CGN Mining (01164) has rebounded continuously recently, rising more than 4% in early trading. As of press release, it rose 4.85% to HK$1.73, with a turnover of HK$21.7582 million.
The Zhitong Finance App learned that CGN Mining (01164) has recently rebounded continuously, rising more than 4% in early trading. As of press release, it rose 4.85% to HK$1.73, with a turnover of HK$21.7582 million.
According to the news, CGN Mining announced annual results. The group achieved a turnover of HK$7.363 billion, an increase of 101.8% over the previous year; profit attributable to the owners of the company was HK$497 million, a decrease of 3.46% over the previous year. CICC pointed out that the company's 2023 performance fell short of expectations, mainly due to the fact that Austrian fines have not yet been reversed and mine production costs have increased.
According to the bank, medium- to long-term natural uranium prices are expected to continue the upward trend. Affected by factors such as Cameco's plans to increase production, the spot price of natural uranium pulled back from an earlier high of $106/lb to $88/lb on March 20. Although there have been short-term adjustments, the long-term positive trend in natural uranium prices has not changed. First, the recovery in global demand for nuclear power will be the general trend; second, global natural uranium supply is frequently disrupted; and third, uranium deposits in Kazakhstan are gradually being exhausted.