US backs Global Atomic’s Niger uranium mine: capex, IRR and risk notes for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
US government agency International Development Finance Corp. has conditionally approved a US$414.2 million loan for Global Atomic to build the Dasa uranium mine in Niger, a 40% increase on its 2024 proposal and sized to match updated capex for the 1,000 t/d underground operation. Dasa hosts 73 million lb U3O8 in probable reserves at 4,113 ppm and is expected to produce 68.1 million lb over 23 years, with a 57% post-tax IRR and US$917 million NPV at US$75/lb. Disbursement hinges on securing an export route for U3O8, extending the mining convention and permit, and finalising agreements with Niger’s government and the DFC.
Technical Brief
- Feasibility study pegs initial capex at US$208 million with a 2.2‑year payback period.
- Underground development has already advanced down to the first ore zone ahead of full mine build.
- Global Atomic has secured uranium offtake for 1.3 million lb U3O8 per year.
- Dasa’s probable reserves total 73 million lb U3O8 in 8 Mt at 4,113 ppm.
- Throughput is planned at 1,000 t/d, supporting a 23‑year mine life under the current plan.
- Loan disbursement requires extension of the mining convention and permit to match facility tenor.
- A defined, government‑approved export route for processed U3O8 is a precondition for financing drawdown.
Our Take
In our database, this Global Atomic item is one of a small cluster where the US International Development Finance Corp. backs upstream mining (including Syrah Resources’ graphite and McEwen Copper’s Argentina project), indicating DFC is becoming a recurring counterparty for large-scale resource project finance rather than a one-off lender.
With Niger’s uranium currently contributing only about 2% of global mine output, a 23‑year operation at Dasa plus a revived Madaouela project would likely give Niamey more leverage in future negotiations with operators such as Orano, especially after the state’s assertive moves around the Somaïr mine.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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