foster Wheeler, which is carrying out the
Front End Engineering Design, has made contractual enquiries for
the key equipment for the crushing circuit with the intention of
completing purchase orders before the calendar year end.
Initial construction of the Salamanca mine commenced in August
this year with the re-routing of the existing electrical power line
to service the project and a five kilometre realignment of an
existing road ahead of the commencement of mining.
Commenting on the progress of the Salamanca mine, Managing
Director Paul Atherley, stated:
"Following the strong financial backing from London's blue chip
institutions we are accelerating the development of the Salamanca
mine, bringing forward the commencement of construction of the
processing plant by several months and moving closer to our goal of
becoming one of the world's lowest cost uranium producers, reliably
supplying long term customers from the heart of the European
Union."
For further information please contact:
Berkeley Energia Limited +44 20 7478 3900
Paul Atherley, Managing Director info@berkeleyenergia.com
Hugo Schumann, Corporate Manager
Peel Hunt LLP (Joint Broker) +44 20 7418 8900
Matthew Armitt
Ross Allister
Chris Burrows
WH Ireland Limited (Nominated
Adviser) +44 20 7220 1666
Paul Shackleton
Nick Prowting
Jay Ashfield
Buchanan +44 207 466 5000
Bobby Morse, Senior Partner BKY@buchanan.uk.com
Anna Michniewicz, Account Director
Further background:
Berkeley Energia's Salamanca mine
Berkeley Energia's objective is to be one of the world's lowest
cost producers reliably supplying the world's leading utilities
with fuel for base load clean energy from the heart of the European
Union. Once in production the mine will be one of the world's
biggest producers supplying over four million pounds of uranium
concentrate a year, equivalent to approximately 10% of the
continent's total requirement.
An independent study published in July 2016 by MDM Engineering
(part of AMEC Foster Wheeler Group) reported that the project has
an NPV of over US$530 million and will produce 4.4 million pounds
of uranium per annum at a cash costs of US$15.39 per pound, making
it one of the world's lowest cost and a top ten global producer of
uranium.
The mine will rejuvenate a community suffering from lack of
investment and badly hit by long-term unemployment. Skills training
programmes are being run for locals to equip them for the 454 jobs
the mine will create once in full production. In addition, it has
been estimated that over time the mine will generate indirectly an
estimated further 2,295 jobs in the region. Local businesses are
being prioritized and the local municipalities and communities will
be fully supported throughout the life of the mine.
Uranium has been mined in this area of Spain since the 1950's,
initially on a smaller scale until the 1970s when the Mina Fe
uranium mine in Salamanca began production, producing a total of
5,500 tonnes of uranium concentrate before its closure in 2000.
Spain currently has seven nuclear reactors which generate one fifth
of its electricity requirement. Production from the Salamanca mine
will exceed Spain's current domestic demand for uranium by 30%.
Further information is available on www.berkeleyenergia.com.
Competent Persons Statement
The information in this announcement that relates to the
Definitive Feasibility Study, Mineral Resources for Zona 7, Ore
Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is extracted from the
announcement entitled 'Study confirms the Salamanca project as one
of the world's lowest cost uranium producers' dated 14 July 2016,
which is available to view on Berkeley's website at
www.berkeleyenergia.com.
Berkeley Energia Limited (Berkeley) confirms that: a) it is not
aware of any new information or data that materially affects the
information included in the original announcement; b) all material
assumptions and technical parameters underpinning the Mineral
Resources, Ore Reserve Estimate, Production Target, and related
forecast financial information derived from the Production Target
included in the original announcement continue to apply and have
not materially changed; and c) the form and context in which the
relevant Competent Persons' findings are presented in this
announcement have not been materially modified from the original
announcements.
The information in the original announcement that relates to the
Definitive Feasibility Study is based on, and fairly represents,
information compiled or reviewed by Mr. Jeffrey Peter Stevens, a
Competent Person who is a Member of The Southern African Institute
of Mining & Metallurgy, a 'Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Stevens is employed by MDM Engineering (part
of the Amec Foster Wheeler Group). Mr. Stevens has sufficient
experience that is relevant to the style of mineralization and type
of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'.
The information in the original announcement that relates to the
Ore Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is based on, and fairly
represents, information compiled or reviewed by Mr. Andrew David
Pooley, a Competent Person who is a Member of The Southern African
Institute of Mining and Metallurgy', a Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Pooley is employed by Bara Consulting (Pty)
Ltd. Mr. Pooley has sufficient experience that is relevant to the
style of mineralization and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'.
Forward Looking Statement
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
Berkeley's mineral properties.
This information is provided by RNS
The company news service from the London Stock Exchange
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