The Zhitong Finance App learned that CGN Mining (01164) is now down more than 5%. As of press release, it is down 5.56% to HK$2.21, with a turnover of HK$437.26,200.
According to the news, the spot price of uranium oxide at the end of April was 88.0 US dollars/pound, down 0.6% from the end of March, down 3.3% from the beginning of the year, and up 68.9% year on year. China Thai International pointed out that the US Senate has just passed a bill prohibiting the import of Russian uranium and is currently awaiting signature and enactment by President Joe Biden. This is beneficial to the short-term uranium price market. However, since the bill includes temporary exemptions from execution until January 2028, the final medium-term impact on uranium prices depends on the US government's intention to implement the policy.
Haitong International pointed out that CGN Mining is one of the listed subsidiaries under the CGN Group, the world's third-largest nuclear power group, and is also the only platform for investment and financing for the development of overseas uranium resources under the CGN Group; the company's finances are stable, and the core business revenue is expected to continue to grow. The bank believes that the rise in uranium prices is strongly supported by fundamentals, and uranium prices in the medium to long term natural uranium market are expected to continue the upward trend. Furthermore, the company is backed by the CGN Group and is closely linked internally.