Niger State: GOVIEX MADAOUELA1 Uranium Agreement Boosts State Share to 40%

• Niger and Atomic Eagle (formerly GoviEx Uranium) signed a new uranium exploitation convention for the MADAOUELA1 permit on September 23, 2026, in Niamey.
• The agreement increases the Nigerien state's participation in the project from 10% to 40%, with Atomic Eagle holding the remaining 60% through its subsidiary MAMICO.
• Key provisions include an initial $10 million royalty payment, local content requirements, and the creation of approximately 1,000 jobs for Nigerien youth.
• President Abdourahamane Tiani declared in November 2025 that Niger has reclaimed its uranium and will sell it to whomever it chooses.
• This convention is part of Niger's broader policy to assert sovereignty over its natural resources and diversify its international partnerships.

We have taken back our uranium and we have restored it to the Nation, uranium now belongs to the Nigerien people! This wealth is ours, not someone else's, and we will not ask anyone's permission to sell it! The uranium belongs to us, we will sell it to whoever we want.

The Nigerien state and Madaouela Mining Company SA (MAMICO), a subsidiary 60% owned by Atomic Eagle (formerly GoviEx Uranium), finalized a new convention in Niamey on Wednesday, September 23, 2026. This agreement pertains to one of Niger's most significant high-grade uranium deposits still under development. Under the terms of this new Niger MADAOUELA1 uranium agreement, the state's participation in the project will increase substantially from its previous 10% stake to 40%. The remaining 60% share will be held by Atomic Eagle through MAMICO. Beyond the significant equity adjustment, the convention includes a provision for an initial lump-sum royalty payment of $10 million to the State of Niger. This financial commitment is part of a broader framework designed to enhance the nation's benefit from its natural resources. The agreement also outlines measures aimed at strengthening the capacities of the mining administration, fostering local development initiatives, and ensuring adherence to local content requirements within the mining sector.

This new Niger uranium exploitation convention is presented by the Nigerien authorities as a decisive break from what they describe as a "neocolonial order" that historically allowed external powers, particularly France, to monopolize the exploitation of Nigerien uranium through what were termed "leonine agreements." The government views this accord as a testament to the Nigerien people's resolve to reclaim their natural resources and exercise responsible choice in selecting partners. President Abdourahamane Tiani, General d'Armée, articulated this sentiment in November 2025 during visits to Agadez and Arlit, stating, "We have taken back our uranium and we have restored it to the Nation, uranium now belongs to the Nigerien people! This wealth is ours, not someone else's, and we will not ask anyone's permission to sell it! The uranium belongs to us, we will sell it to whoever we want."

The agreement's provisions reflect a robust Niger natural resources sovereignty policy. It prioritizes local companies for various works and the supply of goods and services, and it specifically targets the creation of approximately 1,000 jobs for Nigerien youth. While acknowledging the importance of these financial and employment figures, the Minister of Mines emphasized that true mining performance extends beyond mere statistics. He highlighted that behind every figure lies responsibility, behind jobs are families, and behind tax revenues are schools, health centers, and infrastructure, underscoring that the real measure of success is the positive impact of mining operations on the living conditions of the population.

The MADAOUELA1 permit terms, as redefined in this agreement, align with Niger's overarching strategy to assert greater control over its national wealth across all sectors. This approach, characterized by the motto "open arms but closed fist," signifies a willingness to engage with international partners while firmly safeguarding national interests. The government's decision to authoritatively affirm its sovereignty over the management, exploitation, and commercialization of uranium is a cornerstone of its "new Niger" principles.

Further evidence of this strategic shift towards diversification and national control is seen in recent diplomatic and economic engagements. On September 22, 2026, the Algerian Minister of Hydrocarbons, a State Minister, was received by President Tiani. This meeting underscores a renewed momentum in oil sector relations between Niger and Algeria, encompassing significant projects such as the Trans-Saharan Gas Pipeline, the commercialization of Nigerien crude oil, and the development of the Kafra oil perimeter. These initiatives collectively signal Niger's commitment to broadening its partnerships and reinforcing its sovereignty over its natural resources.

Lawyers advising mining companies or investors in Niger should review existing agreements and future investment strategies in light of the new GOVIEX MADAOUELA1 uranium convention. This agreement signals a significant shift towards increased state participation (40%), local content requirements, and a broader assertion of national sovereignty over natural resources, which could impact financial terms, operational compliance, and the overall regulatory landscape for extractive industries in Niger.

Source: Original reporting via ONEP