Niger Republic announced on Saturday a total of twenty-three permits have been awarded to foreign firms to allow them explore for uranium in its northern provinces. The permits were granted to three Canadian firms (Southampton Ventures Inc., Delta Exploration Inc. and UraMin Inc.), three British firms (COJ Commodity Investments Ltd., Agadex Ltd. and Indo Energy Ltd.) and an Indian firm (Taurian Resources Pvt Ltd.)

The companies are expected to invest over $55 million in exploration activities over the next three years. Additionally under Niger's mining code, if uranium deposits are discovered, the state will take a 40 percent stake in the projects, 10 percent for free, while it will pay for the remaining 30 percent.

The issuance of the new permits come as part of a concerted effort by Niger to increase it uranium production from the current levels of 3,500 tonnes a year to 10,500 tonnes to take advantage of a surge in prices in the last five years. Niger is currently the world's third largest producer of uranium, with all production coimng from two french owned mines near the town of Arlit.