Toro Energy (ASX: TOE) has signed Confidentiality Agreements with potential financiers for its Wiluna Uranium Project in Western Australia after securing State Government environmental approval earlier this month.
The first of these groups, a major U.S. nuclear energy group, has now visited the Wiluna project site and Toro's project office in Perth over an extended period for technical review and confirmation.
The purpose of this visit was to familiarise themselves with the project as a potential supplier of uranium concentrates should approvals and financing of the project allow it to proceed.
The Wiluna project team is currently undertaking a project update, which include a capital and operating cost re-estimate. This is expected to be announced when completed in November.
Final detailed technical work, particularly on closed canister studies for uranium disequilibrium is anticipated to be complete during the December quarter.
Wiluna Uranium Project
The Wiluna Uranium Project comprises two uranium resource deposits near Wiluna in Western Australia, which currently has no operating uranium mines.
The project would process 1.3 million tonnes per annum of ore to produce about 820 tonnes of uranium oxide concentrate, with first sales targeted for the 2014-15 financial year.
Toro now awaits the completion of the Federal Government's assessment of the project, which is expected prior to the end of this year.
The company could be the first post-ban uranium miner in Western Australia to market with the next uranium mine in Australia to begin production.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.