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Berkeley Energia welcomes Spanish support for Salamanca project

The company is moving to start construction later this year

Berkeley ended the year in an “extremely strong financial position”

Berkeley Energia Ltd (LON:BKY), in the mine developer’s financial results statement, told investors that the Salamanca project continues to receive strong support among key stakeholders in Spain.

The company highlighted that there’s growing awareness of the benefits the project will bring to the region, and, notably, following a new listing process during the period Berkeley is now the only mining company listed in Spain.

Salamanca is advancing towards construction, and subsequently into production.

READ: Berkeley Energia on track for construction to start this year

In the results statement, Berkeley said: “The company's focus this year has been on conducting a detailed project review, aimed at ensuring that the optimal capital and operating costs are achieved.

“This was finalised subsequent to the end of the year and a further €9mln of potential capital cost savings have been identified.

“The company, which already sits at the bottom of the cost curve, will continue to identify any further areas for potential cost savings as it continues towards construction.”

In the financial results statement, the pre-revenue mine developer stated an “extremely strong financial position” ending the period with A$101mln of cash.

It reported an A$4.7mln loss for the year.

Quick facts: Berkeley Energia Ltd

Price: 27 GBX

Market: LSE
Market Cap: £69.82 m

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