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Flundra I would suspect International Arbitration is the only option, but how long will it take and what would the cost be.
I suspect it will be around 2028 when people will have had enough of a leftist socialist Government in Spain.
:)
All good questions P1D.
International arbitration court for any compensation/damages case maybe.
Spanish courts for the JR perhaps. I'm not sure the current crop of Spanish politicians or public servants are too bothered about the law, and sincerely hope the judiciary are.
Good RNS today. OIA's case looks like a try on ("no merit"). They clearly didn't get an injunction to stop the conversion at least.
Desperate attempt by the management to stop OIA from taking back its money.
Surprised theres not a bigger drop here.
Tbh berkely better off not building as government will always find a way to delay it. Nuclear just doesn't have much support anywhere in europe, even though its maybe a good medium term option.
Yes but who is going to judge all this?
Is the Spanish judiciary independent enough from the current Government to get the desired outcome?
I wonder what the international investing community makes of all this?
That may well be the best approach.
The RNS language is very legalistic (eg CSN's "discriminatory" and "arbitrary" decision, and best of all "not legal"!!). So it looks to me like lawsuits are coming. Abuse of process by CSN in league with MITECO has been blatant. So perhaps BKY should now start JR and damages proceedings, and simultaneously without prejudice discussions to relinquish the licences if the project can't proceed. These can be stayed if an administration prepared to act legally ever comes along!
BKY will also have to defend the OIA lawsuit whatever.
Is there a timeframe this has to be done within?
Personally Id rather they save the time money and energy until the next election, hopefully the people of Spain will have had enough of this government and send them packing at the ballot box.
JR and damages lawsuits now surely?
We need an update on OIA too.
https://www.mining.com/spain-rejects-berkeley-energias-uranium-plant/
El Gobierno confirma el veto al proyecto de la mina de uranio de Retortillo: https://www.eldiario.es/1_8228e0?utm_campaign=botonera-share&utm_medium=social&utm_source=whatsapp
I saw some promotion for electric cars, could have been Australia, and the lead guy was asked where the electricity was coming from.
Dead pan he replied from coal fired power stations, what a hoot, we have gone from oil powered cars to a coal powered derivative car!
Spain is confused and the clock is ticking, the strategy of BKY has to be patience and not going bust and holding their licences.
How long will this possibly decade maybe five if we are lucky. Why pick a fight with Government when it will win fairly or unfairly? Let it destroy itself.
it's wintry days like today (high pressure, light winds, bit cloudy) where much of the damage gets done. Nearly two thirds of our leccy from fossil fuels (including coal), a lame 20% ish from all renewables, and sadly only about 14% from the hopefully-not-completely-lost-yet opportunity nuclear.
https://www.energydashboard.co.uk/live
They are nationalising the mine with a strategy of making BKY go bust is a possible scenario?
Viewpoint, most politicians are lawyers, slippery with the truth, greedy and often corrupt The idea that COP26 might produce something sensible and workable almost zero.
Spain being run and controlled by eco idiots and socialists so the chances of them co operating and granting the permits low imo therefore BKY stuffed.
Quick question,
Would anyone invest in Spain ? Be it private or retail or other Governments via complex vehicles?
BKY have presumably said no to OIA wanting to quit and are holding them to the investment agreement. So OIA have seemingly launched a widely framed lawsuit seeking termination of the agreement on every conceivable legal ground.
What will BKY's response be and how far will OIA get in court I wonder. OIA will certainly want to urgently stop the upcoming loan note conversion so news soon perhaps.
OIA wants out because it comes to the conclusion that there is no way forward.
Best to cut its loss and move on.
Only person made lots of money from this share was Paul Atheley.
Any views?
Not great imo. Basically we need more nuclear power, and should have realised this years ago. The paradox is that it’s easier for cowardly politicians to continue with fossil fuel emissions (the status quo), than increase use of the tried and tested solution of nuclear, alongside renewables. The vocal fearmongering of some “Green” groups, and an irrational approach to nuclear’s minimal risk are combining to finish us all off, together with the planet we live on.
https://ourworldindata.org/
This website’s useful for example.
Fatalities per terawatt hour of energy produced:
Coal: 24.6 deaths
Nuclear: 0.07 deaths
And solar and wind produce more emissions than clean safe green nuclear too.
The conclusion? “Phase down” coal. And the likes of Spain are “phasing out” nuclear.
Who actually is happy with that, and the way policy is heading? It’s goodbye world isn’t it? Nuts.
It's unfortunate OIA want out. They should join BKY's fight against CSN and the government, assuming their approach isn't reflecting a fundamental policy change in Oman against nuclear.
OIA are taking action against the wrong party, they should be after the Spanish Government.
All the signals and messages coming out of Spain are of a great concern to the international investing community.
We need an RNS detailing BKY's approach to the OIA claim ("considered to be without merit, will be vigorously defended", that sort of thing).
I agree there's no progress with the current CSN and government atm, so until that changes, BKY should pursue legal proceedings against them imo, which could be stayed if and when circumstances change, or a favourable regime comes to power. BKY's case looks very strong (eg CSN2 looks like it's wrong in law). This year Vattenfall got nearly a third of its international court damages claim (£1.2bn of £3.7bn) against the German government, just for compensation for lost profits on electricity that would have been generated from its nuclear plants there following the 2011 moratorium. Spain hasn't outlawed BKY's project (despite the government's efforts to do so), so any damages and compensation ought to be significant. Time to get on with proceedings though and force the authorities to the table (initially judicially reviewing CSN2 imo), it'll take forever.
A mature approach would have seen compensation discussions underway already, but I doubt that's happened.
Venezuela perhaps.....apart from the Euro loans holding up the Spanish economy!
If the EU demand their loans be repaid then Spain is economically done for.
Resolutions passed etc. Cannot see much of a future for BKY unless legal and political pressure applied to Spanish Gov to grant permits for the mine and the chances of that seem very very remote.
Will Spain become like Cuba or Bolivia?