Canada company points to ‘welcome indictors’ of final approval
A US development bank has confirmed that funding for Global Atomic’s Dasa Project in Niger was reviewed at a meeting of the bank’s credit committee and forwarded to its investment committee for review.
Canada-based Global Atomic said in a statement: “Current guidance indicates next steps in the approval process will occur over the next two months. We expect further updates from the Bank in the new year to confirm their review and approval timelines.”
The statement said: “Recent announcements by the US government about authorisation for funding by the Bank include increased funding, allowance for higher risk tolerance and the potential for equity investments in funded projects.
Together with the US government’s focus on critical minerals we interpret these announcements as welcome indicators of eventual approval of the Dasa Project loan.”
Global Atomic is in the process of securing Canadian government input regarding an alternative financing solution involving the purchase of a minority joint venture ownership in Global Atomic’s Niger subsidiary, Somida.
Global Atomic management recently travelled to Niger where they held a site visit as well as meetings with senior officials in Niger’s government.
In February Niger’s mines minister Ousmane Abarchi said the government of Niger strongly supports Global Atomic and has no intention of nationalising the Dasa project.
The Dasa project involves development of an underground uranium mine, and construction of a processing plant capable of handling 1,000 tonnes of ore per day. Construction for the mine and processing plant had been set to begin in mid-2024, with commissioning planned for the end of 2025.
While the Nigerien government is said to have pledged its support for the Dasa project, other uranium developers in Niger faced major setbacks.
In June, Niger’s ruling military junta, which came to power following a coup in July 2023, revoked the operating licence of French company Orano at the Imouraren mine, which sits on one of the biggest uranium deposits in the world.
In July, Canada-based GoviEx Uranium said the junta had withdrawn its licence for the Madaouela uranium mine, dealing a major blow to the development of one of the world’s largest uranium projects.
Earlier this month Niger’s military regime announced it is putting uranium produced by Somair – a subsidiary of French nuclear fuel cycle company Orano before the African nation’s rulers nationalised it in June – on the international market.
The news was announced on state television on 1 December in a report citing comments by the head of the junta, General Abdourahamane Tiani.
