Toro talks up uranium in London

WA-focused uranium explorer Toro Energy says Australia will play a key role in meeting a global shortfall in uraniumconveyor belt buyer in australia supplies. With uranium emerging as a worldwide energy solution, Australia will play its part through expanding existing mines and discovering and developing new deposits, the Adelaide-based company says.

Managing director Greg Hall told the World Nuclear Association in London that while $US3 billion ($A3.2 billion) had been spent globally on uranium exploration since 2003, new discoveries had been limited. "There have been some new, globally significant discoveries and there will be a few more, somewhere we believe in the order of five new globally significant uranium discoveries are likely between 2003 and 2020,” Mr Hall said. "However, it will be on average between eight to 15 years before any of these opportunities move from discovery to stable production."