Name of the Project
Salamanca uranium project.

Location
Spain.

Project Owner/s
Berkeley Energia.

Project Description
Salamanca has an overall mineral resource estimate of 89.3-million pounds of uranium. The project is based solely on measured and indicated resources totalling 59.8-million pounds.

An independent study has confirmed the project 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.

The study is based on extracting 61.3-million tonnes of ore at an average grade of 408 parts per million (ppm) uranium to produce 48.6-million pounds of uranium.

The study envisages an initial mine life of 14 years, producing on average 3.5-million pounds of uranium a year. After initial ramp-up, production will average 4.4-million pounds a year over ten years of steady-state operation.

Potential Job Creation
In addition to the creation of 450 direct jobs when the project is in full production, up to 2 000 indirect jobs will be created in the community.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $531.9-million and an internal rate of return of 60%.

Capital Expenditure
€82.3-million.

Planned Start/End Date
Not stated.

Latest Developments
Berkeley Energia has taken the first steps to overturn the unfavourable decision by the Nuclear Safety Council (NSC) for its Salamanca project.

The NSC blocked the company’s planned uranium project on safety concerns earlier this month.

The company has requested a reassessment by the NSC and has submitted an 'improvement report' to supplement its initial application, along with the corresponding arguments that address the issues raised by the NSC.

More than 120 previous permits and favourable reports have been granted by the relevant authorities at the local, regional, federal and European Union levels in relation to the Salamanca project, among which nine have been from the NSC.

Key Contracts, Suppliers and Consultants
Iberdrola (rerouting of main power line); Amec Foster Wheeler Group (front-end engineering design); and Sandvik Group (primary crusher).

Contact Details for Project Information
Berkeley Energia, tel +44 207 478 3900 or fax +44 207 434 4450.