Berkeley Energia finally begins development at Salamanca

11th Oct 2016 14:28

(ShareCast News) - Berkeley Energia commenced development of the Salamanca project in Western Spain in August, it confirmed in an update on Tuesday, after a decade and $60m of investment.The AIM-traded firm said the $100m project has the potential to be Europe's only major uranium mine and one of the biggest producers in the world once in production, supplying over four million pounds of uranium concentrate per annum, equivalent to approximately 10% of the continent's total requirement.It claimed the investment will help rejuvenate a local community severely impacted by unemployment with over 450 new jobs, an estimated 2,700 indirect jobs and will inject new business opportunities into local companies and suppliers.With shipments commencing in 2018 the mine will supply customers in Europe, the US and Asia, Berkeley's board said, many of whom are expanding their nuclear reactor fleets to meet 2030 carbon targets with 65 new reactors currently under construction worldwide.Demand for uranium is expected to grow significantly from 2018 as US and EU utilities commence re-contracting for uranium supply, it added."We are extremely pleased with the continued local support we are receiving which is fantastic and in return we remain absolutely committed to revitalising the local community, bringing much needed jobs, training and new business activity to the area," said managing director Paul Atherley."After a decade of investment we are absolutely delighted to start development of the initial infrastructure which paves the way for the main construction early next year."As work on the ground progresses we move closer to our goal of being one of the world's lowest cost uranium producers, reliably supplying long term customers from the heart of the European Union."