Stock Track | CGN Mining Soars 10% on Strong Q3 Uranium Production and Sales

Stock Track10-17

Shares of CGN Mining (HKG:1164), a leading uranium mining and trading company, surged by 10.56% on Wednesday, driven by the company's robust operational performance and favorable uranium market conditions in the third quarter of 2024.

According to a filing with the Hong Kong bourse, CGN Mining produced 692.6 tons of elemental uranium in Q3 2024, achieving a production completion rate of 97.2% compared to its planned output of 712.8 tons. The company's subsidiary Semizbay-U contributed 228.9 tons, while its associate Ortalyk produced 463.7 tons during the quarter.

Notably, CGN Mining reported strong profitability in its uranium trading activities. The company procured 1,179 tons of elemental uranium at an average price of $78.94 per pound and sold 1,288 tons at a higher average price of $81.98 per pound, indicating healthy profit margins. CGN Mining also received receipts for 1,477 tons from suppliers at $80.81 per pound and delivered 1,446 tons to customers at $80.74 per pound for the contracts entered during the quarter.

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