France's Orano says its Niger uranium mine on verge of bankruptcy
Orano was forced to suspend production at SOMAIR after authorities halted exports last year. Niger's government seized the operation in December and announced plans to nationalise it last month, joining a wave of West African governments seeking greater control of natural resources from foreign companies.
Niger, which also exports gold and coal, is the world's seventh-largest uranium producer. The country accounted for about 15% of Orano's uranium supply when its local unit operated at full capacity.
Orano told Reuters in emailed responses to questions that it had been flagging SOMAIR's worsening financial position since October as its year-long dispute with the West African nation escalated.
"The Nigerien authorities' insistence on continuing production expenses at any cost has led to the current situation where the SOMAIR company is on the verge of bankruptcy," Orano said.
Niger's ministry of mines did not immediately respond to a request for comment on Orano's assessment of the unit's financial position.
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