Shares of Global Atomic, a mining company operating in Niger, are down significantly as the country grapples with a military coup that led to the overthrow of President Mohamed Bazoum. At 10:26 a.m. ET, shares were trading more than 12% lower at 1.66 Canadian dollars ($1.25), representing a 52% decline since the start of the year.
The military officers who orchestrated the coup have sealed the country’s borders and imposed a curfew. In response to these events, the international community, including the European Union and the United States, has condemned the actions taken by the military and called for the release of President Bazoum. As a result, aid from the EU has been frozen, and assistance from the United States is under review.
Despite the ongoing protests and political turmoil in Niger’s capital city, Niarmey, Global Atomic remains focused on its operations. The company is actively developing its site at the Dasa project, a high-grade uranium deposit located 105 kilometers (65 miles) south of Arlit, the uranium mining town. The site is over 1,100 kilometers (684 miles) northeast of Niarmey.
While uncertainties surround the outcome of the international campaign to restore President Bazoum to power, Global Atomic’s CEO, Stephen Roman, stated that the company’s board and management team are closely monitoring the situation. In the meantime, normal business activities continue both at the company’s offices and at the project site.
It remains to be seen how long it will take for stability to return to Niger and what impact this political chaos will have on Global Atomic’s operations going forward.
