MININGWEEKLY.COM (JOHANNESBURG)--Australian-based Berkeley Resources will submit its exploitation plan to the Spanish government for its Salamanca project. This project comprises the Aguila, Alameda, Retortillo, and Villar mining deposits and has an estimated 71.2 million pounds of uranium. Berkeley submitted this plan in November 2010 to Spanish state-owned ENUSA and the two companies established a joint venture (JV) to operate the project, with Berkeley controlling 90%. Berkeley must pay USD 25.6 million to ENUSA for the transfer of ENUSA-owned elements into the JV. Source: http://www.miningweekly.com/article/berkeley-moves-spain-uranium-project-to-exploitation-phase-2011-01-19 (Reliability: 47.69 -- High)
Analysis:
It is unlikely that Russian-stated owned OAO Severstal (a leading steel and mining company) will gain a controlling stake in Berkeley Resources. There was an existing Severstal take over bid of Berkeley, however the two companies could not finalize the terms of the deal before the 14 January 2011 deadline. This deal expired, but Berkeley is currently continuing discussions with Severstal on another transaction proposal. It is unlikely that this new proposal will result in a take over bid due to the raising price of uranium, the estimated deposits of the Salamanca project and its step towards the exploitation phase, and Berkeley's new desire to explore a broad range of financing alternatives. (Analytic Confidence: Moderate)
Image: Depicts the Salamanca uranium project in central Spain, with the Villar deposit (top left), Alameda deposit (bottom left), Aguila deposit (bottom right), and Retortillo deposit (top right). Source: http://www.berkeleyresources.com.au/ 
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