Antinuclear

Toro’s WA uranium plan under the spotlight and under pressure

 Protestors will attend the Toro AGM and launch an alternative annual report at a highly visual presence outside the company’s meeting at the Crowne Plaza Hotel, Hindmarsh Square, Adelaide, from 9:15 am (Adelaide time).

The company is out of step with the fundamentals of the uranium sector, post-Fukushima.  Toro wants a blank cheque but is heading for an abrupt reality check.

28 Nov 12, Junior uranium hopeful Toro Energy will be the focus of protest outside and questioning inside at the company’s annual meeting in Adelaide today.  Toro hopes to develop Western Australia’s first uranium mine near Wiluna in the Murchison region. The project is currently undergoing federal assessment, requires a range of further state approvals and is actively contested.

“The Toro project is far from a done deal,” said Conservation Council WA nuclear free campaigner Mia Pepper. “There are serious flaws in the state assessment process and the studies Toro provided to the State Government. The project is a long way from being approved and the company faces serious financing constraints.

“Under new mine closure guidelines Toro has to find 100% of the mine closure costs in order to get approval to mine. So Toro needs $150 million to close a mine even before it has raised the $300 million to open it. The combination of a uranium price in free-fall and rising mine costs make this project  increasingly unviable.”

Toro Energy’s uranium mining push comes as proven miners, including BHP Billiton and Cameco, defer or get out of planned uranium projects in WA.

“2012 has seen the world’s largest miner and the world’s largest uranium miner vote with their feet against uranium developments at Yeelirrie and Kintyre,” said Australian Conservation Foundation campaigner Dave Sweeney.

“Both these companies have far more experience and resources than Toro and both these deposits are larger than Wiluna. Toro’s enthusiasm far exceeds its capacity.  The company is out of step with the fundamentals of the uranium sector, post-Fukushima.  Toro wants a blank cheque but is heading for an abrupt reality check.

“With WA Labor and the Greens opposed to uranium mining in the West the Wiluna project is unpopular, unsafe and increasingly uncertain.”

Protestors will attend the Toro AGM and launch an alternative annual report at a highly visual presence outside the company’s meeting at the Crowne Plaza Hotel, Hindmarsh Square, Adelaide, from 9:15 am (Adelaide time).

Media contact

Dave Sweeney, Nuclear Free Campaigner – Aust Conservation Foundation: 0408 317 812

Mia Pepper, Nuclear Free Campaigner – Conservation Council WA: 0415 380 808

November 28, 2012 - Posted by Christina Macpherson | General News