Toro's investments, page-135

Rubbish. You underestimate the political ramifications. Politics will decide, electibility. Not the pitiful royalties from a single uranium mine, that the public has never heard of and doesn't give a damn about. A mine that McGowan has already publicly stated he opposes.

Labour has both a left-wing political faction to contend with, internal to the party itself. As well as a strong "green" voter constituency in Perth and the South-West, that they will lose to the greens, if they reverse their strong, anti-uranium policy. McGowan needs the support of both to succeed. He will never risk this for TOE, whom he owes nithing to, and who's management has made no effort to develop the asset.

Especially, when he can easily point to the example of Vimy, who's management did the development and secondary approval works required, and succeeded in getting final approval.

I believe, as Greg mentioned in my phone call with him, that TOE is at serious risk of losing it's ministerial approval. They accept this. You should too. It's just fact.