Uranium Stocks Surge on Kazakhstan Tax Hike

Uranium miners saw significant gains as uranium prices rose following Kazakhstan's unexpected hike in extraction taxes. Boss Energy and Paladin Energy both jumped 6.1%. The new Mineral Extraction Tax (MET) will increase rates from 6% to 9% in 2025, with a two-tier MET based on production and prices starting in 2026. This change may discourage local producers, such as Kazatomprom, from ramping up production. The Global X Uranium ETF also rallied 4.4% to a one-month high. This development could boost interest in companies like Paladin Energy, Boss Energy, and Deep Yellow, despite their high short interest of 4.22%, 6.36%, and 5.69%, respectively.

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