Niger takes control of gold mine from Australian conductor
(MENAFN) Niger’s transitional government has taken control of the country’s only industrial gold mine, Societe des Mines du Liptako (SML SA), accusing its Australian owner, McKinel Resources Limited, of serious contractual violations and failing to fulfill a $10 million investment commitment.
Interim President Abdourahamane Tchiani signed the nationalization order on Friday, officially transferring ownership to the Nigerien state. Authorities cited repeated operational shutdowns, unpaid salaries and taxes, and the strategic importance of the mine as reasons for the move.
SML, which has operated since 2004, was majority-acquired by McKinel in 2019. The takeover agreement required a detailed investment plan within three months, which the government says was never submitted.
This seizure follows a similar action in June, when Niger took over the Somair uranium mine from French company Orano, reflecting the military government’s push to reclaim control over key natural resources. Exports of precious and semi-precious stones and meteorites have also been temporarily suspended, with exceptions only for special cases.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
