French nuclear fuels company, Orano, has announced plans to shift focus to new uranium projects outside Niger as diplomatic tensions between France and the West African nation continue to affect operations.
This was disclosed by Orano’s CEO, Nicolas Maes, during a media briefing on Wednesday. He stated that ongoing geopolitical challenges in Niger, where a military junta took power in 2023, have disrupted uranium exports and forced the company to reconsider its operations in the country.
The company, which has been mining uranium in Niger for over 50 years, is now looking to increase production in Mongolia and Namibia to offset losses from its stalled projects.
Maes noted that Orano had signed a preliminary agreement with Mongolia in January to develop the Zuuvch Ovoo uranium mine.
Production is expected to begin in four years, with a potential output of 2,600 metric tons annually by 2044.
The company is also revisiting mining opportunities in Namibia, where it has identified an estimated 18,000 metric tons of uranium that could be extracted over the next 18 years.
“We have considerably developed this diversification, and that makes us much stronger with regard to geopolitical risk,” Maes said.
Despite Niger’s rich uranium reserves, Orano has struggled to maintain operations since the government seized control of its majority owned Somair mine in 2023.
Arbitration proceedings are ongoing, but roughly 1,000 metric tons of uranium, valued at about 250 million euros ($261 million), remains stuck in the country.
Maes stated that while Niger has historically been a key supplier, the company is now working towards independence from its operations in the country.
“We can eventually be independent from Niger,” he said.
Orano reported a 23% increase in revenue for 2024, reaching 5.9 billion euros, mainly due to a 1 billion euro waste recycling contract with Japanese utilities.
However, revenues for 2025 are expected to decline slightly to around 5 billion euros.
The CEO also addressed concerns about the company’s joint venture with Chinese firm XTC New Energy to build an electric vehicle battery plant.
He suggested that the project could face delays due to slow battery development in Europe.
“We need to be very precise with our business plan and take into account the slow development of batteries in Europe. We will need to make investments at the right time so that we are not ahead of the market,” Maes told analysts.
Orano mines approximately 8,000 metric tons of uranium annually, with Canada supplying about 5,000 metric tons. The company’s strategic shift is part of a broader effort to navigate geopolitical uncertainties while meeting growing global demand for nuclear fuel.
