French nuclear group Orano’s COMINAK uranium mine in Niger has announced it will shut down by the end of March 2021 due to the depletion of its reserves, the mine’s board of directors announced last week.
The company has been mining uranium in the region for over 40 years.
Cominak will render over 600 employees jobless but plans are underway to compensate for their social plan.
The company has announced that it will pay its employees between $36,000 and $109,000 as part of the compensation program.
The company has also vowed to restore the area to its original state and will plant trees after a complete demolition.
The French group had also cited high operational costs amidst scarcity of uranium and low prices of the ore on the market.
Prices have fallen in the face of oversupply in the wake of the signing of COP21, the Paris climate agreement