The Government of Niger has expressed its “full support” for Global Atomic Corporation's Dasa uranium project.
The project, located 105 kilometres south of Arlit, is on track to deliver its first yellowcake in 2025 despite the recent suspension of US Development Bank financing due to the Nigerien military’s ousting of President Mohamed Bazoum in July.
The US State Department officially labelled the events in Niger on October 10 as a coup d'état. As a result, most US assistance to the Nigerien government, including development bank financing, was suspended. The Toronto-based Global Atomic Corporation is now actively seeking alternative funding and talking to potential buyers for uranium to keep the project going.
Global Atomic Corporation has existing uranium offtake agreements with utilities, which won’t be affected by the US State Department's decision. Additionally, the company, backed by substantial cash reserves, has announced several new offtake agreements, further solidifying its standing in the uranium market.
"The Government of Niger has confirmed its full support for the Dasa Project and recognises it’s a new mine that will benefit the Republic of Niger by creating new jobs and opportunities for local business and revitalise the northern region of the country," Global Atomic President and CEO Stephen Roman said. “The Government has offered its encouragement in the development of Dasa and all support required to accelerate construction and the start of mining operations.”
According to the company, the Dasa mine excavation, which began in 2022, aims to supply yellowcake to utilities by 2025. This involves updating the mine plan with new mineral resource data, leading to a revised feasibility study expected by the first half of 2024.
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