Antinuclear

Toro Energy has to work hard to get financing for Wiluna uranium project

Toro pushes back financing on Wiluna ninemsn 29 Nov 12Toro Energy has pushed back financing negotiations for its proposed Wiluna uranium mine in Western Australia, as it waits for the federal government to decide the fate of the project. The move comes a month after WA Environment Minister Bill Marmion granted final environmental approval
for the state’s first uranium mine, in the Mid-West region.

Development can go ahead if Mr Marmion’s federal counterpart, Tony Burke, gives it the nod and the company’s board makes a final decision to proceed.

Managing director Greg Hall said the company anticipated a decision from Mr Burke by the end of the year after the minister delayed his decision by 30 days. “We anticipate it will take longer to secure a financing arrangement and hence it will take longer to make that investment decision in late 2013, and correspondingly the first sales
will be in 2015,” Mr Hall told AAP after the company’s annual general
meeting in Adelaide on Wednesday.

The company has been working on financing for the past 18 months.

Mr Hall said interest in the project had increased as the company
sought potential joint venture partners in Japan, South Korea and
China…… http://finance.ninemsn.com.au/newsbusiness/aap/8571812/toro-pushes-back-financing-on-wiluna

November 28, 2012 - Posted by Christina Macpherson | business, uranium, Western Australia