Toro Energy's Wiluna Uranium Project in Western Australia Receives Federal Approval

Researched by Industrial Info Resources (Perth, Australia)--Within the next two years, Western Australia expects to become the latest state to mine and export uranium, with a goal of beginning production before the end of 2015. The federal government recently approved Toro Energy Limited's (ASX:TOE) (Norwood, South Australia) environmental application for mining. But before the $269 million Wiluna uranium project, which is located approximately 30 kilometres south of Wiluna, can proceed to any further stage, including any construction, mining agreements have to be acquired with respect to native title claimants.

"We are looking to finalize the joint venture partner funding, and we have some final engineering studies to do and mining agreements to complete, [as well as] negotiating with traditional owners, so that we can go the board for a final approval decision at the end of this year," said Vanessa Guthrie, the managing director of Toro.

The environmental approval allows for potential joint venture partners to be engaged in an effort to secure funding for the project. These include countries such as Japan, India, China and South Korea.

Mining in Western Australia historically has had a strong focus on mineral deposits throughout the state. Examples of these include gold and silver deposits around the Kalgoorlie region, and iron ore in the Pilbara region. Also, large reservoirs of natural gas have been found and processed offshore to the state. This project will be the sixth of its kind in Australia and the first in Western Australia.

Australia is among the top exporters of uranium worldwide. Application of the dense metal ranges from household products--such as smoke detectors, televisions and computers--to its wider-known use for nuclear power and electricity. Medical and military uses also are very common.

Since Japan's Fukushima nuclear power plant disaster in March 2011, global awareness of the intensity of hazards associated with uranium applications has grown, as has caution toward any new development involving the dense metal.

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