TIDMBKY
RNS Number : 4468N
Berkeley Energia Limited
26 October 2016
BERKELEY ENEGIA LIMITED
NEWS RELEASE | 26 October 2016 | AIM/ASX BKY
Quarterly Report September 2016
Salamanca mine development underway
Following a decade of exploration and US$60 million of
investment, development of the Salamanca mine commenced in August
2016 and is now well underway.
The goal is to establish the mine as one of the world's lowest
cost producers, reliably supplying long term customers from the
heart of the European Union.
The US$100 million project will be Europe's only major uranium
mine and once in production will be one of the world's biggest
producers supplying over four million pounds of uranium concentrate
a year, equivalent to approximately 10% of the continent's total
requirement.
The mine will rejuvenate a community suffering from lack of
investment and badly hit by long term unemployment.
Skills training programmes are being run for locals to equip
them for the 454 jobs the mine will create once in full production.
In addition it has been estimated that over time the mine will
generate indirectly an estimated further 2,295 jobs in the region.
During the main construction phase commencing in 2017 the
contractor workforce will peak at over 700.
Local businesses are being prioritized and the local
municipalities and communities will be fully supported throughout
the life of the mine.
Whilst spot uranium prices are expected to remain flat or fall
in the near term, from 2018 when the Salamanca mine is scheduled to
come into production, demand is expected to grow significantly as
US and EU utilities commence re-contracting for medium to long term
supply and Chinese demand for its US$570 billion new reactor fleet
begins to build.
Commenting on the progress of the Salamanca mine, Paul Atherley,
Managing Director, stated:
"We are extremely encouraged by the strong local support for the
development of the mine and in return we remain absolutely
committed to rejuvenating the local community, bringing badly
needed jobs, training and new business activity to the area."
"After a decade of investment we are bringing the Salamanca mine
into production at the bottom of the uranium price cycle and
judging by the interest we are receiving for offtake from 2018
onwards in particular from US and Asian utilities it looks like we
will be delivering into growing demand."
The Salamanca mine is the only major new uranium mine commencing
development in the world today and has caught the attention of a
wide range of industry participants and potential financiers.
The mine has a rare combination of extremely low operating costs
of around US$15 per pound of uranium produced and a low upfront
capital cost of around US$100 million, giving it robust economics
at the bottom of the uranium price cycle.
Salamanca's location at the heart of the European Union is also
proving to be of interest to those utilities looking to diversify
supply.
Approximately two thirds of the world's uranium is consumed in
OECD countries, mainly the US and the EU, whilst about the same
proportion of uranium is supplied from non OECD countries, mainly
Kazakhstan, Russia and Niger.
The Company is now in discussions with potential strategic
partners who are interested in taking a minority stake in the
project and who are undertaking legal, technical and financial due
diligence.
In September 2016, the Company signed a Letter of Intent with
Interalloys Trading Limited (Interalloys), a European based
commodity trading company, relating to the sale of the first
million pounds of production from the Salamanca mine over a five
year period commencing in 2019.
The Company is also in discussions with another utility company
in relation to a sales contract with terms similar to those
outlined in the Interalloys Agreement.
Subsequent to quarter end the Company has been invited to tender
on a ten-year 11 million pound supply contract with a major Asian
utility.
A number of major utility companies from both the US and Asia
have expressed interest in offtake and have undertaken due
diligence and visited site.
Exploration targeting further Zona 7 style deposits continued
during the quarter. Results from four holes drilled through the
near-surface Zona 7 deposit to a depth of 271 metres have reported
grades consistent with, or higher than, the average grade of the
Zona 7 resource itself pointing to a potential resource
upgrade.
The Company's good neighbour and business partner relationship
with the local community has been very well received.
The policy of preferentially hiring local residents and inviting
them to undertake a skills training programme for potential
employees has been heavily oversubscribed with over ninety locals
completing the two courses held to date.
In addition the organization and sponsorship of various sporting
activities and the installation of free Wi-Fi in the local villages
has provided immediate benefit to local residents.
An independent Definitive Feasibility Study (DFS) completed by
an Amec Foster Wheeler Group (LSE: AMFW) specialist company, MDM
Engineering Limited, confirmed in July 2016 the Salamanca mine as
one of the world's lowest cost uranium producers, capable of
generating strong after tax cash flow through the current low point
in the uranium price cycle.
The Company is fully funded through the initial development
phase with A$13.4 million in cash and no debt as at 30 September
2016.
For further information please contact:
+44 20 7478
Berkeley Energia Limited 3900
Paul Atherley, Managing Director info@berkeleyenergia.com
Hugo Schumann, Corporate Manager
WH Ireland Limited (Nominated +44 20 7220
Adviser and Joint Broker) 1666
Paul Shackleton
Nick Prowting
Jay Ashfield
+44 20 7418
Peel Hunt LLP (Joint Broker) 8900
Matthew Armitt
Ross Allister
Chris Burrows
+44 207 466
Buchanan 5000
Bobby Morse, Senior Partner BKY@buchanan.uk.com
Anna Michniewicz, Account Director
Letter of Intent signed for first million pounds and growing
demand from US and Asian utilities
The Company continues to engage with major utilities and trading
houses and has now met with key potential customers across the US,
Europe and Asia, many of whom have shown high levels of interest in
securing offtake from the mine.
In September 2016, the Company signed a Letter of Intent with
Interalloys, a European based commodity trading company, relating
to the sale of the first million pounds of production from the
Salamanca mine.
The Agreement contemplates the sale of up to one million pounds
of uranium concentrate over a five-year period starting from the
commencement of production and extendable thereafter by mutual
consent.
The average price contemplated by the parties is above US$41 per
pound compared with the current spot price of around US$22 per
pound. A combination of fixed and market related pricing will apply
in order to secure positive margins in the early years of
production whilst ensuring that the company remains exposed to
higher prices in the future.
Discussions are underway to finalise the non-binding Agreement
into an offtake contract by the end of the year.
The Company is also in discussions with another US based utility
in relation to a sales contract with terms similar to those
outlined in the Interalloys Agreement.
Subsequent to quarter end, the Company has been invited to
tender on a ten-year 11 million pound supply contract with a major
Asian utility.
A number of major utility companies from both the US and Asia
have expressed interest in offtake and several of them have
undertaken due diligence and visited site.
As construction gets underway, the Company expects to enter into
further offtake agreements and build a book of offtake
contracts.
Whilst spot uranium prices are expected to remain flat in the
near term, from 2018 when the Salamanca mine is scheduled to come
into production, demand is expected to grow significantly for term
contracts as US and EU utilities commence re-contracting for medium
to long term uranium supply and Chinese demand for uranium for its
US$570 billion new reactor fleet begins to build.
High grade intercepts below Zona 7 point to potential resource
upgrade
A major exploration programme targeting further Zona 7 style
deposits across numerous key targets continued during the
quarter.
The programme is aimed at making new discoveries and converting
some of the 29.6 million pounds of Inferred resources into the mine
schedule with the objective of maintaining annual production at
over 4 million pounds a year on an ongoing basis.
Additional high grade intersections have been recorded below the
Zona 7 deposit, further supporting previous indications of
continuity of mineralisation beneath the current defined
resource.
Results from four holes drilled through the near-surface Zona 7
deposit and extended to a maximum depth of 271 metres have reported
grades consistent with, or higher than, the average grade of the
Zona 7 resource.
The drilling beneath Zona 7 complements three holes drilled
earlier this year in which broad, high grade intersections were
reported at up to 14 metres @ 4,481 ppm U(3) O(8) (please refer to
announcement on 27 January 2016).
Amec Foster Wheeler appointed to undertake FEED contract
During the quarter, the Company appointed MDM Engineering
Limited, a wholly owned specialist subsidiary of the Amec Foster
Wheeler Group (LSE: AMFW) to undertake the Front End Engineering
and Design (FEED) for the Salamanca mine.
The FEED is the execution phase of the project during which the
overall engineering and process design is translated into equipment
procurement packages and awards to specialist subcontractors.
The FTSE 250 listed Amec Foster Wheeler is a leading global
engineering group with extensive experience in delivering uranium
mining and processing solutions.
Amec Foster Wheeler's FEED will be based on the DFS with input
from a number of Spain's most reputable engineering groups
including Madrid IBX-35 listed companies Iberdrola (BME: IBE) and
OHL (BME: OHL).
Infrastructure development progressing well
The infrastructure development is progressing well and includes
the 5.2 kilometre road deviation, development of pedestrian
footpaths and secure cattle paths and the previous installation of
a Wi-Fi network for the local villagers, as part of the Company's
commitment to improve infrastructure for the local community.
The contract for rerouting the main powerline has been awarded
to Iberdrola, the owner of the line, the Company's study partner
for the radiological aspects of the mine and one of the leading
players in the Spanish energy generation and distribution
market.
Material procurement has commenced and construction will start
early next year following the completion of some of the road access
development. Construction of the road deviation will take
approximately three months.
This initial development is taking place on over 100 hectares of
land acquired from more than thirty local landowners.
Study confirms Salamanca mine as one of the world's lowest cost
uranium producers
An independent study released during the quarter has confirmed
the future Salamanca mine as one of the world's lowest cost
producers, capable of generating strong after tax cash flow through
the current low point in the uranium price cycle.
A DFS has reported that over an initial ten year period the
project is capable of producing an average of 4.4 million pounds of
uranium per year at a cash cost of US$13.30 per pound and at a
total cash cost of US$15.06 per pound, which compares with the
current spot price of US$22 per pound and term contract price of
US$41 per pound.
During this ten year steady state production period, based on
the most recent UxC forward curve of uranium prices, the project is
expected to generate an average annual net profit after tax of
US$116 million.
At the time of announcing the DFS, Managing Director Paul
Atherley commented: "The Salamanca mine is capable of generating
strong, sustainable cash flow through the low point in the uranium
price cycle. We have commenced initial infrastructure works and are
aiming to establish the operation as one of the world's top ten
producers, reliably supplying long term customers from the heart of
the European Union."
With operating costs almost exclusively in Euros and a revenue
stream in US dollars the project is expected to continue to benefit
from the effects of deflationary pressures within the EU.
The mine has an initial mine life of 14 years based on mining
and treating only the Measured and Indicated resources of 59.8
million pounds.
An ongoing annual exploration programme, as discussed above,
will take advantage of generous taxation incentives and has been
aimed at making new discoveries and converting some of the 29.6
million pounds of Inferred resources into the mine schedule with
the objective of maintaining annual production at over 4 million
pounds a year on an ongoing basis.
The mine design incorporates the very latest thinking on
minimising environmental impact and continuous rehabilitation such
that land used during mining and processing activities will be
quickly restored to agricultural usage.
Strong interest from financiers and strategic partners
The Salamanca mine is the only major new uranium mine commencing
development in the world today and has caught the attention of a
wide range of industry participants and potential financiers.
The mine has a rare combination of extremely low operating costs
of around US$15 per pound of uranium and low upfront capital cost
of around US$100 million giving it robust economics at the bottom
of the uranium price cycle.
The Salamanca mine's location at the heart of the European Union
is also proving to be of interest to those utilities looking to
diversify supply.
Approximately two thirds of the world's uranium is consumed in
OECD countries, mainly the US and the EU, whilst about the same
proportion of uranium is supplied from non OECD countries, mainly
Kazakhstan, Russia and Niger.
The Company is currently in a strong position and is considering
a range of financing options. It is in discussions with a number of
potential strategic partners who are interested in taking a
minority stake in the project and are currently undertaking legal,
technical and financial due diligence.
Commitment to the community and the environment
The Company continues to be committed to the rejuvenation of the
local community by being a good neighbour and a good community
business partner.
It has been by far the biggest investor in a rural community
suffering from decades of under investment and will continue to
invest and cooperate to promote local employment in a region with a
high level of unemployment, especially amongst its youth.
The Company has to date received over 20,500 applications for
the first 200 direct jobs it will create. The University of
Salamanca has estimated that for this type of business, there will
be a multiplier of 5.1 indirect jobs for every direct job created,
resulting in over 2,900 jobs being created as a result of the
investment when the mine is in production.
The Company has formalized its "good neighbour and good
community business partner" commitment via a Cooperation Agreement
with the highly supportive local municipalities which, in addition
to significant royalties and taxes being paid by the Company, gives
priority to the employment and training of local residents and the
preferential support for businesses by sourcing goods and services
locally.
In late 2015, the Company carried out its first training course
in the local community areas. The training course focused on
blasting techniques for the future operations and was attended by
over 30 local residents, with recognised diplomas being issued upon
graduation.
In 2016, the Company advertised a driver training course for
approximately 65 individuals from the local region. Participants
will be given a license to operate mobile equipment on completing
the course.
Training programmes will continue to run to ensure that
sufficient people from the local communities are qualified for jobs
created during the construction and mining phases. The policy of
preferentially hiring and training local residents has been very
well received with the programmes continuing to be heavily
oversubscribed, to date over 100 potential employees have attended
courses organized by the Company.
The Company's commitment to the environment remains a priority
and, as outlined in the Environmental License and the Environmental
Measures Plan, it will plant trees over some 75 to 100 hectares of
land in the region.
Commitment to raising the number of women employees
Subsequent to the quarter end the Company attended the Women in
Mining seminar to discuss the report recently published by Ernst
& Young, 'Has mining discovered its next great resource',
encouraging more women to join the mining industry.
Berkeley Energia remains committed to gender diversity, as
evidenced by the high number of women employed throughout the
various levels of the Company. Currently over 37% of the team in
Spain are women and we are committed to raising this number over
the coming years.
Corporate
The Company is fully funded through the initial development
phase with A$13.4 million in cash and no debt as at 30 September
2016.
Table 1 - Global Mineral Resource Estimates
(Cut-off grade of 200 ppm U(3) O(8) )
July 2016
------------------ ------------ --------------------------
Deposit Resource Tonnes U(3) U(3)
O(8) O(8)
Name Category (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 mine
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
=============================== ======= ======= ========
(*) All figures are rounded to reflect appropriate levels of
confidence. Apparent differences occur due to rounding. The
Measured and Indicated Mineral Resources are inclusive of those
Mineral Resources modified to produce the Ore Reserves. The
Salamanca mine is 100% owned by the Company
Table 2 -Ore Reserve Estimate
July 2016
------------ ----------- --------------------------
Deposit Resource Tonnes U(3) U(3)
O(8) O(8)
Name Category (Mt) (ppm) (Mlbs)
------------ ----------- ------- ------- --------
Retortillo Proved 4.0 397 3.5
Probable 11.9 302 7.9
Total 15.9 325 11.4
------------------------ ------- ------- --------
Zona 7 Proved 6.5 542 7.8
Probable 11.9 624 16.4
------------------------ ------- ------- --------
Total 18.4 595 24.2
------------------------ ------- ------- --------
Alameda Proved 0.0 0.0 0.0
Probable 26.4 327 19.0
------------------------ ------- ------- --------
Total 26.4 327 19.0
------------------------ ------- ------- --------
Total Proved 10.5 487 11.3
============
Probable 50.3 391 43.4
Total (*) 60.7 408 54.6
======================== ======= ======= ========
(*) cut-off grade for Retortillo 107 ppm, Zona 7 125 ppm,
Alameda 90 ppm. Apparent differences occur due to rounding. The
Salamanca mine is 100% owned by the Company.
Competent Persons Statement
The information in this announcement that relates to the
Definitive Feasibility Study, Mineral Resources for Zona 7, Ore
Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is extracted from the
announcement entitled 'Study confirms the Salamanca project as one
of the world's lowest cost uranium producers' dated 14 July 2016,
which is available to view on Berkeley's Energia Limited (Berkeley)
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 Resources, Ore
Reserve Estimate, Production Target, and related forecast financial
information derived from the Production Target included 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 announcements.
The information in the original announcement that relates to the
Definitive Feasibility Study is based on, and fairly represents,
information compiled or reviewed by Mr. Mr Jeffrey Peter Stevens, a
Competent Person who is a Member of The Southern African Institute
of Mining & Metallurgy, a 'Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Stevens is employed by MDM Engineering (part
of the Amec Foster Wheeler Group). Mr. Stevens has sufficient
experience that is relevant to the style of mineralization and type
of deposit under consideration and to the activity being undertaken
to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'.
The information in the original announcement that relates to the
Ore Reserve Estimates, Mining, Uranium Preparation, Infrastructure,
Production Targets and Cost Estimation is based on, and fairly
represents, information compiled or reviewed by Mr. Andrew David
Pooley, a Competent Person who is a Member of The Southern African
Institute of Mining and Metallurgy', a Recognised Professional
Organisation' (RPO) included in a list posted on the ASX website
from time to time. Mr. Pooley is employed by Bara Consulting (Pty)
Ltd. Mr. Pooley has sufficient experience that is relevant to the
style of mineralization and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'.
The information in the original announcement that relates to the
Mineral Resources for Zona 7 is based on, and fairly represents,
information compiled or reviewed by Mr Malcolm Titley, a Competent
Person who is a Member of The Australasian Institute of Mining and
Metallurgy. Mr Titley is employed by Maja Mining Limited, an
independent consulting company. Mr Titley has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'.
The information in this announcement that relates to the Mineral
Resources for Retortillo is extracted from the announcement
entitled 'Increase in Retortillo grade expected to boost economics'
dated 7 January 2015 which is available to view on Berkeley's
website at www.berkeleyenergia.com. The information in the original
announcement is based on, and fairly represents, information
compiled by Mr Malcolm Titley, a Competent Person who is a Member
of The Australasian Institute of Mining and Metallurgy. Mr Titley
is employed by Maja Mining Limited, an independent consulting
company. Mr Titley has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves'. The Company confirms that it is not
aware of any new information or data that materially affects the
information included in the original market announcement and, in
the case of estimates of Mineral Resources that all material
assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not
materially changed. The Company confirms that the form and context
in which the Competent Person's findings are presented have not
been materially modified from the original market announcement.
The information in this announcement that relates to the Mineral
Resources for Alameda (refer ASX announcement dated 31 July 2012)
is based on, and fairly represents, information compiled by Mr
Craig Gwatkin, who is a Member of The Australasian Institute of
Mining and Metallurgy and was an employee of Berkeley Energy
Limited at the time of initial disclosure. Mr Gwatkin has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Mr Gwatkin consents to the inclusion in the announcement
of the matters based on his information in the form and context in
which it appears. This information was prepared and first disclosed
under the JORC Code 2004. It has not been updated since to comply
with the JORC Code 2012 on the basis that the information has not
materially changed since it was last reported.
The information in this report that relates to the 2016
Exploration Results for Zona 7 is extracted from the announcement
entitled 'High grades intersected immediately below Zona 7 deposit'
dated 27 January 2016, which is available to view on Berkeley
Energia Limited's ('Berkeley') website at www.berkeleyenergia.com.
The information in the original ASX announcement is based on, and
fairly represents, information compiled by Mr Malcolm Titley, a
Competent Person who is a Member of The Australasian Institute of
Mining and Metallurgy. Mr Titley is employed by Maja Mining
Limited, an independent consulting company. Mr Titley has
sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves'. Berkeley confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcements and, in the case of
estimates of Mineral Resources that all material assumptions and
technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially
changed. Berkeley confirms that the form and context in which the
Competent Person's findings are presented have not been materially
modified from the original market announcement.
Forward Looking Statement
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's mineral properties.
Appendix 1: Summary of Mining Tenements
As at 30 September 2016, the Company had an interest in the
following tenements:
Location Tenement Name Percentage Status
Interest
------------- ------------------------- ----------- --------
Spain
Salamanca D.S.R Salamanca 100% Granted
28 (Alameda)
D.S.R Salamanca 100% Granted
29 (Villar)
E.C. Retortillo-Santidad 100% Granted
E.C. Lucero 100% Pending
I.P. Abedules 100% Granted
I.P. Abetos 100% Granted
I.P. Alcornoques 100% Granted
I.P. Alisos 100% Granted
I.P. Bardal 100% Granted
I.P. Barquilla 100% Granted
I.P. Berzosa 100% Granted
I.P. Campillo 100% Granted
I.P. Castaños 100% Granted
2
I.P. Ciervo 100% Granted
I.P. Dehesa 100% Granted
I.P. El Águlia 100% Granted
I.P. Espinera 100% Granted
I.P.Halcón 100% Granted
I.P. Horcajada 100% Granted
I.P. Mailleras 100% Granted
I.P. Mimbre 100% Granted
I.P. Oñoro 100% Granted
I.P. Pedreras 100% Granted
I.P. El Vaqueril 100% Pending
I.P. Calixto 100% Pending
I.P. Melibea 100% Pending
I.P. Clerecía 100% Pending
I.P. Clavero 100% Pending
I.P. Conchas 100% Pending
I.P. Lis 100% Pending
E.P. Herradura 100% Pending
------------- ------------------------- ----------- --------
Cáceres I.P. Almendro 100% Granted
I.P. Ibor 100% Granted
I.P. Olmos 100% Granted
Badajoz I.P. Don Benito 100% Granted
Este
I.P. Don Benito 100% Granted
Oeste
Ciudad Real I.P. Damkina 100% Granted
Fraccion 1
I.P. Damkina 100% Granted
Fraccion 2
I.P. Damkina 100% Granted
Fraccion 3
No tenements were acquired or disposed of during the quarter
ended 30 September 2016. There were no changes to beneficial
interest in any mining tenements due to Farm-in or Farm-out
agreements. No beneficial interest in Farm-in or Farm-out
agreements were acquired or disposed during the quarter.
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-------------------------------------------
Berkeley Energia Limited
-------------------------------------------
ABN Quarter ended ("current
quarter")
--------------- ------------------------
40 052 468 569 30 September 2016
--------------- ------------------------
Consolidated statement Current quarter Year to date
of cash flows $A'000
(3 months)
$A'000
--------------------------------------- ---------------- -------------
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (2,178) (2,178)
(b) development - -
(c) production - -
(d) staff costs (1,113) (1,113)
(e) administration
and corporate costs (457) (457)
1.3 Dividends received - -
(see note 3)
1.4 Interest received 52 52
1.5 Interest and other - -
costs of finance paid
1.6 Income taxes paid - -
1.7 Research and development - -
refunds
1.8 Other (provide details
if material): - -
---------------- -------------
Net cash from / (used
1.9 in) operating activities (3,696) (3,696)
----- -------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current
assets (557) (557)
2.2 Proceeds from the disposal
of:
(a) property, plant
and equipment - -
(b) tenements (see - -
item 10)
(c) investments - -
(d) other non-current - -
assets
2.3 Cash flows from loans - -
to other entities
2.4 Dividends received - -
(see note 3)
2.5 Other (provide details - -
if material):
---------------- -------------
Net cash from / (used
2.6 in) investing activities (557) (557)
------- ------------------------------ ---------------- -------------
3. Cash flows from financing
activities
3.1 Proceeds from issues
of shares - -
3.2 Proceeds from issue - -
of convertible notes
3.3 Proceeds from exercise - -
of share options
Transaction costs related
to issues of shares,
convertible notes or
3.4 options (17) (17)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related
to loans and borrowings - -
3.8 Dividends paid - -
Other (provide details
3.9 if material)
(a) Proceeds from sale
of royalty 6,531 6,531
(b) Costs in relation
to sale of royalty (167) (167)
---------------- -------------
Net cash from / (used
3.10 in) financing activities 6,347 6,347
------- ------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 11,346 11,346
Net cash from / (used
in) operating activities
4.2 (item 1.9 above) (3,696) (3,696)
Net cash from / (used
in) investing activities
4.3 (item 2.6 above) (557) (557)
Net cash from / (used
in) financing activities
4.4 (item 3.10 above) 6,347 6,347
Effect of movement
in exchange rates on
4.5 cash held (1) (1)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 13,439 13,439
------- ------------------------------ ---------------- -------------
5. Reconciliation of cash Current quarter Previous
and cash equivalents $A'000 quarter
at the end of the $A'000
quarter (as shown in
the consolidated statement
of cash flows) to the
related items in the
accounts
---- ---------------------------- ---------------- ---------
5.1 Bank balances 13,439 11,346
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- ---------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 13,439 11,346
---- ---------------------------- ---------------- ---------
6. Payments to directors of the entity Current quarter
and their associates $A'000
----------------
Aggregate amount of payments to
these parties included in item
6.1 1.2 (303)
----------------
6.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
6.3 Include below any explanation necessary
to understand the transactions included
in items 6.1 and 6.2
---- --------------------------------------------------------
Payments include directors' fees, superannuation,
bonuses and consulting fees.
--------------------------------------------------------------
7. Payments to related entities of Current quarter
the entity and their associates $A'000
----------------
7.1 Aggregate amount of payments to -
these parties included in item
1.2
----------------
7.2 Aggregate amount of cash flow
from loans to these parties included
in item 2.3 -
----------------
7.3 Include below any explanation necessary
to understand the transactions included
in items 7.1 and 7.2
---- --------------------------------------------------------
Not applicable.
--------------------------------------------------------------
8. Financing facilities Total facility Amount drawn
available amount at at quarter
Add notes as necessary quarter end end
for an understanding $A'000 $A'000
of the position
--------------- -------------
8.1 Loan facilities - -
--------------- -------------
8.2 Credit standby arrangements - -
--------------- -------------
8.3 Other (please specify) - -
--------------- -------------
8.4 Include below a description of each facility
above, including the lender, interest rate
and whether it is secured or unsecured.
If any additional facilities have been entered
into or are proposed to be entered into
after quarter end, include details of those
facilities as well.
---- ------------------------------------------------------------
Not applicable.
------------------------------------------------------------------
9. Estimated cash outflows $A'000
for next quarter
---- ------------------------------ --------
9.1 Exploration and evaluation (2,700)
9.2 Development -
9.3 Production -
9.4 Staff costs (500)
Administration and corporate
9.5 costs (300)
9.6 Other (provide details if -
material)
--------
9.7 Total estimated cash outflows (3,500)
---- ------------------------------ --------
10. Changes in Tenement Nature Interest Interest
tenements reference of interest at beginning at end
(items 2.1(b) and location of quarter of quarter
and 2.2(b)
above)
----- ---------------------- -------------- ------------- -------------- ------------
10.1 Interests - - - -
in mining
tenements
and petroleum
tenements
lapsed, relinquished
or reduced
----- ---------------------- -------------- ------------- -------------- ------------
10.2 Interests - - - -
in mining
tenements
and petroleum
tenements
acquired
or increased
----- ---------------------- -------------- ------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here:
............................................................ Date:
26 October 2016
(Director/Company secretary)
Print name: Dylan Browne
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDKMMZGRKKGVZM
(END) Dow Jones Newswires
October 26, 2016 02:00 ET (06:00 GMT)
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