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EDC expresses interest in financing Dasa uranium project

Export Development Canada (EDC) has expressed interest in working with Toronto-listed, Global Atomic to finance the Dasa uranium project, in Niger.

CEO Stephen Roman made the announcement and said the letter of interest quoted 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.

Dasa uranium project

Global Atomic aims to complete the Dasa project financing arrangements in the fourth quarter. CEO Stephen Roman noted that recent drilling continued to enhance what was already the biggest, highest-grade uranium deposit under development in Africa.

The Dasa uranium project is an underground mine being developed in Niger by Global Atomic, a uranium mining company based in Canada. It is located within the Adrar Emoles 3 permit, 105km south of Arlit, central Niger. 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 will be a fully-mechanised underground uranium mining operation using a transverse long-hole open stoping (LHOS) method with cemented hydraulic fill. The 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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