French nuclear fuel specialist Orano had a net loss of 133 million euros by the end of the first half year of 2024 mainly due to unrests in Niger endangering the mining activities. More distressing has been the political situation in the country since the military regime seized power in Niamey one year ago.
David Claverie, Orano’s Chief Financial Officer noted that the loss is mainly due to “197 million euros” in “provisions and impairments” realised during the semester. A number of these losses include ineffective business execution arising from the annulment of Imouraren mining license in June since by Nigerien authorities reducing the companies revenues by 69 million euros alongside misunderstandings in other business operations concerning the Somaïr business which has been operating Orano’s sole exploitation mine in the northern region of Niger since 1971 and led to business losses of around 105 million euros. In the same regard, the group has earmarked 23 million Euros for another risk, which is tax related in this country.
This financial loss underlines the fact that the aforementioned unfavourable political environment in Niger has had an enormous toll on Orano’s business, which points at more extensive problems that the company has been experiencing regarding sustainable performance of its mining activities in the area.