08/12/2014 - 11:19

Toro in $3.9m raising

08/12/2014 - 11:19

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Western Australia’s first ever uranium mine could be a step closer towards completion, with uranium developer Toro Energy completing a $3.9 million raising to fund its Wiluna project.

Toro in $3.9m raising
Toro managing director Vanessa Guthrie (left) and non-executive chair Erica Smyth.

Western Australia’s first ever uranium mine could be a step closer towards completion, with uranium developer Toro Energy completing a $3.9 million raising to fund its Wiluna project.

Since October, the company has raised more than $20 million towards development of the mine, which would be located east of Meekatharra.

The mine received environmental approvals in April 2013, and the company predicts it has sufficient resources to last a quarter of a century.

Toro predicts a medium-term shortfall of uranium production, and the company said there would be limited new suppliers entering the market.

With two Japanese nuclear reactors receiving approval to reopen in 2015, the price of uranium has risen sharply from a near-decade low earlier this year.

Toro has additional plans to use some of the funding for assessments of its exploration portfolio, including recently acquired Canadian assets, and working capital.

The company was up 8.1 per cent to 8 cents per share at the time of writing.

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