TIDMBKY
RNS Number : 7393D
Berkeley Energia Limited
30 October 2020
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 30 October 2020
Quarterly Report September 2020
Summary:
Permitting Update:
The Company's focus continues to be on progressing the approvals
required to commence construction of the Salamanca mine and bring
it into production.
During the quarter, the Urbanism License ("UL") was granted by
the Municipality of Retortillo under the terms established in the
Urbanism Law and Urban Planning Regulations of Castilla y León. The
UL is a land use permit needed for construction works at the
Salamanca mine.
The grant of the UL is a significant permitting milestone for
Berkeley and a positive step in the development of the project. The
Authorisation for Construction for the uranium concentrate plant as
a radioactive facility ("NSC II") is now the only pending approval
required to commence full construction of the Salamanca mine.
The Company formally submitted updated official documentation in
relation to the NSC II in March 2020. During the current quarter,
the Company held further meetings with the Nuclear Safety Council
("NSC") technical team to discuss and clarify minor queries on the
updated documentation. As requested, the Company submitted written
responses to these queries, along with additional technical
information, to the NSC in September. The next step in the process
is for the NSC technical team to finalise their report and submit
it to the NSC Board for ratification.
The Company will continue to engage with the relevant
authorities in a collaborative manner and maintain strong
engagement with all key stakeholders in Spain, as it progresses the
approvals process required to commence full construction of the
Salamanca mine and bring it into production.
Uranium Market:
Uranium spot price currently stands at US$30.45 per pound having
drifted lower during the quarter, after a period of strong growth
in the first half of 2020, due to reduced spot market transactional
volumes.
The COVID-19 pandemic has disrupted global uranium production,
adding to the supply curtailments that have occurred in the
industry for many years, creating uncertainty in the nuclear fuel
supply chain.
Analysts expect further tightening of market conditions as the
current structural supply deficit in the global uranium market is
exacerbated by these, and possible other, COVID-19 supply
disruptions. The current market uncertainty is also expected to
heighten concerns about the security of future supply.
IBEX Small Cap Index:
The Technical Advisory Committee of the IBEX INDICES has decided
to include Berkeley in the IBEX SMALL CAP(R) index. The index
adjustment took effect on the Spanish Stock Exchanges on 19 October
2020.
The IBEX SMALL CAP(R) index is composed of 30 securities listed
on the Spanish Stock Exchanges that follow certain requirements in
terms of stock market capitalisation, free floating capital, and
annual rotation of the free float capitalisation.
Spanish Regulatory Regime:
Subsequent to the end of the quarter, the parliamentary groups
of two political parties in the Spanish Government submitted a
series of proposed amendments to the draft climate change and
energy transition bill.
Under one of the proposed amendments, investigation and
exploitation of radioactive minerals (e.g. uranium) would be
prohibited in the Spanish territory and any open proceedings
related to the authorisation of radioactive facilities of the
nuclear fuel cycle for the processing of such minerals would be
closed.
It is important to note that this is currently only a proposed
amendment to the draft climate change and energy transition bill
that must now be reviewed and approved or rejected by the
Commission of Ecological Transition of the Parliament, and
subsequently follow the same process in the Senate. Accordingly,
the specific proposed amendment relating to the investigation and
exploitation of radioactive minerals may or may not be included in
the final draft of the climate change and energy transition
bill.
Berkeley's position on the content of this proposed amendment is
clear: prohibition of economic activities in Spain with no
justified reasons is contrary to the Spanish Constitution and to
the legal rights recognised by other international instruments. In
particular, it must be taken into account that the Company
currently holds legal, valid and consolidated rights for the
investigation and exploitation of its mining projects, including a
valid 30-year mining licence (renewable for two further periods of
30 years) for the Salamanca mine. The approval of an amendment of
such nature would imply a retroactive measure which expropriates
the legal rights of Berkeley with no justification.
Following the recent grant of the UL, and more than 120
previously granted permits and favourable reports by the relevant
authorities at the local, regional, federal and European Union
levels, the NSC II is now the only pending approval required to
commence full construction of the Salamanca mine.
COVID-19:
During the quarter, Spain began experiencing a second surge in
COVID-19 cases, with spikes in new daily infection rates forcing
the Government to reinstate both voluntary guidelines and mandatory
restrictions and place parts of the country under temporary
lockdown again.
Subsequent to the end of the quarter, the Government declared a
new National 'State of Alarm'. New COVID-19 control measures are in
place throughout the country and include nightly curfews and a
restriction on the number of people in social gatherings to six.
Regional authorities have some restrictions on movement, however,
international travel to and from Spain is still possible.
All of the Berkeley team based in Spain are safe and well.
Consistent with current Government guidelines, the Company has
continued its 'work from home' policy. Regular communication has
however, been maintained with the relevant officials from the NSC
and the federal, regional and local governments to ensure the
permitting processes continued to advance, as evidenced by the
award of the UL.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Chief Operations Officer
+61 8 9322 6322 +34 91 555 1380
info@berkeleyenergia.com
Permitting Update:
During the quarter, the UL was granted by the Municipality of
Retortillo under the terms established in the Urbanism Law and
Urban Planning Regulations of Castilla y León. The UL is a land use
permit needed for construction works at the Salamanca mine.
The grant of the UL is a significant permitting milestone for
Berkeley and a positive step in the development of the project. The
NSC II permit is now the only pending approval required to commence
full construction of the Salamanca mine.
As previously reported, at the request of the NSC, Berkeley
consolidated the Company's responses to all of the NSC's technical
queries into the official documentation, expanded the description
of some sections (e.g. waste management, analysis of potential
accidents, environmental radiological impact assessment,
hydrological modelling), and formally submitted the updated
official documentation to the NSC at the end of March.
During the current quarter, the Company held further meetings
with the NSC technical team to discuss and clarify minor queries on
the updated documentation. As requested by the NSC, the Company has
submitted written responses to these queries, along with additional
technical information, to the NSC.
The next step in this process is for the NSC technical team to
finalise their report and submit it to the NSC Board for
ratification. Once approved by the NSC Board, the NSC report and
recommendation which is 'compulsory and binding on radiological
matters' is provided to the Ministry of Ecological Transition and
Demographic Change ("MITECO"), who is the substantive authority
responsible for the granting NSC II.
In late July, the NSC issued a favourable report for the
extension of the validity of NSC I for the process plant as a
radioactive facility at the Salamanca project. NSC I was granted by
the then Ministry of Industry, Energy and Tourism in September
2015, with a 5-year validity period. The favourable report issued
by NSC considered that the circumstances and characteristics of the
process plant are the same as those contained in the Initial
Authorisation issued in 2015. The next step is for the MITECO to
approve this authorisation and set its duration period.
The Company will continue to engage with the relevant
authorities in a collaborative manner and maintain strong
engagement with all key stakeholders in Spain, as it progresses the
approval process required to commence full construction of the
Salamanca mine and bring it into production.
Project Update:
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to health,
safety and the environment remains a priority. It holds
certificates in Sustainable Mining (UNE 22470-80), Environmental
Management (ISO 14001), and Health and Safety (OHSAS 18001) which
were awarded by AENOR, an independent Spanish government
agency.
These management systems ensure that Company procedures are
compliant with current regulations, ensure that the environment is
protected, the project is sustainable, and that all activities are
carried out with respect for and in collaboration with the local
communities.
During the quarter, the annual internal audits of the Company's
Sustainable Mining and Environmental Management Systems were
completed. The external audits of these management systems, which
will be undertaken by AENOR, are scheduled for the upcoming
December quarter.
The Company also continued the migration its Health and Safety
Management System from OHSAS 18001 to its replacement standard, ISO
45001, a process which is targeted for completion prior to the end
of 2020. As part of this process, an internal audit was completed
during the quarter, with the external audit scheduled for the
upcoming December quarter.
As part of its commitment to Sustainable Mining and continuous
improvement, the Company designs an Objectives Program and
Improvement Plan on an annual basis. New measures and targets
implemented as part of this process are closely monitored and
assessed to ensure the Company maintains a high level of
performance in the areas of environmental management, health and
safety, and sustainability.
An assessment of the Company's performance against key
indicators and targets in 2019 demonstrated that significant
improvement had been achieved, including a 38% reduction in fuel
consumption, a 12% reduction in energy consumption, a 19% reduction
in paper consumption, and a 30% reduction in CO(2) emissions.
During the quarter, the Company also developed a specific
objectives program with the aim of aligning the Company's business
strategy and activities with the United Nation's Sustainable
Development Goals ("SDGs").
The 2030 Agenda for Sustainable Development, adopted by all UN
Member States in 2015, provides a shared blueprint for peace and
prosperity for people and the planet, now and into the future. At
its heart are 17 SDGs.
Berkeley is aware that the SDGs will only be achieved if
companies proactively embrace these challenges and join the fight
to restore the planet's ecological balance and address social
challenges. To that end, the Company has designed an objectives
program, analysing how to further contribute to the community and
the environment, in order to work towards a sustainable future.
A detailed review of the Company's business strategy and
activities has shown a close alignment with the SDGs (compliance
with 14 SDGs) demonstrating a commitment to the sustainable
development that will continue throughout the execution of the
entire project.
The monitoring programs associated with the NSC approved
pre-operational Surveillance Plan for Radiological and
Environmental Affections and pre-operational Surveillance Plan for
the Control of the Underground Water continued during the
quarter.
Spanish Regulatory Regime Update:
The parliamentary groups of two political parties in the Spanish
Government (Unidas Podemos and PSOE) submitted a series of proposed
amendments to the draft climate change and energy transition bill
on 14 October 2020.
Under one of the proposed amendments, investigation and
exploitation of radioactive minerals (e.g. uranium) would be
prohibited in the Spanish territory and any open proceedings
related to the authorisation of radioactive facilities of the
nuclear fuel cycle for the processing of such minerals would be
closed.
It is important to note that this is currently only a proposed
amendment to the draft climate change and energy transition bill
that must now be reviewed and approved or rejected by the
Commission of Ecological Transition of the Parliament, and
subsequently follow the same process in the Senate. The processes
in both the Parliament and the Senate must be completed and
consistent, and the proposed amendment supported by a majority of
votes in both Commissions for it to be approved. Accordingly, the
specific proposed amendment relating to the investigation and
exploitation of radioactive minerals may or may not be included in
the final draft of the climate change and energy transition
bill.
Berkeley's position on the content of this proposed amendment is
clear: prohibition of economic activities in Spain with no
justified reasons is contrary to the Spanish Constitution and to
the legal rights recognised by other international instruments. In
particular, it must be taken into account that the Company
currently holds legal, valid and consolidated rights for the
investigation and exploitation of its mining projects, including a
valid 30-year mining licence (renewable for two further periods of
30 years) for the Salamanca mine. The approval of an amendment of
such nature would imply a retroactive measure which expropriates
the legal rights of Berkeley with no justification.
Following the recent grant of the UL, and more than 120
previously granted permits and favourable reports by the relevant
authorities at the local, regional, federal and European Union
levels, the Authorisation for Construction for the uranium
concentrate plant as a radioactive facility ("NSC II") is now the
only pending approval required to commence full construction of the
Salamanca mine.
Uranium market:
Uranium spot price currently stands at US$30.45 per pound having
drifted lower during the quarter, after a period of strong growth
in the first half of 2020, due to reduced spot market transactional
volumes.
The COVID-19 pandemic has disrupted global uranium production,
adding to the supply curtailments that have occurred in the
industry for many years, creating uncertainty in the nuclear fuel
supply chain. COVID-19 related supply disruptions have been
experienced by a number of major uranium producers, including by
Kazatomprom (Kazakhstan operations), Cameco (Cigar Lake mine), CNNC
(Rössing mine) and Swakop Uranium (Husab mine).
Analysts expect further tightening of market conditions as the
current structural supply deficit in the global uranium market is
exacerbated by these, and possible other, COVID-19 supply
disruptions. The current market uncertainty is also expected to
heighten concerns about the security of future supply.
IBEX Small Cap Index:
Subsequent to the end of the quarter, the Technical Advisory
Committee of the IBEX INDICES decided to include Berkeley in the
IBEX SMALL CAP(R) index. The index adjustment took effect on the
Spanish Stock Exchanges on 19 October 2020.
The IBEX indices measure the performance of securities listed on
the Spanish Stock Market. The IBEX SMALL CAP(R) index is a market
capitalisation weighted index adjusted by free float. It is
Euro-denominated and calculated in real-time within the European
time zone.
The IBEX SMALL CAP(R) index is composed of 30 securities listed
on the Spanish Stock Exchanges that follow certain requirements in
terms of stock market capitalisation, free floating capital, and
annual rotation of the free float capitalisation.
The Technical Advisory Committee of the IBEX INDICES reviews and
adjusts the composition of IBEX SMALL CAP(R) index on a biannual
basis.
COVID-19:
In June 2020, the Spanish Government lifted the National 'State
of Alarm' relating to the COVID-19 pandemic. In July, shops, bars,
restaurants, beaches and Spain's borders to Europe reopened, with
free movement being allowed within the country.
During the quarter, Spain began experiencing a second surge in
COVID-19 cases, with spikes in new daily infection rates forcing
the Government to reinstate both voluntary guidelines and mandatory
restrictions and place parts of the country, particularly in the
north-eastern region of Catalonia, under temporary lockdown
again.
Subsequent to the end of the quarter, the Spanish Government has
declared a new National 'State of Alarm'. In line with the Spanish
Constitution, the Cabinet has approved it for an original duration
of 15 days however, the Government has announced that it intends to
seek approval to extend it. New COVID-19 control measures are in
place throughout the country and include nightly curfews and a
restriction on the number of people in social gatherings to six.
Regional authorities have some restrictions on movement, however,
international travel to and from Spain is still possible.
All of the Berkeley team based in Spain are safe and well.
Consistent with current Government guidelines, the Company has
continued its 'work from home' policy. Regular communication has
however, been maintained with the relevant officials from the NSC
and the federal, regional and local governments to ensure the
permitting processes continued to advance, as evidenced by the
award of the UL.
Corporate:
Subsequent to the end of the quarter, Mr Nigel Jones advised the
Company that he will not be standing for re-election as a Director
at the Company's upcoming Annual General Meeting ("AGM") on 25
November 2020 due to corporate governance requirements at Rio
Tinto. Mr Jones currently holds the position of Managing Director
of the Simandou iron ore project and policies at Rio Tinto do not
allow Mr Jones to sit on other publicly listed boards. Mr Jones
will resign as a Director of the Company following the completion
of the AGM.
Balance Sheet:
The Company is in a strong financial position with A$87 million
in cash.
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.
This announcement has been authorised for release by Mr Robert
Behets, Director.
To view the announcement in full, including all illustrations
and figures, please refer to the Company's website at
https://www.berkeleyenergia.com/investor-relations/company-reports/
.
Appendix 1: Summary of Mining Tenements
As at 30 September 2020, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
--------------- ----------------------------- ------------- ---------
Spain
Salamanca D.S.R Salamanca 28 (Alameda) 100% Granted
D.S.R Salamanca 29 (Villar) 100% Granted
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. Casta ñ os 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Á guila 100% Granted
I.P. El Vaqueril 100% Granted
I.P. Espinera 100% Granted
I.P. Horcajada 100% Granted
I.P. Lis 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Pedreras 100% Granted
E.P. Herradura 100% Granted
I.P. Conchas Application* Pending*
C á ceres 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 during the quarter ended 30 September
2020. *Subsequent to the end of the quarter, Investigation Permit
Conchas was granted to the Company. The tenement covers 106 mining
grids, equivalent to 31 km(2) , in the western part of Salamanca
province. Investigation Permit Oñoro expired during the quarter
ended 30 September 2020. There were no other changes to beneficial
interest, acquired or disposed of, in any mining tenements due to
farm-in or farm-out agreements.
Appendix 2: Related Party Payments
During the quarter ended 30 June 2020, the Company made payments
of $81,000 to related parties and their associates. These payments
relate to existing remuneration arrangements (director and
consulting fees plus statutory superannuation).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 30 September 2020, the Company made the
following payments in relation to exploration and development
activities:
Activity $000
---------------------------------------- -----
Radiological protection and monitoring 239
Permitting related expenditure 267
Consultants and other expenditure 227
Total as reported in the Appendix 5B 733
---------------------------------------- -----
There were no mining or production activities and expenses
incurred during the quarter ended 30 September 2020.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
Berkeley Energia Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
40 052 468 569 30 September 2020
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (3 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (733) (733)
(b) development - -
(c) production - -
(d) staff costs (341) (341)
(e) administration and corporate
costs (383) (383)
1.3 Dividends received (see note - -
3)
1.4 Interest received 1 1
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other (provide details if
material) - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,456) (1,456)
----- ----------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation - -
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) 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)
---------------- -------------
2.6 Net cash from / (used in)
investing activities - -
----- ----------------------------------- ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of equity
securities (excluding convertible
debt securities) - -
3.2 Proceeds from issue of convertible
debt securities - -
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (17) (17)
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 (17) (17)
----- ----------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 91,764 91,764
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,456) (1,456)
4.3 Net cash from / (used in)
investing activities (item
2.6 above) - -
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (17) (17)
Effect of movement in exchange
4.5 rates on cash held (3,341) (3,341)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 86,950 86,950
----- ----------------------------------- ---------------- -------------
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 86,900 91,714
5.2 Call deposits 50 50
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) 86,950 91,764
---- ----------------------------------- ---------------- -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 (81)
-----------------
6.2 Aggregate amount of payments to related
parties and their associates included in
item 2 -
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
7. Financing facilities Total facility
Note: the term "facility' amount at quarter Amount drawn
includes all forms of financing end at quarter end
arrangements available to $A'000 $A'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
---- ------------------------------------------------------------------------
Not applicable
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,456)
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item (1,456)
8.2)
8.4 Cash and cash equivalents at quarter end 86,950
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 86,950
8.5)
--------
8.7 Estimated quarters of funding available
(item 8.6 divided by item 8.3) >10
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
--------------------------------------------------------------------------
Answer: Not applicable
--------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
--------------------------------------------------------------------------
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.
Date: 30 October 2020
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow 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 cash flow 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.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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(END) Dow Jones Newswires
October 30, 2020 03:55 ET (07:55 GMT)
Berkeley Energia (LSE:BKY)
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Berkeley Energia (LSE:BKY)
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