Half-year numbers for Berkeley Energia (BKY), the only company to be building a major uranium mine this year, contained few surprises. But the biggest hurdle is already out of the way; thanks to November’s deal with Oman’s sovereign wealth fund, the group is now fully funded to first production in 2019.
IC TIP:
Buy
at
51.5p
Before then, management is patiently waiting for uranium prices to rise, amid a 12 per cent forecast drop in global primary mine production, and a pick-up in long-term contract demand.
Meanwhile, construction work is gathering pace. Spanish engineering firm Sanchez y Lago has been contracted, the management ranks are being filled out, and the finishing touches are being put to capital and operating budgets.
