Niger seeks new investment as it tightens control over uranium sector

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% stake in the project, while Australian company Atomic Eagle retains 60%.

The deal comes as Niger seeks a greater share of revenues from its mineral resources and looks to diversify its international partners.

Hoskins Philip Ross, Managing Director, Mamico: “It is an encouraging sign showing that major international institutions continue to assess investment opportunities in Niger’s uranium sector. Atomic Eagle will similarly seek to attract international investment and financing for the development of Madaouela.”

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.

The move follows a separate agreement with the U.S. 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 government says strengthening state participation is part of a broader effort to ensure more mining revenues remain in Niger.

But economist Issoufou Boubacar Kado says the development should not yet be described as full economic sovereignty.

Issoufou Boubacar Kado, Economic Analyst: “I don't think we can talk about economic sovereignty at the moment. What we can talk about is control over raw materials. That means we should decide who works with us. Before, it wasn't like this. Niger could not have a partner in uranium or elsewhere other than France.”

The uranium sector is therefore 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.