HONG KONG, Sept. 11, 2020
/PRNewswire/ -- CHINA NATURAL
RESOURCES, INC. (NASDAQ: CHNR) (the "Company"), a company based in
the People's Republic of China
(the "PRC"), today released unaudited interim financial information
for the six months ended June 30,
2020 as follows.
CHINA NATURAL
RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(UNAUDITED)
|
SIX MONTHS ENDED
JUNE 30, 2020 AND 2019
|
(Amounts in
thousands, except per share data)
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
CNY
|
|
CNY
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,403
|
|
6,867
|
|
972
|
|
Cost of
sales
|
|
(1,377)
|
|
(6,844)
|
|
(969)
|
|
GROSS
PROFIT
|
|
26
|
|
23
|
|
3
|
|
|
|
|
|
|
|
|
|
Administrative
expenses
|
|
(2,933)
|
|
(3,864)
|
|
(546)
|
|
OPERATING
LOSS
|
|
(2,907)
|
|
(3,841)
|
|
(543)
|
|
|
|
|
|
|
|
|
|
Finance
costs
|
|
(41)
|
|
(13)
|
|
(2)
|
|
Interest
income
|
|
4
|
|
9
|
|
1
|
|
LOSS BEFORE INCOME
TAX
|
|
(2,944)
|
|
(3,845)
|
|
(544)
|
|
Income tax
benefit
|
|
—
|
|
6,586
|
|
932
|
|
|
|
|
|
|
|
|
|
(LOSS)/PROFIT FOR THE PERIOD
|
|
(2,944)
|
|
2,741
|
|
388
|
|
(LOSS)/EARNINGS PER SHARE ATTRIBUTABLE
TO
OWNERS OF THE
COMPANY (PRESENTED IN CNY PER
SHARE):
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
|
|
|
|
|
- Net (loss)/earnings
per share
|
|
(0.12)
|
|
0.11
|
|
0.02
|
|
CHINA NATURAL
RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
SIX MONTHS ENDED
JUNE 30, 2020 AND 2019
|
(Amounts in
thousands)
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
CNY
|
|
CNY
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(LOSS)/PROFIT FOR THE PERIOD
|
|
|
(2,944)
|
|
|
2,741
|
|
|
388
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss that may be reclassified to profit or loss in subsequent periods:
|
|
|
|
|
|
|
|
|
|
|
Exchange differences
on translation of foreign operations
|
|
|
(33)
|
|
|
(160)
|
|
|
(23)
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OTHER
COMPREHENSIVE LOSS
|
|
|
(33)
|
|
|
(160)
|
|
|
(23)
|
|
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE PERIOD, NET OF TAX
|
|
|
(2,977)
|
|
|
2,581
|
|
|
365
|
|
CHINA NATURAL
RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
AS OF JUNE 30,
2020 (UNAUDITED) AND DECEMBER 31, 2019
|
(Amounts in
thousands)
|
|
|
|
December
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
|
CNY
|
|
|
CNY
|
|
|
US$
|
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
214
|
|
|
187
|
|
|
26
|
|
Right-of-use
assets
|
|
|
616
|
|
|
|
39
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT
ASSETS
|
|
|
830
|
|
|
|
226
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
3,956
|
|
|
|
622
|
|
|
|
88
|
|
Prepayments
|
|
|
29
|
|
|
|
62
|
|
|
|
9
|
|
Other
receivables
|
|
|
39
|
|
|
|
51
|
|
|
|
8
|
|
Cash and cash
equivalents
|
|
|
3,444
|
|
|
|
3,013
|
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
|
7,468
|
|
|
|
3,748
|
|
|
|
531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
8,298
|
|
|
|
3,974
|
|
|
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
3,896
|
|
|
|
710
|
|
|
|
100
|
|
Other payables and
accrued liabilities
|
|
|
2,161
|
|
|
|
4,057
|
|
|
|
574
|
|
Taxes
payable
|
|
|
16,818
|
|
|
|
10,206
|
|
|
|
1,444
|
|
Lease
liabilities
|
|
|
803
|
|
|
|
290
|
|
|
|
41
|
|
Due to a related
company
|
|
|
5,077
|
|
|
|
5,946
|
|
|
|
842
|
|
Due to the
Shareholder
|
|
|
7,097
|
|
|
|
7,738
|
|
|
|
1,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
35,852
|
|
|
|
28,947
|
|
|
|
4,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
35,852
|
|
|
|
28,947
|
|
|
|
4,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEFICIENCY IN
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
capital
|
|
|
312,081
|
|
|
|
312,081
|
|
|
|
44,170
|
|
Other capital
reserves
|
|
|
692,518
|
|
|
|
692,518
|
|
|
|
98,014
|
|
Accumulated
losses
|
|
|
(1,028,284)
|
|
|
|
(1,025,543)
|
|
|
|
(145,148)
|
|
Other comprehensive
losses
|
|
|
(3,869)
|
|
|
|
(4,029)
|
|
|
|
(569)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEFICIENCY IN
ASSETS
|
|
|
(27,554)
|
|
|
|
(24,973)
|
|
|
|
(3,533)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
|
|
8,298
|
|
|
|
3,974
|
|
|
|
563
|
|
The condensed consolidated statements of profit or loss for the
six months ended June 30, 2020
(unaudited), and condensed consolidated statements of comprehensive
income for the six months ended June 30,
2020 (unaudited), and the condensed consolidated statements
of financial position as of June 30,
2020 (unaudited) have been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board, are derived from, and
should be read in conjunction with, the Company's unaudited
condensed consolidated financial statements for the six months
ended June 30, 2020 and 2019, as
furnished to the Securities and Exchange Commission ("SEC") on
September 11, 2020 under cover of
Form 6-K and the Company's audited consolidated financial
statements for the year ended December 31,
2019 contained in the Company's annual report on Form 20-F
as filed with the SEC on June 12,
2020. The results of operations for the six months ended
June 30, 2020 are not necessarily
indicative of the results of operations that may be expected for
the year ending December 31,
2020.
Mr. Wong Wah On Edward, the
Company's Chairman, commented on the results: "During 2020, we are
preparing supporting documentation for the detailed geographical
exploration report for official filing after the review and comment
of the relevant government authorities. The outbreak of COVID-19
has severely disrupted our operations. Governmental control
measures imposed to contain its spread have impacted our business
by restricting the movement of our employees since the beginning of
the pandemic in the PRC through mid-March, when we were able to
partially re-open. COVID-19 has also affected our suppliers'
workforces, and as a result we are experiencing a slow resumption
of operations and may experience delays or the inability to deliver
goods on a timely basis. The market demand for the copper that we
trade and the metals that we may mine has similarly been negatively
impacted by COVID-19 as a result of the sharp decrease in
manufacturing and other activity due to the widespread closure of
businesses in the PRC and worldwide. On August 17, 2020, we acquired marketable shares of
Feishang Anthracite Resources Limited, which we anticipate will
serve as tools to pursue potential attractive opportunities. On
September 2, 2020, we received a
letter from Nasdaq informing us that we had regained compliance
with the Nasdaq Listing Rules, allowing continued access to the
capital markets for ourselves and liquidity for our
shareholders."
For the convenience of the reader, amounts in Chinese
Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of
US$1.00 = CNY7.0655, as quoted by www.ofx.com on
June 30, 2020. The CNY is not freely
convertible into foreign currencies and no representation is made
that the CNY amounts could have been, or could be, converted into
US$ at that rate, or at all.
About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands company limited by
shares, through its operating subsidiaries in the PRC, is currently
engaged in (a) the acquisition and exploitation of mining rights in
Inner Mongolia, including exploring for lead, silver and other
nonferrous metal, and (b) copper trading in the PRC.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of the U.S. federal securities laws. These statements
include, without limitation, statements regarding the intent,
belief and current expectations of the Company, its directors or
its officers with respect to the impact of COVID-19 on the
Company's operations and markets, the Company's continued
compliance with the Nasdaq Listing Rules, the impact on the
Company's financial position as a result of the acquisition of the
shares of Feishang Anthracite Resources Limited, and its ability to
locate and execute on strategic opportunities. Forward-looking
statements are not a guarantee of future performance and involve
risks and uncertainties, and actual results may differ materially
from those in the forward-looking statement as a result of various
factors. Among the risks and uncertainties that could cause the
Company's actual results to differ from its forward-looking
statements are: uncertainties regarding governmental, economic and
political circumstances in the PRC; uncertainties associated with
metal price volatility; uncertainties related to the Company's
ability to fund operations; uncertainties relating to possible
future increases in operating expenses, including costs of labor
and materials; uncertainties regarding the impact of COVID-19
pandemic; uncertainties regarding the political situation between
the PRC and the United States, and
potential negative impacts on companies with operations in the PRC
that are listed on exchanges in the
United States; and other risks detailed from time to time in
the Company's filings with the SEC, including without limitation
the information set forth in our Annual Reports on Form 20-F under
the heading "Risk Factors." When, in any forward-looking statement,
the Company, or its management, expresses an expectation or belief
as to future results, that expectation or belief is expressed in
good faith and is believed to have a reasonable basis, but there
can be no assurance that the stated expectation or belief will
result or be achieved or accomplished. Except as required by law,
the Company undertakes no obligation to update any forward-looking
statements.
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content:http://www.prnewswire.com/news-releases/china-natural-resources-inc-releases-interim-results-of-operations-301128571.html
SOURCE CHINA NATURAL RESOURCES
INC