Berkeley Resources (ASX: BKY) should trade higher after being granted the Mining Licence for the Retortillo deposit, within its flagship uranium Salamanca Project in Spain.
This is a major milestone and follows completion of a number of studies and technical review sessions with relevant government agencies.
The Mining Licence is valid for an initial period of 30 years and may be renewed for two additional periods of 30 years.
It covers an area of 25.2 square kilometres and includes the entire area containing the Retortillo Mineral Resource Estimate.
With the grant of the Mining Licence, the approval processes associated with other key permits, including the Initial Authorisation of the process plant as a radioactive facility, may now be finalised.
This permit also follows the completion of the Pre-Feasibility Study on the integrated development of the Retortillo and Alameda deposits, which demonstrated the project’s potential to support a significant scale, long life, low cost uranium operation.
Latest estimates for the Alameda and Villar Area deposits have increased the total uranium resource within Berkeley’s projects by 53% to over 80 million pounds at a 200 ppm cut-off, and over 100 Mlbs at a 100 ppm cut-off.
Mineral Resources now stand at 81.2 million tonnes at 450 ppm for 80.4 million pounds uranium, with 32% in the Measured and Indicated categories.
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