Uranium hopeful's shares in meltdown

Shares in uranium hopeful Berkeley Energia were smashed today, down 44 per cent after regulators knocked back a planned concentrate plant in Europe.

Spain’s Nuclear Safety Council opted not to approve a manufacturing plant in Retortillo as part of Berkeley’s Salamanca project.

A translation of the notice on the council’s website said there were technical deficiencies in how low level radioactive waste was to be disposed.

“The reason for the decision taken is based on the low reliability and high uncertainties identified in geotechnical and hydrogeological aspects of the radioactive facility´s safety analysis,” the council said.

Berkeley, which is chaired by prominent dealmaker Ian Middlemas, told the ASX it had not yet received official notification.

“The company is extremely disappointed that the NSC has reached this decision and strongly refutes their assessment,” Berkeley said.

In April, Berkeley had said this was the final approval required to get the project off the ground, following 120 prior permits and reports.

Shares were down 41 per cent to 37 cents each at the close.