Niger: State doubles its stake in Madaouela uranium and moves to 40%

On September 23, 2026, Niger announced through its Ministry of Mines a new distribution of capital for the Madaouela uranium project in the Agadez region: the State is increasing its stake from 20% to 40%, while the Australian company Atomic Eagle sees its share reduced from 80% to 60% while retaining operational control, reports Africa Briefing. The public share is divided into a 15% carried interest, with no financing obligation, and a 25% contributing interest.

A deposit reclaimed from its former holder

Madaouela contains approximately 116.5 million pounds of uranium oxide, or nearly 52,800 tonnes, including 96.9 million pounds in measured and indicated resources. Some 160 million dollars have already been invested there and 600,000 meters of drilling have been completed, according to Africa Briefing. The mining permit had been awarded in 2016 to the Canadian company GoviEx, before its withdrawal by Niamey in 2024. The international arbitration subsequently initiated was suspended in February 2025 to allow for negotiations. GoviEx merged with Tombador Iron in November 2025 to form Atomic Eagle, specifies allAfrica. The operating company, MAMICO, is now 60% owned by the Australian group and 40% by the State, with an initial royalty of 10 million dollars and approximately 1,000 jobs expected for Nigerien youth.

Life after Orano

The sector was long dominated by the French industry, first Areva and then Orano, which is 90% owned by the French State. Niamey nationalized its local subsidiary against a backdrop of deteriorating relations with Paris, and Orano has initiated legal action against the Nigerien authorities. Africa Briefing notes the contrast between this unresolved dispute and the Madaouela compromise, which expands the State's share without excluding the foreign operator.

Canada's Global Atomic continues at Dasa

Not far from there, the Dasa Mining Company (SOMIDA), 80% owned by the Canadian company Global Atomic and 20% by the State, has been in operation since 2022 and is aiming for completion in the first half of 2028. Global Atomic has secured an agreement from the U.S. International Development Finance Corporation (DFC) for 414.2 million dollars in debt, according to allAfrica.

The fundamental question remains for a country ranked among the world's leading uranium producers: these agreements increase the State's share of revenue, but the ore continues to leave as raw material for processing facilities located off the continent. Value added, skilled employment, and access to electricity for Nigeriens will depend on the contracts and infrastructure that follow.