Toro Energy Opens to Investors for Uranium Mine
Toro Energy Ltd is one of the leading uranium explorers in the world. It is now undertaking plans for an Aus$269 million or US$279 million project in Western Australia with seven potential partners in China, Japan and South Korea.
Toro plans to bring an external partner to help in the development of the Wiluna uranium mine before reaching a decision by the end of 2013. This was confirmed by Managing Director Vanessa Guthrie, who by phone said it is expecting to offer a stake between thirty and fifty percent of the mine as part of the agreement.
Wiluna is the first Australian uranium mine to obtain both state and federal approval in four years. It is expected to become productive by the end of 2015. The uranium project has drawn interest from many companies in Asia as well as nuclear utilities.
She said through the phone interview, "We are seeing a supply shortfall from 2016 onwards starting to drive potential partners and customers to look to secure supply. For new uranium projects, there are very few that are going to start in that window."