US backs Global Atomic’s Niger uranium mine with $414M loan
Debt financing is now 40% higher than the initial $295 million proposed by the International Development Finance in 2024.
Canadian uranium developer Global Atomic has secured a $414.2 million loan from the U.S. government to build its Dasa mine in Niger. The loan, 40% higher than the initial proposal of $295 million, comes after political risk delayed financing in the wake of Niger's 2023 military takeover. If successful, the mine could start production in 2028 and produce 68.1 million pounds of uranium oxide over 23 years.
Global Atomic CEO Stephen G. Roman expressed gratitude for the U.S. support, noting that the company has secured uranium off-take agreements representing 11% of the mine's plan and completed underground development. The loan approval suggests a turning point in Niger's relations with Western miners, who have previously renegotiated mining rules amid resource nationalism.
The Dasa mine is located 770 km northeast of Niger's capital, Niamey. The loan conditions require Global Atomic to identify an export route for processed uranium oxide, extend mining permits, and secure government approval for loan repayments.
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