Ruling junta has already withdrawn licences for two major uranium projects
A US development bank postponed a scheduled July presentation about Global Atomic’s Dasa uranium project in Niger to its credit committee, with the Canada-based company saying it will move to “finalise other financing discussions” if there are further delays.
Global Atomic said the unnamed development bank is moving a planned debt financing facility, previously reported to ben CAD295m ($215m, €195m), through its approval process.
The bank postponed its scheduled July presentation of the project to its credit committee, but Global Atomic president and chief executive officer Stephen Roman said the company remains confident that the bank will eventually approve the project.
“Should the bank further delay their approval, we will move to finalise other financing discussions, which include minority joint venture partners and pre-payments tied to uranium offtake,” he said.
Roman said the company continues to make significant progress at Dasa, currently employing over 450 people at site and expecting to increase that number to 900 once plant construction is in full swing.
“We have an excellent relationship with the government and have the support of their entire cabinet, as they appreciate the jobs and economic benefit that Dasa will create for Niger,” Roman said.
He said a recent CAD20m private placement has allowed continued advancement of the project while the development bank considers financing.
Global Atomic says the Dasa project is the highest-grade uranium project in Africa and the only greenfield uranium project being actively developed today.
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.
Last month Canada-based GoviEx Uranium said the junta had withdrawn its licence for the Madaouela uranium mine, dealing a major blow to the development of one of the world’s largest uranium projects.
