CGN Mining (01164) rose more than 9%. As of press release, it rose 9.25% to HK$1.89, with a turnover of HK$896.814 million.
The Zhitong Finance App learned that CGN Mining (01164) rose more than 9%. As of press release, it had risen 9.25% to HK$1.89, with a turnover of HK$896.814 million.
According to the news, according to Numerco data, the closing price of uranium on March 29, 2024 was 88 US dollars/lb, down 0.85% from last week (March 22, 2024). Shanxi Securities pointed out that as governments around the world switch to nuclear energy to deal with climate change, the supply gap continues to expand and demand continues to increase; as uranium prices rise and several idle mines restart, supply and demand tension has eased slightly, but the gap still exists.
Guotai Junan said that global demand for uranium will grow faster than supply, and the fundamentals of uranium supply and demand will remain strong for the next 5 years. Affected by this, uranium prices will be raised to a higher level, which will significantly enhance the profitability of uranium mining companies. The average sales price of the company's mineral uranium rose 28% to $64 per pound in 2023, significantly improving the profitability of the company's mining business. The bank expects uranium prices to continue to rise in 2024.