Berkeley Energia
(ASX:BKY) has started development of its Salamanca uranium project in Western Spain.
The company says this project is worth US$100 million, and has the potential to be Europe’s only major uranium mine.
Berkeley also says, once the project starts producing, it has the potential to supply over 4 million pounds of uranium concentrate each year, and will rejuvenate the local community (which has been struggling with long term under-investment).
The company is expecting uranium demand to grow significantly, with competition, in particular, from China.
China is forecast to bring seven new reactors online each year, and allocate an additional US$570 billion to build sixty more reactors over the next decade.
Berkeley Energia reported a net loss of $13.6 million at 30 June 2016.
