TSX-listed Global Atomic has received formal notification from Niger that the government will not increase its ownership stake in the Dasa uranium project beyond the minimum 10% interest decreed under the mining code.
Global Atomic will now take steps to establish its Niger mining subsidiary of which Global Atomic will own a 90% equity interest and the State will own a 10% equity interest.
“This confirms our decision to enter Niger in 2005 in search of uranium deposits. We appreciate Niger's proactive support for mining and uranium mining in particular, which has been a significant part of the country's economy for 50 years,” says president and CEO Stephen Roman.
He adds that the government has supported Global Atomic’s extensive exploration programmes over the past 16 years, encouraged its development plans, and at the end of 2020 granted its mining permit in less than three months after it submitted its application.
Global Atomic plans to bring the 12-year Phase I of the Dasa project into full production by the end of 2024.