Niger, Global Atomic to operate uranium mining company
The government of Niger and Global Atomic Corp. have reached an agreement to operate its uranium mining subsidiary there.
The Company’s Niger mining subsidiary Société Minière DASA S.A. (SOMIDA) has been incorporated under which the Dasa Uranium Project will operate. SOMIDA will be governed by a Board of Directors comprised of six representatives from the Company and three representatives of the Government of Niger.
Shares
Share ownership of Somida will be 80% Global Atomic and 20% for the government of Niger, Global Atomic said. That includes a 10% carried interest provided under the Niger Mining Code. Under the agreement, the Niger government must contribute 10% of all capital and operating costs during the life of the mine.
“Global Atomic Corporation would like to thank His Excellency, President Mohamed Bazoum and Madame Hadizatou Ousseini Yacouba, Minister of Mines of the Republic of Niger, for their support of the Dasa Project. We look forward to a long-term partnership in the development and operation of our outstanding new uranium mine which will benefit all Nigeriens”, said Stephen G. Roman, Global Atomic’s President & CEO.
“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,” the CEO added.
The company has lined up at least one potential buyer of the Dasa uranium. In June, Global Atomic said a major North American utility had sent it a letter of intent to procure uranium. “The award follows a comprehensive due diligence process conducted by the utility, and reflects the confidence the fuel buyers have in the Dasa operation,” Global Atomic said at the time.
