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Australia's uranium company Toro Energy announced on Monday it had reached a deal to acquire the Lake Maitland Uranium Project in Western Australia from Canadian mineral resources company Mega Uranium Ltd for 37 million AU dollars (34 million U.S. dollars).
"As Toro continues to work on implementing its 100-percent- owned Wiluna Uranium Project, within existing government approvals, this acquisition provides the opportunity to significantly increase the operational life of Wiluna," the West Australian- based company said in a statement released on Monday.
Lake Maitland is located 90 kilometers south-east of Toro's proposed Wiluna project.
Toro says the acquisition will extend its mine life at Wiluna by at least 20 years, increasing its resource base by 42 percent.
The increase in the Wiluna regional resource has the potential to improve the overall project economics.
"Lake Maitland adds significant scale to our Wiluna Project and further strengthens the Wiluna investment case," Toro's Managing Director Vanessa Guthrie said in the statement.
The company hopes to finalize the deal by mid-October.
The Australian Uranium Association is expecting the price of uranium to start rising from 2016/2017 onwards, with China becoming a key customer in the future.
