CGN Mining (01164) rose more than 4%. As of press release, it rose 4.5% to HK$2.32, with a turnover of HK$469.357 million.
The Zhitong Finance App learned that CGN Mining (01164) rose by more than 4%. As of press release, it had risen 4.5% to HK$2.32, with a turnover of HK$469.357 million.
According to the news, according to Numerco data, the closing price of uranium on May 3, 2024 was 92.38 US dollars/lb, an increase of 5.58% over the previous week (April 26, 2024). Furthermore, the US Senate previously voted to pass a bill prohibiting the import of enriched uranium from Russia and sent the bill to the White House. The bill would ban uranium imports from the US for 90 days after enactment, but would allow temporary exemptions to continue until January 2028. Shanxi Securities believes that the enactment of this legislation will bring more uncertainty to the natural uranium market and the nuclear fuel market, where supply is tight, or push prices to continue to rise.
According to Haitong International Research Report, 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 investment and financing platform for the development of overseas uranium resources under the CGN Group. The company's finances are stable, and core business revenue is expected to continue to grow. Furthermore, 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.