Latest news with #McKinelResources
Russia Today
11-08-2025
- Business
- Russia Today
African state takes control of gold mine from Australian operator
Niger's transitional government has nationalized the country's only industrial gold mine, accusing its Australian-owned operator of 'grave contractual breaches' and failure to honor a promised $10 million investment plan. The West African country's interim president, Abdourahamane Tchiani, signed the nationalization order on Friday for the Societe des Mines du Liptako (SML SA), majority-owned by Australian firm McKinel Resources Limited. The move formally vests control of SML in the Nigerien state, an official communique published by the Nigerien Press Agency (ANP) confirmed. Authorities said the decision was taken to preserve a 'highly strategic' enterprise after years of financial strain, unpaid salaries and taxes, and repeated operational shutdowns at the country's only industrial gold mine. SML began operations in 2004 at the Samira Hill deposit in western Niger, with McKinel acquiring its majority stake of 80% in 2019 from the Nigerien state-owned entity SOPAMIN. Under the takeover agreement, the company was required to submit an investment plan within three months to restore and expand production. 'Six years after this transfer of shares, serious breaches of contractual obligations by the McKinel Resources Limited group and an alarming economic situation for SML SA have been noted,' the government stated, adding that the firm 'owes several tax debts.' 'As part of the breaches of contractual obligations, a global investment plan including an indicative investment plan of at least $10 million, which should be drawn up within three months following the takeover, was never provided by this company,' it added. The latest move is the second major resource seizure by the military government in recent months. In June, Niamey took over Somair, a uranium mining venture operated by French state-owned nuclear fuel company Orano, after accusing the firm of 'irresponsible, illegal, and unfair behavior.' The former French colony's military leadership has moved to curb foreign dominance in the country's extractive industries and reclaim control over key resources since the 2023 coup. On Friday, the authorities also announced a temporary suspension of exports of precious and semi-precious stones and meteorites, with exceptions granted only in special cases.
Russia Today
11-08-2025
- Business
- Russia Today
Niger takes control of gold mine from Australian operator
Niger's transitional government has nationalized the country's only industrial gold mine, accusing its Australian-owned operator of 'grave contractual breaches' and failure to honor a promised $10 million investment plan. The West African country's interim president, Abdourahamane Tchiani, signed the nationalization order on Friday for the Societe des Mines du Liptako (SML SA), majority-owned by Australian firm McKinel Resources Limited. The move formally vests control of SML in the Nigerien state, an official communique published by the Nigerien Press Agency (ANP) confirmed. Authorities said the decision was taken to preserve a 'highly strategic' enterprise after years of financial strain, unpaid salaries and taxes, and repeated operational shutdowns at the country's only industrial gold mine. SML began operations in 2004 at the Samira Hill deposit in western Niger, with McKinel acquiring its majority stake of 80% in 2019 from the Nigerien state-owned entity SOPAMIN. Under the takeover agreement, the company was required to submit an investment plan within three months to restore and expand production. 'Six years after this transfer of shares, serious breaches of contractual obligations by the McKinel Resources Limited group and an alarming economic situation for SML SA have been noted,' the government stated, adding that the firm 'owes several tax debts.' 'As part of the breaches of contractual obligations, a global investment plan including an indicative investment plan of at least $10 million, which should be drawn up within three months following the takeover, was never provided by this company,' it added. The latest move is the second major resource seizure by the military government in recent months. In June, Niamey took over Somair, a uranium mining venture operated by French state-owned nuclear fuel company Orano, after accusing the firm of 'irresponsible, illegal, and unfair behavior.' The former French colony's military leadership has moved to curb foreign dominance in the country's extractive industries and reclaim control over key resources since the 2023 coup. On Friday, the authorities also announced a temporary suspension of exports of precious and semi-precious stones and meteorites, with exceptions granted only in special cases.
Free Malaysia Today
09-08-2025
- Business
- Free Malaysia Today
Niger announces nationalisation of its only gold mine
Niger's military junta has ruled the West African nation since seizing power in a 2023 coup. (EPA Images pic) NIAMEY : Niger's military government has announced the nationalisation of the country's sole industrial gold mine, accusing its Australian operator of 'serious breaches' as the junta seeks greater control of natural resources. The military junta has ruled the West African nation since seizing power in a 2023 coup, promising to crack down on Niger's myriad security issues. Juntas in Niger, neighbouring Burkina Faso and Mali have ramped up pressure on foreign mining companies in recent years, with Niger nationalising the local branch of French uranium giant Orano in June. Australian group McKinel Resources Limited took control of the Societe des mines du Liptako (SML) gold mine, situated on the bank of the River Niger, in 2019 after purchasing a majority stake from a public firm. 'In view of serious breaches (and) with a view to saving this highly strategic company, the state of Niger has taken the decision to nationalise SML,' said an order from junta leader, general Abdourahamane Tiani, read on state television yesterday. 'This measure is in line with the vision of the president of the republic, which is to promote the full appropriation of its natural resources by the Nigerien people,' it said. In 2023, industrial gold production at the mine amounted to 177kg, while artisanal production in the country totalled 2.2 tonnes, according to a report by the Extractive Industries Transparency Initiative. Niger's junta said since McKinel's takeover of SML, the mine has fallen into an 'alarming economic situation'. It criticised the Australian firm for failing to implement a US$10 million investment plan which the junta said has led to tax and wage arrears, worker layoffs and 'significant increased debt', as well as production stoppages. In May, a bomb blast in extremist-riven west Niger killed at least eight workers at the SML mine in the Tillaberi region. The army has deployed more than 2,000 soldiers to fight the extremist groups in the surrounding region, at the epicentre of the violence wracking the country.
Al Arabiya
09-08-2025
- Business
- Al Arabiya
Niger announces nationalization of its only gold mine
Niger's military government has announced the nationalization of the country's sole industrial gold mine, accusing its Australian operator of 'serious breaches' as the junta seeks greater control of natural resources. The military junta has ruled the West African nation since seizing power in a 2023 coup, promising to crack down on Niger's myriad security issues. Juntas in Niger, neighboring Burkina Faso and Mali have ramped up pressure on foreign mining companies in recent years, with Niger nationalizing the local branch of French uranium giant Orano in June. Australian group McKinel Resources Limited took control of the Societe des mines du Liptako (SML) gold mine, situated on the bank of the River Niger, in 2019 after purchasing a majority stake from a public firm. 'In view of serious breaches (and) with a view to saving this highly strategic company, the state of Niger has taken the decision to nationalize SML,' said an order from junta leader, General Abdourahamane Tiani, read on state television on Friday. 'This measure is in line with the vision of the president of the republic, which is to promote the full appropriation of its natural resources by the Nigerien people,' it said. In 2023, industrial gold production at the mine amounted to 177 kilograms, while artisanal production in the country totaled 2.2 tons, according to a report by the Extractive Industries Transparency Initiative. Niger's junta said since McKinel's takeover of SML, the mine has fallen into an 'alarming economic situation.' It criticized the Australian firm for failing to implement a $10 million investment plan which the junta said has led to tax and wage arrears, worker layoffs and 'significant increased debt,' as well as production stoppages. In May, a bomb blast in extremist-riven west Niger killed at least eight workers at the SML mine in the Tillaberi region. The army has deployed more than 2,000 soldiers to fight the extremist groups in the surrounding region, at the epicenter of the violence wracking the country.
