Join our daily newsletter At The Bell to receive exclusive market insights
- Berkeley Energia (BKY) shares have plunged after the Spanish Nuclear Safety Council’s unfavourable response to the BKY’s uranium concentrate plant proposal
- The regulator advised it issued the report based on “high uncertainties” in the radioactive facility’s safety analysis
- Berkely says it has not received any official notification on the matter and strongly disputes the decision
- BKY says the NSC II is the only pending approval required to commence full construction of its Salamanca mine in Western Spain
- Berkeley Energia shares are down 43.7. per cent and trading at 35.5 cents at 2:22pm AEST
Berkeley Energia (BKY) shares have plunged after the Spanish Nuclear Safety Council issued an unfavourable report in response to BKY’s uranium concentrate plant proposal.
The regulator published the outcome of a board meeting considering BKY’s application regarding a uranium concentrate manufacturing plant in Retortillo, advising it had issued an unfavourable report for the project amid safety concerns.
The regulator published the outcome of the meeting on its website, but Berkely said it had not received any official notification on the matter and strongly disputed the decision.
BKY had hoped the Salamanca Project would become a low-cost uranium producer in a historic mining area of western Spain, pending certain regulatory approvals.
Today, the Spanish regulator deemed the project to have “low reliability and high uncertainties identified in the radioactive facility´s safety analysis” and deficiencies identified in the disposal of “very low-level radioactive waste.”
BKY said the NSC II was the only pending approval required to commence full construction of the Salamanca mine.
In its statement, Berkely said it would strongly defend its position and is considering a range of legal options in relation to the decision.
“The Company is extremely disappointed that the NSC has reached this decision and strongly refutes their assessment,” the statement read.
“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.”
Berkeley Energia shares were down 43.7. per cent and trading at 35.5 cents at 2:22pm AEST.
