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
  +0.375p +0.84% 45.125p 44.50p 45.75p 45.50p 44.75p 44.75p 408,045.00 13:41:36
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.1 -7.6 -4.2 - 106.68

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07/12/2016 17:09:4545.1310,0004,512.50O
07/12/2016 16:00:5945.758,7153,987.11O
07/12/2016 15:49:1944.609,9034,416.74O
07/12/2016 15:43:4245.755,0002,287.50O
07/12/2016 15:40:0745.756,5352,989.76O
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Berkeley Resources (BKY) Top Chat Posts

DateSubject
07/12/2016
08:20
Berkeley Resources Daily Update: Berkeley Eng is listed in the Mining sector of the London Stock Exchange with ticker BKY. The last closing price for Berkeley Resources was 44.75p.
Berkeley Eng has a 4 week average price of 45.16p and a 12 week average price of 47.59p.
The 1 year high share price is 57.25p while the 1 year low share price is currently 20.50p.
There are currently 236,420,404 shares in issue and the average daily traded volume is 192,049 shares. The market capitalisation of Berkeley Eng is £106,684,707.31.
29/11/2016
11:59
liambilson: Yet depressingly 20% off its highs and stuck in exactly the same spot as 3 months ago despite all the newsflow. I have a lot of this and am keeping the faith but what exactly will start driving this share price forward to broker targets and when ?
28/11/2016
12:45
snickerdog: Berkeley have caught to eye of Growth Company Investor who don't really feature mining stocks very much. Lots in the press recently and it keeps on coming. Berkeley Energia’s nuclear options Worldwide, the nuclear power industry is expanding, and uranium mining business Berkeley Energia is set to benefit from future price rises in the radioactive material The business However, the demand picture looks quite interesting. There was a lot of soul searching in the aftermath of Fukushima, with Germany moving to close down its nuclear power stations. Elsewhere, though, the industry is expanding. All told there are 447 operating reactors at the moment and 59 under construction, an increase of 13 per cent. A further 168 are planned and twice that number are at the proposal stage. China leads the way with six to eight new builds each year and wants 10 per cent of its energy to come from nuclear. Rising demand and lack of new mine capacity should tighten the uranium market over time, so this looks like an opportunity to invest at the bottom of the price cycle. We have tended to avoid the mining sector given the carnage over the past few years. Although it hit a decisive bottom at the beginning of this year, we still want to set a high bar when considering new investments in the industry. Berkeley Energia comfortably passes our key tests. It plans to mine an attractive commodity at very low cost in a good location. It is also well funded, having just completed an important round of financing. Berkeley is developing the Salamanca project in Spain, which will be Western Europe’s only uranium mine. Uranium prices have been depressed since the Fukushima nuclear accident in 2011. Most trade in the metal is carried out under long-term contracts, but the spot uranium price has been languishing around the $20 per pound level. Its peak in 2007 was well over $100. Prices then fell sharply after the financial crisis but were recovering to above $70 at the time of Fukushima. Contract prices are currently in the $40 region, which is a good premium to spot, but creates little incentive for producers to increase supply and build new mines. The big attraction of the Salamanca project is its cost profile. The initial capital cost of $95.7 million is low for a mine of its size. This is helped by the general drop in equipment and contractor costs given the recession in the industry and by its favourable location in Spain, with good-quality existing infrastructure and proximity to the port of Santander. Construction is expected to be straightforward with no obvious risks that might cause delays. There’s strong local support for the project given high regional unemployment. Operating cash costs are expected to be around $15 per pound, which is right at the bottom of the uranium industry’s curve, which has an average of over $30. The Salamanca ore grades are high and, being close to the surface, are easy to mine in an open pit. Recovery rates are expected to be very high despite using a low-cost heap leaching process. As well as low operating costs due to needing less power than a milling and tank leaching approach, this process is also less capital intensive. experience in project management and mining development, including building new mines in Spain. There are three ore bodies in the project, two of which are close together. One of these, Retortillo, should start production in the second half of 2018. Phase two is Zona 7, which is the most profitable ore body and should be on stream around a year later. Production will then concentrate on Zona 7 to maximise cash flow early in the project’s life and generate the funds to develop the third body, Alameda, which is 35 km distant. Spanish uranium should be attractive to buyers since, apart from Canada and Australia, the most significant producers are the less predictable territories of Kazakhstan, Russia and Niger. And with 4.4 million pounds per annum, Salamanca will be in the top dozen or so of world producers. This should help Berkeley build a book of offtake contracts in the run-up to initial production. A first letter of intent has been signed with a trading house indicating a $41 price. Therefore, even at what looks like the low point of the cycle for uranium, this project should be a winner. Financials and Management Paul Atherley is MD and is a mining engineer with over 25 years of operating experience. The general manager of operations is Francisco Bellon, who has more than 20 years’ experience in project management and mining development, including building new mines in Spain. Obtaining and structuring the finance for the project is a vital component of the story. The initial infrastructure work is already underway, with the main period of construction being 12 months from the middle of next year. Berkeley has just raised $30 million in a placing at 45p, which was the prevailing share price. This adds to the $10 million it had in the bank at the end of October and will cover the crushing circuit at the processing plant. However, a further $80 million will be needed to complete the project and move into production. Outlook and valuation The upside potential for the uranium price has been discussed earlier and stands to add a lot of value to Berkeley if it comes about. Broker Peel Hunt assumes in its forecasts that the long-run price rises modestly and stays well below its peaks of the previous cycle. Using conservative funding assumptions it then derives a net asset value of 102p. As well as the uranium price, there’s also upside potential to this valuation from revisions to the size of the ore body. Drilling around Zona 7 suggests the mine’s life could be extended beyond the current 14-year estimate.
31/10/2016
10:38
wiseacre: https://www.dropbox.com/s/9bzfzir423awxn8/Energia%20Edit%20Draft%203_720.mp4?dl=0 The latest from Paul Atherley. I have the idea we'll have another off-take agreement in the near future. What may be holding the share price back is the fear of a placing to fund the project but such is the appetite for this project I don't think that will be necessary. My betting is the share price will be over 60p by Christmas. While PIs, particularly in Australia, have been selling institutions are continuing to add to their holdings.
02/10/2016
07:58
herlat1: MIDAS SHARE TIPS: Uranium miner Berkeley Energia promises us a brighter futureBy Joanne Hart for The Mail on Sunday22:02, 01 Oct 2016,Midas verdict: Like most pre-production mining companies, Berkeley Energia is unprofitable and is likely to remain so for years. But with 25 years in the industry Atherley knows what he is doing and has the support of shareholders such as BlackRock, Fidelity and Majedie. Analysts forecast the share price will more than double in the next 12 months. Buy.Salamanca is one of the most beautiful, historic towns in Spain. It is also a short drive from the only sizeable new uranium mine being developed in the world today.The mine is run by Aim-listed Berkeley Energia and its shares, at 47p, should rise substantially as the project moves towards production.Uranium is an essential source of nuclear power, yet half the supply comes from Kazakhstan and Niger – the former closely allied to Putin's Russia and the latter politically unstable and mired in poverty.Historic: The square in Salamanca, where Berkeley Energia has a new uranium mine +3Historic: The square in Salamanca, where Berkeley Energia has a new uranium mineNuclear power has been controversial since its inception and the concern raised by new plants, such as Hinkley Point C, highlights continued wariness. Nonetheless, nuclear energy is widely acknowledged to play a vital role in global energy supply, as countries the world over try to wean themselves from an over-reliance on fossil fuels.Berkeley Energia's Salamanca project is set to make a significant contribution to this. The largest uranium mine in Europe and the eighth largest in the world, it has enough to supply the UK's entire electricity needs for five and a half years.The mine is not just large, it will also benefit from very low costs. Most uranium mines are miles from anywhere, with their uranium buried far below ground. At Salamanca, much of the uranium is four metres below the surface, it is high grade and easy to extract. Equally, Spain has been the recipient of billions of euros of European Union incentives (including considerable sums from the UK taxpayer). The Spanish government has put at least some of this cash into national infrastructure, so the roads, railways and power supply around Salamanca are excellent, and export orders can be fulfilled with minimal difficulty.The combination of strong transport links and accessible uranium make Berkeley Energia one of the lowest cost producers in the world. Even the most efficient of its rivals have costs of about $25 per pound while several uranium producers work with costs of $30 to $60 per pound. Berkeley's all-in cost of production is just $15 per pound.Being cheap is always an advantage, but Berkeley's position is particularly beneficial today. Following the Fukushima disaster in Japan in 2011, sentiment turned against nuclear power. Production slowed, new plants were put on hold and the price of uranium slumped from a peak of $130 to just under $25. At this price, most uranium mines are uneconomical, but not Berkeley Energia. And there are clear signs the uranium cycle is on the turn. Some 65 nuclear plants are being built, with China and India, both heavily reliant on coal-fired power stations, especially keen to increase the amount of energy they generate from nuclear power.The US is quietly enthusiastic too. When it comes to uranium, most energy firms take out supply agreements of five to ten years. Many of these contracts come to an end in the next couple of years and Berkeley Energia's chief executive Paul Atherley has received several expressions of interest recently.Last month, the group said it was close to reaching an agreement to supply a million pounds of uranium over five years at a price of $41 per pound to a European trading company that will sell it on to energy firms. The price is more than $16 per pound above the current trading price because most market experts believe that uranium will increase in price over the next few years.This plays neatly into Atherley's plan. The Salamanca mine is set to come into production in the second half of 2018, by which time trading prices should have increased, while long-term contract prices should be higher still.Construction has begun on the mine but Atherley needs another $95 million to bring it to commercial production. An experienced miner, he is determined to avoid issuing cut-price shares to fund the project, and is in discussions with lenders and other third parties, including customers and even other miners to provide the necessary cash.The mine is expected to produce just over a million pounds of uranium in 2018, rising to 3 million the following year and more than 4 million a year thereafter. The group is also exploring around the Salamanca site to expand production and early indications are positive.Midas verdict: Like most pre-production mining companies, Berkeley Energia is unprofitable and is likely to remain so for years. But with 25 years in the industry Atherley knows what he is doing and has the support of shareholders such as BlackRock, Fidelity and Majedie. Analysts forecast the share price will more than double in the next 12 months. Buy.
21/8/2016
09:33
1stuartstuart: Berkeley Energia Ltd (LON:BKY) is forging ahead with its uranium mine development in Spain, where initial site works have already begun. Salamanca will be one of the globe's top ten producers and among the lowest cost, able to generate cash, even during current low uranium prices, the group has said. Early stage work is fully funded, while the company hopes to secure a deal for full mine financing this December quarter, ahead of completing the project by the end of 2017. A robust definitive feasibility study The study in July showed that over an initial ten-year period, Salamanca can produce an average of 4.4 million pounds per year at US$13.30 per pound and cash cost of US$15.06 per pound (compared to current spot of US$26 per pound). It is expected to generate an average annual net profit after tax of US$116 million. The DFS placed a net present value (NPV) on the operation of US$531.9mln, and upfront capital costs to build the mine were slated at US$95.7mln. With operating costs almost exclusively in Euros and revenue coming in in US dollars, it is expected to continue to benefit from continuing deflationary pressures in the EU. The initial mine life of 14 years based on measured and indicated resources of 59.8 million pounds. Exploration is aimed at converting some of the inferred 29.6 million pounds into mineable material. Speaking to Proactive, chief executive Paul Atherley has said: "We are able to build this project, produce uranium, right at the bottom of the uranium price cycle and we are the only mine in the world that's able to do that." Offtake negotiations underway and a price rise? Berkeley is already in negotiations with selected utilities regarding offtake contracts during the initial 3-5 years of production from the project. At a time when the project is due to come online, US utility firms' contracts will have ended, and be competing with demand from new Chinese nuclear reactors, which may push up prices, the firm reckons. Atherley said: "So two big demand shocks at a time when primary supply is falling, so a lot of people are forecasting the uranium price to move quite strongly." Building work started and mulling full financing route Work on a road realignment and power line upgrade at Salamanca, three hours west of Madrid, is already underway and Berkeley said it was fully funded for this initial phase with A$11.3 million in cash and no debt. On the remainder needed, the firm says it has been approached by a number of potential groups due to the site's attractive low operating and capital costs Its preferred method and to minimise shareholder dilution, would be the sale of a minority interest to a strategic partner for a price that reflects the NPV (net present value). What the broker are saying FinnCap repeated a 'buy ' and 113p target price having initiated on the stock last week. Given the weak uranium market currently, finncap expects this to be the only “major new project to start construction”, something which Berkeley could use to its advantage. Liberum has also started coverage, saying it sees little downside to Berkeley, as further exploration success and higher uranium prices in the future will only serve to drive the share price higher. It has a target of 60p. Shares today added 7.76% to 49.3p.
01/8/2016
20:03
herlat1: Mining Journal: Berkeley brings light to uranium gloom· Daniel GleesonIn a dismal market for uranium, Berkeley Energia's Salamanca in-situ leaching project in Spain is one of the few bright prospects continuing to show its class. While all of the uranium bears were signalling the death knell for the market as spot prices hit an 11-year low earlier this month, Berkeley shareholders were looking at the Salamanca definitive feasibility study with awe asking not if it can make money, but how much?Since the study was announced, the company's London-listed share price has risen 26%, while the majority of its uranium peers have plummeted in value.Scheduled to produce 4.4 million pounds per annum of U3O8 for an initial 10 years at an all-in cash cost of US$15.06 per pound, the DFS has shown that if Salamanca went into production today it would more than wash its face.Requiring $95.7 million in initial capital – given the company has already started some development work – the project is scheduled to provide a post-tax net present value of $531.9 million and an internal rate of return of 60%.Most investors reading this line will be waiting for the 'but' and, while there is a clause to insert here it is not the same one at which most of its peers fall down.Instead of using the magical $65/Ib long-term price that makes marginal uranium projects viable on paper, Berkeley has decided to use Ux Consulting's base-case contract projections. This works out at an average price of $52.55/Ib over 14 years, ranging from $39.06/Ib in 2017 to $67.69/Ib in 2030.Managing director Paul Atherley said the company has faith the $65/Ib long-term price analysts are guiding for over the long term will emerge, but it may not do so by the time Salamanca hits first production in 2018."Mid term, we think the forward curve is a better reflection. Certainly it is more in line with the discussions we are having with utilities," he told Mining Journal.It is these utilities that are currently causing the problems in the uranium market.While companies like Cameco continue to cut or suspend output to reduce the market oversupply, utilities have proven resistant to signing long-term contracts, instead tiding inventories over with spot pounds where needed.Atherley can see this trend continuing for up to two years, but the longer it goes on the bigger the bang the market is likely to receive down the line."What we're anticipating is that from 2018-2024, US utilities become 82% uncovered [in terms of long-term uranium supply contracts]. Our argument is that when they move into the spot market in that kind of volume, they will be doing so at the same time the Chinese are increasingly looking for material for their new reactor builds, at the same time as primary supply is coming off stream. We think those three ingredients could be a catalyst to a price boom," he said.In terms of developments Berkeley can control, Atherley is aiming to convert 30MIb of inferred resources and carrying out further drilling of the jewel in the Salamanca crown – the Zona 7 deposit – to boost output in the latter years of operation.This is with the idea of sustaining production above 4MIba for the entire mine life, which will benefit not only revenues, but also the average all-in cash cost, which is $17.15/Ib over the 14 years of operation.Such refinements will only bolster what is already a world-class project; an asset that stands out as one of the few potential mines able to make money in today's deep bear market.Saying that, when production comes online in 2018, the market could be a very different beast and Berkeley could be reaping the rewards of hard work carried out in the market trough.This is one uranium project that will be built upturn, or no upturn.
20/5/2016
20:30
herlat1: QP/kreatureIn response to your two questions:The spot price is US$29 up 15% in a month ( a bit like the BKY share price)and yes i have emailed the Company about the press articles on the appeal.
14/4/2016
07:36
quepassa: As at 31Dec 2015, Berkeley have net assets/total equity/shareholder capital of AussieDollar 23.734 million (just under sterling £13million) They are looking to raise approx USdollar 100miliion (approx £71million) to finance the roll-out of the new mine. Personally, in my opinion only I don't see how they can avoid issuing more equity with a capital base of just £13m versus a financing requirement of £71m equiv. Even if they can write up the balance-sheet value of the mine if/when they release the much anticipated RNS's for any new Zona-7 type deposit finds, I personally still don't see how they can finance the project on the strength of their existing balance-sheet alone. My guess (and that is all it is) is that a not-insignificant amount of new equity will need to be issued. If my guess is on track about the requirement to issue new equity, the question remains as to when, how much and to whom. And of course the price at which it is issued, placed or subscribed to. Any of the above scenarios would of course be aided by a higher share price. The higher the current share price, the less the dilution. But because the company is not producing hard income currently from the mine, actual earnings and profits cannot drive the share price. Other things like upward valuations, investor sentiment, RNS announcements, new deposit finds, sector news, increase in uranium demand and pricing may or may not stimulate the theoretical value of the project. And in turn the current share price. Any company income derived from mining operations at the mine is not observable until 2018 so financing must be based on theoretical future cash-flows and future projected values. My guess is that equity is a not-insignificant part of the financing for the project. ALL IMO. DYOR. QP
11/1/2016
08:47
bookvan: "1, The current uranium price at the projected cost for mining returns a profit. Any increase in the price per pound for uranium returns a bigger profit." The uranium price is still falling. As long as it's falling, uranium miners/explorers are not going to go up. That's how it works. The uranium price is still in a downward trend, right? Somebody correct me on that. "2. Helpful but not essential for BKY which is a speciality stock dealing in an unusual commodity." No - the whole commodity/mining sector is weak and getting weaker. Uranium is no more an unusual commodity than any of the others. If it were a special case the price would be going up not down. "What you have omitted is an increase in resource and I personally look forward to the announcement of the results of the exploration which is either being currently undertaken or which is promised. If it were anything approaching the Zona7 result that will light up the share price." Miners are announcing increase of resources all over the sector and share prices are not lighting up but still falling. All your arguments are just the same as on most other boards. That is to say: it doesn't matter about the sector. Our company is different. Something will come along to make everybody see it. But the facts are the mining sector is weak and getting weaker. Investor sentiment for the whole sector is dire. The only thing that will help the share price is if uranium (like gold) starts to stage it's independent recovery. Can you answer this specific question: is there a sign of the uranium price getting stronger? It is absolutely crucial.
07/1/2016
10:57
quepassa: herlat1. Do you think Berkeley can raise the necessary $81m if the share price remains at this level? The repeat RNS's and increases to broker share price forecasts are having no discernable effect and impact on the share price in such a highly negative market. What potential investors want to see in my opinion is concrete news on the financing which was again sadly lacking in today's RNS. It is glaring that Berkeley have apparently all the licenses and permits etc etc in place but no concrete news of financing. Where is the money? Resources in the ground are just that without the financial resources to dig them out. Seems to me that we have a classic Catch-22 situation. A higher share price is needed in my opinion for funding. And funding is needed for a higher share price. My guess is that Berkeley's funding plans include raising equity and that, in my opinion, needs a much more buoyant share price which is looking unlikely in my opinion in such a negative market. What's your ( not snowflake's ) view please? ALL IMO. DYOR. QP
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