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Mining Journal : Berkeley honing in on Zona 7

All of the indicators are pointing to a resource upgrade at Berkeley Energia’s Salamanca uranium project in Spain after its standout Zona 7 deposit continued to show off further potential.

Part of ongoing exploration aimed at improving the production profile and economics of the project, the drilling targeted extensions below the existing Zona 7 deposit.
The AIM and ASX-listed company had already delineated a resource from surface down to 100m at Zona 7, but recent drilling has shown economic grades go down to 271m.

Even before this, Salamanca, which is in the initial stages of development, was already an exceptional project in the uranium space, one which could even make money at today’s depressed price.

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Mining Journal : Berkeley Brings Light to Uranium Gloom

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.

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Optimisation studies are likely to demonstrate the project’s robust economics even at the current low uranium prices

Berkeley Energia has closed a previously announced US$5 million royalty financing with RCF V Annex Fund, allowing the company to get on with establishing key infrastructure at its Salamanca uranium project in Spain.  The financing comprised the sale of a 0.375% fully secured net smelter royalty over the project for $5 million alongside an additional $5 million equity placement to RCF completed at a 15% premium to the 30 – day volume weighted average price.
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With $96m Capex, $15/lb Cash Costs, Salamanca DFS dazzles

Berkeley Energia (AIM/ASX:BKY) has further boosted the appeal of its Salamanca project in Spain with the recently-completed definitive feasibility study (DFS) that shows an upfront capital outlay of $95.7 million and all-in cash costs of $15.06 per pound U3O8, significantly below current spot and term price indices ( see sidebar, right). The firm announced the DFS results on July 14, highlighting that the study “has confirmed the Salamanca project as one of the world’s lowest cost producers capable of generating strong after tax cash flow through the current low point in the uranium price cycle.”
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Berkeley Energia: A sustainable project

Berkeley Energia’s project is defined by its commitment to economic and social development and its respect for health and the environment Berkeley Energia is now developing its ambitious
project mining for uranium in Salamanca, near Cuidad Rodrigo, the same area that Enusa was extracting uranium until 2001. Berkeley, an Australian company, has invested more than 60 million euros to date in the development of this project, and mining will begin at the Retortillo-Santidad deposit, situated in the Retortillo and Villavieja de Yeltes areas.

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Is Berkeley Energia plc a better buy than BHP Billiton plc

In the emerging energy economy, many people have talked about the rise of solar and wind power.
And indeed these renewables are rapidly becoming cost competitive with oil and gas, and will grab an increasingly large market share in the energy sector. But in this energy revolution, there is relatively little mention of nuclear power. Yet most agree that this will be a crucial component of the future energy mix. The nuclear power industry is growing year on year, and China and India alone plan to build 300 new reactors.
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Wine region generates a nuclear future

Salamanca is a part of Spain best known for its wine and its 12th century university, but after a $10 million fundraising yesterday the city could soon be regarded as a nuclear center. Berkeley Energia, the AIM quoted uranium miner, secured the backing of Resource Capital Funds (RCF), one of its largest shareholders, for financing towards the early infrastructure work before construction begins this year.
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Weighing up new uranium

The nuclear renaissance interrupted by the Fukushima disaster in Japan in 2011 looks set to continue.All of the catalysts linked to the need for ‘clean’, large scale power are present and China, which pushed the majority of commodities to new highs in the recent past, is ready to do the same in the uranium space. While underfeeding at reactors and excess inventories are currently keeping spot prices suppressed, the long term picture is very different. One of China’s biggest state reactor builders has mooted the country’s total installed nuclear capacity is set to grow to 120 150GW by 2030 from just 28.3GW in 2015. This makes the recent predictions of the Asian nation building eight to 10 new reactors every year until the end of the next decade, spot on.