CAPITAL MARKETS

Strong interest in uranium project

Salamanca bats away yellowcake price slide

Michael Quinn

This article is 8 years old. Images might not display.

Berkeley has raised GBP24.1 million by issuing new shares at 45 pence, with the funds pencilled for accelerating development of the Salamanca project in Spain.

In Australian dollar terms, the raising equates to $A39.1 million at 73c per share.

Salamanca is a $US100 million project that is forecast to have a cash operating cost of $13.30 per pound – though that is a life-of-mine cost and the early-mined Zona 7 deposit is pegged to have an operating cost of $9.90/lb.

The spot uranium price closed last week at $18.75/lb, having been at levels of over $70/lb earlier this decade.

In 2007 uranium nearly reached $140/lb, having started the century at levels around $10/lb.

In any case Berkeley has been flagging contract pricing levels above $40/lb.

Construction of Salamanca will begin in the first quarter of 2017 and production in 2019.

Shares in Berkeley were up 6.3% to A76c in early trade, capitalising the company at $152 million.

The stock has risen nearly 400% over the past six months.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.