Toro dusting off uranium project amid strong demand outlook
Uranium explorers are revisiting key projects as prices improve.
Now, Toro Energy (ASX:TOE) says developing its Wiluna uranium project in Western Australia will be cheaper in an updated scoping study.
The explorer wants to make sure Wiluna is ready to “take the early advantage” in any future uranium price recovery.
Compared to the original 2016 study, the processing plant development costs fell from $91.6 million to $87.9 million.
Operating costs went from $16.08 to $14.59 per pound U3O8, and overall uranium recovery has potentially improved to 82.77 per cent from the 80.25 per cent.
These potential cost improvements are a result of changes to the processing flow sheet, Toro says.
The company’s share price was unchanged at 2.5c in morning trade.
A scoping study lacks the detail of a more advanced definitive feasibility study so the company hasn’t worked out the big picture stuff just yet, such as total project development and operating costs, revenue, and production forecasts.
The company was approached for additional comment.