Berkeley Energia - Berkeley establishes Spanish Advisory Committee
09/11/2022 07:00
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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 (mailto: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 Category Tonnes U(3)O(8) U(3)O(8)
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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