Uranium stocks fall as Kazatomprom agrees asset sale
Make us a preferred source
Make us a preferred source on Google
The news: Uranium miners lowered on the ASX as the world's largest uranium miner Kazatomprom struck a deal with China's CNNC Overseas and China National Uranium Corporation (CNUC) on the sale of natural uranium concentrates.
The numbers: Uranium majors Deep Yellow (-4.35%), Boss Energy (-4.34%) and Paladin Energy (-1.94%) were all trading lower by 2:30pm AEDT.
Kazakhstan-based Kazatomprom said it has reached an agreement with CNNC and CNUC, comprising 50% or more of the total book value of the miner's assets.
The context: Kazatomprom shareholders will vote on the proposed transaction in an extraordinary general meeting, scheduled for 15 November.
In August, Australian uranium stocks rallied after Kazatomprom slashed its production target for 2025.
Meanwhile, Boss Energy shares fell along with its ASX peers despite the Perth-based uranium play reporting "strong drilling results" from its 30% owned Alta Mesa project in South Texas this morning.
The sources: Kazatomprom media release, ASX announcement
