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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The company behind a US$200 million uranium mining project in troubled Niger has announced that the project has the full support of the new government, following a recent military takeover.
Canada's Global Atomic Corporation (Toronto) released a project update that said the Dasa project--a high-grade uranium deposit around 100 kilometers (km) south of the established uranium mining town of Arlit, is still scheduled to make its first yellowcake deliveries in 2025. The update follows a halt on project financing support from the U.S. Development Bank after the U.S. State Department officially labeled the armed July takeover of power in the African republic as a coup d'état. Industrial Info reported this summer on the potential impact the armed takeover would have on the Dasa project. For additional information, see August 18, 2023, article--Niger Military Coup Delays Uranium Project.
In a new update, Global Atomic's president and chief executive officer Stephen G. Roman stated: "The Government of Niger has confirmed its full support for the Dasa Project and recognizes it's a new mine that will benefit the Republic of Niger by creating new jobs and opportunities for local business and revitalize the northern region of the country. The Government has offered its encouragement in the development of Dasa and all support required to accelerate construction and the start of mining operations."
Niger supplies about 5% of the world's uranium and is a leading supplier to the European Union (EU), accounting for more than 25% of its supplies in 2022. Industrial Info is tracking 79 projects in Niger, totaling US$7.8 billion. Oil & Gas projects account for US$4.9 billion, and Power and Metals & Minerals projects account for US$1.4 billion and US$1 billion, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of related project reports.
Regarding financing, the company said it has sufficient cash on hand for the next 12 months and is "engaged in contingency planning" with parties interested in non-dilutive financing options at the operating level from groups interested in buying yellowcake. It added that existing yellowcake offtake agreements with utilities are unaffected by the State Department decision. In recent weeks, the company inked its third offtake agreement to bring its current contracted volume close to 1.5 million pounds of U3O8 per annum over Dasa's initial five years of operation. Roman said: "Nuclear power is vital to satisfy the drive for energy independence across the globe and the overwhelming desire for low-carbon base load power. Our Dasa operation has a long-life expectancy, with the current 12-year Phase 1 Plan representing approximately 20% of the known deposit. The revision to the Phase 1 Feasibility Study due in the first half of 2024 is expected to double Dasa's mineable reserves and extend Phase 1 significantly."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Canada's Global Atomic Corporation (Toronto) released a project update that said the Dasa project--a high-grade uranium deposit around 100 kilometers (km) south of the established uranium mining town of Arlit, is still scheduled to make its first yellowcake deliveries in 2025. The update follows a halt on project financing support from the U.S. Development Bank after the U.S. State Department officially labeled the armed July takeover of power in the African republic as a coup d'état. Industrial Info reported this summer on the potential impact the armed takeover would have on the Dasa project. For additional information, see August 18, 2023, article--Niger Military Coup Delays Uranium Project.
In a new update, Global Atomic's president and chief executive officer Stephen G. Roman stated: "The Government of Niger has confirmed its full support for the Dasa Project and recognizes it's a new mine that will benefit the Republic of Niger by creating new jobs and opportunities for local business and revitalize the northern region of the country. The Government has offered its encouragement in the development of Dasa and all support required to accelerate construction and the start of mining operations."
Niger supplies about 5% of the world's uranium and is a leading supplier to the European Union (EU), accounting for more than 25% of its supplies in 2022. Industrial Info is tracking 79 projects in Niger, totaling US$7.8 billion. Oil & Gas projects account for US$4.9 billion, and Power and Metals & Minerals projects account for US$1.4 billion and US$1 billion, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of related project reports.
Regarding financing, the company said it has sufficient cash on hand for the next 12 months and is "engaged in contingency planning" with parties interested in non-dilutive financing options at the operating level from groups interested in buying yellowcake. It added that existing yellowcake offtake agreements with utilities are unaffected by the State Department decision. In recent weeks, the company inked its third offtake agreement to bring its current contracted volume close to 1.5 million pounds of U3O8 per annum over Dasa's initial five years of operation. Roman said: "Nuclear power is vital to satisfy the drive for energy independence across the globe and the overwhelming desire for low-carbon base load power. Our Dasa operation has a long-life expectancy, with the current 12-year Phase 1 Plan representing approximately 20% of the known deposit. The revision to the Phase 1 Feasibility Study due in the first half of 2024 is expected to double Dasa's mineable reserves and extend Phase 1 significantly."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
