The government of Niger has temporarily halted the issuance of new mining licenses and ordered an audit of the industry, the ministry of mines reportedly said.
The ministry, however, did not give an explanation for the license suspension.
The West African country possesses the highest-quality uranium deposits on the continent and ranks as the seventh-largest global producer of uranium, the radioactive element utilized as a source of fuel for nuclear power, according to the World Nuclear Association.
Last week, the price of a pound of uranium on the spot market reached $100, a level not seen since 2007, reports revealed. Niger, along with Namibia, South Africa, Malawi and Mauritania, could benefit from such a high price.