TIDMBKY
RNS Number : 7636F
Berkeley Energia Limited
09 November 2022
BERKELEY ENERGIA LIMITED
NEWS RELEASE | 9 November 2022
Berkeley establishes Spanish Advisory Committee
Berkeley Energia Limited ("Berkeley" or "Company") is pleased to
announce that it has established an Advisory Committee to the Board
of the Company's wholly owned Spanish subsidiary, Berkeley Minera
España S.L.U. ("BME"), which holds the Salamanca Project
("Salamanca" or "Project").
The Advisory Committee is comprised of Miguel Riaño, Rafael
Miranda and Jaime García-Legaz, all prominent, highly experienced,
and well-regarded Spanish businessmen with extensive networks.
The Advisory Committee will substantially strengthen Berkeley's
position in Spain, with the committee members' collective
corporate, commercial and operating expertise plus extensive
business and government networks greatly assisting the Company as
it continues to focus on resolving the current permitting
situation, and ultimately advancing the Salamanca Project towards
production.
Details of the Advisory Committee members are as follows:
Rafael Miranda is a Spanish businessman and former Chief
Executive Officer of Endesa SA, one of Spain's largest electric
companies and nuclear power plant operators. He is credited for
expanding Endesa's footprint into Latin America and positioning the
company as an industry leader after Spain's liberalisation of the
electric market. More recently, he was Chairman of ACERINOX, the
Spanish giant steel manufacturing conglomerate and remains a member
of the Board of Directors of Brookfield Asset Management, one of
the world's largest investment funds, as well as a Board Member of
other Spanish companies and Institutions. He is also Honorary
Chairman of Eurelectric, the European Electricity Association, and
of APD (Spanish Management Association).
Jaime García-Legaz is a Spanish economist, businessman,
executive and academic. He is an experienced Executive Chairman,
Chief Executive Officer and Company Director with a 28-year career
in finance, airport management, IT, insurance, retail and
Government. He is a former Chairman and Chief Executive Officer at
AENA, an IBEX 35 (Spanish stock exchange index) company that
manages airports in Spain and Europe. AENA is 51% Spanish State
owned. He was Secretary of Commerce and Trade in the Government of
Spain from 2011 to 2016 and represented Spain on the EU Council of
Trade Ministers and the G20 Council of Ministers.
Miguel Riaño is the Managing Partner of Herbert Smith Freehills
("HSF") in Spain, specialising in energy, infrastructure, natural
resources, environment and public law matters. He is a highly
respected business leader in Spain with more than 20 years'
experience advising major corporations, global investment banks,
equity sponsors and public entities in domestic and cross-border
transactions.
In addition to his involvement in the Advisory Committee, Miguel
Riaño will also be appointed as BME's Company Secretary.
For further information please contact:
Robert Behets Franciso Bellón
Acting Managing Director Executive Director
+61 8 9322 6322 +34 923 193 903
info@berkeleyenergia.com
Salamanca Project Summary
The Salamanca Project is being developed in an historic uranium
mining area in Western Spain about three hours west of Madrid.
The Project hosts a Mineral Resource of 89.3Mlb uranium, with
more than two thirds in the Measured and Indicated category. In
2016, Berkeley published the results of a robust Definitive
Feasibility Study ("DFS") for Salamanca confirming that the Project
may be one of the world's lowest cost producers, capable of
generating strong after-tax cash flows.
To date the Company has received more than 120 previous permits
and favourable reports which have been granted by the relevant
authorities at the local, regional, federal and European Union
levels in relation to Salamanca, among which nine have been from
the Nuclear Safety Council ("NSC").
In 2021, the Company received formal notification from Ministry
for Ecological Transition and the Demographic Challenge ("MITECO")
that it had rejected the Authorisation for Construction for the
uranium plant as a radioactive facility ("NSC II") application at
Salamanca. This decision followed the unfavourable NSC II report
issued by the NSC in July 2021.
The Company continues to strongly defend its position in
relation to the adverse resolution by MITECO and has submitted an
administrative appeal against the decision under Spanish law.
In Berkeley's strong opinion, MITECO has rejected the Company's
NSC II application without following a legally established
procedure and the Company believes that MITECO has infringed
regulations on administrative procedures in Spain, as well as
Berkeley's right of defence, which would imply that the decision on
the rejection of the Company's NSC II application is not legal.
NSC II is the only key approval required to commence full
construction of the Salamanca mine.
The Salamanca mine is being developed to the highest
international standards and the Company's commitment to health,
safety and the environment is a priority. Berkeley holds
certificates in Sustainable Mining (UNE 22470-80) and Environmental
Management (ISO 14001) 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.
Berkeley's efforts in the key area of Sustainable Mining have
been independently recognised with it being selected as the winner
of the Outstanding Contribution to Sustainable Mining - Europe
category in the 2020 Capital Finance International Sustainability
Awards.
The Company is in a strong financial position with A$83 million
in cash reserves and no debt (30 September 2022).
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.
Competent Persons Statement
The information in this report that relates to the Mineral
Resource Estimate is extracted from the announcement entitled
'Annual Report 2022' dated 31 August 2022, which is available to
view on Berkeley's 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 Mineral Resource Estimate 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 announcement.
The information in this report that relates to Exploration
Results is extracted from the announcement entitled 'Quarterly
Report June 2022' dated 29 July 2022, which is available to view on
Berkeley's 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 Exploration Results 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 announcement.
Appendix 1: Mineral Resource at Salamanca
Deposit Resource Tonnes U(3) O(8) U(3) O(8)
Category
Name (Mt) (ppm) (Mlbs)
-------------------------- ------------ -------- ----------- -----------
Retortillo Measured 4.1 498 4.5
Indicated 11.3 395 9.8
Inferred 0.2 368 0.2
--------------------------------------- -------- ----------- -----------
Total 15.6 422 14.5
--------------------------------------- -------- ----------- -----------
Zona 7 Measured 5.2 674 7.8
Indicated 10.5 761 17.6
Inferred 6.0 364 4.8
--------------------------------------- -------- ----------- -----------
Total 21.7 631 30.2
--------------------------------------- -------- ----------- -----------
Alameda Indicated 20.0 455 20.1
Inferred 0.7 657 1.0
--------------------------------------- -------- ----------- -----------
Total 20.7 462 21.1
--------------------------------------- -------- ----------- -----------
Las Carbas Inferred 0.6 443 0.6
Cristina Inferred 0.8 460 0.8
Caridad Inferred 0.4 382 0.4
Villares Inferred 0.7 672 1.1
Villares North Inferred 0.3 388 0.2
-------------------------- ------------ -------- ----------- -----------
Total Retortillo
Satellites Total 2.8 492 3.0
-------------------------- ------------ -------- ----------- -----------
Villar Inferred 5.0 446 4.9
Alameda Nth Zone 2 Inferred 1.2 472 1.3
Alameda Nth Zone 19 Inferred 1.1 492 1.2
Alameda Nth Zone 21 Inferred 1.8 531 2.1
-------------------------- ------------ -------- ----------- -----------
Total Alameda Satellites Total 9.1 472 9.5
-------------------------- ------------ -------- ----------- -----------
Gambuta Inferred 12.7 394 11.1
-------------------------- ------------ -------- ----------- -----------
Salamanca Project
Total Measured 9.3 597 12.3
Indicated 41.8 516 47.5
Inferred 31.5 395 29.6
--------------------------------------- -------- ----------- -----------
Total (*) 82.6 514 89.3
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