Toronto-listed Global Atomic has announced the incorporation of Société Minière DASA or Somida, the company's Niger mining subsidiary under which the Dasa uranium project will operate.
Moussa Souley, the former MD of Orano's Cominak mine, has been appointed MD of Somida and mining engineer Robert Parr has been appointed project manager.
Somida will be 80% owned by Global Atomic and 20% by the government of Niger. Its board of directors comprises six representatives from the company and three representatives of the government.
The Niger government is obligated to contribute 10% of all capital and operating costs over the life of the mine
"The Niger government's decision to acquire and fund an additional 10% interest in the Dasa project reflects their confidence in the quality of the deposit and longevity of the mine.
"Uranium mining plays an important social-economic role in Niger, providing steady long-term employment and associated economic benefits including royalty payments, tax revenue at the local, regional and national levels, foreign exchange earnings and funds for regional development and local communities,” said president and CEO Stephen Roman.
He said the agreement demonstrated the Niger government's commitment to support the Dasa project, which would be viewed positively by the banking syndicate currently conducting a due diligence review.
“We are now constructing the Dasa mining camp to house employees during construction and early-stage mine development. The mine site infrastructure is currently well advanced, with completion timed to coincide with commencement of mining operations and the collaring of the portal, scheduled for November 2022."