Niger has signed a new mining agreement with Australian-listed Atomic Eagle to relaunch the long-stalled Madaouela uranium project in the north of the country, ending a two-year dispute and increasing the state’s stake in the venture to 40 per cent.
The deal, signed on the 23rd of September, 2026 in Niamey with Madaouela Mining Company (MAMICO), resolves a conflict that began when Niger’s military government withdrew the project’s licence in July 2024 and triggered international arbitration. Under the new terms, Atomic Eagle retains 60 per cent ownership and operational control, while Niger’s share rises from 20 per cent to 40 per cent, split between a 15 per cent free-carried interest and a 25 per cent participating stake.
The agreement includes an initial fee of $10 million payable to the state in two instalments: $5 million upon issuance of the new exploitation licence and another $5 million when construction begins. Niger also secures access to a $40 million financing facility that can be used to cover its future contributions to project development costs.
Under the convention, the government will be entitled to purchase and market uranium corresponding to its 40 per cent stake and, under certain conditions, will have preferential rights over up to 50 per cent of production. This gives Niamey greater leverage over where the uranium is sold and at what price, compared with the previous arrangement.
Niger’s mining ministry said the deal includes provisions for capacity-building within the mining administration, local community development and the creation of around 1,000 jobs for young Nigeriens. The Madaouela project is located in the Agadez region, near the northern town of Arlit, an area already known for uranium mining but facing significant socio-economic challenges.
The government presented the agreement as part of a broader effort to assert more control over strategic minerals while still attracting foreign investment and technical expertise. Atomic Eagle, which had seen its stake reduced from 80 per cent to 60 per cent, retains responsibility for exploration, feasibility work and eventual construction and operation of the mine.
The Madaouela deal comes as Niger seeks to diversify partnerships in its uranium sector following tensions with France’s Orano (formerly Areva), which has operated the country’s main uranium mines for decades. In February 2026, Niamey announced plans to sue Orano over alleged environmental damage, accusing the French group of improperly storing radioactive waste near Arlit.
By resetting its relationship with Atomic Eagle and increasing state participation, Niger is signalling a desire for more favourable terms and greater national ownership of uranium resources. However, the project has yet to enter actual production, and the eventual markets for its output remain undetermined, with global demand and geopolitical alignments likely to shape where the uranium is sold.
For Niger, the agreement is a test case for how the military-led government balances resource nationalism with the need for foreign capital and technical capacity. If Madaouela moves smoothly into development, it could help restore investor confidence after the licence dispute and position Niger to benefit more directly from the global interest in uranium as a low-carbon energy source.
For Atomic Eagle, regaining control of Madaouela removes a major overhang on the company and restores access to one of Africa’s significant undeveloped uranium resources. The project hosts an estimated 116.5 million pounds of uranium oxide in measured and indicated resources, according to company filings, making it a potentially important asset if global uranium prices remain supportive.
Africa Presents is a Pan-African digital magazine and monthly publication covering politics, business, economy, culture, tech, and the stories shaping Africa and its diaspora. Visit africapresents.com and follow @AfricaPresents for daily coverage and monthly themed magazine editions.
Leave a comment