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Berkeley Energia says higher uranium prices could trigger increased market activity

The uranium spot price rose to a high of US$33.40 per pound in the last quarter and currently stands at US$32.20, a year to date increase of around 30%

Berkeley Energia Ltd - Berkeley Energia says higher uranium prices could trigger increased market activity

Berkeley Energia Limited (LON:BKY) has highlighted analysis suggesting that uranium market conditions could tighten, heightening concerns about future supply and potentially pushing up the price of the element and possibly triggering “increased term market activity”.

In a quarterly report, the company said during the period the uranium spot price rose to a high of US$33.40 per pound and currently stands at US$32.20, a year to date increase of around 30%.

READ: Berkeley Energia to get extension to Salamanca uranium plant authorisation

Berkeley also said it is continuing to focus on progressing the approvals required to commence construction of its Salamanca mine in Spain and bring it into production.

The company said it has continued to engage with relevant authorities in a collaborative manner to facilitate the timely resolution of the pending approvals required to commence construction of the mine.

The group added that following new restrictions from the Spanish government towards the end of July due to a surge of new coronavirus cases in the country, it has implemented a work from home policy and expects its teams to begin working from the Madrid and Retortillo offices at the end of the European summer.

The company has also met with the relevant officials of the Municipality of Retortillo during the quarter to ensure that it has all the required information to be able to award the firm an urbanism licence.

Quick facts: Berkeley Energia Ltd

Price: 19.75 GBX

LSE:BKY
Market: LSE
Market Cap: £51.07 m
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