U.S. approves $414 million loan for Niger uranium project amid strained ties

The U.S. Development Finance Corp has committed a debt facility of up to $414 million to fund the Dasa uranium project operated by Canadian firm Global Atomic in Niger. The company touts the deposit as the continent’s richest uranium source, and the financing is viewed as a diplomatic win after the 2023 coup that forced U.S. forces to leave the country. Relations with Niger have soured, prompting the junta to rely on Russian paramilitaries for security, while the United States seeks to re-engage through strategic mineral investments.

The loan also aims to reduce French state-backed miner Orano’s grip on Niger’s uranium sector, which is currently embroiled in arbitration. Nonetheless, the venture faces significant risks from ongoing jihadist attacks and a recent mutiny that targeted a military airbase and the presidency, complicating export routes that may need to shift north through Algeria across the Sahara. Niger’s government has not commented on the financing.