New Western Australia Opposition Leader Mark McGowan has announced major policy changes on retail trading and uranium mining in his first announcements as Labor leader. He said Labor would allow retail deregulation but allow workers to choose if they worked Sundays. On uranium mining, he said a Labor State government would allow those mines approved by the Barnett Government to continue but would not approve new mines. Addressing his first press conference as Opposition Leader, McGowan said he supported long-standing opposition to uranium mines but that the new policy would give certainty to the industry. He said Labor was pro-investment and under no circumstances would he expose the State to compensation claims. Labor would also launch a sweeping inquiry into uranium mining safety.Toro Energy wholly owns and is developing the advanced Wiluna uranium project in WA, set for first mining from late in 2013. Toro welcomes the announcement from McGowan regarding the announced revised policy on uranium mines, which would allow those mines already approved to proceed if a Labor Government was formed in WA.

Toro currently anticipates a WA and Federal Government decision on its Wiluna Uranium project by mid 2012.

Subject to the market and suitable project finance, Toro anticipates a development decision by the end of 2012, with construction and commissioning through 2013 and first sales in 2014.

Toro last year completed significant technical and economic improvements to its Wiluna project, with increased resources, pilot processing completed, and improved economic outcomes. The engineering for the Definitive Feasibility study is commencing on February 1, with completion coinciding with anticipated approval decisions.

Toro MD Greg Hall stated that while the policy shift supports the current status of the Wiluna Uranium project, it still does not create full certainty for future uranium projects.