Niger military government takes control of French-owned uranium mine
Date
12/5/2024 6:52:50 AM
(MENAFN) The French nuclear fuel firm Orano has announced that Niger's military-led government has assumed control of its Somair uranium mine, located in the West African country.
In a statement on Wednesday, Orano, which holds a 63 percent stake in the mine, revealed that resolutions passed at Somair’s board meetings were no longer being enforced.
Niger retains the remaining ownership in Somair. In June 2024, a key mining license was canceled, followed by export restrictions that brought shipments to a halt. These disruptions left 1,150 tons of uranium concentrate stranded and caused losses exceeding USD200 million. By October, operations at the mine had completely ceased due to mounting financial and logistical difficulties. Orano has now confirmed it no longer has any operational control over the site.
“For several months, Orano has been warning of the interference that the group has been suffering in the governance of Somair, of which it is the majority shareholder and operator in Niger,” the company stated.
“The decisions taken at the company's board meetings are no longer being applied and, as a result, Orano is today confirming that the Nigerien authorities have taken operational control of the company. The production expenses which continue to be incurred on the site are worsening the company's financial situation with every passing day.”
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