French Nuclear Fuel Company Reports Significant Losses Amid Challenges in Niger

The French nuclear fuel specialist reported a loss of 133 million euros for the first half of the year, according to results presented on Friday. This contrasts with the first quarter of 2023, when the company posted a net profit of 117 million euros.

This year, however, the company is facing difficulties. One major issue is Niger's decision in June to strip the company of the Imouraren mine, the largest in the world, with estimated reserves of 200,000 tons.

Additionally, Somair, the subsidiary 63% owned by Orano, is struggling to export uranium from its Arlit operations in northern Niger. This is due to an export ban imposed by the military government in Niamey, which has been in power for a year.

In response to these challenges, the company was forced to sell its uranium production, originally intended to finance the closure of the site.