Article(id=1311351076989789081, tenantId=1146029695717560320, journalId=1146123346816638986, issueId=1311351048585965854, articleNumber=null, orderNo=null, doi=10.13426/j.cnki.yky.2025.04.10, pmid=null, cstr=null, oa=null, hot=null, price=null, onlineType=0, articleFormat=0, articleType=null, articleTypeStr=null, receivedDate=1744819200000, receivedDateStr=2025-04-17, revisedDate=1753200000000, revisedDateStr=2025-07-23, acceptedDate=null, acceptedDateStr=null, onlineDate=1790580060479, onlineDateStr=2026-09-28, pubDate=1771516800000, pubDateStr=2026-02-20, doiRegisterDate=null, doiRegisterDateStr=null, onlineIssueDate=1790580060479, onlineIssueDateStr=2026-09-28, onlineJustAcceptDate=null, onlineJustAcceptDateStr=null, onlineFirstDate=null, onlineFirstDateStr=null, sourceXml=null, magXml=null, createTime=1790580060479, creator=13701087609, updateTime=1790580060479, updator=13701087609, issue=Issue{id=1311351048585965854, tenantId=1146029695717560320, journalId=1146123346816638986, year='2026', volume='45', issue='1', pageStart='1', pageEnd='162', issueExtLink='null', onlineDate='null', pubDate='1771516800000', pubDateStr='2026-02-20', beforeIssueId=null, nextIssueId=null, price=null, status=1, issueComplete=1, articleOrder=1, issueType=-1, specialIssue=null, createTime=1790580053706, creator='13701087609', updateTime=1790583944647, updator='13701087609', preIssue=null, nextIssue=null, articleTotal=null, ext={EN=IssueExt(id=1311367368429891870, tenantId=1146029695717560320, journalId=1146123346816638986, issueId=1311351048585965854, language=EN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=), CN=IssueExt(id=1311367368429891871, tenantId=1146029695717560320, journalId=1146123346816638986, issueId=1311351048585965854, language=CN, specialIssueTitle=, coverIllustrator=null, specialIssueEditor=, specialIssueAbout=)}, issueFiles=null, downloadFileDto=null}, startPage=142, endPage=147, ext={EN=ArticleExt(id=1311351078772368282, articleId=1311351076989789081, tenantId=1146029695717560320, journalId=1146123346816638986, language=EN, title=Investment and Business Strategies and M&A Implications for Major Global Uranium Companies, columnId=1175805042197152439, journalTitle=Uranium Mining and Metallurgy, columnName=Safety and Environment Protection, runingTitle=null, highlight=null, articleAbstract=

This paper studied the investment and management strategies of major global uranium mining companies and summarizes the insights and recommendations for Chinese uranium mining enterprises in the uranium market. Selecting six major uranium companies, including Kazatomprom, Rosatom, BHP, Cameco, Paladin Energy and Orano, as research subjects, analyzed their strategic trends, exploration and development strategies, and uranium asset portfolios. The study found that during periods of low uranium prices, these companies improved profitability through technological innovation, cost reduction, production cuts, halting high-cost mines, and securing long-term contract prices. During the uranium price recovery cycle, these companies quickly adjusted their strategies, increased investment in risk exploration, and restarted suspended mines, leading to significant growth in revenue and net profit. Based on these experiences, this paper proposes the five recommendations. First, uranium mining enterprises should enhance their understanding of industry cyclicality and optimize their asset portfolios. Second, they should continue to increase investment in uranium-rich countries to enhance resource control. Third, they should flexibly adjust production strategies and produce on-demand to stabilize spot market prices. Fourth, they should pursue diversified development through comprehensive mining operations. Lastly, they should continuously increase exploration investment to prepare for future resources.

, authors=Kai WANG, Shen YUAN, Jian ZHANG, Erkan TAO, authorsList=Kai WANG, Shen YUAN, Jian ZHANG, Erkan TAO, authorCompany=null, correspAuthors=null, authorNote=null, correspAuthorsNote=null, copyrightStatement=null, copyrightOwner=null, extLink=null, articleAbsUrl=null, sourceXml=null, magXml=null, pdfUrl=null, pdf=null, pdfFileSize=null, pdfExtLink=null, richHtmlUrl=null, mobilePdfUrl=null, reviewReport=null, pdfFirstPage=null, abstractGraph=null, abstractGraphContent=null, abstractVideo=null, citation=null, cebUrl=null, magXmlContent=null, mapNumber=null, fund=null), CN=ArticleExt(id=1311351079070163867, articleId=1311351076989789081, tenantId=1146029695717560320, journalId=1146123346816638986, language=CN, title=全球主要铀矿公司投资经营策略及并购启示, columnId=1175805042343953080, journalTitle=铀矿冶, columnName=安全·环保, runingTitle=null, highlight=null, articleAbstract=

通过研究全球主要铀矿公司的投资经营策略及并购启示,总结出对中国铀矿企业在天然铀市场中投资与经营的建议。选取了哈萨克斯坦国家原子能工业公司、俄罗斯国家原子能公司、必和必拓、Cameco、帕拉丁和欧安诺等6家主要铀矿公司作为研究对象,从战略动向、勘探开发策略和铀矿资产组合等方面进行了分析。研究发现,这些公司在低铀价时期,通过技术创新、降本增效、减产停产高成本矿山、锁定长贸价格等措施,提高了盈利水平。在铀价回升周期内,这些公司迅速调整策略,加大风险勘查投资,重启停产矿山,实现营业收入和净利润的大幅增长。基于这些研究对中国铀矿企业提出建议:1)应加强对行业周期性的认识,优化资产组合;2)应持续加大在富铀国家的投资,增强资源控制力;3)灵活调整生产策略,按需生产以稳定现货市场价格;4)综合开发矿业,寻求多元化发展;5)应持续加大勘探投入,提前布局未来资源。

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王凯 , 元申 , 章健 , 陶尔侃
铀矿冶 | 安全·环保 2026,45(1): 142-147
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王凯, 元申, 章健, 陶尔侃
作者信息
  • 中核海外有限公司投资运营事业部 北京 100013
Investment and Business Strategies and M&A Implications for Major Global Uranium Companies
Kai WANG, Shen YUAN, Jian ZHANG, Erkan TAO
Affiliations
  • Investment Operations Department, CNNC Overseas Co., Ltd., Beijing 100013, China
出版时间: 2026-02-20 doi: 10.13426/j.cnki.yky.2025.04.10
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通过研究全球主要铀矿公司的投资经营策略及并购启示,总结出对中国铀矿企业在天然铀市场中投资与经营的建议。选取了哈萨克斯坦国家原子能工业公司、俄罗斯国家原子能公司、必和必拓、Cameco、帕拉丁和欧安诺等6家主要铀矿公司作为研究对象,从战略动向、勘探开发策略和铀矿资产组合等方面进行了分析。研究发现,这些公司在低铀价时期,通过技术创新、降本增效、减产停产高成本矿山、锁定长贸价格等措施,提高了盈利水平。在铀价回升周期内,这些公司迅速调整策略,加大风险勘查投资,重启停产矿山,实现营业收入和净利润的大幅增长。基于这些研究对中国铀矿企业提出建议:1)应加强对行业周期性的认识,优化资产组合;2)应持续加大在富铀国家的投资,增强资源控制力;3)灵活调整生产策略,按需生产以稳定现货市场价格;4)综合开发矿业,寻求多元化发展;5)应持续加大勘探投入,提前布局未来资源。

天然铀  /  铀资源  /  铀矿公司  /  投资并购  /  投资策略  /  经营策略  /  全球铀市场

This paper studied the investment and management strategies of major global uranium mining companies and summarizes the insights and recommendations for Chinese uranium mining enterprises in the uranium market. Selecting six major uranium companies, including Kazatomprom, Rosatom, BHP, Cameco, Paladin Energy and Orano, as research subjects, analyzed their strategic trends, exploration and development strategies, and uranium asset portfolios. The study found that during periods of low uranium prices, these companies improved profitability through technological innovation, cost reduction, production cuts, halting high-cost mines, and securing long-term contract prices. During the uranium price recovery cycle, these companies quickly adjusted their strategies, increased investment in risk exploration, and restarted suspended mines, leading to significant growth in revenue and net profit. Based on these experiences, this paper proposes the five recommendations. First, uranium mining enterprises should enhance their understanding of industry cyclicality and optimize their asset portfolios. Second, they should continue to increase investment in uranium-rich countries to enhance resource control. Third, they should flexibly adjust production strategies and produce on-demand to stabilize spot market prices. Fourth, they should pursue diversified development through comprehensive mining operations. Lastly, they should continuously increase exploration investment to prepare for future resources.

natural uranium  /  uranium resources  /  uranium mining companies  /  investment and acquisition  /  investment strategies  /  management strategies  /  global uranium market
王凯, 元申, 章健, 陶尔侃. 全球主要铀矿公司投资经营策略及并购启示. 铀矿冶, 2026 , 45 (1) : 142 -147 . DOI: 10.13426/j.cnki.yky.2025.04.10
Kai WANG, Shen YUAN, Jian ZHANG, Erkan TAO. Investment and Business Strategies and M&A Implications for Major Global Uranium Companies[J]. Uranium Mining and Metallurgy, 2026 , 45 (1) : 142 -147 . DOI: 10.13426/j.cnki.yky.2025.04.10

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doi: 10.13426/j.cnki.yky.2025.04.10
  • 接收时间:2025-04-17
  • 首发时间:2026-09-28
  • 出版时间:2026-02-20
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  • 收稿日期:2025-04-17
  • 修回日期:2025-07-23
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    中核海外有限公司投资运营事业部 北京 100013
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2种不同金属材料的力学参数
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属
Genus
种数
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鹅膏菌科Amanitaceae 2 11 5.26 鹅膏菌属 Amanita 10 4.78
小菇科 Mycenaceae 2 12 5.74 丝盖伞属 Inocybe 5 2.39
多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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