Toro Energy has secured a $10 million deal to kick off Australia’s newest uranium mine.

Global resources investor Sentient Group has agreed to buy 125 shares in Toro for a total cash injection of $10 million, in return for 2.5 per cent on the revenue Toro receives for future production.

Toro will then acquire a 19.8 per cent equity interest held by Sentient in uranium explorer Strateco Resources, partnering up to help build the $269 million Wiluna mine.

Toro holds the Wiluna claim along with two other uranium deposits in Australia. Despite prices for the ore remaining low since the Fukushima disaster in 2011, insiders expect demand will drive the price back up from around $36 a pound closer to $60 a pound by the time Wiluna starts producing.

The Wiluna mine will reportedly be able to process 1.3 million tonnes of ore each year, producing up to 820 tonnes of uranium oxide concentrate annually.