The Nigerien government has increased its ownership of the Madaouela uranium project to 40 percent under a new mining agreement aimed at restarting development of the major uranium asset in northern Niger.
The agreement was signed in Niamey on September 23 between the government and Madaouela Mining Company (MAMICO), which is linked to Australian-listed Atomic Eagle. Under the new arrangement, Atomic Eagle will retain a 60 percent interest and operational control, while the Nigerien state will hold the remaining 40 percent.
The new ownership structure represents a significant increase in Niger’s participation in the project compared with the previous arrangement.
Madaouela, located near Arlit in the Agadez region, is considered a major undeveloped uranium project. Atomic Eagle says the project has a foreign-estimate mineral resource of about 116.5 million pounds of uranium oxide and is supported by extensive historical drilling and earlier investment in exploration and development work.
Atomic Eagle has said the new agreement allows it to resume technical and commercial preparations for Madaouela. The company is also expected to pursue financing and work towards establishing a development strategy for the project.
The agreement follows a period of dispute over the Madaouela mining permit. Niger returned the permit to the public domain in 2024, after which the former holder, GoviEx Uranium, initiated international arbitration proceedings. The new agreement provides a framework for restarting the project and ending the dispute.
Madaouela Mining Company Managing Director Hoskins Philip Ross said the agreement could help demonstrate continued international interest in Niger’s uranium industry and support efforts to attract financing for the project’s development.
The latest move is part of a broader shift by Niger’s authorities toward greater state participation in the country’s strategic mineral resources.
However, greater state ownership does not remove the need for foreign investment, technical expertise and project financing. Atomic Eagle remains the majority partner and retains operational control at Madaouela.
Niger is also attracting fresh international financing for another major uranium development. The US International Development Finance Corporation has approved financing of up to US$414.2 million for Global Atomic’s Dasa uranium project. The facility consists of a term loan of up to US$397.4 million and a US$16.8 million cost-overrun facility, although several conditions must be met before funds can be drawn.
The developments highlight the challenge facing Niger’s uranium strategy: increasing national participation in strategic resources while still relying on international companies and capital to develop commercially viable mining projects.
