TIDMBKY
RNS Number : 8215L
Berkeley Energia Limited
24 July 2017
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 24 July 2017 | AIM/ASX: BKY
Quarterly Report June 2017
Development of the Salamanca mine progressing well
-- Development of the Salamanca uranium mine is continuing to progress well:
o All infrastructure work is on track for completion as
planned
o The primary crusher was delivered to site and secondary
crusher has now arrived at the Sandvik warehouse in Madrid
o Front-End Engineering Design (FEED) was completed on time and
on budget
o The land acquisition process is almost complete, with over 600
hectares acquired or leased to date
-- Strengthening of Board and management:
o Highly regarded mining and finance executives Mr Nigel Jones
and Mr Adam Parker appointed as Non-Executive Directors
o The Company is delivering on its promise of local employment,
with 20 new staff and contractors added during the quarter,
bringing the total to near 70
o Further skills training programmes were completed during the
quarter, with training provided to over 120 local residents,
equipping them with the specialist skills needed for the 450 jobs
the project will create
-- Financials are on track:
o Final upfront capital costs reduced to EUR82.3 million
(US$93.8 million) following completion of the FEED
o Strong and continued interest from strategic investors and
financiers
o Robust balance sheet with cash of US$26.3 million and no
debt
-- Exploration:
o The next phase of the exploration campaign commenced with a
focus on identifying additional targets with similar
characteristics to Zona 7
o Two areas have been selected for an intensive geochemical
sampling programme incorporating the latest uranium exploration
techniques, in addition to radiometrics and radon emissions
-- Uranium market showing signs of improvement:
o Production cuts from high-cost operations continue to bring
the market into balance
o The Company is witnessing increased off-take contract
invitations from utilities
o Currently 2.75 million pounds of U(3) O(8) concentrate under
long term contracts over the first six years of production with a
further 1.25 million of optional volumes
o The Company's average fixed price per pound of contracted and
optional volumes is above US$42 per pound
Managing Director Paul Atherley commented:
"We are pleased with progress during the quarter which included
the delivery of the crusher to site, the finalisation of capex and
a significant strengthening of the Board and management team.
The progress moves us closer to potentially being one of the top
ten uranium producers globally, with one of the lowest production
costs. We are extremely well positioned to provide our concentrate
to the 130 strong reactor fleet in the European Union as well as
utilities further abroad.
The continued success of our long-term off-take programme at
exceptional prices demonstrates the Salamanca mine's unique
advantage of offering diversification of supply away from non-OECD
countries towards first world jurisdictions.
We are encouraged by the local support and continue to recruit
heavily from the local community. In addition we are delighted that
people we have trained are now being offered employment. We
currently employ 70 staff and contractors at site and plan to
increase this number quickly as construction continues."
For further information please contact:
Berkeley Energia Limited +44 20 3903 1930
Paul Atherley, Managing info@berkeleyenergia.com
Director
Hugo Schumann, Chief Commercial
Officer
Peel Hunt LLP (Joint Broker) +44 20 7418 8900
Matthew Armitt
Ross Allister
Chris Burrows
WH Ireland Limited (Nominated
Adviser) +44 20 7220 1666
Paul Shackleton
Jay Ashfield
Buchanan +44 207 466 5000
Bobby Morse, Senior Partner BKY@buchanan.uk.com
Anna Michniewicz, Account
Director
Overview
Infrastructure works on site are progressing well. The road
deviation programme is well advanced and land is now being cleared
to allow for the installation of the processing plant.
The primary crusher, delivered to site earlier this month, and
the secondary crusher, which is currently in Madrid, were
fabricated by Sandvik in Finland. Vibramech, based in South Africa,
is on track with the fabrication of the vibrating grizzly feeder
and screens.
The recent arrival on site of the primary crusher marks a
significant milestone for the Company as it has progressed from the
development phase to the construction phase.
Equipment procurement for realignment of the electrical power
line has been completed and the line deviation will commence once
the road construction is complete.
Employment levels are increasing with nearly seventy employees
and contractors now on site and this will rise to 450 when the mine
is in production. Over 120 locals have now completed the Company's
skills training programmes equipping them with the skills necessary
for positions with the Company.
These rising levels of employment are already having a positive
effect on a local community badly affected by long term
unemployment, especially amongst its youth.
The Company remains committed to environmental excellence and as
part of the Environmental License and the Environmental Measures
Plan it will plant 30,000 young oak trees, a six fold increase on
the number of older trees being cleared, greatly improving the
ecological and agricultural value of the area. The agreement will
come into force once the favourable report issued by the
Environmental Territorial Service of Salamanca has been approved by
the General Directorate of Natural Environment of the Castilla y
León Regional Government.
This reforestation programme commenced earlier this year with an
agreement with the highly supportive local municipality of
Vitigudino which details the arrangements for the planting of the
first 20,000 young oak trees over a 50 hectare plot.
The Company is currently evaluating quotes from a number of
experienced mining contractors and is encouraged by the competitive
bids received. A key focus is the management of cost escalation
over the term of these and all major contracts and suppliers to the
Company.
Capital and the main contractual operating costs were finalised
following the completion of the FEED being undertaken by AMEC
Foster Wheeler and came in 1% below the Definitive Feasibility
Study estimates, reinforcing the Salamanca mine's position at the
bottom of the cost curve.
The next phase of the Company's exploration programme will focus
on discovering additional deposits with similar characteristics to
Zona 7. Following extensive structural mapping and the
interpretation of regional geological structures, two areas have
been selected for an intensive geochemical sampling programme
incorporating the latest uranium exploration techniques, in
addition to some others like radiometrics and radon emissions.
The Company has noted increased public tender activity by major
global utilities looking to enter into long term contracts in the
medium to long term horizon. The Company is actively pursuing both
public and private off-take opportunities with global utilities in
the ordinary course of business and will report regularly on how
this progresses.
The Company's view is that whilst uranium prices may remain flat
in the near term, from late 2018, when the Salamanca mine is
scheduled to come into production, the market is expected to be
dominated by US utilities looking to re-contract who will at the
same time be competing with Chinese new reactor demand, which may
lead to higher spot and term contract prices.
The Company currently has 2.75 million pounds of U3O8
concentrate under long term contracts over the first six years of
production. Potential exists to increase annual contracted volumes
further as well as extend the contracts by a total of 1.25 million
pounds.
Across the Company's portfolio, the average fixed price per
pound of contracted and optional volumes is above US$42 per pound.
This compares favourably with the current spot price of around
US$20 per pound. The Company will continue to build its sales book
as the market continues to improve.
During the recent Spanish State Visit to the UK, the Company
participated in the UK-Spain Business Forum as a delegate of the
Department of Industry and Trade. At the event, King Felipe
highlighted the importance of post-Brexit bilateral investment and
trade between the two countries.
The Company is in a strong financial position with US$26.3
million in cash and no debt whilst it is advancing its discussions
with strategic partners and potential financiers.
Board strengthened with the appointment of two Non-Executive
Directors
Mr Nigel Jones and Mr Adam Parker were appointed as an
independent Non-Executive Directors of the Company on 7 June 2017
and 14 June 2017 respectively.
Mr Jones has thirty years' experience in the international
mining sector. He has considerable corporate development and
marketing expertise, including being responsible for the
negotiation of key uranium supply agreements for Rio Tinto.
Mr Jones spent two decades at Rio Tinto, where ultimately he
held the position of Global Head of Business Development and prior
to that Managing Director of Rio Tinto Marine, Head of Investor
Relations and Marketing Director, Uranium.
Mr Parker joins the Company after a long and successful career
in institutional fund management in the City of London spanning
almost three decades, including being a co-founder of Majedie Asset
Management, which today manages assets of approximately GBP14
billion.
He was instrumental in building Majedie Asset Management into
the successful investment boutique that it is today. He managed
funds including the Majedie UK Opportunities Fund, the Majedie UK
Smaller Companies Fund and a quarter of the Majedie UK Focus Fund,
which all outperformed their benchmarks during his tenure.
Mr Parker retired from Majedie Asset Management in 2015 and has
no ongoing input or influence in the management of its investments,
including the firm's current ownership of approximately 5.30% of
the Company.
On 7 June 2017 Dr Jim Ross retired from the Board after over
twelve years of excellent service.
Primary Crusher Delivered to Site
The delivery of the primary crusher to site marked a key
milestone in the construction of the Salamanca mine.
The crusher is the first major piece of processing equipment to
be delivered to site and its arrival marks the Company's transition
from the development phase to the construction phase. The
construction and commissioning phases are estimated to be completed
during the second half of 2018.
The 400 tonne per hour crusher was manufactured by Sandvik Group
in Finland, who have also fabricated the secondary crusher, which
is currently in Madrid and will be delivered in the coming months.
Sandvik is one of the world's leading suppliers of mining equipment
and the crusher was one of the long lead items included in the use
of proceeds from the equity raise completed in the fourth quarter
of 2016.
Please refer to https://www.berkeleyenergia.com/crusher for
photographs of the crusher being delivered to site.
Infrastructure development continues and major contracts being
evaluated
Initial infrastructure development commenced in August 2016 with
the re-routing of the existing electrical power line to service the
mine and a five kilometre realignment of an existing road.
The road deviation continues to proceed as planned and will be
completed in the third quarter this year. The upgrade to the
existing electrical power line will commence this August and will
be completed by the end of the year. The deviation programme has
been designed to create pedestrian footpaths and secure cattle
paths in order to maximize the benefit to the local community.
The clearing of land where the processing plant, medium voltage
substation, reagent storage facilities and buildings will be built,
and the laydown area for mining and construction contractors, has
now commenced. Many of the trees being cleared from these plots of
land are suffering from a fungal pest that prevents them from
growing and are being replaced with young, healthy oak trees that
will improve the ecological value of the area. The cleared trees
have been used for biomass.
Quotes from a number of experienced mining contractors are
currently being evaluated and the Company is encouraged by the
competitiveness of the bids received. A key focus is the management
of cost escalation over the term of these and all the major
contracts with and suppliers to the Company.
Committed to the highest environmental standards
The Salamanca mine is being developed to the highest
international standards and as such, the Company's commitment to
the environment remains a priority.
The mine has been designed according to the very 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
increased agricultural value.
As part of the Environmental License and the Environmental
Measures Plan over 30,000 young oak trees will be planted over an
area of 75 to 100 hectares.
For every tree being cleared six will be planted in its place,
which will greatly improve the ecological value of the area. The
reforestation programme began earlier this year following an
agreement with the highly supportive municipality of Vitigudino, as
part of the Company's commitment to environmental excellence.
This agreement details the arrangements for the planting of
20,000 trees over a 50 hectare plot in the municipality of
Vitigudino. This plot forms part of an area of more than 500
hectares owned by the municipality that is currently used by cattle
farmers, despite its deteriorating ecological value.
The Company will make payments to the municipality of Vitigudino
for the next three years to cover the costs of planting and
maintaining the young trees and looks forward to entering into
similar agreements with the municipalities of Retortillo,
Villavieja and Villares de Yeltes.
Capital costs for Salamanca reduced by 1% to EUR82.3 million
The capital cost for the construction of the Salamanca mine has
reduced to EUR82.3 million (US$93.8 million), a 1% reduction over
previous estimates, confirming the project's status as one of the
lowest cost uranium mine developments in the world today.
The project benefits from well-established EU infrastructure and
a highly competitive cost environment combined with short lead
times for major equipment items.
The estimate for bringing the mine into production was prepared
as part of the FEED by the Amec Foster Wheeler Group, one of the
world's largest engineering groups.
The FEED is the execution phase of the project during which the
overall engineering and process design is translated into equipment
procurement packages and awards to specialist sub-contractors. A
number of Spain's most reputable engineering groups provided their
input into the Company's study work, including Madrid IBX-35 listed
companies Ferrovial and OHL.
The final capital costs reflect all detailed design work carried
out during the FEED, and resulted in an update to the nature and
quantity of materials required to build the Salamanca mine, with
costs from contractors and suppliers being amended based on final
bidding packages.
The Company will continue to pursue cost optimisation
opportunities as it commences full construction this summer, which
includes the evaluation of the indirect costs.
Exploration programme expanded targeting Zona 7 style
deposits
The next phase of the Company's exploration campaign has
commenced and will focus on discovering additional deposits with
similar characteristics to Zona 7, which is located close to the
surface and without a strong radiometric anomaly present.
The discovery of the high grade extensions at the Zona 7 deposit
in late 2014 transformed the economics of the mine and changed the
Company's geological model for the region.
In parallel with the ongoing development on site, the Company
continues to conduct further exploration programmes aimed at
increasing the project's production profile or mine life.
Following extensive structural mapping and the interpretation of
regional geological structures, two areas totalling 100 km(2) have
been selected for an intensive geochemical sampling programme, that
will include 2,500 samples on a 200m x 200m grid.
The programme will incorporate the latest uranium exploration
techniques with samples being tested for mobile metal ions using
the Ionic Leach(TM) technique. This highly sensitive technique can
detect extremely low levels of uranium and other critical elements
and is widely acknowledged to be the most adept at identifying
subtle anomalies.
To complement the soil sampling/Ionic Leach(TM) programme, the
Company will also undertake ground radiometric survey readings and
radon emissions tests at each of the sample collection points.
Two field crews will be focussed on carrying out the planned
exploration activities over the two priority areas during the
coming months, with the goal of identifying drill targets.
In addition to this new exploration programme, the Company will
continue with exploration below Zona 7, where previous high grade
intercepts were found beneath the current defined resource,
demonstrating continuity of mineralisation and potential for the
resource to increase.
Strong interest from financiers and strategic partners
The Company is in a strong financial position and is considering
a range of financing options whilst remaining focused on its aim of
minimising dilution in order to protect the equity value of its
shareholders.
The Company continues to progress discussions with various
potential strategic partners and financiers interested in taking a
minority stake in the Salamanca mine, all of whom are currently
undertaking detailed legal, financial and technical due
diligence.
Off-Take programme update and notable increase in public tender
activity
The Company currently has 2.75 million pounds of U(3) O(8)
concentrate under long term contracts over the first six years of
production. Potential exists to increase annual contracted volumes
further as well as extend the contracts by a total of 1.25 million
pounds.
The Company has maintained its preference to combine fixed and
market related pricing across its contracts in order to secure
positive margins in the early years of production whilst ensuring
the Company remains exposed to potentially higher prices in the
future.
Across the portfolio, the average fixed price per pound of
contracted and optional volumes is above US$42 per pound. This
compares favourably with the current spot price of around US$20 per
pound.
The Company notes an increase public tender activity by major
global utilities looking to enter into long term contracts in the
medium to long term time horizon. The Company is actively pursuing
both public and private off-take opportunities with global
utilities in the ordinary course of business and will report
regularly on progress.
The Company's view is that whilst uranium prices may remain flat
in the near term, from late 2018, when Salamanca is scheduled to
come into production, the market is expected to be dominated by US
utilities looking to re-contract who will at the same time be
competing with Chinese new reactor demand, which may lead to higher
spot and term contract prices.
Commitment to the community
The Company continues to be committed to the rejuvenation of the
local community and being a good neighbour and community business
partner. The Company has already invested over EUR70 million in the
area over the past decade and is planning to invest an additional
EUR250 million in the coming years as the mine develops.
The Company has been by far the biggest investor in a rural
community suffering from decades of under investment and high
levels of unemployment, especially amongst its youth.
The Company has signed Cooperation Agreements with the highly
supportive local municipalities, demonstrating its commitment to
working collaboratively with the community.
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
Employment and training
The policy of preferentially hiring and training local residents
has been very well received with the training programmes continuing
to be heavily oversubscribed; to date, over 120 locals have
attended courses organized by the Company and 25% of residents from
the local area have applied for jobs.
The Company has received over 21,000 applications for the first
200 direct jobs it will create. The mine will create over 450 jobs
once in full production and the University of Salamanca has
estimated that for this type of business there will be a multiplier
factor of 5.1 indirect jobs for every direct job created, resulting
in over 2,500 direct and indirect jobs being created as a
consequence of the Company's investment in the area.
During the quarter, the Company added a further 20 employees to
its team at the Salamanca mine bringing the total number of
employees and contractors at site to close to 70.
The recently appointed candidates are carrying out activities
such as fencing the project, preparing for the next exploration
campaign, preparing the 50 hectare plot in Vitigudino for
reforestation activities and readying other areas of the site to
allow for imminent construction.
Training programmes will continue to run throughout the year to
ensure that sufficient people from the local communities are
qualified for jobs created during the construction and mining
phases.
Permitting update
There is strong support for the Salamanca mine throughout all
levels of government. To date, the Company has received more than
90 favourable reports and permits for the development of the
mine.
The Urbanism Commission of Salamanca gave an Express Resolution
for the granting of the Authorisation of Exceptional Land Use, with
the licence to be formally issued in due course.
With the Mining Licence, Environmental Licence and the
Authorisation of Exceptional Land Use already obtained, the
remaining approval is the Construction Authorization by the
Ministry of Industry, Energy and Tourism for the treatment plant as
a radioactive facility, which is currently in process.
Competent Persons Statement
The information in this announcement that relates to the FEED
was extracted from the announcement entitled 'Capital costs for
Salamanca reduced by 1% to EUR 82.3 million' dated 6 July 2017,
which is available to view on Berkeley's Energia Limited's
(Berkeley) website at www.berkeleyenergia.com.
Berkeley confirms that: a) it is not aware of any new
information or data that materially affects the information
included in the original announcement; b) all material assumptions
and technical parameters underpinning the FEED results included in
the original announcement continue to apply and have not materially
changed; and c) the form and context in which the relevant
Competent Persons' findings are presented in this announcement have
not been materially modified from the original announcements.
The information in the original announcement that relates to the
FEED costs is based on, and fairly represents, information compiled
by Mr Francisco Bellon, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy. Mr Bellon is the
Chief Operating Officer for Berkeley and a holder of shares,
options and performance rights in Berkeley. Mr Bellon has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'.
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 Energia 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 30 June 2017, the Company had an interest in the following
tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 100% Granted
28 (Alameda)
D.S.R Salamanca 100% Granted
29 (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
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
E.P. Herradura 100% Pending
------------- ------------------------- ----------- --------
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito 100% Granted
Este
I.P. Don Benito 100% Granted
Oeste
Ciudad Real I.P. Damkina 100% Granted
Fraccion 1
I.P. Damkina 100% Granted
Fraccion 2
I.P. Damkina 100% Granted
Fraccion 3
No tenements were acquired or disposed of during the quarter
ended 30 June 2017. There were no 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 30 June 2017
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(12 months)
$A'000
--------------------------------------- ---------------- --------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (1,737) (8,380)
(b) development - -
(c) production - -
(d) staff costs (1,016) (3,812)
(e) administration
and corporate costs (593) (2,403)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 208 460
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
1.8 Other (provide details
if material): - -
---------------- --------------
Net cash from / (used
1.9 in) operating activities (3,138) (14,135)
----- -------------------------------- ---------------- --------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment (364) (5,837)
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(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
2.6 in) investing activities (364) (5,837)
------- ------------------------------ ---------------- --------------
3. Cash flows from financing
activities
Proceeds from issues
3.1 of shares - 39,756
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (14) (2,191)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
Other (provide details
3.9 if material)
(a) Proceeds from sale
of royalty - 6,531
(b) Costs in relation
to sale of royalty - (262)
---------------- --------------
Net cash from / (used
3.10 in) financing activities (14) 43,834
------- ------------------------------ ---------------- --------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 38,136 11,346
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (3,138) (14,135)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (364) (5,837)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) (14) 43,834
Effect of movement
in exchange rates on
4.5 cash held 194 (394)
---------------- --------------
Cash and cash equivalents
4.6 at end of period 34,814 34,814
------- ------------------------------ ---------------- --------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the $A'000
quarter (as shown in
the consolidated statement
of cash flows) to the
related items in the
accounts
---- ---------------------------- ---------------- ---------
5.1 Bank balances 34,814 23,136
5.2 Call deposits - 15,000
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) 34,814 38,136
---- ---------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 (194)
----------------
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 Current quarter
the entity 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 Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
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 $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation (2,700)
9.2 Development -
9.3 Production -
9.4 Staff costs (650)
Administration and corporate
9.5 costs (300)
9.6 Other (provide details if -
material)
--------
9.7 Total estimated cash outflows (3,650)
---- ------------------------------ --------
10. Changes in Tenement Nature Interest Interest
tenements reference of interest at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------- -------------- ------------
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
----- ---------------------- -------------- ------------- -------------- ------------
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 July 2017
(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 company news service from the London Stock Exchange
END
MSCOKNDPCBKDKOB
(END) Dow Jones Newswires
July 24, 2017 02:00 ET (06:00 GMT)
Berkeley Energia (LSE:BKY)
Historical Stock Chart
From Apr 2024 to May 2024
Berkeley Energia (LSE:BKY)
Historical Stock Chart
From May 2023 to May 2024