18 Oct 13 At today’s AGM Toro Energy is expected to face strong criticism from shareholders over an investigation by the ASX into claims that the company has released misleading information.
The investigation follows complaints to the ASX and ASIC by the Conservation Council and a shareholder, claiming that Toro has misled shareholders and investors by inferring that a newly discovered uranium deposit is included in their existing uranium mine proposal at Wiluna.
Toro Energy has an existing application to mine uranium at Wiluna which is limited to its Lake Way and Centipede deposits. This mining proposal has received a conditional environmental approval but requires a number of other approvals from both State and Federal regulators.
Nuclear Free Campaigner, Mia Pepper explained “The new deposit mentioned in Toro’s latest release to the ASX is not part of the current Wiluna mining proposal as suggested, and will require new and separate environmental and mining approvals which will add further delays and costs to Toro’s mining plans at Wiluna.
“This is not only misleading for shareholders, but we are concerned Toro Energy is attempting to avoid proper environmental assessment for their long-term plans for a uranium precinct at Wiluna.
“Toro want the ‘best of both worlds’ by promoting an expanded project to their shareholders and investors, while withholding the details of this expansion from the community and government regulators.
“We have also written to State and Commonwealth regulators calling on them to halt further approvals for Toro’s Wiluna proposal until they are able to undertake a full cumulative impact assessment of the company’s long-term plans.”
In addition to the lack of approvals, there are a range of serious environmental and other constraints to the expansion of the already problematic Wiluna proposal.
Ms Pepper continued “The Wiluna uranium proposal as it is, is an environmental catastrophe waiting to happen with plans to dump 9.1 million tonnes of radioactive mine waste in a Lake bed, and with only enough water for a third of the life of the mine.
“If Toro were to incorporate additional deposits, the proposal would be drastically different. A 100km network of small shallow uranium mines and waste dumps across two Lake Systems is very different to a single mine. The cumulative impact of these operations must be fully assessed.
People will be handing out economic reports to shareholders entering the AGM from 8.30am – 9am at the Celtic Club – 48 Ord St West Perth.