Berkeley Energia Limited (DI) (BKY)

Sector:

Mining

18.17p
   
  • Change Today:
      0.42p
  • 52 Week High: 38.00p
  • 52 Week Low: 13.50p
  • Currency: UK Pounds
  • Shares Issued: 445.80m
  • Volume: 10
  • Market Cap: £80.99m

Oman to invest in Berkeley Energia's Salamanca mine

By Michele Maatouk

Date: Wednesday 30 Aug 2017

LONDON (ShareCast) - (ShareCast News) - Oman's sovereign wealth fund has agreed to invest up to $120m to fully fund Berkeley Energia's Salamanca uranium mine into production.
The investment, which will position the fund as a long-term strategic investor in the company, will involve an interest-free and unsecured convertible loan of $65m. The loan can be converted into ordinary shares at 50p per share, resulting in the fund owning around 28% of the group.

There will be three tranches of options convertible at a weighted average price of 85p per share, contributing a further $55m towards the later phases of the company's development of the Salamanca mine, resulting in the fund holding a further 9% interest.

The fund will have the right to appoint a non-executive director to the board and to match future uranium off-take transactions on similar commercial terms subject to certain limitations on volume.

Managing director Paul Atherley said: "We are delighted to welcome Oman's sovereign wealth fund as a long-term strategic investor in the company and look forward to working closely with them to realise the full potential of the exciting Salamanca project.

"The Salamanca mine is one of the only major uranium mines in development in the world today at a time when spot uranium prices are at a decade low. The project benefits from a rare combination of low up front capital cost and very low operating costs and due in part to its location in the heart of the European Union we are able to contract supply at prices well above the current spot price."

He added that the fund's interest in matching Berkeley's future off-take contracts will further enhance its revenue stream.

At 0945 BST, the shares were up 8.5% to 49.10p.



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BKY Market Data

Currency UK Pounds
Share Price 18.17p
Change Today 0.42p
% Change 2.35 %
52 Week High 38.00p
52 Week Low 13.50p
Volume 10
Shares Issued 445.80m
Market Cap £80.99m

BKY Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.69% above the market average4.69% above the market average4.69% above the market average4.69% above the market average4.69% above the market average
4.55% below the sector average4.55% below the sector average4.55% below the sector average4.55% below the sector average4.55% below the sector average
Price Trend
24.01% below the market average24.01% below the market average24.01% below the market average24.01% below the market average24.01% below the market average
29.66% above the sector average29.66% above the sector average29.66% above the sector average29.66% above the sector average29.66% above the sector average
Income Not Available
Growth
65.13% above the market average65.13% above the market average65.13% above the market average65.13% above the market average65.13% above the market average
74.60% above the sector average74.60% above the sector average74.60% above the sector average74.60% above the sector average74.60% above the sector average

BKY Dividends

No dividends found

Trades for 23-Apr-2024

Time Volume / Share Price
10:38 10 @ 18.50p

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