Uranium explorer Toro Energy has welcomed a new non-executive director and chairman to the board.
Tim Netscher will be the chairman of Toro Energy effective 1 November, replacing Fiona Harris who elected to retire from the board last week for personal reasons.
Netscher is currently the non-executive chairman of St Barbara, as well as a non-executive director of Western Areas, Gold Road Resources and Aquila Resources.
The former chemical engineer said he intends to resign from his position as non-executive chairman of Namibian Uranium player Deep Yellow.
Toro managing director Dr Vanessa Guthrie said the board was delighted to welcome Netscher to the position.
“Tim’s outstanding experience as a mining executive on large capital projects enhances the skill set needed to deliver Toro’s strategy to become the leading mid-tier Australian uranium company through the financing and construction of the Wiluna Project,” she said.
“At the same time, we recognise the difficult circumstances that have faced our retiring Chairman, Fiona Harris recently, and appreciate her commitment to Toro during what has been a personally challenging time.”
“We wish Fiona all the best in the coming months.”
Netscher has agreed to an annual fee of $95,000 per annum, and will be eligible to substitute a portion of his remuneration for ordinary shares in Toro Energy.
Toro’s 2015 annual report, released last week, painted an optimistic future for the radioactive commodity, stating the uranium market had hit the floor and was on the way back up.
With the spot price up 30 per cent on the rate of $US28.25 per pound at the start of the 2014-15 financial year, to $US36.50 per pound at the year’s close, Toro said thgere would be a long-term steady price of $US44-45 per pound.
It is expected market demand will grow between 15-22 per cent by 2020, and 38-57 per cent by 2025.
In China alone there are 25 new nuclear reactors under construction, doubling on the current 26 operational reactors, however Toro expects there will be 92 reactors in operation in China by 2025, and 129 reactors by 2030, representing a fivefold expansion.
With the ERA-run Ranger Uranium Mine set to close in 2021, and a South Australian royal commission into nuclear energy currently underway, Toro expects demand for Australian uranium will increase over the coming years while supplies will be insufficient to meet market demands.
Image: The West Australian