Niger: $414.2 million for the Dasa uranium mine, contingent on conditions

The board of directors of the U.S. International Development Finance Corporation (DFC) approved a debt facility of up to $414.2 million for Global Atomic’s Dasa uranium project in Niger on Wednesday, September 16. The funding has not yet been disbursed and remains subject to several conditions before the final agreement is signed.

Global Atomic specifies that the arrangement requires, among other things, the identification of a viable route for exporting the yellowcake produced at the site, the extension of the mining convention and permit, guarantees regarding the authorizations related to the loan repayment, and a direct agreement with the Nigerien government. The final financing documents must also be negotiated with the DFC.

The Canadian company now aims for commercial production in the second half of 2028. It reports that underground development has reached the mineralized zone and that removal contracts cover approximately 11% of the current mining plan. Global Atomic presents Dasa as the largest high-grade uranium project under development in Africa.

The project is managed by the Dasa Mining Company, which is 80% owned by Global Atomic and 20% by the Nigerien state. In May, the Nigerien government indicated that around 700 people were already working on the site. Bénin Web TV had previously detailed the cost and progress of the Dasa project.

According to Reuters, the DFC’s approval marks a renewed American economic commitment to Niger, two years after the withdrawal of U.S. forces from the country. It also comes as Niamey and the French group Orano are engaged in a dispute over several uranium assets.