asians are circling on uranium sources

Toro Energy in talks with Asian investors
January 24, 2012 12:00AM

Energy is talking to Asian investors interested in its key Wiluna uranium project.
Various groups wanted to enter a strategic partnership through a cornerstone equity investment or joint venture development of the Wiluna project, the Adelaide-based company said.

Discussions with two potential investors were advanced, but Toro said talks might take time to complete.

The company said recent takeover offers in the mining industry, including Rio Tinto's bid for Canadian uranium company Hathor Exploration and the offer by Chinese suitors for London-listed Kalahari Minerals, "indicate the major players in the uranium market remain optimistic regarding the future of uranium".

The company said it expected a "significant level of corporate activity" to continue this year as uranium companies capitalised on the present weakness in the market following the disaster at Japan's Fukushima nuclear power plant.

With the temporary closure of nuclear energy capacity in Japan, as well as in Germany, present uranium production appeared sufficient to meet demand, Toro said.

But that would change next year, when a US deal with Russia to convert decommissioned nuclear warheads comes to an end. Fuel from the warheads accounts for about 15 per cent of current annual global uranium supplies.

Toro's flagship Wiluna project is located 30km southeast of the town of Wiluna in central Western Australia. The company expects first production of uranium late next year.

Toro, which has a market value of about $91.7 million, is also exploring elsewhere in Australia and in Namibia.

Dow Jones Newswires

DYOR - I just do not understand how everything that is happening with EXT and now announcements like this regarding a market lightweight like Toro (no disrespect to Tora shareholders, but you are a midget compared to DYL's Uranium tenements and potential) and yet DYL still continues to sell at ridiculous prices..... There is some serious manupulation going on here and sooner or later something is going to come to a head..... Only a matter of time.....