The only commercial uranium enrichment company currently in production in the United States, Urenco USA, announced on Tuesday evening (Beijing time, June 2nd) that it will make a "multi-billion dollar" investment to increase its existing low-enriched uranium production capacity by 50%. Urenco stated that this investment will be used to expand its plant in New Mexico. The company plans to use gas centrifuge enrichment technology to add 2.1 million SWU of uranium enrichment capacity. The expansion project will involve building up to 24 centrifuge cascade production lines, with the first batch expected to be operational by 2032, and the remaining lines to be installed and commissioned in phases between 2032 and 2036.
Overnight, the US uranium mining sector saw widespread gains. Among them, the Global Uranium & Nuclear Components ETF rose 5.7%; Cameco surged over 7%; and Ur-Energy (URG.US) skyrocketed 22%.
An analysis report suggests that against the backdrop of rigidly increasing electricity demand from AI, nuclear power and uranium are being upgraded from "optional energy sources" to "strategic necessities." Their long-term pricing power, cash flow stability, and capital attractiveness are expected to systematically increase. It is worth noting that while all of CGN Mining's uranium products are sold to its parent company, the pricing is linked to market prices, allowing it to benefit from the positive factor of rising uranium prices driven by increased global nuclear power demand.
Key Uranium-Related Stocks Listed in Hong Kong
CNNC INT'L (HKEX: 02302)
The core driver of the company's revenue growth is clearly the increase in transaction volume from its uranium trading business. On April 24th, the company disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of HKD 2.49 billion, a year-on-year increase of 35.22%; net profit attributable to shareholders was HKD 192 million, a year-on-year decrease of 1.34%. According to the report, CNNC International's basic earnings per share were HKD 0.393, with an average return on equity of 24.95%. The company is primarily engaged in uranium trading, operating through two segments. The Mineral Products Trading segment involves the buying and selling of uranium products; the Exploration and Sale of Mineral Assets segment involves the exploration and trading of uranium mines. The company's main suppliers are from countries and regions including Canada, Europe, Kazakhstan, and Hong Kong, China.
CGN MINING (HKEX: 01164)
The company announced that in the first quarter of 2026, the mines in which the group has invested produced a total of 580.9 tU of natural uranium, achieving 97.1% of the quarterly plan. Among this, the Semizbai-U LLP joint venture in Kazakhstan, in which the group holds a 49% stake, produced 154.5 tU of natural uranium; another associated company in Kazakhstan, the Ortalyk Mining Company LLP, in which the group also holds a 49% stake, produced 426.4 tU of natural uranium. As of March 31, 2026, the group held 967 tU of natural uranium (approximately 2.51 million pounds of U3O8), with a weighted average cost of USD 80.60 per pound U3O8; the volume of natural uranium sold under contracts but not yet delivered was 2,519 tU (approximately 6.55 million pounds of U3O8), with a weighted average selling price of USD 89.20 per pound U3O8.
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