Toro soothes fears over Wiluna time frame
JOHANNESBURG (miningweekly.com) - Uranium developer Toro Energy on Friday told shareholders that the federal government’s delay in handing down an environmental approval for its Wiluna project, in Western Australia, would not affect the project’s time frame.
MD Greg Hall said that federal Environment Minister Tony Burke was seeking more information regarding the potential impacts of the project on the area’s water resources, and the safety of the proposed tailings burial depth after project completion.
“Toro is confident that it can adequately respond to the three issues raised by the Minister to allow him to make a decision on the project well before the stated timeframe,” Hall said.
Burke has extended his decision timeframe until the end of March next year.
Hall on Friday reiterated that the additional time to a federal decision on the project would not, at this stage, impact the overall project schedule. Subject to final federal approval, project financing and the uranium market conditions, a final investment decision on the Wiluna mine was expected during the second half of 2013, with first uranium sales targeted for 2015.
While Toro was waiting on the federal government, the company was continuing to engage with potential joint venture partners to assist in financing the mine’s construction, in return for long-term uranium offtake arrangements.
Hall said that the number of groups engaging in negotiations has increased since the state government approved the project in October this year. However, while confidentiality agreements were in place and access to the data room has been granted, these negotiations were expected to take until at least mid-year.
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