Antinuclear

Uranium under pressure means tough times for Toro

Toro Energy – the company seeking to open WA’s first uranium mine – will be the focus of critical attention from local residents, Traditional Owners and State and National environment groups at its annual meeting in Perth today.

Opponents of the company’s uranium mining plans will greet Toro executives and shareholders with an independent report casting doubt on the economic viability of the company as well as the broader nuclear industry.
A theatrical performance outside the AGM will also demonstrate that the nuclear industry’s vital signs are ‘flat lining’.

“Toro have expanded their proposal from one risky and unviable uranium mine in Wiluna, to a series of equally small and risky deposits in the region” said CCWA campaigner Mia Pepper. “What they won’t tell shareholders is that this expansion plan will represent more delays, more costs, more environmental problems, and more community opposition.”

“Toro have failed to fully disclose the complexity, risk and lack of formal approval for its long term plans.”
“CCWA and the Australian Conservation Foundation oppose the current proposal and will actively contest the company’s plan for seven uranium mines across 200km and 2 lake systems which will involve a doubling of water use and radioactive mine waste”.

“Toro’s shareholders will have a very long wait before this company will be profitable, if ever. The conditional approval granted for the Wiluna mining proposal prohibits the company from doing any other preparatory works for a mine until thirty six conditions are met and further management plans are approved.”

“Financial problems have dogged the uranium sector with low uranium prices, high operating costs and a lack of investor confidence following the global decline in nuclear power post Fukushima,” said Ms Pepper.

“While some companies are cutting their losses Toro is on track for tough times ahead”.

November 28, 2013 - Posted by Christina Macpherson | business, uranium, Western Australia