Member Info for Broxburn68

BKY up 13.3% on ASX to 17c (9.4p). We'll see if it follows suit here. GLA.

It may be worth noting that at the present rate, RCF may have finished disposing of their holding here roughly about the time that the next quarterly report is due (late Jan). They have 7m shares left to sell as at 24th Dec. I'm miles behind here, being a LTH but at this level of SP I am considering a small bet to average down, or even look for some short term gains. Note the word bet though. It will almost certainly be quite some time before permits are granted, if at all, but a favourable report from the CSN (hopefully Q1) could see a decent rise, even given a continued impasse with regard to permitting.

The worst case scenario is that shareholders end up with nothing . We come last in line with regard to distributions. There are no secured creditors as such as there is no "debt", but I feel that the continued support of the Omanis is absolutely crucial.

...OK, signing off for Xmas now. Here's an article from Germany that I think sums up where we are quite well with BKY. I would like to wish all posters and their families the very best for Christmas and the New Year.

https://www.rohstoff-welt.de/news/artikel.php?sid=68539#Berkeley-Energia-Ltd.-Besteht-eine-Chance

At Berkeley, there is still no tangible news. The rumour that Berkeley will not receive the last two permits for the uranium project in Spain has massively impacted the stock, though there was not officially any official government opinion in that direction.

Berkeley Energia has one of the world's best uranium projects under its wing and 100 million AUD capital in the bank at zero debt. I still think these two scenarios are possible:

Scenario I: Berkeley gets the approval, the market is totally wrong and the stock then explodes.

Scenario II .: Berkeley does not get approval or the government hesitates to extend it. Although the topic of production would be HALT for the time being, the project would continue to belong to Berkeley. You could just wait until the government changes again in Spain.

The company is currently traded under the cash stock and of course, the stock looks modest. But I will certainly not sell the stock under cash, especially since there is still the chance that Berkeley gets the permits.

The company is working hard on these last two issues, having previously received over 100 (!) Government approvals. The Resource Capital Fund (RCF) has recently been wrong in various companies and has to contend with returns. Recently, RCF has been selling more stocks and I'm just waiting to see that RCF is done with the sales.

I respect your point of view.

I wouldn't be particularly happy if a uranium mine, or any opencast operation, was planned to be opened next to where I live, and I stay in a former shale mining area. It may happen in my lifetime however.

There will inevitably be a conflict of interest between the people that want work and security for their families and the disruption and reduction of quality of life caused to local residents who are not involved in the mine.

Hello matnotan, could you please reference your comments otherwise it would seem that they may be without foundation. Do you disagree with my analysis regarding the Urbanisation permit? Do you deny that many locals want the mine?

I note that several applications for the granting of mining investigation permits have been admitted definitively recently by the local authority to BKY. This doesn't suggest wholesale rejection of the project. (I've even referenced Jesus Cruz here!!)

https://jesusenlared.blogspot.com/2018/12/berkeley-minera-espana-sl-investigara.html

There is a lot of support for the mine locally, PAU1DEANO. A lot of the voices against are very vocal on social media and have no connection with the area. As always it's the protestors who make most noise.

BKY put out this release on 5 September stating:

"The entirety of the population of Retortillo, half the population of Villavieja de Yeltes and many more residents from other towns surrounding the project have signed a petition to show their support for Berkeley‘s Salamanca mine."

https://www.berkeleyenergia.com/more-than-a-thousand-from-local-community-sign-petition-in-support-of-the-salamanca-project/

BKY have to be held accountable for press releases. Protestors can say what they like with impunity.

I don't think that the "African" scenario you mention will happen; the Spanish government is under great pressure and is seriously short of funds. The reason the Urbanisation Permit has been denied by the local authority is purely down to austerity in Spain. They simply couldn't find someone suitably qualified to deal with the application.

Hi matnotan, there are some literate responses to the criticism levelled at PA in the article don't you think? Don't you agree that there are very different levels of accountability applying to each opposing side?

"I've seen it elsewhere as well (being involved with a uranium project myself). The activists have a way of making it seem like the entire world is against a project, but in reality it is a small number of agitators (often people from far away via social media) who actually oppose these developments. Not to mention that traditional media always sides with the opposition and it's pointless trying to convince them to "play fair".
If one had to do an actual survey on the ground of who is for and who is against, I'm sure the impression would be far different from that portrayed in the media.

And from personal experience I can tell you that activists are far more likely to manipulate information than companies, because they have nothing to lose (no accountability) whereas companies have everything to lose (always accountable)."

OK, thanks matnotan - so if the CSN assessment is positive for BKY, the government will not block the issue of the permit? Is this also the case regarding central government with the Urbanisation license as this should gain approval at regional and local level?

Yes, I've spoken to Sean before and he was very helpful and reassuring. To be fair, no one at BKY expected this scenario we have and I'm sure that they are dealing with it in the best way they can. I can't attach blame to the BKY management, but it's still frustrating to have so little feedback all the same.

Well, the Slovenian Environment Minister has now resigned....if only this would happen in Spain too...

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AST&ArticleCode=t56ylklu&ArticleHeadline=Resignation_of_the_Director_of_ARSO

I'm not Spanish or a lawyer but I would expect that any appeals regarding government intervention in blocking the CSN license, if not the urbanisation license as well, would be taken to the EU courts.

It's becoming a matter of frustration that there has been so little communication from BKY recently. One paragraph statements are not sufficient. It would be good to know what contingency plans may be made if the opposition rumours are true, which I suspect they may well be, and if we still have full commitment from the Omanis towards the project.

There are interesting parallels with the situation facing Ascent Resources and opposition to their fracking license in Slovenia. Again, a change to a government with a so-called green agenda has thrown up new obstacles to obtaining their necessary permits. Some excerpts from their recent RNS below:

"Since August 2018 the Company has received repeated private assurances from senior officials at the Environment Agency ("ARSO"), the lead regulator in the award of permits, that the issue of the long-awaited IPPC permit had been approved and would be confirmed imminently.

This weekend it was reported in the local press that the new Environment Minister, Jure Leben, had decided to make further enquiries into the permit.

Despite repeated efforts on our part we have been unable to get any meaningful comment from either ARSO or the Environment Minister.

Over the past five years, the IPPC Permit application has been subject to detailed scrutiny by the Slovenian Environment Agency (ARSO), by the previous Environment Minister, by the Slovenian courts and by Environmental NGO's during the public consultation process.

The inability of investors in Slovenia to rely on bureaucratic processes or the rule of law in the country makes any investment in Slovenia by foreign companies extremely high risk.

In progressing our attempts to get the permits awarded we have become aware of similar cases in other industries, where overseas investors are suffering similar delays to Ascent's. While we have the greatest respect for the Slovenian people, who we believe deserve better from their officials and their politicians who continue to profess the need for further foreign investment, we have regretfully reached the end of the line in waiting patiently for the Slovenian authorities to do the right thing.

It is clear to the Board that any legal action in Slovenia would be waste of shareholders money. Your board has therefore resolved to explore commencing proceedings against the Environment Agency ("ARSO"), the Environmental Minister and the state of Slovenia directly in the EU courts.

Further announcements will be made in due course."

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/xzzlnpx

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/rmmgqnr

It will be interesting to see how this progresses, and good luck to Ascent!

More on this here. Good to see some positive pressure being applied.

CyL Board asks the government to comply with the law without "demagoguery" about uranium mine

Valladolid, Oct. 18 (EFE) .- The Government of Castilla y León today called on the central government to limit itself to comply with the law without "demagogy" or "voluntarism" to authorize or deny the uranium mine project promoted by the multinational Berkeley in the municipality Salamanca of Retortillo, pending several judicial resolutions and permits.

In the press conference after the Governing Council, the spokesperson of the Board, Milagros Marcos, has asked to "ensure strict compliance with the regulations", regardless of whether the business projects appear "more or less attractive" for the corresponding Administration.

"That the rule be taken into account before the ideology," the spokeswoman demanded, convinced that certain economic activities "are being demonized" and that, in her opinion, will discourage investment.
Marcos has rejected that the administrative decision can be based on a "whim" and has demanded to offer guarantees to the projects that can be raised "because otherwise the entrepreneurs will stop being interested".

Asked if the Board considers that the central government is not acting subject to the law in this case of Berkeley, Marcos has said he is not seeing if "really the decision that is going to be taken will only go to comply with the rule "

In fact, he has linked the doubts about this project with the lack of "stability" and "insecurity" that he appreciates in Spain, where in his opinion "talking about stability is very complicated".

Despite this argument, he has finally stated that he does not have to doubt that the Government will meet the technical criteria and standards. "I hope so, I do not have to doubt it, but I hope so," he insisted.

https://www.lavanguardia.com/vida/20181018/452415624552/junta-cyl-pide-a-gobierno-que-cumpla-la-ley-sin-demagogia-sobre-mina-uranio.html

Good support from the regional authority reported today with regard to the permitting. If I can find any detail, I'll post more. They're demanding that the rule of law is applied and not political ideology, as certainly at least the CSN permit, if not the Urbanisation Licence as well, are supposed to be non-discretionary in this respect.

"The Junta de Castilla y León demands that "the norm be taken into account before the ideology" in the authorization by the Government of the project of the uranium mine that the Australian company Berkeley Energía projects in the town of Retortillo (Salamanca), if meets all the technical requirements provided by law."

http://www.icalnews.com/Mostrar.cfm/noticias/I/consejo/junta/exige/prime/norma/antes/ideologia/proyecto/mina/uranio/retortillo/437978

Here's the source of the bad news causing this drop in SP. We need an urgent response from BKY on this matter to confirm or deny this rumour.

MADRID (Reuters) - The Spanish government has decided not to deliver the permits necessary to open the European Union’s only open-cast uranium mine near Salamanca, dealing a serious blow to Australian mining company Berkeley Energia’s plans.

The project was granted preliminary approval in early 2013 but has since faced local opposition.

Berkeley said earlier on Tuesday it was still confident it would obtain the last two major permits needed for the mine to start operating - a local building license and an authorisation given by the government to handle radioactive waste - though it would also scale down its existing local corporate operations.

“The government will wait for the ongoing proceedings to go through but it will say no,” a government source said on condition of anonymity.

Spain’s energy and environment ministry declined to comment. The Nuclear Safety Council and Berkeley Energia had no immediate comment.

A second source, directly involved in the proceedings, said Berkeley was “living in a parallel universe” when it said the mine would soon become a reality.

“The authorisation to build the mine is only possible when the nuclear authority has handed over its report, which is still a long way,” said the source, adding he believed the mine would never see the light of day.

The nuclear authority is due soon to renew its board and the Socialists and junior parliamentary allies Podemos, who both oppose the project, will hold a majority in it.

https://www.reuters.com/article/us-spain-uranium-berkeley-exclusive/exclusive-spain-to-block-berkeley-uranium-mine-project-sources-idUSKCN1MQ1ZZ

Well down here as well but have held 100% of my holding as IMHO the chances of obtaining the permits, for Retortillo at least, look favourable. This would re-rate the SP back to break even or thereabouts for me, so I'm not wanting to crystallise any losses at the minute.

If and when these permits are granted, I will be reviewing my holding here as it seems certain that obtaining further permits for Zona 7 will prove even more onerous to obtain due to the region's proximity to built up areas around Villavieja de Yeltes.

This is an excerpt from Francisco Bellon's presentation regarding permitting at the recent open day at the mine, which at least gives encouragement for the granting of the Retortillo permits in the near-ish future:

Bellón explained that the delay is in the absence of planning permission of the City Council of Retortillo [Urbanisation License] and the Council of Nuclear Safety, which are in process, so the project will start working the day after having the licenses. He was optimistic about the granting of these licenses because they are regulated and are not discretionary.

On the CSN license he said that this body has already given several favorable reports for this project previously and this is the last time BKY will have to respond before starting to build. Bellon stated that the license is not suspended and hopes that in a few weeks or months it can be granted, because what it does is verify that all the precepts provided in the prior authorizations are incorporated in the execution of the project.

On the [Urbanisation] license Retortillo City Council stressed that "we expect it to be granted soon because it is also regulated and we comply with all the precepts and urban parameters."

https://www.tribunasalamanca.com/noticias/berkeley-abre-las-puertas-de-la-mina-para-desmitificar-el-proyecto/1539110403

Could you elaborate on the special corruption of the Spanish State and it's governments that you mention please. What does this mean?

Retortillo, the article suggests that there is strong political support for the project both at local level in Retortillo and regionally in Castilla Y Leon. This would indicate that the Urbanisation License should be obtained by BKY. The Sanchez goverment has taken a fairly gentle approach to pursuing it's reforms so far. It's a minority administration after all. Do you not think that trying to override local and regional support for the project would not just be out of character, let alone politically and democratically questionable?

Fully agree, easyp.

Just FYI the link provided by retortillo is to a blog by Jesus Cruz (El Blog de Jesus), a leader/ spokesperson of the Stop Uranio protest movement in the region.

BKY have actually taken Mr Cruz to court a year or so ago on the following charges:

"The company has a duty to protect its employees to provide a safe work environment and protect them from abuse they suffer as a result of attempts made by opposition groups to manipulate information and create confusion. "

"Our local team, professionals, highly qualified, should not have to tolerate being subjected to online abuse, as a result of this campaign to discredit an investment of 250 million euros that are being invested with the highest standards of health, safety and environment environment."

The case however was dismissed as the judge stated that Mr Cruz's blog "does not cover the 'animus injuriandi' that requires a certain behavior to be considered criminal".

https://www.noticiascyl.com/salamanca/provincia-salamanca/2017/10/31/jose-cruz-de-stop-uranio-declara-en-los-juzgados-por-injurias/

https://www.tribunasalamanca.com/noticias/el-juez-desestima-la-querella-de-berkeley-contra-el-activista-jesus-cruz-segun-la-plataforma-stop-uranio

I'm all for free speech and welcome all views on here as I'm sure we all do, but honestly I think we need a bit more depth to comments such as plant being removed from the site; so what??

Now Euro 0.526 on Spanish Bolsa, so difference all but levelled out now.