Latest news with #Somair
Reuters
17-05-2025
- Business
- Reuters
France's Orano explores sale of Niger uranium assets, FT reports
May 17 (Reuters) - French state-owned nuclear fuel company Orano is exploring the sale of its uranium assets in Niger after the breakdown of its relationship with the west African country's military rulers, the Financial Times reported on Saturday, citing multiple people familiar with the matter. The uranium miner said on Tuesday that it had filed a lawsuit with the Niger courts over the "arbitrary arrest, illegal detention and unjust confiscation of property" involving its staff and assets in the country. Orano said it had been unable to contact its mining director in Niger, Ibrahim Courmo, who was taken to the headquarters of the country's external intelligence agency, the General Directorate of External Documentation and Surveillance, sources told Reuters earlier this month. In early December last year Orano said Niger's military-led government, which seized power in a coup in 2023, had taken control of the Somair mine, of which Orano owns about 63%, with the government holding the remaining stake. The company also had a mining permit for its subsidiary Imouraren stripped in June 2024. Orano did not immediately respond to a Reuters request for comment. Orano declined to comment on the sales process to the Financial Times, but in a statement to the paper said that "several parties have expressed their interests for the mining assets of the group in Niger and are at liberty to submit offers if they wish to". Reuters could not immediately confirm the FT report.
Russia Today
07-05-2025
- Business
- Russia Today
Niger seizes equipment from French uranium miner
Niger's security forces have raided the offices of French state-owned miner Orano's local subsidiaries and seized equipment, including mobile phones, Reuters reported on Tuesday, citing sources familiar with the matter. The company's local director, Ibrahim Courmo, was reportedly arrested following the search in the West African nation's capital, Niamey, on Monday. 'On Monday, May 5, it appears that Nigerien law enforcement officers intervened at the headquarters of the Somair, Cominak, and Orano Mining Niger subsidiaries in Niamey, with equipment seized,' the company told Reuters. 'We are very concerned about the situation, as we have not been able to contact the Orano representative in Niger at this stage,' it added. The company noted that it had 'very limited' information due to losing operational control of the subsidiaries in December. The raid comes amid tensions between Niger's military-led government and the French state-owned nuclear fuel company. In June 2024, Niamey revoked the license of Orano, which had allowed it to operate the Imouraren mine, one of the world's largest uranium mines, in northern Niger. In December 2024, Orano announced that Nigerien authorities had taken operational control of its Somair uranium mine in the northern Arlit region, where Orano holds a 63.4% stake and the Nigerien state owns the remainder. Niger is the world's seventh-largest uranium producer, accounting for approximately 5% of global output, according to the World Nuclear Association. The country's uranium exports are a significant source of fuel for France's nuclear reactors, supplying about 15%–17% of the uranium used in French electricity generation. Since the military coup in July 2023, Niger's transitional authorities have been reviewing foreign mining concessions and security agreements. Last July, Canada's GoviEx Uranium announced that its mining permit had been withdrawn by the former French colony's government. The Sahel state's allies, Mali and Burkina Faso, have also been stepping up pressure on foreign mining companies in recent years as part of efforts to make more revenue from the extractive sector to boost state income. Mali passed a new mining code in 2023 that allows the military government to own up to 30% of any new projects. It has since been embroiled in a dispute with Canadian miner Barrick Gold and Australia's Resolute Mining over unpaid revenues.
Reuters
06-05-2025
- Business
- Reuters
Niger security forces search Orano offices and seize phones, sources say
NIAMEY, Niger, May 6 (Reuters) - Security forces in Niger have searched the offices of uranium miner Orano's local subsidiaries, seizing phones and equipment, two sources told Reuters on Tuesday, months after the French company said authorities had seized control of its Somair mine. One of the sources, who is close to Orano, also said local director Ibrahim Courmo had been arrested. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Orano said it had "very limited" information on the situation because it had lost operational control of its subsidiaries in December. "On Monday, May 5, it appears that Nigerien law enforcement officers intervened at the headquarters of the Somair, Cominak, and Orano Mining Niger subsidiaries in Niamey, with equipment seized," the company said a statement to Reuters late on Tuesday. "We are very concerned about the situation, as we have not been able to contact the Orano representative in Niger at this stage." Orano on December 4 announced that Niger's military-led government, which seized power in a coup in 2023, had taken control of the Somair mine, of which Orano owns about 63%, with the government holding the remaining stake. Niger and neighbouring Mali and Burkina Faso have been stepping up pressure on foreign mining companies over the past year. Malian authorities have arrested foreign executives and seized gold stocks amid negotiations with mining companies in recent months. Burkina Faso's junta last month vowed to take control of more foreign-owned industrial mines. In June 2024, Orano said Niger had removed a mining permit for its Imouraren subsidiary. Canada's GoviEx Uranium (GXU.V), opens new tab said it had been stripped of its right to develop a uranium project in Niger the following month. All three Sahel countries are led by military governments that have seized power since 2020 and sought to move away, economically, politically and militarily, from former colonial power France.
Local France
19-02-2025
- Business
- Local France
French nuclear giant Orano triples profits
Energy French nuclear giant Orano said on Wednesday it had nearly tripled its profits in 2024 thanks to contracts with Japanese utilities and a rise in the price of uranium. Its net profits rose to €633 million - up from €217 million in 2023 - despite having lost control of its subsidiaries in Niger, it said on Wednesday. "2024 will go down as a special year with exceptional financial results," CEO Nicolas Maes said. But he also acknowledged the company had experienced "difficult times from a human and operational point of view with the loss of control over our entities in Niger." Orano lost control of its Niger subsidiaries Somair, Cominak and Imouraren, "due to the interference of the Nigerien authorities in the management of these companies". The resulting losses however were "partially offset by the increase in uranium prices and favorable exchange rate effects". Orano still has mines operating in Canada and Kazakhstan. In January, Orano signed a $1.6 billion investment deal with Mongolia to exploit a vast uranium deposit in its southwest. More #Energy #French economy
