Berkeley Stock Quakes on Salamanca Uranium Uncertainty

Berkeley Stock Quakes on Salamanca Uranium Uncertainty

Berkeley Energia took a strong hit to its share price on Wednesday after reports alleged that the company will be denied a necessary permit for its Salamanca uranium project.

Berkeley Energia (ASX:BKY,LSE:BKY) took a hit this week due to media reports alleging it has been denied a necessary permit for its Salamanca uranium mine by the Spanish government.

In a quarterly report released by Berkeley on Monday (October 15), the company explained that it is waiting on two major approvals before moving forward with Salamanca, with one being an urbanism license and the other being construction authorization.

While the report says the company has complied with all legal requirements, a Reuters article released Wednesday (October 17) says that a confidential report indicates that Spanish authorities have declined to grant a building permit to Berkeley.

The rejection allegedly comes on the basis that Berkeley does not own all the land necessary to the project. The project also reportedly lacks key technical information and still has to be authorized by Spain’s central government.

Berkeley’s share price saw a harsh reaction to the news on Wednesday, plummeting almost 30 percent to AU$0.33 by the end of trading on the ASX. The company then opted to halt trading on the ASX due to the media reports, and said the freeze will remain until an announcement is released regarding the situation or on October 19, whichever is first.

The company also issued a subsequent statement that day in response to the reports, noting that Spain’s Nuclear Safety Council and Energy and Environment Ministry have both declined to comment.

The statement also says that Berkeley has not received any kind of official notice regarding the permit denial, and has contacted the aforementioned council and ministry for clarification on the matter.

Salamanca is intended to be one of the world’s lowest-cost producers of uranium, and is located three hours west of Madrid in Spain. The project’s definitive feasibility study indicates Salamanca is capable of producing an average 4.4 million pounds of uranium per year over an initial 10-year period.

Development on the project started in August 2016, at which point initial infrastructure work on site began. Salamanca is Berkeley’s only asset.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Hastings Technology Metals Ltd Measured and Indicated Mineral Resource Tonnes Up by 54%

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM), is pleased to announce a material increase in Mineral Resource Estimate at its Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.


– Measured and Indicated Mineral Resource tonnes increased by 54% to 16.3Mt for Yangibana deposits drilled during 2020.

Keep reading... Show less

ASI certifies Rio Tinto’s ISAL smelter for responsible production

Rio Tinto’s ISAL smelter in Iceland has been certified by the Aluminium Stewardship Initiative (ASI) for meeting the highest internationally recognised standards for responsible aluminium production.

The certification continues Rio Tinto’s leadership of the industry on responsible aluminium production from mine to metal, and means customers can be assured aluminium produced at ISAL meets independent environmental, social and governance standards.

Keep reading... Show less

Rio Tinto updates details of tailings facilities

Rio Tinto today released updated information in relation to its global tailings facilities to align with the requirements of the Global Industry Standard for Tailings Management (GISTM) released in August 2020, an initiative co-convened by the International Council on Mining and Metals, United Nations Environment Programme and the Principles for Responsible Investment.

The latest disclosure at builds on previously disclosed information on each of Rio Tinto’s global tailings facilities released in June 2019 and the publication of Rio Tinto’s Group Procedure and updated Standard for ‘Management of tailings and water storage facilities’ in February 2019. The changes to existing data are in line with guidance contained in GISTM including updating information previously disclosed.

Keep reading... Show less

Hastings Technology Metals Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to report on exploration and development activities for the three-month period to 31st March 2021. Most of the activity focused on the Company’s Yangibana Rare Earths Project (“Yangibana”) in the Gascoyne region of Western Australia.


– Hastings raised $100.7 million (before costs) through a two-tranche equity placement priced at $0.19 per share, with funds to be used to advance development of the Yangibana Rare Earths Project.

Keep reading... Show less

Argyle Diamond Mine Closure: What’s Next for the Sector in Australia?

Click here to read part one of this article, which covers the closure of the Argyle diamond mine.

When the mining equipment permanently shut down at Western Australia's Argyle mine in November 2020, the country's diamond sector entered a transitional period.

As the world's fourth largest diamond-producing asset shuttered, domestic output of the gems instantly declined by as much as 90 percent.

Keep reading... Show less

Top News

Related News