HONG KONG, Dec. 7, 2018 /PRNewswire/ -- CHINA NATURAL
RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today released
unaudited interim financial information for the three and six
months ended June 30, 2018 as
follows:
CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS AND OTHER
COMPREHENSIVE INCOME (UNAUDITED)
THREE AND SIX
MONTHS ENDED JUNE 30, 2018 AND 2017
(Amounts in
thousands, except per share data)
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Three Months
Ended
June
30,
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Six Months
Ended
June
30,
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2017
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2018
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2018
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2017
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2018
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2018
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CNY
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CNY
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US$
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CNY
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CNY
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US$
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Restated)
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(Restated)
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CONTINUING
OPERATIONS
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Administrative
expenses
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(1,893)
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(1,272)
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(192)
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(2,939)
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(3,287)
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(496)
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Other operating
expense
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—
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—
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—
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—
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—
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—
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OPERATING LOSS
FROM
CONTINUING OPERATIONS
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(1,893)
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(1,272)
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(192)
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(2,939)
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(3,287)
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(496)
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Finance
costs
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(1)
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—
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—
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(1)
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(3)
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—
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Interest
income
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9
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7
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1
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19
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16
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2
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Non-operating
expenses, net
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—
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(143)
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(22)
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—
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(286)
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(43)
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LOSS BEFORE INCOME
TAX FROM
CONTINUING OPERATIONS
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(1,885)
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(1,408)
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(213)
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(2,921)
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(3,560)
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(537)
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Income tax
expense
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—
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—
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—
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—
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—
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—
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LOSS FOR THE PERIOD
FROM
CONTINUING OPERATIONS
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(1,885)
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(1,408)
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(213)
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(2,921)
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(3,560)
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(537)
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DISCONTINUED
OPERATIONS
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(Loss)/profit for the
period from
discontinued operations
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(1,344)
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—
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—
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7,679
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—
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—
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(LOSS)/PROFIT FOR THE
PERIOD
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(3,229)
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(1,408)
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(213)
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4,758
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(3,560)
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(537)
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Other comprehensive
loss:
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Items to be classified
to profit or loss
in subsequent period:
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Foreign currency
translation
adjustments
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(571)
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(101)
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(15)
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(745)
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(95)
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(14)
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TOTAL OTHER
COMPREHENSIVE
LOSS
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(571)
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(101)
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(15)
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(745)
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(95)
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(14)
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TOTAL COMPREHENSIVE
(LOSS)/
INCOME FOR THE PERIOD, NET
OF TAX
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(3,800)
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(1,509)
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(228)
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4,013
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(3,655)
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(551)
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BASIC AND DILUTED
(LOSS)/EARNINGS PER SHARE
ATTRIBUTABLE TO OWNERS OF
THE COMPANY (PRESENTED IN
CNY PER SHARE):
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For (loss)/profit for
the period
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(0.13)
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(0.06)
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(0.01)
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0.19
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(0.14)
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(0.02)
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For loss from
continuing operations
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(0.08)
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(0.06)
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(0.01)
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(0.12)
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(0.14)
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(0.02)
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CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30,
2018 (UNAUDITED) AND DECEMBER 31, 2017
(Amounts in
thousands)
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December
31,
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June
30,
|
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June
30,
|
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|
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2017
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2018
|
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2018
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CNY
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CNY
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US$
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(Audited)
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(Unaudited)
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(Unaudited)
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ASSETS
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NON-CURRENT
ASSETS
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Property, plant and
equipment
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337
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303
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46
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TOTAL NON-CURRENT
ASSETS
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337
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303
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46
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CURRENT
ASSETS
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Prepayments
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39
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87
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13
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Other
receivables
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10,494
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756
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112
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Cash and cash
equivalents
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18,878
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7,481
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1,130
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TOTAL CURRENT
ASSETS
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29,411
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8,324
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1,255
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TOTAL
ASSETS
|
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29,748
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8,627
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1,301
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LIABILITIES AND
EQUITY
|
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CURRENT
LIABILITIES
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Trade and other
payables and accrued liabilities
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3,141
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1,486
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224
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Taxes
payable
|
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16,792
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17,078
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2,579
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Due to related
companies
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13,747
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2,525
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|
381
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Due to the
Shareholder
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11,573
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6,698
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1,011
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TOTAL CURRENT
LIABILITIES
|
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45,253
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27,787
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4,195
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NON-CURRENT
LIABILITIES
|
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TOTAL NON-CURRENT
LIABILITIES
|
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—
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—
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—
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TOTAL
LIABILITIES
|
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45,253
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27,787
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4,195
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EQUITY
|
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Issued
capital
|
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312,081
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312,081
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47,124
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Reserves
|
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(327,586)
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|
|
(331,241)
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|
(50,018)
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|
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|
|
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TOTAL
EQUITY
|
|
|
(15,505)
|
|
|
|
(19,160)
|
|
|
|
(2,894)
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TOTAL LIABILITIES AND
EQUITY
|
|
|
29,748
|
|
|
|
8,627
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|
1,301
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|
For the convenience of the reader, amounts in Renminbi, the
Chinese currency ("CNY"), have been translated into United States dollars ("US$") at the
applicable rate of US$1.00 =
CNY6.6225 as quoted by www.ofx.com as
of June 30, 2018, except as disclosed
otherwise. No representation is made that the CNY amounts could
have been, or could be, converted into US$ at that rate, or at
all.
The condensed consolidated statements of profit or loss and
other comprehensive income for the three and six months ended
June 30, 2018 (unaudited) and the
condensed consolidated statements of financial position as of
June 30, 2018 (unaudited) are derived
from, and should be read in conjunction with, the Company's
unaudited condensed consolidated financial statements for the three
and six months ended June 30, 2018
and 2017, as furnished to the Securities and Exchange Commission on
December 7, 2018 under cover of Form
6-K. The results of operations for the six months ended
June 30, 2018 are not necessarily
indicative of the results of operations that may be expected for
the year ending December 31,
2018.
The disposal of Double Grow International Limited ("Double
Grow") was completed on December 29,
2017 and Double Grow was classified as a discontinued
operation. Accordingly, the results of Double Grow were separately
reported as a "discontinued operation" in the condensed
consolidated statement of profit or loss for the period ended
June 30, 2017. The comparative
amounts reported in the condensed consolidated statements of profit
or loss and related notes have been revised accordingly to reflect
the reclassification between continuing operations and the
discontinued operations. As a result of the disposal of Double
Grow, the relevant line items in the condensed consolidated
statements of profit or loss for the three months and six months
ended June 30, 2017 have been
restated.
Mr. Edward Wong, the Company's
Chairman and CEO, commented: "In November
2017, we acquired all of the outstanding equity interests in
Bayannaoer City Feishang Mining Company Limited ("Bayannaoer
Mining"), which owns the right to explore for minerals at Moruogu
Tong Mine located in the Inner Mongolia Autonomous Region of the
PRC. In 2018, Bayannaoer Mining completed testing at 15 drill holes
covering a total of 5,578 metres, which has led to an increased
lead resource estimate at the mine. The presence of copper
mineralization or copper bodies was also detected in four of the
drill holes. In addition, we continue to explore new business
opportunities to contribute to revenues and enhance shareholder
values."
About China Natural Resources, Inc.:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiaries in the
People's Republic of China, is currently engaged in the
acquisition and exploitation of mining rights in Inner Mongolia,
including exploring for lead, silver and other nonferrous
metals.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of federal securities laws. These statements include,
without limitation, statements regarding the intent, belief and
current expectations of management with respect to the Company's
policies regarding investments, dispositions, financings, conflicts
of interest and other matters; and trends affecting the Company's
financial condition or results of operations. Forward-looking
statements are not a guarantee of future performance and involve
risks and uncertainties, many of which are outside of our control,
and actual results may differ materially from those in the
forward-looking statement. Among the risks and uncertainties that
could cause our actual results to differ from our forward-looking
statements are: uncertainties relating to our business operations
and operating results; uncertainties related to the governmental,
economic and political environment in the
People's Republic of China; uncertainties associated with
metal price volatility; uncertainties related to our ability to
fund operations; uncertainties associated with the Company's
reliance on third-party contractors; and other risks detailed from
time to time in the Company's filings with the Securities and
Exchange Commission, including without limitation the information
set forth in our Annual Report on Form 20-F under the heading "Risk
Factors." While management believes that its assumptions forming
the bases for forward-looking statements are reasonable, assumed
facts or bases generally vary from actual results, and there can be
no assurance that the expectations or beliefs expressed in
forward-looking statements will be achieved or accomplished.
View original
content:http://www.prnewswire.com/news-releases/china-natural-resources-releases-interim-results-of-operations-300761948.html
SOURCE China Natural Resources, Inc.