Name of the Project
Lake Maitland uranium/vanadium project.

Location
About 105 km south-east of Wiluna township, in Western Australia.

Project Owner/s
Toro Energy.

Project Description
A scoping study has proposed the development of a standalone uranium operation with vanadium by-product as a potential viable alternative to Toro Energy’s previously proposed greater Wiluna uranium project.

The project will process about 1.94-million tonnes of ore a year and produce an estimated 1.3-million pounds a year of uranium and 700 000 lb/y of vanadium.

Total production is estimated at 22.8-million pounds of uranium and 11.9-million pounds of vanadium over a 17.5-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at an 8% discount rate, of A$610-million and an internal rate of return of 41%, with a payback of 2.5 years.

Capital Expenditure
A$270-million, including contingency and engineering, procurement and construction management.

Planned Start/End Date
Not stated.

Latest Developments
Toro Energy will raise A$4.5-million through a share placement to fund extensions to the Lake Maitland scoping study, and prepare a pilot plant programme for the Lake Maitland/Wiluna uranium project study.

The company has secured firm commitments for the placement of 450-million new shares at 1c each from institutional, sophisticated and professional investors.

Under the placement, the company will issue one option for every two shares subscribed for, with an exercise price of 1.5c each and a 24-month term.

The share placement will be settled in one tranche under the company’s existing placement capacity.

Key Contracts, Suppliers and Consultants
SRK Consulting Australasia (scoping study).

Contact Details for Project Information
Toro Energy, tel +61 8 9214 2100 or email info@toroenergy.com.au.