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Berkeley Energia Ltd

Berkeley Energia announces potential cost savings at Salamanca mine

The company said potential saving of up to €9mln arise from optimisation of plant capacities, outsourcing of peripheral infrastructure and reducing initial throughput for production from the Retortillo deposit

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Berkeley Energia said the proposed modifications remain consistent with the future expansion of production from Zona 7 and Alameda

Berkeley Energia LTD (LON:BKY) has announced that the capital cost review initiated by the company has identified a number of opportunities to reduce the initial capital expenditure  at the Salamanca mine, required to bring it into production.

The company said potential saving of up to €9mln arise from optimisation of plant capacities, outsourcing of peripheral infrastructure and reducing initial throughput for production from the Retortillo deposit.

READ: Berkeley Energia thanks government of Castilla y León for continued support

The initiatives proposed will be taken forward to detailed engineering in parallel with the commencement of planned on-site construction activity, including site preparation, bulk earthworks and initial civil construction works.

Berkeley Energia said the proposed modifications remain consistent with the future expansion of production from Zona 7 and Alameda.

Paul Atherley, managing director and CEO, said:"The review has identified potential up-front cost savings at the Salamanca mine which capitalises on the well-established EU infrastructure.”

He added: “There is strong local support for our mine from nearby residents, over 25% of whom have applied for jobs with us, and from Salamanca's business community, who turned out in force with over 200 people attending our recent update evening at the historic Colegio Arzobispo Fonseca.”

“Looking forward the €250 million investment by London Main Board listed Berkeley will be an important post Brexit bilateral trade deal,” Atherley said.

Quick facts: Berkeley Energia Ltd

Price: £0.14

Market: LSE
Market Cap: £34.89 m
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Caution over Berkeley Energia report casting doubt over Spanish government...

Numis Securities analyst Justin Chan chats to Proactive London's Andrew Scott following a Reuters report suggesting Spain’s government will not issue the required permits for construction of Berkeley Energia Ltd 's (LON:BKY) Salamanca mine to go-ahead, even though the project was granted...

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