Niger Raises Stake in Madaouela Uranium Project to 40%

Niger has increased its ownership stake in the Madaouela uranium project in the Agadez region to 40%, up from 20%, bringing an end to a long-running dispute with Australian explorer Atomic Eagle.

Under a new agreement signed with Niger’s mines ministry, Atomic Eagle will retain a 60% interest in the project and continue to oversee operations, compared with its previous 80% stake.

The agreement resolves a dispute that began after Niger revoked Atomic Eagle’s mining permit for Madaouela in 2024 and returned the project to state control. The company subsequently initiated international arbitration proceedings.

The two sides agreed in February 2025 to suspend the arbitration while pursuing a negotiated settlement. The suspension was extended by another six months in September 2025 to allow discussions to continue.

Niger’s mines ministry said the new agreement reflects the government’s preference for dialogue and negotiation as it seeks to establish a new phase of partnership and development. The ministry did not disclose further financial or operational terms.

Niger is a major uranium producer and had originally awarded Atomic Eagle, then operating as GoviEx, a permit to develop the Madaouela project in 2016.

The revised ownership structure comes as military-led governments across the Sahel seek greater control over natural resources and a larger share of mining revenues.

For Niger, the increased stake gives the state a larger direct interest in one of its uranium assets, while Atomic Eagle remains responsible for operational oversight under the new arrangement.