• Global Atomic seeks partner financing for Niger’s Dasa uranium mine

• Company awaits Canadian approval for foreign investor minority stake

• Project costs $424.6 million, funding talks ongoing with U.S. bank

In its search for financing to build the Dasa uranium mine in Niger, Canada’s Global Atomic is working through regulatory requirements to secure a new international partner. While already in discussions with a U.S. development bank, the company announced on December 11 that it is seeking the Canadian government’s approval for a potential deal with a foreign investor.

The company is consulting the Canadian government on a financing option involving a third-party foreign partner based outside Canada acquiring a minority stake in SOMIDA, Global Atomic’s Nigerien subsidiary. Because Global Atomic is a Canadian entity, such foreign investment may require federal approval, even though the Dasa project involves no Canadian assets or jobs.

According to a 2024 feasibility study, the project’s cost is estimated at $424.6 million. Global Atomic has spent more than three years trying to secure 60% of this through a loan, while also seeking a joint-venture partner to fund the remainder in exchange for equity. While Canada is a major nuclear producer, it exports 85% of its uranium to the U.S. and Europe, meaning it has no domestic need for output from the Dasa mine.

As the company awaits clarity on the Canadian regulatory process and the pending U.S. development bank loan, management continues to coordinate closely with Nigerien authorities, recently meeting Prime Minister Ali Lamine Zeine to ensure local support remains firm.

Emiliano Tossou