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Toro Energy Limited (ASX:TOE) is an Australian uranium exploration company. The Company's flagship and wholly-owned Wiluna uranium project is located southeast of Wiluna in Central Western Australia. The company is also a significant explorer in Western Australia, the Northern Territory, South Australia and in Namibia, Africa.
The company today on 7 March 2019 has disclosed the results of its Scoping Study for the Companyâs wholly owned and environmentally approved Wiluna Uranium Project in Western Australia. The update comprises of the implementation of deviations to the proposed processing flowsheet design declared as part of the Companyâs 2016 scoping study in respect of the Wiluna Uranium Project which have therefore lead to a probable improvements in the capital and operating cost of the project as well as a potential improvement in overall uranium recovery from the plant.
The changes implemented to the processing flow sheet for this update to the 2016 Scoping Study have resulted from the opportunities emphasized by the test work completed as part of the Beneficiation and Process Design studies (Studies) that have been ongoing since completion of the 2016 Scoping Study.
The management is of a view that these results demonstrate the continued effort that the company is making to improve the value of its Wiluna Uranium Project through research, innovation and engineering opportunities despite the subdued uranium market. The company is dedicated to ensuring the Wiluna Uranium Project is prepared to take the early benefit of any future uranium price recovery. As with the 2016 Scoping Study, the 2019 Scoping Study Update assumes the treatment of the Lake Maitland deposit Clay80 ore at an ore feed rate to the beneficiation plant of 2 Mtpa. The average grade of the ore feed was 567 ppm U3O8.
The key outcomes of the 2019 Scoping Study Update are a possible reduction in the operating costs of the beneficiation and processing plant to $14.59 per pound U3O8, down from $16.08 per pound U3O8 in the 2016 Scoping Study. Besides thereâs an expected a potential reduction in the capital cost of the beneficiation and hydrometallurgical processing plant to $87.9M, down from $91.6M in the 2016 Scoping Study. There has also been a potential improvement in the overall uranium recovery from the plant to 82.77%, up from the 80.25% recovery achieved in the 2016 Scoping Study.
The capital costs for the 2019 Scoping Study Update have been projected by Professional Cost Consultants (PCC), a dedicated engineering cost estimating company. The costs are estimated at an accuracy of +35% / -25%.
On the price-performance front, the stock has posted the YTD return of -3.85%. The company also posted returns of -7.41%, -19.35% & -7.41% over the past six months, three & one-month period respectively. At the time of writing (07 March 2019, AEST 03:39 PM), the stock of the company is trading at a price of A$0.026, trading up by 4% as compared previous close price, and a market capitalisation of ~$ 54.03 Mn. The stock opened the day at A$0.026, which was also the dayâs high and touched the dayâs low of A$0.025, with an average daily volume of ~ 581,505. It had a 52-week high price of $ 0.035 and a 52 weeks low price of $ 0.024.
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