US returns to Niger’s uranium sector with $414 million investment

The United States has approved a conditional debt facility of up to $414 million for Canadian miner Global Atomic Corp.’s Dasa uranium project in Niger, reopening a major US commercial link with the West African country two years after American troops were expelled.

The financing was approved by the US International Development Finance Corp. (DFC) and is aimed at advancing Dasa, which Global Atomic describes as Africa’s highest-grade uranium deposit. The facility remains subject to conditions, including securing a viable export route for yellowcake and reaching a satisfactory direct agreement with Niger’s government.

Dasa project targets 2028 production

Global Atomic discovered the Dasa deposit in 2010 and has been developing uranium assets in Niger since 2007. The project sits in the uranium-rich Tim Mersoï Basin, about 105 kilometers south of the established mining town of Arlit. Underground development and construction of the processing plant are continuing.

Under its revised 2026 feasibility study, Global Atomic expects Dasa to produce 68.1 million pounds of U₃O₈ over a roughly 23-year mine plan, with commercial production targeted for the second half of 2028. The company says Dasa has an average mineral reserve grade of 4,113 parts per million.

Global Atomic builds US uranium ties

Global Atomic is developing Dasa through Société Minière de Dasa SA (SOMIDA), which is 80% owned by Global Atomic and 20% by the Niger government. The company has also secured uranium offtake agreements covering 8.8 million pounds during the first seven years of mine operations, with 90% of that volume contracted to US utilities, according to Global Atomic.

The Toronto-listed company also operates beyond uranium. Its base-metals division owns a 49% interest in Befesa Silvermet Turkey, a zinc-recycling joint venture that processes electric-arc-furnace dust into zinc concentrate.

Niger uranium faces political risks

The US financing comes as Niger’s uranium sector undergoes a major reshaping. The country has been in a dispute with French state-backed miner Orano, while security threats from jihadist groups remain a challenge.

For Washington, Dasa offers access to a potential new uranium supply as the US seeks to strengthen critical-mineral supply chains. DFC has identified critical minerals and energy security as strategic investment priorities.

The financing does not eliminate the project’s political, security and export risks, but it gives Global Atomic a significant potential source of debt financing as it works toward construction and production.