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WA Minister for the Environment Albert Jacob approved the revised proposal, after the company’s initial plan was first given the nod in October 2012.
It comes after the Environmental Protection Authority recommended the approval of the proposal in September.
The latest proposal comprised the mining of the Centipede, Lake Way, Millipede and Lake Maitland deposits, as well as a plant and associated infrastructure.
Lake Maitland and Millipede were acquired in 2013, after the initial approvals were obtained.
Toro is now aiming to obtain federal government approval by March.
The company is still undertaking further work on the Wiluna project to improve economics, but last month lowered the estimated cost of the processing plant to $A78 million from $134 million.
Toro has lost its managing director Vanessa Guthrie and chairman John Cahill within the past month after both resigned separately.
Richard Homsany is now executive chairman with Andrew Worland as general manager and company secretary.
Shares in the company jumped by over 30% on Friday to 5.8c, around an eight-month high, but dropped to 5.5c yesterday.
