CGN Ming (HK stock code: 1164.HK) held its 2019
interim results conference in Hong Kong on Aug 30. The 2019 interim results and
key financial performance, the nuclear power and natural uranium market
dynamics and the operating progress of CGN Ming were introduced in the conference.
The first half of 2019 witnessed a net profit of HKD 77.54 million, up 88% year
on year, and a turnover of HKD 949.64 million, up 81% year on year.
In the first half of 2019, CGN Ming carried out lean management of existing assets, resulting in a sharp increase in the gross profit of Semizbay-U Limited Liability Partnership, for which the performance that CGN contributed reached HKD 19.63 million, turning losses in 2018 into gains. In April 2019, Fission released the pre-feasibility study report of PLS project, reporting that the resource quantity above the control level will increase by 18%, the future operating cost of the project will be significantly reduced to USD 6.77 per pound, leaving a room for further optimization. With the acquisition of 100% equity of CGN GU in January 2019, CGN has officially entered the overseas natural uranium trade market and hence obtained the purchase and sales channels of overseas uranium products. Meanwhile, CGN Ming has kept promoting the merger and acquisition of Kazakhstan’s new uranium mine projects. It is estimated that the annual sales of natural uranium package will increase from 588 t/year to 1,813 t/year.
In addition, CFO Chen Deshao, Director Ma Shiming of Capital Operations Department and Director Zhou Jun of Finance Department interacted with the investors and answered their questions on the global uranium price trend, progress of Kazakhstan’s new uranium mine projects, and development plan of PLS project, etc.