HK Stock Market Move | CGN MINING (01164) rose more than 5% in early trading due to the unexpected shutdown of a uranium mine owned by Cameco. The company benefits from the long-term trend of rising uranium prices.

CGN MINING (01164) rose more than 5% in early trading, and as of the time of writing, rose 2.22% to 1.84 Hong Kong dollars, with a turnover of 40.6869 million Hong Kong dollars. In terms of news, Canadian uranium producer Cameco recently announced that its joint venture in Kazakhstan, Inkai, unexpectedly shut down due to a government authorization lapse. It is understood that Inkai is a joint venture between Cameco and Kazakhstan state-owned uranium mining company Kazatomprom, with Cameco holding 40% of the shares. According to the third quarter earnings report on November 7, Inkai is expected to produce 7.7 million pounds of uranium by 2024, with 2.3 million pounds already delivered to Cameco. This is slightly higher than Cameco's expected annual production of 23.1 million pounds by 10%. Zhaojin International stated that the demand for natural uranium in the next 10 years will benefit from the structural growth trend of nuclear power, and in the context of limited uranium supply, uranium prices will remain high in the coming years. The bank also mentioned that the company holds four low-cost uranium mines in Kazakhstan through joint ventures with Kazatomprom (KAP), which will benefit from the long-term trend of rising uranium prices.