CGN Mining (01164) fell nearly 5% again, with a cumulative decline of nearly 30% since early June. As of press time, it fell 4.89%, to 2.14 Hong Kong dollars, with a turnover of 12.9945 million Hong Kong dollars.
According to the WiseMoney APP, CGN Mining (01164) fell nearly 5% again, with a cumulative decline of nearly 30% since early June. As of press time, it fell 4.89%, to 2.14 Hong Kong dollars, with a turnover of 12.9945 million Hong Kong dollars.
Recently, the President of Kazakhstan signed a tax amendment plan to selectively increase mining taxes. After 2026, the mineral production tax (MET) for natural uranium will be set between 4% and 18% based on production. Shanxi Securities pointed out that the new tax law may curb future supply growth in Kazakhstan and may support uranium prices.
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.