URANIUM developer Goviex said it was “optimistic” it would attract funding to its $343m Madouela Project in Niger following a military coup in the country last year.
In a letter to shareholders, Goviex chairperson Goven Friedland and Daniel Major, the firm’s CEO said the coup had “created some challenges”.
“Whilst funding for Madaouela may have been delayed, we are optimistic that this may change in future, and continue to engage with lenders and potential offtakers,” they said in the letter to shareholders.
Niger’s military council, led by General Abdourahamane Tiani, took power after ousting President Mohamed Bazoum in July 2023. Niger’s junta has kicked out French troops and severed security pacts with the European Union, leaving Western allies concerned that the country could become a new foothold for Russia in the region, said Reuters.
Citing the Russian Defense Ministry said on January 16, Reuters said that Russia and Niger agreed to develop military cooperation.
Goviex has shifted its attention to its Zambian uranium project Muntanga where it recently announced reported an increase in reserves. Since then the uranium price has increaed to about $92 per pound which compares to a $50-/lb price estimate in Muntanga’s feasibility. “Looking ahead, we are on track to complete the feasibility study and the environmental and social impact assessment in Zambia in 2024,” said Friedland and Major of the project.
Niger is the sixth largest producer of uranium in the world and was the largest supplier of uranium oxide to Europe last year.
