Toro starts WA uranium approval talks

Uranium company Toro Energy says it has started discussions with the Western Australian government regarding approvals for the Wiluna project, as its major shareholder injects $12 million into the company.

The company is focused on advancing the Wiluna uranium project, which is currently subject to project optimisation studies after a prefeasibility study pegged capital costs at $247 million.

Toro is aiming to have the project in production before the next state election.

Meanwhile, the company said it major shareholder, Oz Minerals, has subscribed for its full entitlement of the $26 million renounceable rights issue.

Last month, Toro announced a 3.8-for-one rights issue, with the offer scheduled to close this Friday.

Toro now holds $21 million in cash, and following stamp duty provisions, has $14 million to advance its Wiluna and Napperby projects.