The listing of the Australian mining company is suspended, at its own request, both in Australia and in Spain.
Berkeley Minera Spain has submitted a brief of supplementary allegations to the Ministry for Ecological Transition in which he dismantles the report of the Nuclear Safety Council (CSN) that dismissed the exploitation of the uranium mine in Retortillo (Salamanca).
The Australian company claims that it has proven that the nuclear regulator had applied criteria that they have no legal protection and that, furthermore, they correspond to other future stages of the authorization process for the Retortillo facility, but not to the construction authorization, which is what the CSN should report on.
Berkeley has taken as a reference the files provided by the Ministry itself regarding the plants of La Haba (Badajoz) and Saelices (Salamanca), owned by the old JEN and ENUSA, which were subjected to licensing processes similar to that of the Retortillo plant as they were first-class radioactive facilities.
In Spain there have been at least four open-pit mineral exploitation plants similar to the Retortillo Plant: the Andújar uranium factory (FUA), in Jaén, which was operational between 1959 and 1981; the LoboG Plant, in La Haba (Badajoz).
Berkeley’s analysis of these files has revealed the discriminatory treatment suffered by the CSN when evaluating its project. In his opinion, it has entailed the requirement of a multitude of requirements that, however, have been ignored in the authorization procedures of similar facilities.
Berkeley denounces that the negative CSN report on the Construction Authorization has been based on information that has not been required for other facilities of the same nature at this procedural moment..
No legal backing
One of the clearest examples has to do with the hydrogeological study that has been required of Berkeley for the granting of the construction authorization and that, however, for other facilities was not requested until 18 months after the start of construction.
Thus, in the case of Berkeley, the requirement of certain requirements would have been advanced to previous stages (requesting information regarding future stages of exploitation, dismantling and closure in the pre-construction phase) in what the company considers an arbitrary and discriminatory action that does not comply with the applicable regulations.
In other cases, much stricter criteria have also been applied to the Retortillo project than to other projects, without any type of legal support, such as seismic criteria. In addition, in other facilities the Construction Authorization has been granted, including conditions.
However, in the case of Berkeley, where a conditional favorable report could have been issued, It has been chosen, in clear violation of the principle of equality, to directly issue an unfavorable report.
The company concludes that the CSN has acted outside the law, seriously harming her by having treated her project in an unjustifiably different, stricter and more demanding way compared to other projects of the same nature.
Your listing is suspended
On the other hand, the National Securities Market Commission (CNMV) has decided to suspend provisionally, with immediate effect, its listing while relevant information about said entity is disseminated.
The CNMV adopted this decision minutes after the opening of the market and at the moment in which the shares of the company were left 1.92%, until they were exchanged at a price of 0.1937 euros.
The suspension of the listing has also taken place just after Berkeley Energia Limited, Berkeley Minera’s parent company, informed the CNMV that trading of its shares on the Australian Stock Exchange has been suspended at your request after receiving a claim from Singapore Mining, a subsidiary of the Omani state investment fund, in connection with the investment contract and convertible note entered into in 2017.
Singapore Mining demands immediate payment of the principal amount of $ 65 million of the convertible note due to allegations that the investment agreement and the convertible note “have been frustrated, repudiated and / or an event of default has occurred.”
Berkeley rejects these allegations and asks the Omani fund to prove them with facts, while seeking legal advice on this matter.
The company specified in that statement to the CNMV that the suspension of the listing of Berkeley’s shares in Australia would not affect the trading of the company’s ordinary securities on the London and Spanish markets, although their listing has subsequently been suspended. in the Spanish market.