Mega Uranium Ltd. (TSX:MGA) closed the previously announced sale of its Lake Maitland Uranium Project in Western Australia to Toro Energy Limited (ASX:TOE) for 415 million fully paid ordinary shares in the capital of Toro, roughly r 28% of the issued and outstanding shares of Toro.
Articles Tagged "Toro Energy"
Toro Energy Limited (ASX:TOE) announced an increase to its JORC resource estimate for the Wiluna uranium project located in Western Australia. Following a 2013 drill program at the Centipede, Lake Way and Millipede targets located on the property, the company has increased its resource for Wiluna by 75% to 25.2 Mt at 551ppm for 30.6 Mlb U3O8.
This week, Western Australia-based Toro Energy entered into an agreement to acquire Mega Uranium's Lake Maitland uranium project in Western Australia.
ABC News reported that Toro Energy (ASX:TOE) plans to acquire Mega Uranium's (TSX:MGA)'s Lake Maitland uranium project, located near their Wiluna project in Western Australia. As quoted in the ABC report:
Demand for uranium is set to rise in the next decade, meaning it's time for Australia cut the red tape surrounding uranium mining.
ABC News reported that Toro Energy's Australian uranium mine may be up against a number of economic challenges.
Australia, the third-largest uranium producer in the world, is home to nearly one-third of the world’s known uranium resources.
Bloomberg reported that Toro Energy Ltd, which is planning to develop the Wiluna uranium mine for US$279million Australia, is in talks with potential partners from China, South Korea, and Japan.
The International Business Times reported that Toro Energy has been granted approval by Australia’s federal government for its proposed uranium mining at Wiluna however it is subject to 36 conditions including setting up certain measures to safeguard the local groundwater from radiation.
Mining Weekly reported that Toro Energy, a uranium developer, is facing yet another delay for the federal approval of its Wiluna Project after Minister Tony Burke was allowed extended time to decide on the project.