19/09/2014 - 14:50

Toro loss $8m

19/09/2014 - 14:50

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Toro loss $8m
Toro Energy managing director Vanessa Guthrie (left) and chair Erica Smyth.

Western Australia’s aspiring uranium miner Toro Energy has reported an $8 million loss for the financial year ending June 2014.

The loss was up from the $6.8 million loss over the previous financial year and included an impairment of $2.6 million resulting from decisions to cease and reduce operations at 23 of its tenements.

The company said it had refocused its exploration activity on tenements with the most value, given the downward pressure on the uranium price, and was in the process of selling off tenements perceived to be less lucrative.

The results also include the $35 million cost of acquiring the Lake Maitland assets from Mega Uranium.

Toro has had good news in terms of its Wiluna project, with an announcement yesterday that further exploration of the tenements near Meekatharra had indicated uranium deposits larger than expected.

It said the results, along with earlier positive results of high mineralisation, strengthened the case for surface mining at Wiluna and enhanced confidence in its modelling of the project.

Toro’s end of year financial statements released today estimated its current and non-current assets to be worth $137.6 million.

Earlier this year the company revised the start up costs for Wiluna to $315.6 million, which represented an increase of almost $47 million from its original estimate.

It said the increase was due to additional costs associated with mining fleet equipment, infrastructure and contingency requirements.

Toro’s share price remained unchanged at 10 cents apiece at 2:45PM WST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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