IllustrativeDasa Uranium Project
Niger · AgadezStrategic minerals / uranium mining
A high-grade underground uranium mine under construction in Niger's Tim Mersoï Basin, with a USD 414.2m US development-finance debt facility conditionally approved and a mine plan for 68.1 Mlb of yellowcake over 23 years.¹ ²
Rationale
Uranium joined the US critical minerals list in 2025, and a USD 414.2m US development-finance facility for this mine was conditionally approved in September 2026.¹ Five conditions precede disbursement; a viable yellowcake export route is the one analysts flag as hardest.
- Stage
- Construction; underground development since Nov 2022
- Mine
- Underground, 1,000 t of ore a day; 2,000 under study
- Product
- Yellowcake (U3O8), 68.1 Mlb over 23 years²
- Reserves
- 73.0 Mlb Probable at 4,113 ppm²
Investment opportunity
Transaction structure
Senior debt from a US development-finance institution, Board-approved in September 2026, alongside equity the sponsor has already invested.
Use of funds
Completion of the processing plant: about 20 months of construction, then commissioning and first yellowcake within three months.²
Revenue basis
Sales of yellowcake (U3O8) to nuclear power utilities.
The ask
Logistics, security and advisory partners to help secure a viable yellowcake export route before the debt facility can disburse.
Why it is bankable
Reserve grade of 4,113 ppm, and 5,109 ppm in the first 12 years; described as the highest-grade uranium deposit in Africa.²
Underground development since November 2022; a 260-person camp is complete and 1 million hours worked without a lost-time injury.²
Uranium joined the US critical minerals list in 2025; the debt approval reflects US interest in secure uranium supply.¹
The Republic of Niger holds a 20% stake in the project company, and senior ministers reaffirmed support in March 2026.³
Data and evidence · Resource and mine plan (2024 Feasibility Study)
Project readiness and timeline
- OriginationComplete
- Feasibility2024 study
- StructuringComplete
- Financial closeConditional approval
- ConstructionCurrent stage
Key risks and mitigants
A viable yellowcake export route is a condition of disbursement; logistics, security and advisory partners are sought to secure it.
Mining Convention and Mining Permit extensions are outstanding and are among the five conditions to meet before disbursement.
Revenue follows the uranium price; the 2024 study's base case uses USD 75/lb, and uranium is now a US critical mineral.
Transaction terms
- Debt facility
- DFC term loan up to USD 397.4m plus a USD 16.8m cost-overrun facility, conditionally approved September 2026¹
- Partners sought
- Logistics, security and advisory, for the export route
- Contract status
- Five conditions precede disbursement, including export route and permit extensions
- Technology
- Underground mine and processing plant producing yellowcake (U3O8)
- Capacity
- 1,000 tonnes of ore a day; doubling to 2,000 under study
- Permits
- Mining Convention and Mining Permit extensions outstanding
- WAIIS pillar
- Strategic Minerals & Natural Resources
Development impact
Economic
Royalties and a state equity stake for Niger, plus local, regional and national procurement of goods and services.³
Social
Food during droughts, water wells, medical supplies, and a mine literacy programme for the workforce.²