Uranium mine gets approval
DateApril 2, 2013 – 3:48PM 43 reading now
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Australia’s next uranium mine is a step closer after ASX-listed Toro Energy received long-awaited environmental approvals to build a mine at Wiluna in the Western Australian outback.
Shares in Toro have jumped from 11 cents to 13 cents in the minutes since the approval was confirmed by federal environment minister Tony Burke.
The approval is the final regulatory hurdle for Toro, which will now begin commercial negotiations to ensure it can source the necessary finance to build the project, which the company estimates will cost $269 million.
Toro will take its own final investment decision later this year.
Approval from Mr Burke was not considered a fait accompli, after he delayed his decision three times in the past six months.
Environmental campaigners had raised concerns about what they saw as a lack of information about the storage of tailings – mining waste – and risks to groundwater near the mine.
Mr Burke’s approval today came with 36 conditions.
“The 36 strict conditions I have put in place will guard against any negative impacts from radiation or to groundwater and surface water, and include precautions to ensure that once the mine is closed, the site is safe for humans and animals, and is non-polluting,” he said.
The mine will be first uranium mine in WA and one of only a handful in Australia.
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Read more: http://www.smh.com.au/business/uranium-mine-gets-approval-20130402-2h4kk.html#ixzz2PI5YSGhj