The United States has approved a debt facility of up to $414.2 million for a major uranium project in Niger.
The financing would support Global Atomic’s Dasa uranium project in the country’s Agadez region.
The board of the US International Development Finance Corporation (DFC) approved the proposed facility this week.
However, the money has not yet been disbursed. The financing remains subject to several conditions before a final agreement can be completed.
Niger uranium project secures financing approval
Canadian mining company Global Atomic owns 80% of the Dasa project through its Nigerien operating company. The Nigerien government owns the remaining 20%.
Dasa lies about 105 kilometres south of Arlit, a major centre of Niger’s uranium industry.
Global Atomic says the project contains a large, high-grade uranium deposit.
The company is developing an underground mine at the site and is targeting commercial production in the second half of 2028.
Financing still subject to conditions
DFC’s approval does not guarantee that the entire $414.2 million will be provided.
Global Atomic said several conditions must first be resolved.
These include establishing a viable route for exporting uranium concentrate from landlocked Niger.
The company must also secure extensions to its mining convention and permit on acceptable terms.
In addition, agreements involving the Nigerien government and final financing documents with DFC still need to be completed.
US interest in critical minerals
The financing comes as the United States seeks more secure supplies of critical minerals.
Uranium is used as fuel for nuclear power generation and was added to the US critical minerals list in 2025.
The Dasa agreement also comes after significant changes in relations between Niger and Western countries.
Niger ended its military cooperation agreement with Washington following the 2023 military takeover. US forces completed their withdrawal from the country in 2024.
Despite those political changes, the latest financing approval shows that commercial cooperation between Niger and the United States continues in the mining sector.
Reuters reported that US officials had supported efforts to rebuild relations with Niger and viewed the Dasa project as strategically important.
For Niger, the project would maintain foreign investment in its uranium industry while the state retains a 20% stake.
The project must still clear the remaining financing, regulatory and logistical requirements before the DFC facility can be finalised.