Berkeley Energia (ASX | LSE: BKY)
Dual-listed Berkeley Energia (ASX | LSE: BKY) is on track for first production at its Salamanca uranium mine, having commenced construction of its initial infrastructure on schedule.
This is the only major uranium mine under construction in the world today – with production expected to come on stream in one of the largest supply/demand deficits ever seen in the uranium market.
The £115M / $200M AUD capped BKY is determined to establish Salamanca as one of the world’s lowest cost uranium producers, supplying long-term customers throughout the European Union – a region with no domestic uranium supply.
BKY has hit several milestones recently, with its land acquisition process almost complete, following the acquisition of a further 100 hectares and major equipment now ordered and being fabricated.
BKY is looking to come into production at a time when macro events such as the removal of high cost supply, US and EU utilities begin re-contracting, Japanese restarts take shape and Chinese new builds gather pace, meaning it could be in a prime supply position.
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With support from the EU regulator for its Salamanca project granted as BKY signed off its first uranium supply deal, BKY is on track to produce uranium at a low cost at precisely the time market demands significantly increase.
Once the Salamanca mine is fully operational, BKY could produce enough uranium to supply the equivalent of the UK’s total power requirements for more than four years.