TIDMBKY
RNS Number : 9114W
Berkeley Energia Limited
24 April 2019
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 24 April 2019
Quarterly Report March 2019
Highlights:
-- Permitting Update:
o During the quarter the Company announced a number of
favourable assessments from various regulatory bodies including two
from the Nuclear Safety Council relating to the pre-operational
Surveillance Plan for Radiological and Environmental Affections and
the pre-operational Surveillance Plan for the Control of the
Underground Water.
o The Company continues to await the recommendation report from
the Nuclear Safety Council. As previously reported, the Company
notes the recent media reports regarding the various legal
challenges to the recently announced appointments to the Board of
the Nuclear Safety Council.
The Company will advise shareholders of the decision by the
Supreme Court on the legality of these appointments as soon as it
is received.
In the meantime, the Company continues to progress the approvals
for the Salamanca mine and will advise shareholders as soon as any
decision is made by the Nuclear Safety Council.
o The Salamanca mine is being developed to the highest
international standards and the Company's commitment to the
environment remains a priority. It holds certificates in
Sustainable Mining and Environmental Excellence which were awarded
by AENOR, an independent Spanish government agency. The Company has
been re-awarded both certificates following a consultation process
with the agency.
-- Optimisation Review:
o The Company continues to focus on commencing construction of the Salamanca Mine.
o The Company recently undertook a full strategic review where
various potential opportunities were identified, including other
business development opportunities. The Company will communicate
these to shareholders should anything develop further.
-- Uranium market:
o The long-term fundamentals of the uranium market continue to
remain strong with a combination of constrained supply, the run-off
of long-term contracts and a growing demand outlook.
o The spot uranium price was US$25 per pound at the end of the
quarter which was largely due to continued uncertainty surrounding
US Department of Commerce's current Section 232 investigation into
uranium imports which has temporarily constrained new uranium
purchases by US utilities.
o The Company has 2.75 million pounds of U(3) O(8) under
contract for the first six years, with a further 1.25 million
pounds of optional volume, at an average price above US$42 per
pound.
-- Engineering Studies:
o The Company continues to progress with the review of the
engineering design of the Salamanca mine.
-- Balance Sheet:
o The Company is in a strong financial position with A$97 million in cash.
For further information please contact:
Berkeley Energia Limited +44 203 903 1930
Paul Atherley, Managing Director and info@berkeleyenergia.com
CEO
Sean Wade, Chief Commercial Officer
Berenberg (Joint Broker) +44 203 207 7800
Matthew Armitt
Detlir Elezi
Tamesis Partners (Joint Broker) +44 203 882 2868
Charles Bendon
Richard Greenfield
Buchanan +44 207 466 5000
Bobby Morse, Senior Partner BKY@buchanan.uk.com
Permitting update
During the quarter, the Company announced that a number of
favourable assessments from various regulatory bodies including two
from the Nuclear Safety Council relating to the pre-operational
Surveillance Plan for Radiological and Environmental Affections and
the pre-operational Surveillance Plan for the Control of the
Underground Water. The Company awaits the recommendation report
from the Nuclear Safety Council to the relevant Minister.
The Company continues to await the recommendation report from
the Nuclear Safety Council. As previously reported, the Company
notes the recent media reports regarding the various legal
challenges to the recently announced appointments to the Board of
the Nuclear Safety Council.
The Company will advise shareholders of the decision by the
Supreme Court on the legality of these appointments as soon as it
is received.
In the meantime, the Company continues to progress the approvals
for the Salamanca mine and will advise shareholders as soon as any
decision is made by the Nuclear Safety Council.
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to the
environment remains a priority. It holds certificates in
Sustainable Mining and Environmental Excellence which were awarded
by AENOR, an independent Spanish government agency. The Company has
been re-awarded both certificates following a consultation process
with the agency.
Optimisation review
The Company continues to focus on commencing construction of the
Salamanca mine and bringing it into production.
The Company recently undertook a full strategic review where
various potential opportunities were identified, including other
business development opportunities and a platform for future
growth.
The Company will communicate these to shareholders should
anything develop further.
Uranium market
The long-term fundamentals for uranium remain very strong.
China is expected to double its nuclear capacity by 2020 and
then double again by 2035. In total, 58 reactors are currently
under construction globally, a 25 year high in nuclear growth.
US utilities urgently need to start buying as high priced
2005-2007 contracts run off. EU utilities also need to recontract,
at the same time as Japanese utilities come back on line after the
disruption to the Japanese nuclear industry from Fukushima.
Meanwhile, supply cuts continue and it is estimated that
approximately 25% of global production was cut in 2018.
The Company has 2.75 million pounds of U(3) O(8) under contract
for the first six years, with a further 1.25 million pounds of
optional volume, at an average price above US$42.
The Company will continue to progressively build its offtake
book and has granted the Oman sovereign wealth fund the right to
match any future long-term offtake transactions.
Engineering Studies
The Company continues to undertake optimisation reviews of the
engineering design of the Salamanca mine.
Following the identification of a number of opportunities to
reduce the initial capital expenditure required to bring the mine
into production, the Company has prepared a desktop study which
develops these opportunities and gives an indication of the savings
that may be achieved.
Committed to the highest environmental standards
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to the
environment remains a priority. It holds certificates in
Sustainable Mining and Environmental Excellence which were awarded
by AENOR, an independent Spanish government agency. The Company was
re-awarded both certificates following a consultation process with
the agency.
The mine has been designed according to the latest thinking on
sustainable mining. The extraction and treatment areas will be
continuously rehabilitated as operations progress and with minimum
disturbance during operations. Once operations are complete, all
areas utilised by the Company will be fully restored to an improved
agricultural state.
As part of the Environmental Licence and the Environmental
Measures Plan over 30,000 young oak trees will be planted over an
area of 75 to 100 hectares. The first 20,000 of these will be
planted in the nearby municipality of Vitigudino over an area of
more than 500 hectares currently used by cattle farmers.
Commitment to the community
The Company has invested more than EUR70 million developing the
Salamanca mine over the past decade and plans to invest an
additional EUR250 million over the life of the project.
The Company has signed Cooperation Agreements with the highly
supportive local municipalities, demonstrating its commitment to
fostering positive relationships with these communities.
To date, through these agreements, the Company has provided Wifi
networks for local villages, built play areas for children,
repaired sewage water plants, upgraded sports facilities, and
sponsored various sporting events and local festivals.
The Company has worked tirelessly over the past decade to
develop positive and mutually beneficial relationships with the
local communities and will continue to do so as construction ramps
up.
Forward Looking Statements
Statements regarding plans with respect to Berkeley's mineral
properties are forward-looking statements. There can be no
assurance that Berkeley's plans for development of its mineral
properties will proceed as currently expected. There can also be no
assurance that Berkeley will be able to confirm the presence of
additional mineral deposits, that any mineralisation will prove to
be economic or that a mine will successfully be developed on any of
Berkeley mineral properties. These forward-looking statements are
based on Berkeley's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to
risks, uncertainties and other factors, many of which are outside
the control of Berkeley, which could cause actual results to differ
materially from such statements. Berkeley makes no undertaking to
subsequently update or revise the forward-looking statements made
in this announcement, to reflect the circumstances or events after
the date of that announcement.
Appendix 1: Summary of Mining Tenements
As at 31 March 2019, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 28 100% Granted
(Alameda)
D.S.R Salamanca 29 100% Granted
(Villar)
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águlia 100% Granted
I.P. Espinera 100% Granted
I.P. Halcón 100% Granted
I.P. Horcajada 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
I.P. El Vaqueril 100% Pending
I.P. Calixto 100% Pending
I.P. Melibea 100% Pending
I.P. Clerecía 100% Pending
I.P. Clavero 100% Pending
I.P. Conchas 100% Pending
I.P. Lis 100% Pending
I.P. Úrsulas 100% Pending
I.P. Lazarillo 100% Pending
I.P. Anaya 100% Pending
I.P. Dueñas 100% Pending
I.P. Dominicos 100% Pending
I.P. Rúa 100% Pending
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito Este 100% Granted
I.P. Don Benito Oeste 100% Granted
------------- ------------------------- ----------- --------
No tenements were acquired or disposed of during the quarter
ended 31 March 2019. There were no other changes to beneficial
interest in any mining tenements due to farm-in or farm-out
agreements. No beneficial interest in farm-in or farm-out
agreements were acquired or disposed during the quarter.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 31 March 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $A'000
(9 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,396) (3,788)
(b) development - -
(c) production - -
(d) staff costs (857) (3,496)
(e) administration and corporate
costs (204) (837)
1.3 Dividends received (see note - -
3)
1.4 Interest received 571 1,661
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
Other (provide details if
1.8 material):
- Business Development (143) (465)
- London and Spain Listing
Costs - (536)
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (2,030) (7,460)
----- ------------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant and equipment (6) (18)
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and equipment - 28
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if
material): - -
---------------- ----------------
Net cash from / (used in)
2.6 investing activities (6) 10
------- ----------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of convertible - -
notes
3.3 Proceeds from exercise of - -
share options
Transaction costs related
to issues of shares, convertible
3.4 notes or options - (25)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
3.10 financing activities - (25)
------- ----------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 99,870 100,846
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,030) (7,461)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (6) 10
Net cash from / (used in)
financing activities (item
4.4 3.10 above) - (25)
Effect of movement in exchange
4.5 rates on cash held (465) 3,999
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 97,369 97,369
------- ----------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 6,207 8,708
5.2 Call deposits 91,162 91,162
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 97,369 99,870
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $A'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 (156)
----------------
6.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Payments include directors' fees, superannuation, bonuses and
consulting fees.
7. Payments to related entities of the entity Current quarter
and their associates $A'000
7.1 Aggregate amount of payments to these parties -
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3 -
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
Not applicable.
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $A'000
$A'000
8.1 Loan facilities - -
------------------- ----------------
8.2 Credit standby arrangements - -
------------------- ----------------
8.3 Other (please specify) - -
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
Not applicable.
9. Estimated cash outflows for next $A'000
quarter
9.1 Exploration and evaluation (1,500)
9.2 Development -
9.3 Production -
9.4 Staff costs (1,000)
9.5 Administration and corporate costs (250)
9.6 Other (provide details if material) -
--------
9.7 Total estimated cash outflows (2,750)
---- ------------------------------------ --------
10. Changes in tenements Tenement Nature of Interest Interest
(items 2.1(b) reference interest at beginning at end of
and 2.2(b) above) and location of quarter quarter
10.1 Interests in - - - -
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ---------- -------------- -----------
10.2 Interests in - - - -
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ---------- -------------- -----------
(a) Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
[lodged electronically without signature]
Sign here:
............................................................ Date:
24 April 2019
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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