Niger is seeking to revive its uranium industry and attract new investment after increasing its stake in the Madaouela uranium project in the north of the country.
Under a new mining agreement signed last week, the Nigerien state now holds a 40 per cent stake in the project, while Australian company Atomic Eagle retains 60 per cent.. The deal comes as Niger seeks a greater share of revenues from its mineral resources and looks to diversify its international partners.
Atomic Eagle says it now wants to accelerate preparations for the project and secure the financing needed for construction, with the aim of reaching construction readiness in around two years.
An agreement was signed with the US International Development Finance Corporation for financing of up to 414.2 million dollars for the Dasa uranium project, developed by Global Atomic in Niger. The investment could bolster US access to a strategic uranium supply at a time when Niger, the world’s seventh-largest uranium producer, is locked in a dispute with French statebacked miner Orano. The project was seen as an opportunity to secure access to a strategic energy resource.
The government says strengthening state participation is part of a broader effort to ensure more mining revenues remain in Niger.
The uranium sector is becoming a key test of Niger’s new approach to mining — balancing greater national control over strategic resources with the need for foreign capital and expertise to develop them.
