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Berkeley Energia Limited starts development of flagship uranium project

Berkeley Energia isn't hanging around with news Tuesday it is initiating early development work on its Salamanca uranium project in western Spain.
Berkeley Energia Limited starts development of flagship uranium project
One of the first jobs is to re-route the power lines.

Berkeley Energia Limited (LON:BKY) isn’t hanging around with news Tuesday it is initiating early development work on its Salamanca uranium project in western Spain.

The contracts include the re-routing of the electrical power line and the realignment of a road into what will be the Retortillo pit.

The utility Iberdrola will carry out work on the former, while contractor Excavaciones y Transportes Cerezo has been hired for the latter.

With all the major approvals in place and strong local backing, Berkeley is able to start build programme early. The plan originally was to get development underway by the middle of this year.

There is plenty still to do before the construction phase gets into full swing; chief among Berkeley’s tasks is to find finance for Salamanca, which is expected to require US$200mln of investment.

On Monday the company, led by Paul Atherley, said it was speaking to potential financiers and strategic partners, as well as firms interested in buying the uranium once mining begins.

Managing director Athereley said this morning: "Salamanca has now moved into the development phase and the local support we have received for the project is fantastic.

“We are all very much looking forward to working closely with the local community as we bring the much needed jobs, training and new business activity to the area."

Berkeley has spent around US$60mln getting Salamanca to the stage where it is ready to be mined.

Some of that money has gone into local economy, which has suffers high unemployment.

The firm has received 19,000 applications for the first 200 jobs it has offered.

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Newswire
July 21 2016

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