Recruitment has commenced at Berkeley Energia Limited's (LON:BKY) Salamanca project in Spain with priority being given to local residents.
In a quarterly update, the company revealed it is finalising negotiation over the mining contract, insurance contract and initial engineering, procurement and construction (EPC) contracts, while the land acquisition process is almost complete.
The company said it is in a strong financial position with US$22.6 million in cash and no debt.
WATCH: Berkeley Energia underlines Salamanca's quality with US$120mln finance package
"With an agreement signed to fully finance the Salamanca mine to first production we are focused on continuing the progress made with the construction phase. Key equipment was delivered earlier this summer and we are continuing to add to our team on site, recruiting heavily from the local area.” said Paul Atherley, managing director of Berkeley.
READ: Berkeley Energia annual report confirms ‘excellent’ cash position
“It's fantastic to have such strong support for our project among our key stakeholders in Spain, which reflects the growing awareness of the benefits the investment is bringing to the community," he added.
Shares in Berkeley Energia were up 2% at 46.9p in early trading on Wednesday.