Share Name Share Symbol Market Type Share ISIN Share Description
Berkeley Eng LSE:BKY London Ordinary Share AU000000BKY0 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50p -2.80% 52.00p 51.00p 53.00p 54.00p 52.00p 53.50p 19,179 09:19:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.3 -9.5 -4.1 - 132.36

Berkeley Energia Limited Fully funded Salamanca to commence construction

12/12/2017 7:00am

UK Regulatory (RNS & others)


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Berkeley Energia Limited

12 December 2017

BERKELEY ENERGIA

NEWS RELEASE | 12 December 2017 | AIM/ASX: BKY

Berkeley Energia's fully funded Salamanca mine to commence construction in the new year

Berkeley Energia is pleased to announce that, with the financing now in place, the Company is awarding major contracts and filling key management positions for construction of the Salamanca mine, commencing in the new year.

The Company is committed to Spanish engineering excellence and has selected Sanchez y Lago, one of Spain's major construction companies as the contract miner. Sanchez y Lago has over 35 years of mining experience around the world and currently operates at Atalaya's Rio Tinto mine in Spain.

Amec Foster Wheeler, now part of the FTSE 250 listed Wood Group, has been selected to deliver a fixed price EPC solution for the construction of the mine, plant and associated infrastructure. The Wood Group is a leading global engineering group with extensive experience in delivering uranium mining and processing solutions.

The mining and EPC contracts are expected to be executed in the new year, with mobilization of equipment to occur shortly thereafter. Within these contracts, a key focus is cost management to ensure that the project is built and operated within budget and in a timely manner.

As part of its commitment to reduce unemployment in the region, approximately 50% of new staff required for the first phase of construction activity will be recruited from the local villages of Retortillo and Villavieja. A number of these future employees will have attended the Company's skills training programmes.

Following consultations with the residents of the local community a number of infrastructure improvements to neighboring villages have been identified, which the Company is looking to progress in the coming months.

In addition to the selection of contractors the Company is making key appointments to the owner's team having recently appointed Mr Sergio Arenas as Process Superintendent. Mr Arenas has over a decade of international operating experience and joins an exceptional Spanish management team with a strong track record of delivery on projects.

Managing Director, Paul Atherley, commented:

"Having completed the financing, we have selected our preferred mining and construction contractors and will be pouring concrete in the new year.

We are commencing construction just as the industry leaders Cameco and Kazatomprom implement major production cuts at their Tier I mines which will tip the uranium market into the long awaited supply deficit during 2018."

For further information please contact:

 
 Berkeley Energia Limited                    +44 20 7478 3900 
 Paul Atherley, Managing Director    info@berkeleyenergia.com 
 Hugo Schumann, Corporate 
  Manager 
 
 WH Ireland Limited (Nominated 
  Adviser)                                   +44 20 7220 1683 
 Tim Feather, Director 
 Jessica Cave, Assistant Director 
 Alex Bond, Executive 
 
 Peel Hunt LLP (Joint Broker)                +44 20 7418 8900 
 Ross Allister 
 Chris Burrows 
 
 Buchanan                                    +44 207 466 5000 
 Bobby Morse, Senior Partner              BKY@buchanan.uk.com 
 Anna Michniewicz, Account 
  Director 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

December 12, 2017 02:00 ET (07:00 GMT)

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