Russia’s efforts to acquire uranium reserves held by Australian-listed companies has hit a roadblock.
One of its target’s, Berkeley Resources Ltd (ASX:BKY) has decided to pursue financing alternatives for its Salamanca uranium project in Spain rather than negotiate an agreed bid with Russian steelmaker Severstal.
Yesterday, Berkeley announced that it has not yet been able to agree terms for a bid.
The company has previously said Korean Electric Power could be one of the companies it would discuss financing alternatives with if negotiations with Severstal ceased.
For the year ended 30 June 2010, Berkeley reported a net loss of $14.2 million.
