French nuclear giant Orano triples profits
Energy
French nuclear giant Orano said on Wednesday it had nearly tripled its profits in 2024 thanks to contracts with Japanese utilities and a rise in the price of uranium.
Its net profits rose to €633 million - up from €217 million in 2023 - despite having lost control of its subsidiaries in Niger, it said on Wednesday.
"2024 will go down as a special year with exceptional financial results," CEO Nicolas Maes said.
But he also acknowledged the company had experienced "difficult times from a human and operational point of view with the loss of control over our entities in Niger."
Orano lost control of its Niger subsidiaries Somair, Cominak and Imouraren, "due to the interference of the Nigerien authorities in the management of these companies".
The resulting losses however were "partially offset by the increase in uranium prices and favorable exchange rate effects".
Orano still has mines operating in Canada and Kazakhstan.
In January, Orano signed a $1.6 billion investment deal with Mongolia to exploit a vast uranium deposit in its southwest.
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