Niger: 40% of Madaouela to the State, conflict with Atomic Eagle ends

According to the Nigerien Ministry of Mines, as reported by Reuters, the State’s stake increases from 20% in the previous arrangement to 40%. Atomic Eagle will hold the remaining 60%, down from 80% previously, and will retain operational control of the project. The plan announced by the company in August is thus formalized.

The initial license was granted in 2016 to GoviEx, which has since become Atomic Eagle. Niamey withdrew the license in July 2024, prompting the company to initiate international arbitration. Both parties suspended the proceedings in February 2025 to negotiate, and then extended this pause in September of the same year.

Atomic Eagle specified in August that the 40% stake for Niger would include a free share of 15% and a contributing stake of 25%. The group also committed to paying 10 million US dollars in two installments: 5 million upon the granting of the license, and another 5 million at the start of construction. The operating license is set for ten years, renewable in five-year periods.

The company estimates the resources at Madaouela to be 116.5 million pounds of uranium oxide, a foreign estimate established according to Canadian standard NI 43-101 and not yet compliant with the Australian JORC code. No construction or production start date has been published with the agreement.