Berkeley Energia Limited (“Berkeley”)(ASX/LSE:BKY) is focused on bringing its wholly owned Salamanca uranium project into production.
The world class uranium project is being developed in a historic mining in western Spain, about three hours west of Madrid. The Company has received more than 120 European Union and National level approvals required for the initial development.
The project will generate measurable social and environmental benefits in the form jobs and skills training in a depressed rural community. It will also make a significant contribution to the security of supply of Europe’s zero carbon energy needs, where Euratom recently rated “lack of investment in new mines” as the number one risk facing European utilities.
The project benefits from a rare combination of low upfront capital costs of U$81.4m and very low operating costs of US$15.60/lb, placing it at the bottom of the cost curve and enabling it to proceed towards production, even in the current uranium market where low prices have forced many other Tier 1 mines to close.
Ground Site Works
ESTABLISHED INFRASTRUCTURE, LATEST TECHNIQUES
The project benefits greatly from the well-established EU funded infrastructure in the region with an initial capital cost of only US$93.8 million which is low by international standards for a project of this size.
The Company has established a good neighbour and business partner relationship with the local community. In addition to the creation of 450 direct jobs when the project is in full production, and up to 2,000 indirect jobs in a community hard hit by long-term unemployment, the Company is actively supporting local businesses and the activities of local municipalities.
The mine design incorporates the very latest thinking on minimal environmental impact and continuous rehabilitation such that land used during mining and processing activities is quickly restored to agricultural usage, being certified by AENOR on the ISO 14,001 (Environmental Management) and UNE 22470-80 (Sustainable Mining).
In August 2016 the Company entered the development phase and began initial infrastructure work on site. Development work commenced on the road realignment and power line upgrade ahead of main construction.
Following the successful financing for the construction of the mine at Retortillo, in July 2018 the Company successfully listed on the Main Board of the London Stock Exchange and on all four Spanish Stock Exchanges, becoming Spain’s only listed mining company.