United States approves $414 million for Niger uranium project

The U.S. International Development Finance Corporation (DFC) has approved a debt facility of up to $414.2 million to support the Dasa uranium project in the Agadez region of Niger. The project is being developed by the Canadian company Global Atomic through the Société Minière de Dasa (SOMIDA), which is 80% owned by Global Atomic and 20% by the Nigerien state.

While the approval is a significant milestone, the disbursement of funds is subject to several conditions. These include establishing a viable export route for the uranium concentrate (yellowcake), as the previously planned 2,000-kilometer route through Benin to the port of Cotonou is currently unavailable. Additionally, the Nigerien government must extend mining conventions and operating permits under terms compatible with DFC financing, and provide loan repayment guarantees.

The Dasa deposit is noted for having one of the highest uranium grades in Africa. Underground work has been progressing since November 2022, and the company anticipates commercial production could begin in the second half of 2028.