French nuclear group Orano has said 1,500 metric tonnes of uranium are stockpiled at its expropriated SOMAIR mine in northern Niger, and that it will seek compensation if the material is seized or sold without authorisation.
Orano launched arbitration at the World Bank’s International Center for the Settlement of International Disputes in January after Niger's military government blocked operations at SOMAIR before moving to nationalise it.
Niger, the world’s seventh-largest producer of the nuclear fuel and cancer treatment material, accounted for 15% of Orano’s uranium supplies when its mines were in full operation.
Niger’s expropriation of Orano’s 63.4% stake mirrors a broader regional shift, with military-led governments in Mali, Burkina Faso and Guinea asserting more control over resources.
Prices gain
A World Bank tribunal on September 23 ordered Niger to halt the sale or transfer of uranium that Orano said had been mined before the military government suspended operations.
The company has no information about subsequent production at the mine, Orano said in an emailed response to questions from Reuters.
"To the best of our knowledge, the uranium is still stored at the SOMAIR site," it added. With the uranium spot price at $82 a lb, Orano's stockpile at the Somair mine is worth about $270 million.
Prices have gained around 30% since mid-March but are still below a peak of $106 touched in February 2024.
Mine under state supervision
Orano declined to comment on prospective buyers approaching Niger, citing its focus on the arbitration.
Niger's government did not immediately respond to a request for comment.
The source in SOMAIR told Reuters about 1,570 tonnes of uranium is stored in the mine.
Production is now supervised by the state-owned SOPAMIN (Société du patrimoine des mines du Niger), they added.
Produced thousands of tonnes of uranium
"To my knowledge, there have been no official sales," the source said, asking not to be named due to sensitivity of the issue. "There is a lot of demand for purchases."
The Somair mine has produced over 70,000 tonnes of uranium near the city of Arlit since the 1970s.
The military government, which seized power in a coup in July 2023, has tightened control over Niger's gold, oil and coal.
At the U.N. General Assembly, Prime Minister Ali Lamine Zeine accused foreign firms of decades of exploitation, saying uranium had brought "misery, pollution, rebellion, corruption and desolation" to Nigeriens while enriching France.
