Berkeley Minerals falls 23% on acquisition delay

Berkeley Minerals share price fell more than 20% after the Group said that the proposed acquisition of tailings dumps at Kabwe in Zambia would be delayed.

Completion of the acquisition is not now expected to take place until early in 2011 and meetings to progress the transaction are due to take place before Christmas.

The vendor is in the process of securing new licences and permits under Zambian mining law as a renewal of the previous small scale mining licence held by the vendor which expired in July 2010.

The process of obtaining these licences and permits has been one of the reasons for the delay to the completion of the acquisition.

The share price fell 1.8p to 5.88p - a drop of 23.5% since last Friday's closing price.

Story provided by StockMarketWire.com

13/12/2010