SOMIDA will be 80%-owned by Global Atomic, with the government holding the remainder which includes the 10% of shares mandated for government ownership by Niger’s Mining Code.
The government will be obligated to contribute 10% of all capital and operating costs over the life of the mine. Moussa Souley has been appointed as SOMIDA’s managing director and Robert Parr as Dasa project director.
The decision by the government to acquire and fund an additional 10% interest reflects its confidence in the quality of the deposit and longevity of the mine in a country where uranium mining plays an important social-economic role, said Global Atomic President and CEO Stephen Roman. He thanked President Mohamed Bazoum and Minister of Mines Hadizatou Ousseini Yacouba for their support.
The government’s commitment will be viewed positively by the banking syndicate which is currently carrying out a due diligence review of the project, he said. The names of the of the North American financial institutions making up the syndicate, which was formed in June, will not be released until the completion of due diligence and approvals from financial institutions, but Global Atomic has confirmed that Canadian state-owned export credit agency Export Development Canada is one of them.
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