Mineral exploration company Berkeley Resources Ltd
(ASX:BKY) has terminated a Heads of Agreement with Areva NC.
All rights granted to Areva for off-take marketing of uranium production from Berkeley’s projects have now been terminated, giving Berkeley the opportunity to negotiate off-take or marketing rights with other parties.
Areva intends to exercise all of its Berkeley options and will have no further holding in the company, this will also contribute over $7 million to Berkeley’s cash position.
Berkeley Resources Ltd reported a loss for fiscal 2009.
