After the opening, CGN Mining (01164) plummeted more than 7% at one point, bottoming out at HKD 2.06, down more than 33% from its high point in June. As of press time, it fell 2.19% to HKD 2.23, with a turnover of HKD 27.1927 million.
According to the Zhitongcaijing app, CGN Mining (01164) plummeted more than 7% at one point after the market opened, bottoming out at HKD 2.06, down more than 33% from its high point in June. As of press time, it fell 2.19% to HKD 2.23, with a turnover of HKD 27.1927 million.
Recently, the President of Kazakhstan signed a tax amendment plan, which plans to selectively increase mining taxes. Starting in 2026, the mining royalty tax (MET) on natural uranium production will be set between 4% and 18% based on output. Shanxi Securities pointed out that the new tax law may curb Kazakhstan's future supply growth and may support uranium prices. For large uranium mining companies, if the uranium price is greater than US$110 per pound, the new MET tax rate will be as high as 20.5%. The new tax law may impose certain restrictions on uranium production and provide strong support for the price of natural uranium.
BOCI Research pointed out that from a static perspective, the increase in mining taxes will have a negative impact on CGN Mining's profits in 2025-26, but if Kazatomprom adjusts its production plan under the new tax law, the market dynamics may turn positive. As for the National Bank of Kazakhstan's purchase of Kazatomprom's shares, according to our research, it will not cause short-term impact on the stock price; The bank believes that the latest developments in Kazakhstan may be brewing the next peak of uranium prices. The short-term catalyst is the update of Kazatomprom's 2025 production guidance in August.