Toro gets FIRB green light for Lake Maitland

Toro Energy has received approval from the Foreign Investment Review Board for its $37 million acquisition of the Lake Maitland uranium project in central Western Australia.

Toro, which is hoping to develop the state's first uranium mine at Wiluna, announced the acquisition of the Lake Maitland project from Canada's Mega Uranium for 415 million Toro shares in August.

Based on the company's closing share price at the time, the value of the transaction is almost $37 million and gives Mega a 28 per cent stake in Toro, behind OZ Minerals, which owns 28.5 per cent of the explorer and intends to vote in favour of the agreement.

"The decision is a key milestone to the completion of the acquisition, which adds significantly to the Wiluna project and provides operational and financing benefits that strengthen the investment case for the mine development," Toro managing director Vanessa Guthrie said.

"Toro looks forward to being able to complete the acquisition so that we can integrate the Lake Maitland assets into the broader Wiluna project, which includes the approved Centipede and Lake Way deposits."

Toro shareholders will vote on the acquisition at an extraordinary general meeting later this month.

The company hopes to bring the Wiluna project to production in 2016 if the depressed uranium price improves and it can secure project financing.