EDC expresses interest in financing Niger uranium project – Global Atomic
Toronto-listed Global Atomic said on Tuesday that it had received a letter of interest from Export Development Canada (EDC), confirming its interest in working with the company to finance the Dasa uranium project, in Niger.
EDC has indicated a potential participation, at typical bank rates, for a greenfield mining project of up to $75-million, to form the cornerstone of what is expected to be a syndicate of three banks.
Global Atomic said it would aim to complete the Dasa project financing arrangements in the fourth quarter.
CEO Stephen Roman commented that the company continued to move forward on developing and expanding the Dasa project.
He noted that recent drilling continued to enhance what was already the biggest, highest-grade uranium deposit under development in Africa.
Global Atomic broke ground on the Dasa project at the end of 2021 and aims to produce its first yellowcake for sale by January 2025.
The November 2021 feasibility study focused solely on Phase 1 of the Dasa project, primarily comprised of the Flank zone, and represents the initial 12 years of the project and less than 20% of the Dasa mineralisation. The Dasa project is forecast to produce 3.8-million pounds of uranium oxide, at an all-in sustaining cost of $21.93/lb.
The study delivered a net present value of C$157-million and an aftertax internal rate of return of 22.7%.
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