THE WEST AUSTRALIAN
Wednesday, 05 December 2012 08:19
After building the company from scratch, Toro Energy managing director Greg Hall will step down early next year, saying it is the right time as the company takes final steps towards developing WA's first uranium mine.
Mr Hall, flanked by incoming managing director Vanessa Guthrie at the company's West Perth offices yesterday, said despite the move he remained a strong advocate of the uranium market.
Analysts have questioned the timing, as Toro faces crucial financial and environment decisions over the coming months. However, Mr Hall said the company was in a strong position and he was bullish on its future.
"I'm very pleased at where we're at, although I wish the development of Wiluna had happened faster," Mr Hall, who will remain a non-executive director, said.
Toro is anticipating a Federal Government environmental decision on the project before the end of the year after receiving State approval in October.
After acquiring the project in a 2007 merger with Nova Energy, Wiluna has been a labour of love for Mr Hall.
It was originally mooted for production this year, but Toro is now aiming to develop the $269 million project by 2015.
Dr Guthrie said she was excited at the prospect of taking over the company at such an important stage in its history.
"Notwithstanding the impending Federal Government decision, next year is a big transitional year for Toro in terms of financing the project," she said.
Dr Guthrie, previously Wiluna's executive manager, will take on the role from February 8. Mr Hall is moving to the chief role at copper producer Hillgrove Resources.
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