The Zhitong Finance App learned that according to reports, Russian President Vladimir Putin is considering restricting exports of uranium, titanium, and nickel in retaliation for Western sanctions.

Affected by this news, the US stock uranium sector surged overnight.

According to data from the World Nuclear Association, Russia is the fourth largest producer of uranium in the world, and also has about 44% of the world's uranium enrichment capacity.

As of June 30, 2024, there were 416 operable nuclear power units worldwide, with a net installed capacity of 375 GW; 59 units under construction, with a net installed capacity of 62 GW. 4 new units were put into operation in the first half of the year, including the Group's Fangchenggang Unit 4.

China's nuclear power approval is normalized. On August 19, 2024, the National Standing Committee approved a total of 11 nuclear power units for 5 nuclear power projects, reaching 10 or more for the third year in a row.

Haitong International previously stated that CGN Mining is one of the listed subsidiaries under the CGN Group, the world's third-largest nuclear power group, and is also the only platform for the development, investment and financing of overseas uranium resources under the CGN Group; CGN Mining has 60% exposure to uranium spot prices and is expected to benefit from rising uranium prices.

CGN Mining (01164): In the first half of 2024, the four mines belonging to Xie and Austria produced a total of 1334.1 tU of natural uranium, with a production plan completion rate of 96.9%, and the company's equity output was 653.7 Tu; of these, 727.4 Tu of natural uranium were produced in the second quarter, with a planned completion rate of 101.5%. In terms of mining in the first half of the year, Xie Mine produced a total of 181.0 Tu, Iran Mine produced a total of 295.4 Tu, China Mine produced 791.9 Tu, and Za Mine produced a total of 65.7 Tu. Affected by the insufficient supply of sulfuric acid, the completion rate of China Ore's production plan is only 93%. Currently, the company is focusing on sulfuric acid supply issues, and it is expected that China Ore production will recover in the future. The mine is still in the mining phase and is expected to complete the first phase of construction by the end of 2024; the company also owns Canada's Fission 11.31%. The core asset is the PLS project in the southwestern Athabasca Basin in Saskatchewan Province, Canada. Findings show that the lifetime output is about 0.035 millionTU, and the lifespan is 10 years. The capacity utilization rate of Harbin Engineering is expected to be 83% in 2024. As the sulfuric acid supply problem is solved in the future, it is expected that production in production mines will be further released.