The military government in Niger just made its biggest move yet to take control of the country's uranium industry. A large mining permit that used to belong to French nuclear firm Orano SA now belongs to Tsumco SA, a company run by the state.
The permit is for the Somaïr operation, which sits in the In Aouza area. Tsumco SA was created after Niger seized Somaïr in June 2025, accusing Orano of pulling more uranium out of the ground than the agreement allowed. Orano owned about 63% of Somaïr, with Niger's own state mining company holding the rest.
The decision came out of a cabinet meeting on Friday, according to minutes from the session. It keeps uranium mining going under the new government-owned setup, and it's another clear sign of how Niger's military leaders are tightening their grip on the sector since taking power three years ago.
Here's the thing about uranium: It's not just any rock. It's the fuel for nuclear power plants, and Niger has been a major supplier. When a government takes over a key piece of that supply chain, it changes the calculus for everyone involved.
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Orano, for its part, isn't going quietly. The company has challenged the takeover and filed lawsuits against Niger in several commercial courts. So this fight isn't over, and the legal back-and-forth could stretch on for a while.
The government didn't stop with Somaïr. At that same Friday meeting, it handed a uranium permit to Madaouela Mining Co., which agreed to pay a fixed $10 million fee up front.
That permit has a complicated recent history. Niger revoked it in July 2024, and the previous holder, GoviEx, launched arbitration proceedings over the cancellation. Niger has now given that same permit to a company that appears to be under state control.
If you hold shares in uranium miners or companies with exposure to Niger, this is the kind of news that makes you check your portfolio twice. The pattern is pretty consistent: Niger's government wants a bigger piece of the uranium pie, and it's using its power to get it. The June 2025 takeover of Somaïr set the tone, and the Friday decision alongside the other permit shows that wasn't a one-off.
The dates also tell the story. June 2025 for the Somaïr seizure. July 2024 for the revoked uranium permit.
Three years since the military government came in and started reshaping the industry. There's a clear direction here, and it's toward more state control, not less.
The legal challenge from Orano could still change things, but investors should understand that operating in Niger now comes with a different set of rules than it did a few years ago. The government is making decisions about who gets to mine what, and it's keeping some of the most valuable assets for itself. That's a risk you can't fully hedge against, just as it's a risk you can't ignore if you're looking at uranium exposure in Africa. The courts will sort out some details, but the direction of travel is clear.
Resource nationalism can rattle markets, but staying invested through such shifts requires a long-term perspective.
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