Under the deal, Areva and the Niger government will ensure the financial and economic profitability of the deposits as well as prioritize the safeguarding of jobs.
Areva agreed to pay more taxes and increase royalty rates at its uranium mines, spend €90m on new road to mining town, €10m for construction of a building to house the mining companies, and €17m in a local development project.
Areva president and CEO Luc Oursel said: ""In the context of a difficult uranium market, AREVA and the State of Niger have succeeded in reaching a balanced and sustainable agreement to pursue their historic partnership.
"I commend this agreement which commits the partners over the long term and affirms the major place held by Niger in the global uranium industry. I am particularly pleased for Niger and for AREVA."
The company said that production at its new Imouraren mine would be delayed until uranium prices improve.
SOMAÏR is a subsidiary of Areva, and has been mining uranium deposits in northwestern Niger since 1971.
Founded in 1974, COMINAK mine is located at a depth of 250m and its uranium ore has an average grade of 4%. Areva owns 34% of COMINAK’s capital.
