HK Stock Movement | CGN MINING (01164) Plunges Over 8% as Kazakhstan's Proposed Policy Shift Sparks Valuation Concerns

Stock News12-09

CGN MINING (01164) plummeted over 8%, hitting HK$2.99 with a turnover of HK$193 million at press time. The drop follows Kazakhstan's lower house approval of a draft bill tightening oversight on uranium mining joint ventures, now awaiting Senate review. The bill mandates state-owned Kazatomprom to renegotiate contracts with JV partners, some of whom have raised reservations.

CMB International noted that Kazakhstan's policy shift aligns with tightening uranium supply over the next decade, though it doesn’t materially affect CGN MINING's resource ownership. However, the bank cautioned that the policy could introduce uncertainty to valuation multiples. It maintains its target valuation for now but will monitor further developments.

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