Development and Financing Partnership with KEPCO
10 8월 2010 - 4:33PM
UK Regulatory
TIDMBKY
RNS Number : 8133Q
Berkeley Resources Limited
10 August 2010
10 August 2010
BERKELEY RESOURCES LIMITED
Development and Financing Partnership with KEPCO for the Salamanca Uranium
Project
Berkeley Resources Limited (ASX/AIM:BKY) is pleased to announce that it has
entered into a non-binding Memorandum of Understanding (MOU) with the Korea
Electric Power Corporation (`KEPCO'), to finance and develop the Salamanca
Uranium Project.
The Korea Electric Power Corporation is a Korean government invested diversified
energy company with assets over $US 80 billion and revenues of over $US 30
billion, on a consolidated basis as of December 31, 2009. The company is
involved in the generation, transmission and distribution of electrical power
from nuclear, hydro, coal, oil and LNG sources worldwide. KEPCO provides
electricity to almost all households in Korea and operates twenty nuclear power
plants in the country with six more under construction. The company has over
30,000 employees and is listed on the Korean Stock Exchange and the New York
Stock Exchange.
KEPCO will invest, at the Project level only, US$ 70 million for a 35% interest
in Berkeley's Salamanca Uranium Project, which comprises of Aguila, Alameda,
Retortillo and Villar mining areas. KEPCO will also contribute funding of 35%
for the development of the Salamanca Uranium Project assets to bring them into
production as well as ongoing operating expenditure.
Berkeley and KEPCO will work together through appropriate Board representation
at project level and will regularly review future Capital needs and off-take
arrangements as the project development phase progresses.
In return, this agreement provides that KEPCO will execute a proposed offtake
agreement to purchase 35% of the Salamanca Uranium Project's U308 production at
industry standard terms, based on a mix of spot and term prices.
Mr. Ian Stalker, Managing Director of Berkeley commented:
'The strategic partnership with such a successful industry heavyweight as KEPCO
confirms our determination to rapidly develop our Salamanca Uranium Project and
be operational by the end of 2012. We are delighted to have this added
flexibility in both our financing plan and market awareness, particularly at
this stage of our project development. This marks a significant achievement in
the progress of Berkeley's development cycle and goes a long way to achieve the
development of this unique and strategic Project. Berkeley will also retain 100%
of the exploration potential in its extensive portfolio as well as the Gambuta
Project, which has a JORC inferred resource of 9.2 Mlbs.'
The transaction is subject to the completion of a final sixty (60) days due
diligence by KEPCO, execution and delivery of a Definitive Agreement (DA) within
thirty (30) days thereafter and Berkeley and KEPCO Board approvals, as well as
the receipt of certain regulatory stock exchange approvals, if required.
For further information please contact:
Enquiries - Managing Director: Ian Stalker Tel: +34
608 221 497
RBC Capital Markets: Martin Eales Tel:
+44 20 7029 7881
BMO Capital Markets: Robin Birchall Tel: +44
20 7664 8121
Conduit PR Charlie Geller
Tel: +44 20 7429 6604
This information is provided by RNS
The company news service from the London Stock Exchange
END
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