Antinuclear

Western Australian Wiluna uranium project in the doldrums for the forseeable future

WA’s first uranium mine likely to be delayed as Toro Energy puts Wiluna on hold WESTERN Australia’s first new uranium mine is likely to be delayed due to the ongoing downturn in demand and prices, Perth Now, 1 Oct 15 

Toro Energy has put its Wiluna uranium project on hold as it waits for market conditions to improve. The company began drilling at the project in 2014 and had expected to start operations in 2017.

“We will get to build Wiluna when we get the price that makes Wiluna economic. We are not seeing that price today,” managing director Vanessa Guthrie told AAP.

Wiluna, 960 kilometres northeast of Perth, is the first new uranium mine in WA to receive federal government approval since the lifting of a ban on uranium mining in 2008.

The project will require prices between $60 and $70 a pound to make money, Dr Guthrie said.

Long term uranium prices currently hover around $45 per pound, almost half the levels of five years ago. Prices are expected to dip further because of large stockpiles……..

Global uranium production has stalled in the past two years as depressed uranium prices have curtailed exploration activities and the opening of new mines……http://www.perthnow.com.au/business/was-first-uranium-mine-likely-to-be-delayed-as-toro-energy-puts-wiluna-on-hold/story-fnhocr4x-1227552733503

October 1, 2015 - Posted by Christina Macpherson | business, uranium, Western Australia