Paul Atherley, Managing Director, discusses the $65M Oman financing transaction, which fully de-risks the capital costs required to bring the Salamanca mine into production. Paul welcomes the Oman fund as a strategic, long term investor and shareholder in the Company and Mr Deepankar Panigrahi to their Board. The Salamanca mine is the only uranium mine under construction in the world today and the Company is well positioned going in to the New Year.
That isn’t to say 2017 has been uneventful; Berkeley has made significant progress with early works, continued its exploration programme and secured US$120 million of finance at the height of the uranium bear market for a project set to make the company a top-10 producer.
These achievements – delivered when the spot uranium price is hovering around a 12-year low – are testament to the project, management team and expected market resurgence for the nuclear raw material.
Panel discussion about power technologies and the associated minerals. Facilitated by Peel Hunt and the CEO’s of Berkeley Energia, Cadence Minerals, Horizonte Minerals & Rainbow Rare Earth discuss the industry sector and how they see it changing over the coming years.
WH Ireland has increased its target price for Berkeley Energia Ltd (LON:BKY, ASX:BKY) to reflect the recent financing agreement for the Salamanca project.
The Sovereign Wealth Fund of the Sultanate of Oman is to provide up to US$120m to fully fund the Salamanca mine into production, which WH Ireland analyst Paul Smith thinks is an outstanding achievement in the current environment for uranium explorers.
Berkeley Energia Ltd (LON:BKY) is a London AIM and ASX listed minerals development company. The firm is currently progressing the Salamanca Uranium Project in western Spain, aiming to commence production in the second half of 2018.
“BKY Lands Sweet $120M Deal with Omanis to Fully Fund Salamanca”
“The hard work put in by Berkeley Energia managing director Paul Atherley is pursuing a strategic investment partner to secure the funds to build the Salamanca mine in Spain looks to have paid off big time.”
“Uranium miner Berkeley Energia wins £93m backing from Oman.”
“Aim-listed uranium miner Berkeley Energia has won $120m (£93m) backing from the sovereign wealth fund of Oman to finance construction of its mine in Spain.”
“The first tranche of cash will come in the form of a $65m loan that will convert into shares worth 50p, giving the fund a 28pc holding in Berkeley. This will fund the remainder of the construction of the company’s mine near Salamanca in northwestern Spain.”