Proactive Investors - Run By Investors For Investors

Berkeley Energia focused on construction at Salamanca

The company said it is in a strong financial position with US$22.6mln in cash and no debt.
Salamanca
Berkeley has been praised by Spanish media and regional government for its investment in the region and the employment it is generating

Recruitment has commenced at Berkeley Energia Limited's (LON:BKY) Salamanca project in Spain with priority being given to local residents.

In a quarterly update, the company revealed it is finalising negotiation over the mining contract, insurance contract and initial engineering, procurement and construction (EPC) contracts, while the land acquisition process is almost complete.

The company said it is in a strong financial position with US$22.6 million in cash and no debt.

WATCH: Berkeley Energia underlines Salamanca's quality with US$120mln finance package

"With an agreement signed to fully finance the Salamanca mine to first production we are focused on continuing the progress made with the construction phase. Key equipment was delivered earlier this summer and we are continuing to add to our team on site, recruiting heavily from the local area.” said Paul Atherley, managing director of Berkeley.

READ: Berkeley Energia annual report confirms ‘excellent’ cash position

“It's fantastic to have such strong support for our project among our key stakeholders in Spain, which reflects the growing awareness of the benefits the investment is bringing to the community," he added.

Shares in Berkeley Energia were up 2% at 46.9p in early trading on Wednesday.

View full BKY profile View Profile

Berkeley Energia Ltd Timeline

Related Articles

waste
October 18 2018
If contracts can be agreed, they might result in the installation of Powerhouse’s DMG technology at multiple locations
Forest
October 23 2018
The company has ceased working the low-margin, high-risk wood fibre assets in Ukraine and is focused on its CoalSwitch technology and its forestry management business in Canada
Oil barrel and dollar sign
December 06 2018
The combined NPV10 of the reserve is US$12.5 million with forecast future net revenues of US$37.75 million.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use