Proactiveinvestors RSS feed en Thu, 27 Apr 2017 23:26:57 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[Media files - Zak Mir: 'Berkeley Energia shares to add another 25%' ]]> Mon, 24 Apr 2017 09:20:00 +0100 <![CDATA[News - Berkeley Energia readies for construction at Salamanca ]]> Work on the ground in preparation for the commencement of construction at Berkeley Energia Limited’s (LON:BKY) Salamanca mine is well underway, with over 600 hectares acquired or leased to date under the land acquisition programme and with only a few hectares remaining to be acquired.

The road deviation is advancing and the new road will be ready for use in the summer. The equipment procurement for the electrical power line has been completed and the upgrade to the existing line will commence once the road construction is complete. 

The crushing circuit, screens, feeders and ancillary equipment are currently being fabricated by established equipment suppliers, Sandvik in Finland and Vibramech in South Africa.

WATCH: Zak Mir on Berkeley Energia CLICK HERE: For a daily round-up of all the Proactive news

What’s more, the Company has entered into a preliminary agreement with Asturiana de Zinc SAU, a Glencore company, to supply locally sourced reagent from 2018 to 2021 at a cost substantially below the one estimated in the Definitive Feasibility Study. These reagent costs represent approximately 30% of the overall process operating costs.

Reforestation work involving the planting of 30,000 young oak trees has also now begun.

"Since our oversubscribed institutional fundraise late last year, we have been delivering on the site-based activities leading up to the main construction, which we expect will commence later in the year,” said chief executive Paul Atherley.

“Our continued operating and capital cost optimisation moves us closer to establishing Salamanca as a reliable low cost supplier to global utilities from the heart of the Europe Union.”

CLICK HERE: For a daily round-up of all the Proactive news


Mon, 24 Apr 2017 07:42:00 +0100
<![CDATA[RNS press release - Pre-construction activities advancing at Salamanca ]]> Mon, 24 Apr 2017 07:00:00 +0100 <![CDATA[Media files - Berkeley Energia gets 'very important' sign off for uranium supply deal ]]> Tue, 21 Mar 2017 08:10:00 +0000 <![CDATA[News - Uranium mine developer Berkeley Energia garners support of EU regulator which signs off supply deal ]]> Berkeley Energia Ltd (LON:BKY) won support from the EU regulator for the Salamanca Mine in Spain as it signed off the company’s first uranium supply deal.

The EURATOM Supply Agency, the governing body for all nuclear fuel, said: "We particularly welcome the emergence and development of a new EU based uranium mining project and believe that it will contribute to the security of supply of natural uranium for the community users."

Berkeley will supply two-million pounds of metal over a five-year period to Curzon Resources, Interalloys Trading, with the scope to increase this to three-million pounds.

WATCH: 'Very important' sign off for Berkeley Energia ...

The stand-out feature of the deal is the price being paid, which at US$43.78 per pound is almost double the current spot price and provides a healthy gross margin on production costs of US$15 per pound.

At full production, Salamanca will be Europe's largest uranium producer accounting for 10% of the total requirement and will be important to the EU's security of supply, which currently relies on Russia, Kazakhstan and Niger for almost 60% of its uranium.

“We are very encouraged by the strong and growing support for the investment in the Salamanca mine amongst all our stakeholders,” said managing director Paul Atherley.  

“Not just from the EU but also from the various levels of government and community, as evidenced by the rising number of job applications from within the local villages.”

Tue, 21 Mar 2017 07:41:00 +0000
<![CDATA[RNS press release - EU approval of Salamanca mine offtake contract ]]> Tue, 21 Mar 2017 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 20 Mar 2017 16:05:00 +0000 <![CDATA[Media files - Berkeley Energia's Paul Atherley talks 'very exciting' Zona 7 drilling results at Salamanca ]]> Fri, 17 Mar 2017 08:05:00 +0000 <![CDATA[News - Spain-focused uranium mine developer Berkeley Energia delivers "outstanding" drill results along with joint-venture plan ]]> Uranium mine developer Berkeley Energia Limited (LON:BKY) unveiled “outstanding” results from the latest drilling on the Zona 7 portion of its Salamanca Project and sketched out plans to maximise the potential of its land holding in Spain.

The latest work on the near-surface deposit uncovered a 12-metre section of triuranium octoxide (U3O8) at 1,003 parts per million (ppm), including one-metre at 2,464 parts per million.

A second hold delivered two metres at 2,002 ppm, including a metre at 3,761 ppm.

"These high grade intercepts immediately below Zona 7 are extremely encouraging and point to a potential resource upgrade, indicating that there could be still more upside to come from the Salamanca mine,” said managing director Paul Atherley.

The current focus of the Berkeley is on mine development, with work already underway and the team talking to potential financiers of the project.

So, the company plans to bring in strategic partners that will help it tap the full potential of its exploration tenements.

They would be expected to bring “extensive multi-commodity exploration experience and the very latest expertise”, Berkeley said.

The deposits currently in the mine plan would be unaffected by any future joint venture.

“We are excited about the potential to introduce an exploration joint venture partner who can draw on significant technical and financial resources and work with us to unlock the full potential of our 1,160km² landholding within this heavily mineralised province,” said Atherley. 

Fri, 17 Mar 2017 07:28:00 +0000
<![CDATA[RNS press release - High grade intercepts at Zona 7 & Exploration JV ]]> Fri, 17 Mar 2017 07:00:00 +0000 <![CDATA[News - Spain-focused Uranium mine developer Berkeley Energia reports “strong interest” from financiers looking to get involved wit Salamanca project ]]> Berkeley Energia PLC (LON:BKY), which is developing the Salamanca uranium mine in Spain, reported “strong interest” from financiers and looking to get involved in the project.

In an update to progress that accompanied the firm’s interim results, Berkeley said it “is considering a range of financing options whilst remaining focused on its aim of minimising dilution in order to protect the equity value of its shareholders”.

“The company continues to progress discussions with various potential strategic partners and financiers interested in taking a minority stake in the Salamanca mine, all of whom are currently undertaking detailed legal, financial and technical due diligence,” investors were told.

Having banked US$30mln from London institutions in an over-subscribed fundraise, the company is looking to secure the remainder of the US$96mln investment required to complete Salamanca.

The interims charted six months of significant progress for the business, a period in which it began work on the mine and ordered vital equipment, including the crusher circuit.

It also secured an offtake agreement for its product for double the volume it initially sought, while a report stated Salamanca will be one of the lowest cost uranium producers in the world when it begins production.

Not unusually for a mine developer at the pre-production stage, Berkeley was loss-making – to the tune of US$6.5mln in the six months ended December 31.

However it was in a financially very robust position sitting on around US$43mln at the period-end.

Wed, 15 Mar 2017 08:08:00 +0000
<![CDATA[RNS press release - Half-year Report ]]> Wed, 15 Mar 2017 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 20 Feb 2017 09:34:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 08 Feb 2017 10:36:00 +0000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Tue, 07 Feb 2017 07:00:00 +0000 <![CDATA[News - Berkeley Energia says Q4 was “one of the most significant” ]]> Berkeley Energia Ltd’s (LON:BKY, ASX:BKY) fourth quarter was one of the most significant in the group’s history, according to managing director Paul Atherley.

Construction is presently underway to bring the Salamanca uranium mine, located in western Spain, into production with a targeted start date in 2018.

In the three months ended December 31 the company progressed the development, landed an important off-take deal to sell a portion of future production and it raised US$30mln of new capital.

"The Salamanca mine is being constructed just as uranium prices have begun rising after multi-year lows. We are receiving growing interest from US and Asian utilities who are looking to diversify their off-take with a low cost producer in the heart of the European Union," Atherley said in this morning’s quarterly activities report.

On a corporate level, the company had notable milestones in the quarter too. It appointed Paul Thomson as its new chief financial officer and was shortlisted for an award – the UK Stock Market Awards 'Investor Relations Team of the Year Award', along with Tesco, Sainsbury's and Next.

Tue, 31 Jan 2017 07:59:00 +0000
<![CDATA[RNS press release - December 2016 Quarterly Report ]]> Tue, 31 Jan 2017 07:00:00 +0000 <![CDATA[News - Could Berkeley Energia's Salamanca mine be a good way to play a uranium price hike? ]]> Amid all of the back slapping and grins of relief in the mining sector, one group has remained grim-faced at the back of throng.

For uranium miners, 2016, like the previous five years, was another twelve months to forget.

While thermal and coking coal and gas and oil rallied, the price of the radioactive metal used in nuclear power stations slumped to decade lows.

Surely now it must be cheap?

Justin Chan at Numis won’t go that for, but he thinks the metal has reached bottom at least.

WATCH: Uranium prices expected to rally in 2017, says Numis analyst Justin Chan 

The shadow of the Fukushima disaster has taken some time to work though the system he says, which has dampened short-term demand while at the same time low cost producer Kazakhstan has increased its production of by 360% since 2007.

With the spot price constantly under the cosh, the electricity utilities that are the main source of demand have been under no pressure to buy on long term contracts.

But Chan sees things changing, with a shift in mindset in Kazakhstan now that it has a 40% of the global market.

If instead of selling at spot it starts to build stocks the effect on the uranium price will be dramatic he says.

He sees Berkeley Energia Ltd (LON:BKY) as a way to play any short-term price spike as it has the Salamanca  project in Spain ready to roll into production.  

Wed, 28 Dec 2016 07:45:00 +0000
<![CDATA[RNS press release - Issue of shares and Appendix 3B ]]> Fri, 23 Dec 2016 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 20 Dec 2016 15:58:00 +0000 <![CDATA[News - Berkeley Energia orders first equipment for uranium mine build ]]> The successful completion of a US$30mln equity fundraiser means the construction phase at Berkeley Energia PLC’s (LON:BKY, ASX:BKY) Salamanca uranium project will begin early in the New Year.

For the proceeds from the share placing have allowed it to order primary and secondary crushers from the engineering and tooling giant Sandvik.

It is a move that Berkeley says accelerates development of the mine, which is slated to go into production in 2018.

The cost of the equipment, meanwhile, is more than 20% below estimates contained in the company’s definitive feasibility study.

"The ordering of the crushing circuits from Sandvik, following the successful equity financing completed in December, brings forward the commencement of construction of the processing plant by several months,” said chief executive Paul Atherley.

“The lower costs and shorter lead time associated with this key phase of construction moves Berkeley closer to its goal of becoming one of the world's lowest cost uranium producers, reliably supplying long term customers from the heart of the European Union."

Tue, 20 Dec 2016 07:54:00 +0000
<![CDATA[RNS press release - Berkeley takes another step towards construction ]]> Tue, 20 Dec 2016 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 19 Dec 2016 17:43:00 +0000 <![CDATA[RNS press release - Appendix 3B ]]> Fri, 16 Dec 2016 07:00:00 +0000 <![CDATA[RNS press release - Result of Meeting ]]> Wed, 14 Dec 2016 07:00:00 +0000 <![CDATA[Media files - Berkeley Energia rolling on with Salamanca mine construction after land acquisition ]]> Tue, 06 Dec 2016 15:13:00 +0000 <![CDATA[News - Berkeley Energia acquires key land package at Salamanca ]]> Following on from a recent US$30 mln fundraising, Berkeley Energia Limited (LON:BKY) has now purchased a major parcel of land necessary for the completion of its Salamanca uranium mine in Spain.

The acquisition of this land will allow for the completion of current infrastructure works, as well as allowing space for the construction of a substation, the processing plant, and reagent storage facilities.

"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," said managing director Paul Atherley.



Tue, 06 Dec 2016 07:31:00 +0000
<![CDATA[RNS press release - Major land acquisition completed at Salamanca mine ]]> Tue, 06 Dec 2016 07:00:00 +0000 <![CDATA[Media files - Berkeley Energia's Paul Atherley updates investors at the Mining Capital Conference ]]> Mon, 05 Dec 2016 10:35:00 +0000 <![CDATA[Media files - Berkeley Energia hails the return of 'generalist funds to the sector', says Mining Capital's Ford ]]> Fri, 02 Dec 2016 11:54:00 +0000 <![CDATA[Media files - Berkeley Energia to come into production at an 'extremely exciting time' ]]> Wed, 30 Nov 2016 15:41:00 +0000 <![CDATA[Media files - Berkeley Energia Ltd achieves 'significant milestone' with first uranium supply deal ]]> Mon, 28 Nov 2016 09:58:00 +0000 <![CDATA[News - Berkeley Energia hails first uranium supply deal ]]> Berkeley Energia Ltd (LON:BKY, ASX:BKY) has concluded a deal to sell uranium from its Spanish mine for an average of more than double the current market price and at double the volumes agreed in an initial outline agreement.

The AIM-listed mine developer has a binding contract with trader Interalloys to supply two million pounds of the metal annually over five years, with the potential to extend that to three million pounds.

The average fixed price to be paid under the off-take agreement is US$43.78.

Uranium, a central component to nuclear power generation, is changing hands for around US$18 per pound.

WATCH: Berkeley boss walks us through today's announcement READ: The update in detail

Importantly, the firm’s cash costs of unearthing the material are around US$15 per pound.

Berkeley said it is in discussions with other potential ‘off-takers’.

The company’s Salamanca mine is slated to come on stream in 2018, which is expected to coincide with a sharp upturn in demand for the silver-white metal.

Analysts say at that point US utilities will be looking to re-contract supply, but will likely run up against competition from Chinese reactors, which ought to push up prices.

Managing director Paul Atherley said he was “delighted” to have concluded his first supply deal for the Salamanca operation.

“With initial construction well underway and as we move closer to production we are receiving growing interest from major utilities who are looking to diversify their offtake from a low cost producer in Europe,” he added.

“We intend to build our uranium sales book by entering into long term offtake contracts from now until the commencement of production.”

Earlier this month the company raised just over £24mln to accelerate the development of the project. Total costs to build Salamanca are put at £77mln.

The shares, up 92% in the year to date, advanced a further 6% in morning trade, valuing the business at £85mln.

“Berkeley is currently in discussions with other potential off-takers with terms similar to that in the Interalloys agreement, with pricing ‘at or around long term benchmark levels for term contracts’,” said Shore Capital in a note.

“The company’s intention is to build its uranium salesbook by entering into long-term off-take contracts from now until production commencement.”


Mon, 28 Nov 2016 07:27:00 +0000
<![CDATA[RNS press release - Offtake Agreement Concluded with Interalloys ]]> Mon, 28 Nov 2016 07:00:00 +0000 <![CDATA[Media files - 'Berkeley Energia to benefit' from Kazakh uranium strategy shift ]]> Tue, 22 Nov 2016 15:26:00 +0000 <![CDATA[RNS press release - Result of AGM ]]> Tue, 22 Nov 2016 08:27:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 14 Nov 2016 15:58:00 +0000 <![CDATA[RNS press release - Notice of General Meeting ]]> Mon, 14 Nov 2016 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Fri, 11 Nov 2016 07:00:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Thu, 10 Nov 2016 12:10:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 07 Nov 2016 17:34:00 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 07 Nov 2016 17:30:00 +0000 <![CDATA[RNS press release - Results of Placing ]]> Fri, 04 Nov 2016 14:08:00 +0000 <![CDATA[News - Berkeley Energia Ltd raising funds for Spanish uranium ]]> Berkeley Energia Ltd (ASX:BKY) has been granted a trading halt by the ASX, pending details of a capital raising.

Berkeley recently commenced development of the Salamanca project in western Spain.

Salamanca has the potential to be Europe’s only major uranium mine and one of the biggest producers in the world once in production, supplying over four million pounds of uranium concentrate per annum.

The halt will remain in place until the opening of trade on Tuesday 8th November 2016, or earlier if an announcement is made to the market.

Fri, 04 Nov 2016 09:30:00 +0000
<![CDATA[News - Berkeley Energia to accelerate Salamanca development as it raises cash ]]> Berkeley Energia Ltd (LON:BKY, ASX:BKY) has raised £24.1mln as it looks to accelerate the development of its Salamanca uranium project in Spain.

The miner asked existing and other institutional investors to stump up between £16.1mln and £24.1mln through a placing of shares at 45p – a similar level to yesterday’s close.

Berkeley said the placing was heavily oversubscribed by institutional investors keen to back the mine development at Salamanca in Spain.

The cash will fund the construction of the crushing circuit at the centralised processing plant, as well as other infrastructure items, Berkeley said.

"The placing has been heavily oversubscribed by London based blue chip generalist institutions who will dominate the register once settlement completes."

"This successful financing is a positive endorsement of the Salamanca project, a US$100mln project that will be Europe's only major uranium mine and one of the world's biggest producers," said managing director Paul Atherley.

The development of the US$100mln project is well underway with work having started back in August.

Once complete, the mine will be Europe’s only major uranium mine and will produce over 4mln pounds of the silvery-white metal each year.

Back in September, the company announced that it had signed an outline agreement to supply the commodity trading firm Interalloys with the first million pounds of output.

The average selling price was expected to be around US$41 per pound, although broker Shore Capital thinks it might end being lower than that.

“The spot price at the time was US$24.88/lb, whereas spot is now US$18.75/lb, so we would not be surprised to see a price in the US$30/lb region in the finalised offtake contract,” Shore’s Yuen Low said.

He added that the economics will “remain attractive” even if the selling price falls to around US$30, while he claimed the project has the potential to yield much better figures.

“We reiterate our belief that there is good potential for significant ‘near-mine’ Zona 7-style discoveries (and indeed, depth and strike extensions of Zona 7 itself), which could see costs fall and project economics improve further.”

Shares were down 3% to 44.2p.

--Updates for share price, placing result and broker comment--

Fri, 04 Nov 2016 07:27:00 +0000
<![CDATA[RNS press release - Proposed Placing to raise US$25 to US$30 million ]]> Fri, 04 Nov 2016 07:00:00 +0000 <![CDATA[News - Berkeley Energia can triple in value says broker ]]> Uranium group Berkeley Energia (LON:BKY) is potentially one of the world’s lowest cost producers and worth double its current price reckons broker Peel Hunt.

Berkeley‘s asset is at Salamanca in Spain but Peel Hunt, the house broker, believes costs are similar to the in-situ leach production in Kazakhstan, which is widely acknowledged as the lowest cost uranium address currently.

Having an asset such as Salamanca in an OECD country such as Spain is a highly attractive proposition for major utilities that want security of supply.

The fact it is being developed when uranium spot prices are at a ten–year low further underlines he quality of the asset.

The broker expects US utilities and Chinese groups to compete for offtake deals especially as a significant number of new Chinese reactors are set shortly to come online.

On the likely margins, cash flow in each of first five years will be US$150mln or more than the current market value.

Once in production, scheduled to be 2018, this cash flow will also allow exploration to increase the predicted 14-year mine life and resource.

Peel Hunt's initiation price target currently is 93p, versus a market price of 47p, but as the various permit, finance and development milestones are ticked off the target rises to 159p.

Tue, 01 Nov 2016 09:38:00 +0000
<![CDATA[Media files - Prospective customers banging on Berkeley Energia's door ]]> Thu, 27 Oct 2016 13:06:00 +0100 <![CDATA[News - Berkeley Energia now lining up customers for Salamanca uranium ]]> The average uranium price being contemplated by Berkeley Energia Limited (LON:BKY) and Interalloys for the first million pounds of uranium to come out of Berkeley’s Salamanca mine is above US$41 per pound, according to commentary put out by Berkeley in a quarterly report to end September.

That compares very well with the current spot price of US$22 per pound and illustrates the sometimes opaque nature of pricing in the uranium market, in which the spot price is not always reflective of what people are really paying in longer-term deals.

Discussions are underway to finalise the non-binding agreement with Interalloys, a European commodities trading business. A full off-take deal is anticipated before the end of the year.

Other discussions are also ongoing with Asian and US utilities.

Meanwhile, development at Salamanca continues, and early stage infrastructure work is now underway.

The company had A$13.4 mln in the bank at the end of September, and no debt.

Wed, 26 Oct 2016 08:04:00 +0100
<![CDATA[RNS press release - September 2016 Quarterly Report ]]> Wed, 26 Oct 2016 07:00:00 +0100